Business
Helo Corp Announces Third Quarter Results
Helo Corp Announces Third Quarter Results.
About this update from Helo Corp.
[{"type":"text","content":"SAN FRANCISCO, CA / ACCESSWIRE / November 16, 2022 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company"), a leading developer of wearable devices at the forefront of data-driven wellness and a supporter of the Digital Health Sharing Economy, announces its third quarter 2022 results."Although third quarter sales continued to be soft, we are encouraged by stronger revenues in the fourth quarter," said Sean McVeigh, Chief Executive Officer. "However, we continue to face significant challenges as we navigate a business model transition. We are also progressing on our strategic restructuring initiatives to significantly reduce our cost structure and position the Company for a return to profitability and future growth. We also anticipate strong demand for our new BioSense Health BandTM, which was launched in Okinawa, Japan at the end of October and has started to ship worldwide.""Our third quarter 2022 revenue was $3.8 million, a decrease of 85% over the prior-year period," added Ryan Wood, Chief Financial Officer. "Gross margin increased by 1400 basis points to 82%, due primarily to product mix. Selling expenses decreased to 25% of revenue, reflecting the decrease in revenue for the last two quarters. General and administrative costs decreased to $3.2M, primarily due to the Company's cost-cutting initiatives. Overall profitability resulted in a loss of $35,795 for the quarter, primarily related to the lack of revenue. Earnings came in at $0.00 per share, compared to a $0.02 per share in the prior-year period. We ended the third quarter with total net assets of $8.1 million and no debt."About Helo Corp.Helo Corp. (OTC: HLOC) is a data-driven wellness technology company at the forefront of data driven wellness and a supporter of the Digital Health Sharing Economy. Helo uses its life watches and other personal devices and its proprietary bio-metrics data platform to encourage wellness-centered lifestyles and consumer data empowerment under its HeloTM brand and to power the self-funding, Digital Health Sharing Economy. Our Life Sensing TechnologyTM uses state-of-the-art sensors, enhanced signal processing, and algorithms to collect and process specific bio-parameters for the user and Healthtech market. Our platform also presents Big Data opportunities for technology development...