QHSLab, Inc. Announces Strong First Quarter 2024 Results with Significant Reduction in Operating Expenses and Positive Net Operating Income

Integrated Service Program (ISP) Revenues Surge 268% in Q1 2024 Over Q1 2023

WEST PALM BEACH, FL, May 13, 2024 (GLOBE NEWSWIRE) -- QHSLab, Inc. ("the Company") (OTCQB: USAQ), a leader in digital health and point-of-care technologies designed to empower clinicians with proactive, value-based healthcare solutions, today released detailed financial results for the first quarter ended March 31, 2024, showcasing not only revenue growth but also significant reductions in operating expenses and a positive turn in net operating income.
Financial Highlights:

	●	First Quarter Revenues of $488,587 for Q1 2024, marking a 38.6% increase over $352,799 in Q1 2023. This improvement was driven by robust growth in Integrated Service Program (ISP) revenues, which surged 268% to $127,004 from $34,467 in the previous year, and a 21% increase in sales of Allergy Diagnostic Kits to $237,066 from $195,507.
	●	Gross Profit of $286,158 with a gross margin of 58.6%, up from $187,342 with a 53.1% margin in Q1 2023.
	●	Total Operating Expenses decreased by 11.5% to $272,554 in Q1 2024 from $308,100 in the first quarter of 2023, reflecting the Company's successful cost management strategies.
	●	Positive Net Operating Income of $13,604 for Q1 2024, a significant improvement from a net operating loss of $120,758 in Q1 2023

Operational and Financial Review:

	●	Sales and Marketing expenses were $121,946, showing a slight reduction from $123,953 in Q1 2023 due to more efficient marketing spend and increased internal sales efforts.
	●	General and Administrative expenses decreased to $89,942 from $102,572, largely due to optimized investor relations and management consulting services.
	●	Research and Development expenses were reduced to $42,638 from $63,547, as resources were reallocated towards the commercialization of the QHSLab platform.

Executive Commentary: Troy Grogan, President and CEO of QHSLab, Inc., commented, "Our first quarter performance in 2024 illustrates not only growth but also enhanced operational efficiency. The substantial reduction in operating expenses coupled with a turnaround to positive net operating income underscores our commitment to sustainable growth and value creation for our shareholders. With continued focus on strategic product integration and market expansion, we anticipate maintaining this positive trajectory."