QHSLab Announces Impressive 2023 Fiscal Year Results with Growing Revenues, Improved Gross Margins, and Substantial Reduction in Net Loss

WEST PALM BEACH, FL, March 28, 2024 (GLOBE NEWSWIRE) -- QHSLab, Inc. (the “Company”) (OTCQB: USAQ), a company focused on providing clinicians with tools to leverage proactive, value-based healthcare solutions through emerging digital health and point-of-care technologies, today reported its financial and operational results for the fiscal year ended December 31, 2023. The year was marked by robust revenue growth, significant improvements in gross margins, and a strategic focus on expanding product lines and the Company’s customer base. Moreover, the Company significantly reduced its net operating loss, underscoring its enhanced operational efficiency and fiscal stewardship. The Company's forward-thinking approach to integrating software solutions into the healthcare sector has propelled a substantial advancement in its financial and operational performance.

2023 Financial Results: 

	●	Revenue Growth: QHSLab achieved revenues of $1,408,995 in 2023, a notable increase from $1,243,186 in 2022. This growth was largely fueled by sales of Allergy Diagnostic Kits, along with the successful launch of Digital Medicine Subscription Revenue and the Integrated Service Program (ISP) product lines.
	●	Gross Profit and Margin Improvement: The company generated a gross profit of $793,607 with a gross margin increase to 56.3% in 2023 from 49.8% in 2022. This improvement underscores QHSLab's enhanced cost structure and strategic product mix optimization.
	●	Reduced Net Operating Loss: QHSLab markedly reduced its net operating loss to $(240,158) in 2023 from $(560,539) in 2022, highlighting the Company’s overall improvement in operating efficiency and financial management.
	●	Operational Efficiency: Sales and marketing expenses decreased to $488,537, reflecting more effective internal sales strategies. Meanwhile, general and administrative expenses were reduced to $259,108, due to streamlined operations and lower consultancy fees.
	●	Research and Development: R&D expenses increased slightly to $214,008, reflecting the company's commitment to innovation and the development of its proprietary QHSLab platform software.