HealthWarehouse.com Reports Third-Quarter Earnings

HealthWarehouse.com, Inc. (OTCQB:HEWA) announced today that its net sales for the third quarter ended September 30, 2016 increased 60.8 percent to $2.71 million compared to the same period in 2015, when the company reported net sales of $1.69 million.

HealthWarehouse.com is America's only Verified Internet Pharmacy Practice Sites (VIPPs) and Vet-VIPPs accredited online and mail-order pharmacy licensed and/or authorized in all 50 states. The company attributed its third-quarter sales to growth in core consumer prescription and over-the-counter product sales. For the nine-month period ending September 30, 2016, net sales increased 44.4 percent versus the same period a year ago due also to the increase in core consumer prescription and over-the-counter product sales, offset by a reduction in business-to-business sales.

"We are pleased by the continued growth of our core consumer prescription and related over-the-counter medication sales," said Jeff Holtmeier, the company's newly appointed President and Chief Executive Officer. "We believe, subsequent to the change of management, the company has implemented a series of process improvements which have already positively impacted core operations and improved the customer experience. We believe these improvements will be more visible in future quarters."

The company reported a net loss of $978,141 for the quarter, which included $788,303 of nonrecurring annual meeting proxy and solicitation costs and severance expense for departing executives. The net loss was $815,537 greater than the $162,604 net loss during the third-quarter of 2015. The net loss was $1,311,259 for the nine-month period compared to a $443,073 net loss for the same period a year ago.

In the third quarter, Adjusted EBITDA was a loss of $13,105, versus a loss of $20,368 for the third quarter of 2015. For the nine-month period ending September 30, 2016, Adjusted EBITDA was a loss of $91,959 versus income of $109,662 for the same period last year.