Business
Zhongchao Inc. Reports Fiscal Year 2019 Financial Results
Revenues grew 15.7% to $14.88 million and net earnings increased 26.7% to $0.19 per share SHANGHAI, May 8, 2020 /PRNewswire/-- Zhongchao Inc. (NASDAQ: ZCMD)
About this update from Zhongchao Inc.
[{"type":"text","content":"Revenues grew 15.7% to $14.88 million and net earnings increased 26.7% to $0.19 per share\n\n\nSHANGHAI, May 8, 2020 /PRNewswire/-- Zhongchao Inc. (NASDAQ: ZCMD) (\"Zhongchao\" or the \"Company\"), an online provider of healthcare information, professional training and educational services to healthcare professionals and the public in China, announced today its financial results for the fiscal year ended December 31, 2019.\nFiscal Year 2019 Financial Highlights \nFor the Year Ended December 31,\n($ millions, except per share data)\n2019\n2018\n% Change\nRevenues\n$14.88\n$12.87\n15.7%\nGross profit\n$10.23\n$8.41\n21.6%\nGross margin\n68.7%\n65.4%\n3.3 pp\nIncome from operations\n$3.64\n$3.27\n11.2%\nOperating margin\n24.5%\n25.5%\n-1.0 pp\nNet income attributable to ZCMD\n$4.05\n$3.02\n34.0%\nEarnings per share\n$0.19\n$0.15\n26.7%\n* pp: percentage points\nRevenues increased by 15.7% to $14.88 million for fiscal year 2019, primarily driven by increased orders from existing NFP customers including contribution from patient-aid projects that we launched during fiscal year 2019. Gross profit increased by 21.6% to $10.23 million while gross margin improved by 3.3 percentage points to 68.7% for fiscal year 2019. Operating income increased by 11.2%, to $3.64 million for fiscal year 2019, primarily attributable to increased gross profit and partially offset by increased operating expenses. Net income attributable to the Company's shareholders increased by 34.0% to $4.05 million for fiscal year 2019, primarily driven by increased gross profit and government grants and partially offset by increased operating expenses. Earnings per share increased by 26.7% to $0.19 for fiscal year 2019 from $0.15 for fiscal year 2018. \"We are pleased with the strong financial performance for the fiscal year 2019. Our revenues and earnings per share for 2019 as compared to those for 2018 have increased by 15.7% and 26.7%, respectively. Our 2019 financial results highlight continuing strength in our business as one of the leading online providers of healthcare information, professional training and educational services to healthcare professionals and the public in China,\" said Mr. James Yang, Chairman and Chief Executive Officer of Zhongchao. \n\"Our platforms of MDMOOC and Sunshine Health Forums continue to expand, gathering increasing number of subscr...