HealthWarehouse.com Reports 43% Revenue Growth Year-Over-Year
CINCINNATI, Aug. 16, 2011 /PRNewswire/ -- HealthWarehouse.com, Inc. (OTC: HEWA) a leading VIPPS accredited retail mail-order pharmacy, today announced its financial results for the quarter ended June 30, 2011.
For the quarter ended June 30, 2011, the Company's net sales increased $753,059 to $2,519,721, up 43% compared to the same period in 2010. This was driven by growth in the Company's prescription business. Prescriptions filled increased from 15,191 to 37,458, up 147% year-over-year. Gross margins increased from 27.4% to 44.3% year-over-year due to prescription orders becoming a larger part of the product mix.
Selling, general and administrative expenses increased by $1,062,069 for the quarter ended June 30, 2011 compared to the same period in 2010. Net loss for the quarter ended June 30, 2011 increased to $1,100,094, as compared with a net loss of $649,329 for the same period in 2010. The increase in SG&A expenses and net loss was due primarily to the expansion of personnel to handle growth in prescription sales as well as non-cash and one time charges.
"We are pleased to report strong revenue and gross margin growth again in the quarter," said Lalit Dhadphale, President and CEO of HealthWarehouse.com. "With prescription growth of 147% year-over-year, it is clear that customers are looking for an alternative to expensive, brick-and-mortar pharmacies. We look forward to further broadening our customer base and continuing our growth."
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations