Avricore Health Corporate Update: Impressive Growth and Profitability
Avricore Health Inc. (TSXV: AVCR) has announced outstanding mid-year results for 2024, highlighting significant revenue growth and achieving net profitability. In the first half of the year, the Company saw an 84% increase in revenue compared to the previous year, totaling $2,169,513. Additionally, gross profit rose by 94%, reaching $855,566. Notably, the second quarter of 2024 recorded a remarkable 91% revenue increase compared to the same quarter in 2023, with revenues hitting $1,045,206 and gross profit surpassing $370,775, reflecting a 62% gain.
Success Driven by Partnerships
The impressive growth of Avricore is largely due to its strong partnerships, a committed team, and a focus on improving access to healthcare. CEO Hector Bremner highlights the importance of this mission in the Company’s success. He remarked, "Our achievements stem from our exceptional partners, an incredible team, and a collective mission that believes everyone deserves better access to care. This mission is central to our operations, and we are confident that our impact will continue to grow both in Canada and globally."
Financial Highlights and Market Performance
For the six months ending in June 2024, the Company reported a comprehensive income of $222,559, a significant turnaround from the loss of $475,737 recorded in the same period of 2023. This positive financial outcome was bolstered by an increase in the deployment of HealthTab™ systems and the number of tests sold. Avricore's gross margin improved to 39%, exceeding the Company’s target of 30%. Additionally, reductions in share-based compensation reflect management's commitment to financial responsibility.
Strong Working Capital Management
As of the reporting period, Avricore has a working capital of $609,108, up from $244,343 at the end of the previous year. The slight rise in accounts receivable to $329,357 from $427,689 further enhances the Company's financial stability. Management believes that the current cash resources, along with operational revenue inflows and potential option exercises, will sufficiently support working capital for the next twelve months. The company has also laid out strategic initiatives to explore growth opportunities that could further boost its operational capacity.
Future Developments and Market Strategy
Looking ahead, Avricore is strategically positioned for several exciting developments throughout the remainder of 2024 and into 2025. The Company is focused on:
- Expanding its network of pharmacies utilizing HealthTab™,
- Collaborating with pharmacy partners to enhance testing in patient care,
- Preparing for potential funding from provincial bodies that support chronic disease screening,
- Extending the feasibility study in the UK in collaboration with local affiliates and NHS support,
- Improving API connectivity with partners to enhance patient health records,
- Launching new market access pilots and expansions, and
- Adapting to policy changes in key markets to facilitate further growth.
Avricore is optimistic about leveraging these opportunities to sustain stable growth through improved cash flow, positioning itself effectively for future demands.
Understanding the HealthTab™ Market
The HealthTab™ solution addresses critical global health challenges, enabling pharmacies to play a vital role in patient care. With its user-friendly interface that delivers rapid lab-accurate results, HealthTab™ empowers both pharmacists and patients. As the demand for point-of-care testing (POCT) rises, driven by recent market trends, Avricore is well-prepared to lead in this emerging field.
About Avricore Health Inc.
Avricore Health Inc. is an innovator in pharmacy services, focused on acquiring and developing early-stage technologies that enhance pharmacy practice and patient care. Through its flagship offering, HealthTab™, the Company aims to create the world’s largest network of rapid testing devices in community pharmacies, ensuring accessible health information for everyone.
Contact:
Avricore Health Inc.
Hector Bremner, CEO 604-773-8943
info@avricorehealth.com
www.avricorehealth.com
Frequently Asked Questions
What are the mid-year results for Avricore Health Inc.?
Avricore Health reported a revenue growth of 84% year-over-year, reaching $2,169,513 with a net profit of $222,559.
What factors contributed to Avricore's success?
The Company attributes its success to effective partnerships, a dedicated team, and a strong mission focused on improving access to healthcare.
What is HealthTab™?
HealthTab™ is a point-of-care testing solution that provides lab-accurate results for various health markers, enhancing patient care in pharmacies.
What are Avricore's plans for the future?
Plans include expanding pharmacy networks, increasing testing services, and preparing for potential provincial funding announcements for chronic disease management.
How is Avricore managing its financial resources?
Avricore maintains strong working capital and plans to leverage cash resources and operational revenue to support growth and meet demand.