Business
Zhongchao Inc. Reports the Fiscal Year 2021 Financial Results
SHANGHAI, May 9, 2022 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), an internet technology company offering healthcare
About this update from Zhongchao Inc.
[{"type":"text","content":"SHANGHAI, May 9, 2022 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) (\"Zhongchao\" or the \"Company\"), an internet technology company offering healthcare professionals the online healthcare information, professional training and educational services platform and patient management service, today announced its financial results for the fiscal year ended December 31, 2021.\nKey Financial Highlights for the Fiscal Year 2021 as compared to the Fiscal Year 2020\nFor the Years Ended December 31, \n2021\n2020\n%Change\nRevenues\n$\n16,296,770\n$\n17,989,788\n-9.4%\nGross profit\n$\n9,438,826\n$\n11,872,148\n-20.5%\nGross margin\n57.9%\n66.0%\n-8.1pp\n(Loss) income from operations\n$\n(320,741)\n$\n4,489,353\n-107.1%\nOperating (loss) margin\n-2.0%\n25.0%\n-27.0pp\n(Loss) income before income taxes\n$\n(110,753)\n$\n4,941,884\n-102.2%\nNet income attributable to Zhongchao Inc.'s shareholders\n$\n238,665\n$\n4,458,380\n-94.6%\nEarnings per share\n$\n0.010\n$\n0.183\n-94.5%\n* pp: percentage points\nRevenues decreased by 9.4% to $16.30 million for the fiscal year 2021. Gross profit decreased by 20.5% to $9.44 million and gross margin decreased by 8.1 percentage points to 57.9% for the fiscal year 2021. Loss from operations was $0.32 million for the fiscal year 2021. Net income attributable to the Company's ordinary shareholders decreased by 94.6% to $0.24 million for the fiscal year 2021, primarily driven by increased cost of revenues and operating expenses. Earnings per share was $0.010 for the fiscal year 2021, compared to $0.183 for the same period of last year.Financial Results for the Fiscal Year Ended December 31, 2021\nRevenues\nFor the fiscal year 2021, revenues decreased by $1.69 million, or 9.4%, to $16.30 million from $17.99 million for the same period of last year. The decrease in revenues was primarily caused by decreased revenues from medical training and education services.\nCost of revenues\nCost of revenue increased by $0.74 million, or 12.1%, to $6.86 million for the fiscal year 2021 from $6.12 million for the same period of last year. The increase of cost of revenues was driven by increased labor costs for the patient-aid projects.\nGross profit\nGross profit decreased by $2.43 million, or 20.5%, to $11.87 million for the fiscal year 2021 from $9.44 million for the same period of last year.\nGross margin decreased by 8...