LAS VEGAS, NV / ACCESSWIRE / April 1, 2024 / Healthy Extracts Inc. (OTCQB:HYEX), a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals that target select high-growth categories within the multibillion-dollar nutraceuticals market, reported results for the year ended December 31, 2023. All comparisons are to the year-ago period unless otherwise noted.
2023 Financial Highlights
2023 Operational Highlights
Management Commentary
"In 2023, our record top line grew at a healthy double-digit pace as our product offerings, customer subscriptions, and distribution channels continued to expand," commented Healthy Extracts president, Duke Pitts.
"The performance also drove another year of gross margin improvement. Improved manufacturing efficiencies and lower freight costs we implemented last year also helped expand gross margins. Altogether, these favorable trends contributed to positive operational cash flow for the quarter after excluding stock-based compensation and interest expense.
"We continue to advance toward listing our stock on a prominent U.S. stock exchange, a move we anticipate will bolster our visibility and amplify recognition of our achievements within the financial market. We believe this listing will also enhance shareholder value by providing increased liquidity.
"Later this year, we plan to introduce several new products through our diverse sales and distribution channels. Our growth strategy includes both organic expansion and strategic acquisitions, with a focus on targets that can leverage our extensive distribution network. Overall, we anticipate another robust year ahead for Healthy Extracts."
Q1 2024 Revenue Outlook
For the first quarter of 2024, the company anticipates net revenue of approximately $675,000 to $725,000, which would represent 10% to 18% growth over the first quarter of last year.
2024 Product Outlook
Healthy Extracts' top brand ambassador and renowned fitness expert, Whitney Johns, is preparing to launch WHITNEY JOHNS™ NUTRITION on-the-go gel packs for GUT HEALTH and COLLAGEN (anti-aging) in mid-2024. These products will be based on Healthy Extracts' exclusive oral delivery system and proprietary formulations.
The company is also planning to launch in the second quarter its new BergaMet MYNUS sugar blocker, which is specially formulated to reduce up to 42% of the sugar impact from meals. The MYNUS on-the-go gel-packs will be made available under the company's exclusive U.S. and Canadian licensing and manufacturing agreement with Gelteq.
2023 Financial Summary
Net revenue in the full year of 2023 increased 10% to $2.5 million from $2.3 million in 2022, primarily due to product line and distribution channel expansion.
Gross profit totaled $1.6 million or 65.2% of net revenue as compared to $1.4 million or 60.9% of net revenue in 2022. The increase in gross margin was a result of decreased manufacturing and freight costs.
Operating expenses, excluding the costs involved in the on-going efforts in the acquisitions, planned public offering and uplist to a major exchange and stock compensation expense, decreased $204,000 to $2.1 million compared to 2022. The decrease in operating expenses was due to a decrease in general and administrative expenses.
Net loss totaled $2.5 million or $(0.85) per basic and diluted share, as compared to a net loss of $1.0 million or $(0.34) per basic and diluted share in the same year-ago period.
Excluding costs related to the company's planned acquisition and public offering expenses, regulatory expense, stock-based compensation expense (comprised of options and warrants), change in fair value on derivative expense and interest expense, net loss in the full year of 2023 totaled $499,000 or $(0.17) per basic and diluted share.
About Healthy Extracts "Live Life Young Again"
Healthy Extracts Inc.is a platform for acquiring, developing, researching, patenting, marketing, and distributing plant-based nutraceuticals.
The company's subsidiaries, BergametNA™ and Ultimate Brain Nutrients™ (UBN), offer nutraceutical natural heart and brain health supplements. This includes the only heart health supplement distributed in North America containing Citrus Bergamot SuperFruit™. This superfruit has the highest known concentration of polyphenols and flavonoids.
UBN's KETONOMICS® proprietary formulations, which have been designed to enhance brain activity, focus, headache and cognitive behavior, provide many sales and intellectual property licensing opportunities.
For more information visit: healthyextractsinc.com, bergametna.com or tryubn.com.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Annual Report on Form 10-K filed with the SEC on April 1, 2024, and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
Food & Drug Administration Disclosure
The product and formulation featured in this release is not for use by or sale to persons under the age of 12. This product should be used only as directed on the label. Consult with a physician before use if you have a serious medical condition or use prescription medications. A doctor's advice should be sought before using this and any supplemental dietary product. These statements have not been evaluated by the FDA. This product is not intended to diagnose, treat, cure or prevent any disease.
BergametNA™, Ultimate Brain Nutrients™, UBN™, Citrus Bergamot SuperFruit™ and F4T® are registered trademarks of Healthy Extracts Inc.™
Company Contact
Duke Pitts, President
Healthy Extracts Inc.
Tel (720) 463-1004
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Contact
Ronald Both
CMA Investor Relations
Tel (949) 432-7566
Email contact
Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact
HEALTHY EXTRACTS, INC. | |||||||
FOR THE YEAR ENDING | |||||||
DECEMBER 31 | |||||||
2023 | 2022 | ||||||
REVENUE | |||||||
Revenue | $ | 2,485,866 | $ | 2,251,469 | |||
Net revenue | 2,485,866 | 2,251,469 | |||||
COST OF REVENUE | |||||||
Cost of goods sold | 864,055 | 879,951 | |||||
Total cost of revenue | 864,055 | 879,951 | |||||
GROSS PROFIT | 1,621,810 | 1,371,517 | |||||
OPERATING EXPENSES | |||||||
Direct cost of revenue | - | - | |||||
General and administrative | 3,865,654 | 2,283,107 | |||||
Impairment of assets | - | - | |||||
Total operating expenses | 3,865,654 | 2,283,107 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest expense, net of interest income | (176,948 | ) | (64,690 | ) | |||
Change in fair value on derivative | (52,140 | ) | (9,484 | ) | |||
Gain on sale of asset | - | 2,643 | |||||
Total other income (expense) | (229,088 | ) | (71,531 | ) | |||
Net income/(loss) before income tax provision | (2,472,931 | ) | (983,121 | ) | |||
NET INCOME/(LOSS) | $ | (2,472,931 | ) | $ | (983,121 | ) | |
Income/(Loss) per share - basic and diluted | $ | (0.85 | ) | $ | (0.34 | ) | |
Weighted average number of shares outstanding - basic and diluted | 2,915,410 | 2,854,290 | |||||
HEALTHY EXTRACTS, INC. | |||||||||
DECEMBER 31 | DECEMBER 31, | ||||||||
2023 | 2022 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash | $ | 19,441 | $ | 65,651 | |||||
Accounts receivable | 30,440 | 105,794 | |||||||
Inventory, net | 1,626,283 | 1,819,128 | |||||||
Offering costs | 151,931 | - | |||||||
Prepaid acquisition costs | - | 53,015 | |||||||
Right of use asset, net | 71,583 | - | |||||||
Total current assets | 1,899,678 | 2,043,587 | |||||||
Fixed assets | 3,306 | 5,501 | |||||||
Patents/Trademarks | 521,881 | 521,881 | |||||||
Deposit | 16,890 | 16,890 | |||||||
Goodwill | 193,260 | 193,260 | |||||||
Total other assets | 735,336 | 737,531 | |||||||
TOTAL ASSETS | $ | 2,635,014 | $ | 2,781,118 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
LIABILITIES | |||||||||
Accounts payable | $ | 116,842 | $ | 91,316 | |||||
Accrued liabilities | 215,069 | 94,554 | |||||||
Lease liabilities - current | 65,229 | - | |||||||
Lease liabilities - long-term | 9,222 | - | |||||||
Notes payable | 361,093 | 275,370 | |||||||
Notes payable - related party | 83,366 | 866 | |||||||
Convertible debt, net of discount | 608,601 | 317,284 | |||||||
Accrued interest payable | 64,386 | 21,387 | |||||||
Accrued interest payable - related party | 2,465 | - | |||||||
Derivative liabilities | 154,150 | 102,011 | |||||||
Total current and total liabilities | 1,680,424 | 902,788 | |||||||
STOCKHOLDERS' EQUITY | |||||||||
Preferred stock, $0.001 par value, 75,000,000 shares authorized, none and none shares issued and outstanding, respectively | - | - | |||||||
Common stock, $0.001 par value, 50,000,000 shares authorized, 2,954,104 shares issued and outstanding as of December 31, 2023, and 2,876,437 shares issued and outstanding as of December 31, 2022, respectively | 354,492 | 345,172 | |||||||
Additional paid-in capital | 18,999,770 | 17,459,899 | |||||||
Accumulated deficit | (18,399,673) | (15,926,742) | |||||||
Total stockholders' equity | 954,590 | 1,878,330 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,635,014 | $ | 2,781,118 |
Last Trade: | US$2.00 |
Daily Volume: | 0 |
Market Cap: | US$5.900M |
March 13, 2024 January 04, 2024 November 14, 2023 August 14, 2023 May 15, 2023 |
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