Conversion Labs Inc (OTCMKTS: CVLB) has seen a spectacular rise in recent months from a start point of $0.10 to recent highs over $2 per share. As telehealth heats up especially under the current pandemic some Companies such as Conversion Labs are catching the eye of investors and are being driven skyward!
CVLB just reported record revenues for the second quarter and first half ended June 30, 2020. Revenue in the second quarter totaled a record $9.1 million, up 237%. For the first half of 2020, revenue increased 148% to a record $13.4 million. Customers on subscription across all brands nearly doubled over previous quarter.
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. We believe the traditional model of visiting a doctor’s office, receiving a physical prescription, visiting a neighborhood pharmacy, and returning to see a doctor for follow up care or prescription refills is inefficient, costly to patients, and discourages many patients from seeking much needed medical care. Direct-to-consumer telemedicine companies, like our Company, offer patients immediate and virtual treatment from licensed physicians, and the home delivery of prescription medications, devices and diagnostics bundled with over-the counter wellness products.
Beginning in 2019, Conversion Labs made significant investments in its telemedicine technology platform 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.
On August 17 CVLB announced results for the second quarter and first half ended June 30, 2020. Revenue in the second quarter totaled a record $9.1 million, up 237%. For the first half of 2020, revenue increased 148% to a record $13.4 million. Customers on subscription across all brands nearly doubled over previous quarter.
CVLB CEO Justin Schreiber commented: “Our record second quarter results were driven by strong customer acquisition growth and our expanding portfolio of telemedicine brands. Recurring revenue from subscriptions was up across the board, as we continued to expand our telehealth presence nationwide. This momentum has continued in the current third quarter. As we announced earlier this month, July revenues hit $3.6 million, 300% higher than July of last year. July sales indicate an annualized revenue run-rate of $43.2 million, and that we are well on track to exceed our guidance of more than $40 million for the year. Actually, the most exciting aspect of these July results is that our recurring revenue from rebilled subscriptions increased 362% to $1.2 million. As we continue to scale our telemedicine business and customers on subscription, we anticipate our margins to also expand dramatically.
— CapitalMarketAccess (@CMA_IR) August 17, 2020
We have a Monster Pick Coming. Subscribe Right Now!