VANCOUVER, British Columbia, Aug. 29, 2024 (GLOBE NEWSWIRE) -- AVRICORE HEALTH INC. (TSXV:AVCR) (the "Company" or "Avricore") reports on its mid-year results for 2024 demonstrating the Company's continued success in maintaining strong growth in revenues while achieving net profitability.
In the six months ended June 30, 2024 revenues grew by 84% year-over-year, topping $2,169,513 with gross profit increasing 94% equalling $855,566. This was supported by Q2 2024 revenue increasing 91% against the same period in 2023 to $1,045,206, with gross profit topping $370,775, a 62% gain.
This success led the Company to recording a net profit of $222,559 and posting a net increase in cash of $279,039.
"Our success comes from great partners, an incredible team and a shared mission by all that believes everyone deserves better access to care," said Hector Bremner, CEO of Avricore. "We've put that mission at the centre of what we do and know that the passion for our mission is growing, and we can do so much more in Canada and globally."
Second Consecutive Profitable Quarter
The Company incurred a comprehensive income of $222,559 for the six months ended June 30, 2024 (2023 - loss $475,737). Revenue grew thanks to an increase in HealthTab™ systems deployed and tests sold. Gross margin for the period was 39% (2023- 37%) outperforming the Company's target margin of 30%. Share-based compensation of $29,062 (2023 - $256,519) was recognized for stock options granted, vested, and repriced during the period.
Three months endedJune 30
Six months endedJune 30
2024
2023
2024
2023
Revenue
$1,045,206
$548,049
$2,169,513
$1,177,290
% Change - year over year
91%
84%
Gross profit
$370,775
$229,471
$855,566
$440,152
% Change - year over year
62%
94%
We've Got What It Takes
As of this reporting period the Company had a working capital of $609,108 (December 31, 2023 – $244,343) and $329,357 (December 31, 2023 - $427,689) in accounts receivable. Given the positive trend, we believe that our cash resources, along with the net inflows of revenues from operations and the potential exercising of options, are sufficient to fund our working capital for the next twelve months. However, should growth opportunities present themselves that would exceed this, we have strategic plans that would ensure we meet demand.
Sources and Uses of Cash:
Period ended June 30, 2024
2024
