Achieves revenue of $3.2 million for the third quarter of 2023, a 34.2% sequential increase over the second quarter of 2023
Completes acquisition of the Chopra Global wellbeing experiences businesses
NEW YORK, June 07, 2023 (GLOBE NEWSWIRE) -- The Healing Company (OTC: HLCO) today provided a business update and reported financial results for the fiscal third quarter ended March 31, 2023.
Simon Belsham, CEO and Co-founder of The Healing Company, commented, “I am pleased to report we are making rapid progress on our strategy to establish The Healing Company as a leading global provider of integrated healing products, with a focus on the wellness, supplement, and nutraceutical markets. During the third quarter, we achieved record revenue of $3.2 million. Sequentially, our revenue increased 34% from the second quarter 2022. At the same time, we achieved positive adjusted EBITDA in each of our segments, excluding one-time, non-recurring expenses. We also continue to reduce our customer acquisition costs (CAC), which we believe places us on a solid path to long-term and sustainable profitability.”
“We are successfully executing our buy and build strategy. For instance, Your Super, our first acquisition, demonstrated profitable growth with a second consecutive quarter of positive adjusted EBITDA, further validating our business model. Building on this success, we completed the acquisition of the Chopra Global wellbeing experiences business, which includes Chopra’s physical product line, the Chopra meditation & wellbeing app, as well as licensed experiences including The Chopra Health Retreat at CIVANA Wellness Resort & Spa and the Chopra Mind-Body Zone and Spa at the Lake Nona Performance Club. Importantly, we are already seeing strong performance from the Chopra business. Looking ahead, we have a robust pipeline of additional acquisition targets that we believe would be both synergistic and accretive.”
“In addition to our acquisition strategy, we are also focused on organic growth and achieved a number of key operational milestones this quarter. We are gaining strong brand momentum with Your Super, which has been featured in top media outlets and on more than 30 podcasts. Engagement through social media was up 55% to 1.4 million on the back of a robust influencer outreach strategy. We also celebrated the launch of the Your Super Life cookbook with a well-attended event in NYC, including a panel discussion with leading industry voices Dr. Uma Naidoo, Dr. William Li, Daniella Monet and 50 influencer and press guests. The book landed on the Amazon Bestseller list and has created a content foundation for Your Super to build from as an authority on plant-based nutrition. Finally, we were able to garner key retail wins, including SKU expansion in Sprouts and new entry into US regional chains, Raley’s and Fresh Mart.”
“Since the Chopra Global acquisition, we have witnessed a solid start to our first Chopra-branded product, the Chopra Renew & Restore Detox Kit, achieving our highest month of sales in March. Moreover, our reach and engagement metrics were up across all channels. We believe this loyal and growing user base, as well as our growing social medial presence, will enable us to cost-effectively introduce new products in order to rapidly scale the business. Overall, we could not be more excited by the outlook for the business and look forward to providing further updates on our progress in the weeks and months ahead,” concluded Mr. Belsham.
The Company’s complete financial results are available in its Quarterly Report on Form 10-Q, which has been filed with the U.S. Securities & Exchange Commission.
About The Healing Company
The Healing Company Inc. was founded with a bold aim: Bring integrated healing to the world. Compelled by the global healthcare crisis and a deep belief in a different way—one which draws on conventional medicine and ancient wisdom, science and nature—the company looks to democratize access to integrated healing methods, while helping the world evolve how it thinks about health and healthcare. To do so, the company is building a community of powerful healing brands, identifying, acquiring, and helping scale the reach and impact of the world’s highest potential healing practices & products.
The Healing Company’s investors and advisors include global wellbeing icon Dr. Deepak Chopra, MD, media pioneer Kay Koplovitz, and Social Chain & Thirdweb founder and Dragons Den member Steven Bartlett. For more information, visit http://www.healingcompany.com.
Forward-looking statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future financial position, results of operations, cash flows, financial requirements, business strategy, products and services, potential future financings, acquisition and scaling of future brands and or project and its anticipated financing plans, growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions that are forward-looking statements. Such forward-looking statements are estimates reflecting the Company' s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements; foreign exchange and other financial markets; changes in the interest rates on borrowings; hedging activities; changes costs of goods; changes in the investments and expenditure levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which The Healing Company operates. There can be no assurance that The Healing Company will achieve the above stated brand acquisitions and scaling of those brands or the closing of any required financing. The reader should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by The Healing Company from time to time with the Securities and Exchange Commission.
Investor Relations:
Crescendo Communications, LLC
Tel: (212) 671-1020
Email: hlco@crescendo-ir.com
