It was a better year last year for digital drugstore HealthWarehouse.com Inc. based on higher web sales generated through a national publicity campaign, the company says.
But the company, headquartered in Florence, Kentucky, also posted a net loss. For 2018, HealthWarehouse.com posted sales of $15.7 million, up 6% from $14.8 million in 2017. It recorded a net loss of a net loss of $817,054, compared to net income of $371,775 in 2017.
Sales in the fourth quarter totaled $4.3 million, an increase of 18% from $3.6 million in the fourth quarter of 2017. Net loss was $215,964 for the fourth quarter of 2018 compared to a net loss of $175,879 during the same period in 2017.
Automation equipment pays off
“Our investment in new automation equipment during the year began to show its positive operational impact in the fourth quarter results, including increased throughput, improved quality control and operating efficiencies resulting in lower fulfillment costs,” says CEO Joseph Peters. “We continue to evaluate funding options to support an expansion of our marketing campaigns, an upgrade of our pharmacy software, and the refinancing of our current debt obligations.”
Consumer prescription sales in 2018 were $12.5 million, compared to $10.8 million in 2017, an increase of 16%. “The growth in prescription sales has been aided by increased consumer awareness, partially a result of being featured in a prominent national magazine and higher customer retention due to improved processing and service levels,” the company says.
Over-the-counter net sales declined by 21% to $2.7 million vs. $3.4 million in 2017, due to new regulatory requirements implemented in the first quarter, HealthWarehouse.com says.
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