CINCINNATI, Aug. 16, 2011 /PRNewswire/ — HealthWarehouse.com,
Inc. (OTC: HEWA) a leading VIPPS accredited retail mail-order
pharmacy, today announced its financial results for the quarter
ended June 30, 2011.
For the quarter ended June 30, 2011, the Company’s net sales
increased $753,059 to $2,519,721, up 43% compared to the same
period in 2010. This was driven by growth in the Company’s
prescription business. Prescriptions filled increased from 15,191
to 37,458, up 147% year-over-year. Gross margins increased
from 27.4% to 44.3% year-over-year due to prescription orders
becoming a larger part of the product mix.
Selling, general and administrative expenses increased by
$1,062,069 for the quarter ended June 30, 2011 compared to the same
period in 2010. Net loss for the quarter ended June 30, 2011
increased to $1,100,094, as compared with a net loss of $649,329
for the same period in 2010. The increase in SG&A expenses and
net loss was due primarily to the expansion of personnel to handle
growth in prescription sales as well as non-cash and one time
charges.
“We are pleased to report strong revenue and gross margin growth
again in the quarter,” said Lalit Dhadphale, President and CEO of
HealthWarehouse.com. “With prescription growth of 147%
year-over-year, it is clear that customers are looking for an
alternative to expensive, brick-and-mortar pharmacies. We look
forward to further broadening our customer base and continuing our
growth.”
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Actual results may
differ significantly from management’s expectations. These
forward-looking statements involve risks and uncertainties that
include, among others, risks related to competition, management of
growth, new products, services and technologies, potential
fluctuations
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