Core Viewpoint - NextPlat Corp reported significant growth in its financial results for the fiscal year ended December 31, 2024, driven by the consolidation of its e-Commerce and Healthcare Operations, with a focus on expanding its market presence in the US and China [2][5]. Financial Highlights - Consolidated revenue for 2024 was approximately 37.8 million in 2023, largely due to a full year of Healthcare Operations compared to six months in the previous year [5][12]. - The overall gross profit margin for 2024 declined to 24.8%, with e-Commerce Operations at 24.9% and Healthcare Operations also at 24.8%, impacted by rising costs and pricing pressures [5][12]. - Operating expenses increased to approximately 34.6 million in 2023, with a notable 72% rise in salaries, wages, and payroll taxes due to the full year of Healthcare Operations [5][12]. - The net loss attributable to common shareholders for 2024 was approximately 0.68) per diluted share, compared to a net loss of approximately 0.22) per diluted share in 2023 [5][12]. Organizational Highlights and Recent Developments - The company completed two strategic transactions in 2024: the merger with Progressive Care, making it a wholly owned subsidiary, and the acquisition of Outfitter Satellite Inc., enhancing its satellite-enabled product offerings [5][6]. - Healthcare Operations filled approximately 514,000 pharmacy prescriptions in 2024, with expectations for increased revenue from long-term care facilities and 340B covered entities in the future [5][6]. - The company launched its e-Commerce program in China on Alibaba's Tmall Global, significantly expanding its reach to nearly 1 billion potential customers in Asian markets [8][10]. - New partnerships and marketing strategies are expected to support the growth of the Florida Sunshine line of vitamins and supplements, with anticipated availability in multiple online marketplaces starting in late Q2 2025 [8][10].
NextPlat Reports $65.5 Million in Consolidated Year-End 2024 Revenue