Leading innovator of clinically proven plant-based products for heart and brain health, Healthy Extracts Inc (OTCMKTS:HYEX), on April 12, 2022, confirmed on preliminary unaudited results for quarter one ending March 31, 2022. The firm’s net revenues for quarter one is expected to be over $489,000, up by 187% over the same year-ago quarter. This is in line with its target of doubling revenues to more than $3 million.
Market Reaction
On Tuesday, HYEX stock soared 27.60% to $0.0700 with 10k shares, compared to its average volume of 32K shares. The stock moved within a range of $0.0700 – 0.0700 after opening trade at $0.07.
Healthy Extracts Expects Q1 2022 Net Revenue up 187% to Record $489,000, Driving First Profitable Quarter
Duke Pitts, president of Healthy Extracts said that the record top-line for quarter one lead to the expansion of direct-to-consumer channels. Pitts added that this includes a four-fold increase in recurring revenue from subscriptions and the company is expecting a positive net income quarter.
In the last 12 months, the firm established a robust foundation for addressing quick-growing brain and heart health supplement market. This includes acquisitions and successful clinical studies supporting products’ health benefit claims.
Duke believes that the progress made, especially with the expansion of sales channel enable it to achieve 100% sales growth in 2022. The President added that the firm is anticipating continued strengthening of its shareholder value throughout the year.The initial unaudited results are just estimates and may be subject to revision until the firm comes out with its financial results for the quarter ending March 31, 2022, by May.
Traders Review
HYEX stock is trading above the 10-Day and 5020Day Moving averages of $0.0389 and $0.0395 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0633.
