NextPlat(NXPL) - 2024 Q3 - Quarterly Results

Revenue Performance - Consolidated revenue for the nine months ended September 30, 2024, was approximately $49.8 million, representing a 136$21.1 million for the same period in 2023[3] - Total e-Commerce revenues for the third quarter of 2024 were approximately $3.8 million, a 31$2.9 million in the same period last year, primarily due to the Outfitter acquisition[3] - Healthcare Operations revenues for the third quarter of 2024 were approximately $11.5 million, down from$12.4 million in the same period last year, mainly due to declining retail pharmacy prescription reimbursement rates[3] - The company expects full-year 2024 revenue to be in the range of approximately $60 million to$65 million based on current expectations and available product inventory[3] - Total revenue for Q3 2024 was $15,367,000, compared to$15,290,000 in Q3 2023, reflecting a 0.5% increase[14] Profitability and Loss - Gross profit margin for the quarter ended September 30, 2024, declined to 22.9%, while the overall gross profit margin for the nine months remained consistent at approximately 28%[4] - Gross profit for Q3 2024 decreased to $3,520,000, down 23.2$4,585,000 in Q3 2023[14] - Net loss attributable to common shareholders for the quarter ended September 30, 2024, was approximately $4.2 million, or ($0.22) per diluted share, compared to a net income of approximately $3.4 million, or$0.17 per diluted share, for the same period in 2023[8] - The net loss attributable to NextPlat Corp was $4,216,000 in Q3 2024, compared to a net income of$3,448,000 in Q3 2023[14] Operating Expenses - Operating expenses for the quarter ended September 30, 2024, were approximately $11.5 million, compared to$8.1 million for the same period in 2023, with a significant non-cash impairment loss of approximately $3.7 million related to the Progressive Care acquisition[5] - Operating expenses increased to$11,519,000 in Q3 2024, up 43.5% from $8,062,000 in Q3 2023[14] Prescription and Service Metrics - The company filled approximately 128,000 pharmacy prescriptions in the third quarter, a 5$2,502,000 for both Q3 2024 and Q3 2023[14] Cash Flow and Assets - The company recorded a net cash burn of approximately $5.9 million year-to-date, with cash at approximately$20.4 million at the end of the third quarter[9] - Total assets decreased to $41,099,000 as of September 30, 2024, down from$64,469,000 at the end of 2023[15] - Current liabilities decreased to $9,673,000 as of September 30, 2024, from$14,237,000 at the end of 2023[15] - Equity attributable to NextPlat Corp stockholders decreased to $22,463,000 as of September 30, 2024, down from$32,184,000 at the end of 2023[16] Shareholder Information - The weighted number of common shares outstanding was 18,982,000 for Q3 2024, compared to 18,703,000 for Q3 2023[14] Product and Market Expansion - The company has expanded its e-commerce program in China and launched its Florida Sunshine line of vitamins and supplements, with plans for international availability[10] - Product sales for Q3 2024 reached $12,865,000, a 0.6$12,789,000 in Q3 2023[14]