NEW YORK, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB:CVLB) (“Conversion Labs” or “Company”), an e-commerce company focused on building and scaling innovative branded consumer products, today reported financial results for the second quarter of 2018 and six months ended June 30, 2018.
For the quarter ended June 30, 2018, revenues grew to $2.037 Million or 208%, compared to the same period one year ago, reflecting the Company's successful focus on growing its ShapiroMD-branded product line. Gross profits jumped 217% to $1.5 Million, as a result of higher revenues and lower costs.
For the six months ended June 30, 2018, revenues grew to $3.644 Million, or 340% compared to the same period in 2017. Gross profits rose 396% to $2.753 Million, as a result of higher revenues and lower costs.
"Our streamlined focus is embedded in our entire product line, from ShapiroMD, which propelled near 400% growth in gross profit, to INR Wellness and PDF Simpli - both of which launched this past quarter - to Scarology and Purpurex, which are expected to be launched in the third and fourth quarter of this year, respectively. We anticipate our growth will push us into profitability towards the end of the third quarter of 2018," stated Justin Schreiber, President and CEO of Conversion Labs, Inc.
"In the past six months we have fundamentally transformed and improved our product development, marketing, customer acquisition and overall organization to the benefit of our customers, our investors and our Company culture. We have successfully attracted incredibly-talented employees with track records of success, as reflected in our sales growth, while cutting corporate costs, as reflected in our expanded gross profit margins. We have more than doubled shareholder's equity to $1.326 Million and strengthened our balance sheet to its best-ever position in the Company's history. We anticipate our strategic investment in human capital, marketing and the launch of our expanded product line domestically and ex-US will create a perfect storm in the second half of this year, bringing us ever closer to our stated goal of qualifying for listing on a national exchange," concluded Mr. Schreiber.
About Conversion Labs
Conversion Labs, Inc. (the "Company") is a technology-driven e-commerce company that builds innovative and proprietary brands. Conversion Labs’ scalable and global advertising technology infrastructure leverages the world’s largest social media, search and e-commerce platforms (Facebook, Google & Amazon) to rapidly and profitably grow our continually expanding product portfolio. To learn more about our corporate strategy, brands or for investor relations please visit www.conversionlabs.com or email us at info@conversionlabs.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including our current reports on Form 8-K.