One of the companies that may be worth tracking at this point is QHSLab Inc. (OTC:USAQ). The company is involved in providing clinicians with the tools by way of which they can come up with proactive healthcare through the use of modern point of care and digital health technologies. Yesterday, the company announced its financial results for the fiscal year that ended on December 31, 2023. The company started the news release by stating that the year had been punctuated with strong growth in revenues and also considerable improvement in gross margins.
Here is a closer look at the numbers published by QHSLab yesterday. The company generated revenues of $1,408,995 in the 2023 fiscal year, which reflected a significant rise from the revenues of $1,243,186 in the previous fiscal year. The growth in revenues had been largely brought about through the sales of allergy diagnostic kits and also thanks to the successful launch of two new lines of products, Digital Medicine Subscription Revenue and the Integrated Service Program (ISP).
The gross profit for the fiscal year came in at $793,607, while the gross margins went up to 56.3% from 49.8% in the previous fiscal year. More importantly, the company also reduced its net operating loss figure to $240,158 from $560,539 in the 2022 fiscal year. The drop in operating loss was a demonstration of the fact that QHSLab had been able to improve its financial management and operational efficiency.
Due to the deployment of more result-oriented internal sales strategies, QHSLab has managed to reduce its sales and marketing expenses to $488,537. Additionally, general and administrative expenses had also been reduced to $259,108, mainly due to streamlining operations and reduced consultancy fees. The research and development expenses, however, went up a bit to hit $214,008 in the 2023 fiscal year.
