Avricore Health (TSX-V:AVCR, OTC:AVCRF) said it grew the number of pharmacy locations offering HealthTab during the third quarter of 2023, which led to an increase in revenue.
In the three months ending September 30, 2023, revenue increased by 27% YoY to $953,454, with a gross profit rise of 21% to $261,778.
With a surge in demand for clinical services in pharmacies, driven by the success of HealthTab, Avricore said it could surpass its previous year's performance.
The company achieved a net positive cash flow from operations of $412,400, reflecting an $825,960 increase over 2022.
“Patients and pharmacists are discovering and accessing new information that’s having a powerful impact on their care and support thanks to HealthTab,” said Hector Bremner, CEO of Avricore Health (TSX-V:AVCR, OTC:AVCRF) Inc.
“Our ambition of helping more people live better is becoming reality each day and we are poised to make big breakthroughs in bringing this service to more patients around the world.”
During the quarter, the company either struck or expanded collaborations with Barts Heart Centre, HEART UK, and Ascensia Diabetes Care aim to enhance cardiovascular risk assessments and integrate blood glucose monitoring systems with HealthTab, respectively. The recent launch with Rexall Pharmacies marks a significant milestone, making it the second national chain to introduce HealthTab.
For the nine months ending September 30, 2023, Avricore saw a 169% YoY revenue increase to $2,130,744, and gross profit soared by 144% to $701,930.
The company's objectives for 2023 include expanding HealthTab with current partners, furthering its presence in Canadian pharmacy groups, international expansion, strategic hires for technical and business development, and continued emphasis on revenue growth and profitability.
With 703 participating Shoppers Drug Mart pharmacies and expanding partnerships, Avricore Health (TSX-V:AVCR, OTC:AVCRF) said it remains confident in its long-term goals, backed by a positive trend in revenues and gross profitability.