Conversion Labs Reports Record-Breaking Quarterly Results
NEW YORK, Nov. 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 and software, today reported financial results for the third quarter of 2018 and nine months ended September 30, 2018.
- PDF Simpli User Growth Expands; Ranked in top 25,000 websites globally with more than 250,000 registered users.
- Shapiro MD approaching $10 Million in top-line revenue with 55,000+ customers since launch in 2017.
- Record revenue: $6.14 Million in sales for first 9 months of 2018, 71% growth over the same period in 2017.
- Record margins: 78% gross margins for first 9 months of 2018, up from 70% in same period of 2017.
For the quarter ended September 30, 2018, revenues grew to $2.50 Million or 22%, compared to the same period one year ago, reflecting the Company's focus on growing its Shapiro MD product line and launch of its new software-as-a-service (SaaS) product PDF Simpli. Gross profits for the quarter rose 36% to $2.06 Million compared to 1.52 Million in 2017, as a result of product mix and the Company’s efforts to lower costs.
For the nine months ended September 30, 2018, revenues grew to $6.14 Million, or 71% compared to the same period in 2017. Gross profits rose 91% to $4.81 Million, as a result of product mix and the Company’s efforts to lower costs.
Stefan Galluppi, Chief Operating Officer of Conversion Labs commented, “So far in 2018 we have validated our direct response model - from initial product development all the way to reporting record-breaking sales. We believe early numbers from PDF Simpli’s launch show signs of it having the same type of success that Shapiro MD had for the Company. Our efforts to streamline operations are also propelling us to higher gross margins. We anticipate margins to continue to grow as our software product, PDF Simpli, becomes a greater part of our product mix.”
"We are starting to see the results from our products spill over to our financials. We reported our highest quarterly revenue and gross profit numbers ever. Shapiro MD is steadily growing and our newly launched SaaS product, PDFSimpli, is already contributing to expanded margins,” stated Justin Schreiber, President and CEO of Conversion Labs. “With the launch of our INR Wellness supplement underway and the expected launch of two additional products slated over the next 45 days, we anticipate 2018 to be a record year for the Company. Our sights are set on qualifying for listing on a national exchange within the near future.”
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 and profitably 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. 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, including our Annual Report on Form 10-K, the Company’s recently filed Registration Statement on Form S-1 and our current reports on Form 8-K.
Source: Conversion Labs, Inc.
Released November 16, 2018