A company that could be worth looking into this morning owing to developments from yesterday is Healthy Extracts Inc. (OTC:HYEX). The company operates a platform for the development, acquisition, patenting, distribution, and marketing of plant-based nutraceuticals that target certain high-growth categories in the multibillion-dollar industry. Yesterday, the company came into focus after it announced its financial results for the fiscal year ended on December 31, 2023. The company posted net revenues to the tune of $2.5 million, which worked out to a year-on-year rise of 10%.
The revenues had gone up owing to an expansion in distribution channels and product lines. Additionally, there had been growth in subscription-based revenues as well. Owing to a positive shift to sales at higher margins, the gross margin had gone up to 65.2% from 60.9% in the previous fiscal year. The company posted a net loss of $2.5 million for the quarter, which worked out to a per-basic and diluted share loss of $0.85. In the news release, Healthy Extracts noted that it had suffered the loss mainly because of one-time costs related to a planned acquisition as well as the related public offering and uplisting to a bigger exchange.
It also involved stock-based compensation. In the 2022 fiscal year, the company suffered a loss of $983,000, which worked out to a loss of $0.34 per basic and diluted share. After the exclusion of acquisition-related expenses and other factors that the company enumerated, the net loss stood at $499,000, or $.17 per share. Duke Pitts, the President of Healthy Extracts, stated that in 2023, the top line of the company had grown at a double-digit rate. It now remains to be seen if the Healthy Extracts stock gains any traction among investors this morning in light of the announcement.
