web analytics

Telehealth; Veritas MD; the Rise of Conversion Labs Inc (OTCMKTS: CVLB)

0

Conversion Labs Inc (OTCMKTS: CVLB) is an exciting story in small caps that has seen a spectacular rise up the charts in recent months as the Company emerges as a serious player in the booming telehealth space as the current pandemic has accelerated its growth. Conversion labs continues to report record revenues recently reporting $9.1 million for the Q2 ended June 20, 2020 up 237% for the same period last year. CEO Justin Schreiber recently commented on the Company’s incredible growth and predicted “we will achieve our upwardly revised guidance of $40 million in revenues for 2020. Looking at October and the first couple weeks of November, we have actually achieved an overall annualized revenue run-rate of nearly $50 million.

The company recently completed a private placement equity offering with institutional investors that generated net proceeds of $13.2 million leaving the Company well-funded moving forward with just shy of $12 million in the treasury as of November 16. The funds enable the Company to continue the buildout of its telehealth platform and its planned up-list to the Nasdaq capital market. The Telehealth Market is estimated to reach USD 70.19 billion by 2026, from USD 26.4 billion in 2020 and registering a CAGR of ~17.7% during the forecast period.5 ago 2020 according to a recent reported published by ResearchAndMarkets.com

Conversion Labs Inc (OTCMKTS: CVLB) is a direct response healthcare company that provides a convenient, cost-effective and smarter way for consumers to access high quality OTC products and prescription medications. The U.S. healthcare system is undergoing a paradigm shift largely due to new technologies and the emergence of direct-to-consumer healthcare.

Beginning in 2019, Conversion Labs made significant investments in its telemedicine technology platform; Veritas MD which is the backbone of the Companies physician network, pharmacy provider, CRM software, and third-party advertising platforms. This platform facilitates patient consultations, virtual prescriptions, fulfillment, and follow-up consultations. During the last quarter the Company advanced the development of the company’s new cloud based telemedicine platform, Veritas MD, which builds upon the company’s existing digital marketing platform. Veritas MD supports the continued growth and market expansion of the company’s telehealth brands that include Rex MD, Shapiro MD and SOS Rx, and enables the rapid launch of new telemedicine offerings for other indications. Full launch expected within the next 60 days following third-party verification of its new e-prescription functionality.

To Find out the inside Scoop on CVLB Subscribe to Microcapdaily.com Right Now by entering your Email in the box below.

CVLB

On November 16 CVLB reported results for the third quarter and first nine months ended September 30, 2020. Revenue in the third quarter of 2020 increased 252% to a record $11.0 million from $3.1 million in the same year-ago quarter. The company’s PDF Simpli subsidiary, a software as a service (SaaS) that allows users to convert, edit, sign and share PDF documents, contributed net sales of $1.6 million, up 136% from the year-ago quarter. Gross profit in the third quarter of 2020 increased 238% to $8.3 million, compared to $2.4 million in the same year-ago quarter.

The Company has been busy recenlty launching two new Shapiro MD over-the-counter products for women, including a leave-in hair conditioner and a thyroid heath support supplement. CVLB also advanced the development of the company’s new cloud-based telemedicine platform, Veritas MD with third-party verification of the platform’s new e-prescription functionality. Veritas MD is designed to support the rapid growth and market expansion of the company’s telehealth brands. The official launch of the platform is planned before the end of the year.

CEO Justin Schreiber stated: “Q3 was another quarter of outperformance across our key financial and operational metrics, as 2020 continued to be a transformational year for Conversion Labs. Most of our growth is due to the launch of our direct-to-consumer telemedicine platform and the overall performance of our entire brand portfolio. This has generated strong organic growth and an increasing amount of subscription revenue.” Mr. Schreiber continued: “As an early mover in telehealth, we believe the coming quarters will be pivotal in establishing our reputation and status as a leader in this rapidly growing marketplace. While we are seeing strong growth across the business, it is important to recognize that we are making big investments in our people and infrastructure that are essential to support the exponential growth that lies ahead. This includes big investments in our telehealth technology platform, our provider network, and on medical, financial, operations and compliance personnel that are critical as we scale the business. Looking ahead, we see our Conversion Labs telemedicine platform continuing to drive growth and opportunities, as we continue to build shareholder value over the months and years to come.”

For More on CVLB Subscribe Right Now!

Currently making a powerful soon to be blue sky’s breakout Conversion Labs is an exciting story in small caps that has seen a spectacular rise up the charts in recent months as the Company emerges as a serious player in the booming telehealth space and its telemedicine technology platform; Veritas MD gains serious traction. Conversion labs continues to report record revenues recently reporting $9.1 million for the Q2 ended June 20, 2020 up 237% for the same period last year. CEO Justin Schreiber recently commented on the Company’s incredible growth and predicted “we will achieve our upwardly revised guidance of $40 million in revenues for 2020. Looking at October and the first couple weeks of November, we have actually achieved an overall annualized revenue run-rate of nearly $50 million. The company recently completed a private placement equity offering with institutional investors that generated net proceeds of $13.2 million leaving the Company well-funded moving forward with just shy of $12 million in the treasury as of November 16. The funds enable the Company to continue the buildout of its telehealth platform and its planned up-list to the Nasdaq capital market. The Telehealth Market is estimated to reach USD 70.19 billion by 2026, from USD 26.4 billion in 2020 and registering a CAGR of ~17.7% during the forecast period.5 ago 2020 according to a recent reported published by ResearchAndMarkets.com We will be updating on CVLB when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CVLB.

Sign Up now for our 100% FREE Penny Stock Newsletter

Disclosure: we hold no position in CVLB either long or short and we have not been compensated for this article.
Share.

Leave A Reply

Sign up now for our 100% FREE Penny Stock Newsletter

Privacy Policy. we will never share your email with anyone.