Trxade Group, Inc. Reports Second Quarter Fiscal 2018 Results
Delivered Revenue of $837,688 an Increase of 21% Year-over-year Periods;
Delivered Sixth Quarter in a Row Operating Income.
TAMPA, FL / ACCESSWIRE / July 27, 2018 / Trxade Group, Inc., (OTCQB: TRXD) a web-based market platform with 9,100 registered independent pharmacy customers that enables its customers to quickly source and purchase pharmaceuticals, accessories and services from a wide range of manufacturers and drug distributors today announced quarterly results ended June 30, 2018.
2018 Second Quarter Results Summary:
Revenues from continuing operations of $837,688, compared to $704,728, a 21% increase over the previous same quarter in 2017
Net Income was $20,513 compared to Net Loss $(6,842) in second quarter of 2017.
"Trxade is building momentum," said Chairman and CEO Suren Ajjarapu, "Strong demand combined with our cost management and margin initiatives contributed to Trxade's EBITDA positive performance in the second quarter. New product categories and new tools are on course to launch later this year and we continue to track toward our goal of full-year profitability in 2018."
Business Highlights:
Trxade continues to expand the reach of its trading platform through organic expansion, with over 200 new independent pharmacies registered in second quarter 2018.
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (TRXD) is a web-based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Founded in 2010, Trxade Group currently operates the trading platform with 9,100 registered members. For additional information please visit us at http://www.trxadegroup.com.
Supplemental Financial Data
The Attached Selected Supplemental Financial Data tables disclose amounts reflected in our historical financial results and include the results of operations for a comparable period. Trxade utilizes certain financial measures that are not calculated in accordance with accepted accounting principles (GAAP) to access its financial performance such as working capital. This presentation should be viewed as a supplement to and not a substitute for the results of operations presented on a GAAP basis. Shareholders are encouraged to review the company's filings with the Securities and Exchange Commission.
Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. Except as may be required by applicable law, we assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The company undertakes no duty to update forward-looking statements.
Investor Relations Contact:
Christi Justi
800-261-0281
cjusti@trxade.com
Trxade Group, Inc.
Selected Consolidated Financial Data
Three months and six months ended June 30, 2018 and 2017
(unaudited)
Three months ended | Six months ended | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 837,688 | $ | 704,728 | $ | 1,690,611 | $ | 1,450,671 | ||||||||
Operating Expenses | ||||||||||||||||
General and Administrative | 806,242 | 655,945 | 1,560,437 | 1,260,438 | ||||||||||||
Operating Income | 31,446 | 48,783 | 130,174 | 190,233 | ||||||||||||
Loss on Extinguishment of Debt | - | (11,512) | - | (11,512) | ||||||||||||
Interest Expense | (10,933) | (44,113) | (27,392) | (105,837) | ||||||||||||
Net Income (Loss) | $ | 20,513 | $ | (6,842) | $ | 102,782 | $ | 72,884 | ||||||||
Net Income (Loss) per Common Share - Basic: | $ | 0.00 | $ | (0.00) | $ | 0.00 | $ | 0.00 | ||||||||
Net Income (Loss) per Common Share - Diluted: | $ | 0.00 | $ | (0.00) | $ | 0.00 | $ | 0.00 | ||||||||
Weighted average Common Shares Outstanding Basic | 31,985,827 | 31,985,827 | 31,985,827 | 31,924,501 | ||||||||||||
Weighted average Common Shares Outstanding Diluted | 34,479,406 | 31,985,827 | 34,472,811 | 34,055,336 | ||||||||||||
Balance Sheet Data: | June 30, 2018 | June 30, 2017 | ||||||
Working Capital | $ | 191,473 | $ | (232,082) | ||||
Total Assets | $ | 712,174 | $ | 423,891 | ||||
Long-Term Debt | $ | 322,052 | $ | 404,052 | ||||
Accumulated Deficit | $ | (121,079) | $ | (636,134) | ||||
SOURCE: Trxade Group, Inc.
