Conversion Labs Reports Preliminary 2019 Net Sales up 47% to Record $12.2 Million
NEW YORK, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB: CVLB), a direct-to-consumer telemedicine and wellness company, reported preliminary unaudited net sales for the fourth quarter and full year ended December 31, 2019.
For the fourth quarter of 2019, the company expects record net sales of approximately $3.7 million, which would represent an increase of 64% compared to the fourth quarter of 2018. The company’s PDF Simpli subsidiary, a direct to consumer, SaaS-based solution for generating and managing PDF documents, is expected to contribute net sales of $1.0 million. This would represent an increase of 339% since the fourth quarter of 2018.
For the full year of 2019, the company expects record net sales of approximately $12.2 million, which would represent an increase of 47% over 2018.
“Our record in 2019 was primarily due to revenue generated from our expanding portfolio of telemedicine, online pharmacy and wellness brands,” commented Justin Schreiber, president and CEO of Conversion Labs. “Over the last year, we built out a nationwide telehealth infrastructure and in Q4 we launched our first telehealth brand, Rex MD. Meanwhile, our new PDF Simpli subsidiary has been performing well, with now more than 3.8 million registrants.
“We plan to officially launch additional wellness brands in the current quarter, like SOS RX. We are also planning to grow our proprietary over-the counter healthcare brands through product extensions, as we continue to recruit incredible people to support our growth objectives. All of this has set the stage for more diversified and accelerated revenue growth in 2020.”
These preliminary unaudited results are estimates only and subject to revision until the company reports its financial results for the fourth quarter and audited financial results for the full year of 2019, which it expects to report in March.
About Conversion Labs
Conversion Labs, Inc. is a health and wellness focused e-commerce company with a portfolio of online direct-to-consumer brands. The company’s portfolio of brands includes proprietary over-the-counter products and prescription medications. It also provides online, virtual physician consultations to consumers in 48 states. In addition to its healthcare platform, Conversion Labs is the majority shareholder of PDF Simpli, a direct to consumer SaaS business for editing, signing, and sharing PDF documents. To learn more about Conversion Labs, please visit conversionlabs.com. For more about PDF Simpli, go to pdfsimpli.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
Juan Manuel Piñeiro Dagnery
Conversion Labs Investor & Media Relations Contact:
Ron Both, CMATel (949) 432-7566
Released January 15, 2020