Avricore Health (TSX-V:AVCR, OTC:AVCRF) increased both revenue and profitability in 2023, with the former nearly doubling to $3.5 million and gross profit increasing by 163% to $1.2 million.
This growth was attributed to the expanded adoption of Avricore's HealthTab platform, a leading network of cloud-connected analyzers in pharmacies.
HeathTab broadened its reach within Canada in the financial year, including an expansion to 776 Shoppers Drug Mart locations and new partnerships with Ascensia Diabetes Care to enhance diabetes management through integrated blood glucose monitoring.
Hector Bremner, CEO of Avricore Health (TSX-V:AVCR, OTC:AVCRF), stated: "Our team has been able to build the largest network of cloud-connected analyzers in pharmacy with HealthTab for the first time ever while maintaining rigorous fiscal discipline."
Avricore also reported on its strategic partnership and operational rollout in additional pharmacy locations, including Rexall's Pharmacy Walk-In Clinic in Alberta, which now offers rapid test results and immediate pharmacist consultations.
Looking ahead, Avricore is focused on leveraging public policy changes and healthcare funding increases to further enhance its platform.
“We are seeing the pharmacy sector making major investments every day in this space and expect public policy to amplify opportunities ahead of us. Nobody is better prepared to deliver on the future of healthcare,” said Bremner.
Shares of Avricore jumped 23.1% at C$0.16 in Toronto on Tuesday morning following the release of its results.