Healthy Extracts Expects to Report Record Third Quarter... Strong Growth in Subscription-Based Recurring Revenue Continues for Healthy Extracts as Category Top Three Amazon Seller
LAS VEGAS, NV / ACCESSWIRE / October 17, 2024 / Healthy Extracts Inc. (OTCQB:HYEX), a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals that target select high-growth categories within the multibillion-dollar nutraceuticals market, reported preliminary record results for the third quarter ended September 30, 2024.
Net revenue is expected to exceed $740,000, a record for a third quarter, up more than 20% compared to the same year-ago quarter.
Gross margin for the quarter is expected to exceed 80%, driving positive operating cash flow and net profitability.
"In Q3, we achieved another quarter of record-breaking revenue, continued margin improvements, and further debt reduction, with this driven by robust performance in our direct-to-consumer channels," stated Healthy Extracts president, Duke Pitts. "This consistent growth momentum with our key retail customers positions us for the successful launch of new products we are planning to introduce in the current quarter."
The company generated record sales on Amazon in July, primarily as a result of its focused sales and marketing efforts for Prime Day and increased demand for its "Subscribe & Save" offers. During the quarter, the company continued to rank as a top three seller of Citrus Bergamot on Amazon among more than 100 competitors.
The company's products feature the only heart health supplement distributed in North America containing Citrus Bergamot SuperFruit™, which has the highest known concentration of polyphenols and flavonoids.
Given the success with Amazon's "Subscribe and Save," in July Healthy Extracts replaced its traditional buy-2-get-1 offers on its eCommerce website with a 20% discount for subscribing to monthly shipments.
"We expect this move to increase sales and margins, as well as the lifetime value of our customers due to improved customer retention," noted Pitts. "In fact, the new offer has been well received, generating a significant increase in overall subscriber growth during the first several weeks."
Looking ahead, the company anticipates strengthening performance in top-line growth, profitability, and market share expansion as its addressable markets continue to grow. This positive outlook is largely due to the anticipated launch of new products that will benefit from the broad market channels the company has strategically developed and invested in over the past several years.
According to Pitts, "These investments have proven to be the most effective way to create significant shareholder value-and this will continue to be our top priority."
The preliminary unaudited results presented in this press release are estimates only and are subject to revision until the company officially reports its quarterly results in mid-November.
https://www.accesswire.com/932595/healthy-extracts-expects-to-report-record-third-quarter-2024-with-net-revenue-up-more-than-20