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• Four consecutive quarters of year-over-year revenue growth underscore continued business momentum.

• Revenue surges 98% in Q4 2024 compared to Q4 2023, marking a milestone year for QHSLab.

• Operational efficiencies and strategic execution drive first profitable year. 
  

WEST PALM BEACH, FL, Feb. 18, 2025 (GLOBE NEWSWIRE) -- QHSLab Inc. (the “Company”) (OTCQB: USAQ), a digital health company advancing personalized medicine through innovative population health screening and point of care diagnostic tools in primary care, today announced its preliminary, unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

For the full year 2024, the Company recorded record revenue growth, substantial gross margin improvements, its first-ever year of profitability on a GAAP basis and positive cash flow from operations, which enabled it to repay a portion of its outstanding debt strengthening its balance sheet.

Financial Highlights:

• Fourth Quarter 2024 Preliminary Financial Results:
  
  

  • Revenue surged 98% year-over-year to $625,981, compared to $315,020 in Q4 2023, marking four consecutive quarters of year-over-year revenue growth.
    

  • Gross profit increased 117% to $412,154, with gross margin expanding to 65.8%, up from 60.3% in the prior-year quarter.

  • Net income for Q4 2024 of $40,838, a significant improvement from a net loss of $86,627 in Q4 2023.
    
    

• Full-Year 2024 Preliminary Financial Results:
  
  

  • Revenue grew 51% year-over-year, reaching $2.1 million compared to $1.4 million for the full-year 2023.
    

  • Gross margin improved to 63.7%, reflecting an enhanced product mix and increased operational efficiencies.

  • The Company recorded net income of $69,188 for 2024, compared to a net loss of $468,362 in 2023, underscoring QHSLab’s strong financial momentum and commitment to profitable operations.

  • Positive Cash Flow Generation: The Company reported net positive cash flow of $105,586, driven by $247,317 in cash flow from operations, reflecting strong business performance. This was partially offset by a $141,731 net cash outflow from financing activities, which includes debt repayments and other financial obligations.

  • Continued Debt Reduction: The Company repaid $298,531 in loans, further strengthening its balance sheet and reducing financial liabilities, reinforcing its commitment to long-term financial stability.
    

Management Commentary:

“These outstanding financial results reflect the continued execution of our strategic initiatives and the growing adoption of our digital medicine solutions,” said Troy Grogan, President and CEO of QHSLab. “We are thrilled to report 98% revenue growth compared to Q4 2023, despite the fourth quarter historically being a lower performing quarter for healthcare companies due to the seasonal impact of patient volume. This growth demonstrates the strength of our business model and the resilience of our operations. Our improved gross margin and profitability highlight the effectiveness of our operational efficiencies and commitment to achieving and sustaining profitability. As we increase the number of physicians using QHSLab, our financial performance should continue to improve.”