Conversion Labs Reports Preliminary Sales Up 72% During First 9 Months of 2018 Compared to the Same Period in 2017
NEW YORK, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB:CVLB) (“Conversion Labs” or “Company”), an e-commerce company focused on building and scaling innovative branded consumer products, today reported preliminary revenue results for the third quarter of 2018 and nine months ended September 30, 2018.
For the quarter ended September 30, 2018, revenues grew to approximately $2.505 million, or approximately 23% compared to the same period one year ago. For the nine months ended September 30, 2018, revenues grew to approximately $6.149 Million, or approximately 72% compared to the same period in 2017. The growth in revenues can be primarily attributed to the Company's focus on growing its Shapiro MD-branded product line and successful launch of new software-as-a-service (SaaS) PDFSimpli.
Stefan Galluppi, Chief Operating Officer of Conversion Labs commented, “We believe we will report our highest quarterly revenue numbers for Q3 2018. Our product mix and focus on streamlining our operations resulted in increased efficiency and higher margins. We expect PDFSimpli, coupled with the upcoming product launches of Scarology and Purpurex, to drive our growth moving forward. 2018 is on pace to be a record year for the Company.”
The Company is currently in the process of finalizing its consolidated financial statements and expects to announce its financial results for the third quarter of 2018 prior to November 14, 2018 via press release and its Quarterly Report on Form 10-Q. Accordingly, the financial information disclosed in this press release may be subject to adjustment.
About Conversion Labs
Conversion Labs, Inc. (the "Company") is a technology-driven e-commerce company that builds innovative and proprietary brands. Conversion Labs’ scalable and global advertising technology infrastructure leverages the world’s largest social media, search and e-commerce platforms (Facebook, Google & Amazon) to rapidly grow our continually expanding product portfolio. To learn more about our corporate strategy, brands or for investor relations please visit www.conversionlabs.com or email us at [email protected]
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. Forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Conversion Labs, Inc.’s actual results to differ materially from those anticipated by the forward-looking statements. Any forward-looking statements contained herein are based on current expectations, but 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.
Released October 16, 2018