Excellent Q4 Growth to $25 m ..Strong cash
ORIGINAL: KITS Eyecare Reports Strong Preliminary Fourth Quarter and Full Year 2022 Results
2023-01-10 09:29 ET - News Release
Revenue Growth Continued in Q4, Increasing 25% Year-over-Year and 9% Sequentially
Healthy Balance Sheet and Resilient Optical Market Has KITS Well-Positioned for 2023
VANCOUVER, BC, Jan. 10, 2023 /CNW/ - Kits Eyecare Ltd. (TSX: KITS) ("KITS" or the "Company"), Canada'sleading, vertically integrated eyecare platform, is providing selected preliminary unaudited results for its fourth quarter and full year ended December 31, 2022. Preliminary Fourth Quarter and Full Year 2022 Financial and Operational Highlights
- For Q4 2022, revenue grew to approximately $25 million, representing a 25% increase year-over-year and a 9% increase sequentially.
- Repeat customers represented over 60% of revenue in Q4 2022.
- For the full year 2022, revenue is expected to increase 9% to approximately $90 million compared to 2021, and a significant increase compared to 2019 pre-pandemic revenue of $36.8 million.
- The Company's year-end cash balance remained healthy at approximately $19 million.
"In Q4, momentum continued to accelerate with revenue growing 25% year-over-year, as the optical industry remained resilient despite volatility in the broader consumer environment," said Roger Hardy, co-founder and CEO of KITS. "We have now grown revenue 145% since pre-pandemic levels in 2019, while adding significantly to the complexity and competitive moat of the offering. KITS has evolved from a digitally native retailer to a vertically integrated retail manufacturer. In addition, we are now a preferred partner to some of the leading insurance providers in the market, rounding out the third leg of the KITS eyecare competitive stool. The Company's growth accelerated in each of the past two quarters as the offering continued to gain traction in each segment."KITS anticipates reporting its fourth quarter and full year 2022 financial and operational results in early March 2023.About KITS
KITS is Canada's faste