CINCINNATI, June 22, 2012 /PRNewswire/ -- HealthWarehouse.com, Inc. (OTC: HEWA) a leading VIPPS accredited retail mail-order pharmacy, today announced its financial results for the year ended December 31, 2011.
Total net sales for the year ended December 31, 2011 were $10,363,293, representing an increase of 82% from the $5,691,765 for the year ended December 31, 2010. For the quarter ended December 31, 2011, net sales were $2,775,780, compared to $1,474,113 for the quarter ended December 31, 2010. The Company's sales growth is largely attributable to strong prescription sales both from new orders and refills. Total prescriptions filled for the full year increased 132% from 67,577 in 2010 to 157,650 in 2011, and from 23,860 to 45,978 year-over-year for the quarter. Gross margins for the full year continued to expand from 39.4% to 43.6% year-over-year as prescription sales continue to be an increasingly larger part of the product mix.
Selling, general and administrative expenses increased by $3,942,814 for the year ended December 31, 2011 compared to the same period in 2010. Net loss for the year ended December 31, 2011 increased to $5,712,199, as compared with a net loss of $3,691,674 for the same period in 2010. The increase in SG&A expenses and net loss was due primarily to increased headcount, advertising, and travel-related expenses.
"We continue to see strong growth within the Company's top-line and expect this trend to continue as several large name-brand medications come off patent and given our recent expansion into pet medications," said Lalit Dhadphale, President and CEO of HealthWarehouse.com. "We are pleased to have seen our sales surpass the $10 million mark as it was a milestone we set out early last year. We remain focused on driving growth as we strengthen our relationships with our partners and primary care clinic groups. With these relationships in place, we anticipate prescription sales to comprise an even greater part of our revenue, which should continue to improve our margins and provide more stable cash-flow as well as visibility. Given the number of name-brand maintenance medications coming off patent this year, we believe we are uniquely well positioned to take advantage of this trend."
Company Business Highlights:
- The Company launched a generic version of Plavix® on May 18, 2012 along with additional generic versions of Lipitor® which launched on May 31, 2012. Both of these generic drugs are expected to deliver significant cost-savings for consumers and additional revenue to the Company.
- On March 28, 2012 the Company launched its pet pharmacy, offering customers the same great service, convenience, and competitive pricing.
- In February the Company partnered with MedLion a direct primary care clinic group in Northern California, allowing affiliated physicians to send prescriptions directly to HealthWarehouse.com.
About HealthWarehouse.com, Inc.
HealthWarehouse.com, Inc. (OTC: HEWA) is a trusted VIPPS-accredited retail mail-order pharmacy based in the Cincinnati area. HealthWarehouse.com offers more than 300 prescription drugs for $3.50 with 100% FREE shipping and is a three-time consecutive winner of the BizRate Circle of Excellence Award for outstanding customer satisfaction and service. With a mission to provide affordable healthcare to every American by eliminating inefficiencies in the drug distribution chain, HealthWarehouse.com has become the leading online pharmacy in the United States. HealthWarehouse.com is licensed in all 50 states and DC, and only sells drugs which are FDA-approved and legal for sale in the United States. Visit HealthWarehouse.com online at http://www.HealthWarehouse.com.
SOURCE HealthWarehouse.com, Inc.