Q1 Financials Growing Revenue and Healthcare Facility Usage H-Source Reports Q1 2018 Financials with Growing Revenue and Healthcare Facility Usage
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Revenue Increased 39% Sequentially Over Prior Quarter
VANCOUVER, May 29, 2018 /CNW/ - H-Source Holdings Ltd. (TSXV: HSI; OTCQB: HSCHF) (the "Company" or "H-Source") reported its Q1 2018 financial results for the three- month period ending March 31, 2018. All results are reported under International Financial Reporting Standards ("IFRS") and in U.S dollars, unless otherwise specified.
Operational Highlights
- Q1 revenue growth increased sequentially by 39% to $294,458 consisting of $241,361 as revenue and net commission sales of $53,097;
- Contracted facilities that have signed up to participate on the network increased by 4% to 1105; platform participants now include IDNs, hospital associations, surgery centers, post-acute and hospital pharmacies;
- Active facilities that have bought or sold on the network reached 215 a 12% increase over Q4;
- Total value of inventory on the platform available for sale grew to $1,643,100 at the end of Q1.
Q1 2018 Key Performance Indicators
| | Q4 2017 | Q1 2018 | % Growth |
| Revenue | $179,096 | $294,458 | 39% |
| Contracted Facilities | 1,065 | 1,105 | |
| Active Facilities | 189 | 215 | 12% |
| Inventory Value on the Platform | $1,577,444 | $1,643,100 | 4% |
John Kupice, CEO and director, commented "Q1 Revenue came in above our internal plan with our transaction pipeline growing for positive performance in 2018. We anticipate material revenue growth into Q2 as we are currently experiencing both increased transactions and active hospitals growth. We continue to engage in discussions with new healthcare facilities and expect continued adoption across the U.S. As more facilities continue to experience the cost savings of the platform, it results in increased transactions. 2018 is the year that we build meaningful revenue growing each quarter."
About H-Source Holdings Ltd.
H-Source Holdings Ltd. is a technology company operating within the healthcare industry through its wholly owned subsidiary, H-Source, Inc. The Company has developed a transaction platform that provides a private, secure and trusted marketplace for member hospitals to buy, sell and transfer excess inventory supplies and capital equipment with each other. Member hospitals can conduct secure transactions within Integrated Delivery Networks, complete H-Source network or customize their own group hospitals using H-Source's built-in filters. This marketplace network is specifically designed to reduce health care costs and medical product waste. For more information, please visit https://h-source.com/.
On behalf of the board of directors of H-Source Holdings Ltd.
"John Kupice"
John Kupice
CEO & Director
CAUTIONARY DISCLAIMER STATEMENT:
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This news release contains forward-looking statements relating to the completion of the listing of the Company's shares on the TSXV and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the TSXV and other risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
SOURCE H-Source Holdings Ltd.
For further information: John Kupice, CEO & Director, H-Source Holdings Ltd., Telephone: 1-888-900-4549, Email: jkupice@h-source.com; Nicole Marchand, Telephone: 416-428-3533, Email: investors@h-source.com