Avricore Health (TSX-V:AVCR, OTC:AVCRF) passed a significant milestone in its commercial journey as it reported its first-ever profit in the three months ended March 31, posting $168,537 of comprehensive income.
Revenue for the period increased by 79% year over year to $1.12 million, while gross profit rose by 130% to $484,791. Avricore's gross margin improved to 43%, surpassing its target margin of 30%.
It saw a net increase in cash of $307,470 during the period. Avricore is actively pursuing expansion opportunities in Canada and internationally, including partnerships with Ascensia Diabetes Care and Rexall Pharmacies.
Avricore has developed HealthTab a proven point-of-care screening system that is fast, lab-accurate, and requires just a few drops of blood from a finger stick. At the last count, 777 Shoppers Drug Mart and Loblaw (TSX:L) stores were using the system.
"HealthTab’s end-to-end offering is making typically complex point-of-care programs in pharmacy easy," said Hector Bremner, CEO of Avricore.
"With chronic disease prescribing coming to some Canadian provinces in early 2025, we’re excited to help more pharmacists deliver timely care."
In its results statement, Avricore said it was "actively pursuing" expansion opportunities - both at home and internationally.