NextPlat Corp (NASDAQ:NXPL) has generated record revenue over the first quarter of 2024, driven by income from its healthcare operations.
Revenue increased six-fold to US$17.5 million over the three months to March, the e-commerce firm reported.
This includes US$14.6 million from the company’s recently-consolidated healthcare operations, after the Progressive Care brand became a subsidiary last July.
Revenue from e-commerce operations came in at US$2.9 million, while gross margins in the division grew to 28% from 22% year on year and sat at 27.5% across the group.
“First quarter results continued to demonstrate the fundamental strength of NextPlat's focus on the large healthcare services and global e-commerce technology markets,” executive chairman Charles Fernandez commented.
Near-term goals would be achieved through significant efficiency improvements on the back of a proposed merger with Progressive Care, he added.
“Throughout the remainder of 2024, we are committed to maximizing and unlocking the unrealized value in our business.”