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H-Source Reports Q2 2018 Financials with 59.9% Revenue Growth

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H-Source Reports Q2 2018 Financials with 59.9% Revenue Growth

Canada NewsWire

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Record Quarterly Revenue in Q2 2018

VANCOUVER, Aug. 30, 2018 /CNW/ - H-Source Holdings Ltd. (TSXV:HSI, OTCQB:HSCHF) (the "Company" or "H-Source") reported its Q2 2018 financial results for the three-month and six-month periods ending June 30, 2018. All results are reported under International Financial Reporting Standards ("IFRS") and in U.S dollars, unless otherwise specified.

Operational Highlights

  • Q2 revenue growth increased sequentially by 59.9% to $471,112 consisting of $440,900 as revenue and net commission sales of $30,212;
  • Contracted facilities that have signed up to participate on the network increased by 8.9% to 1204;
  • Active facilities that have bought or sold on the network reached 234 an 8.8% increase over Q2;
  • Total value of inventory on the platform available for sale grew to $1,830,398 at the end of Q2;
  • Received allowance by the U.S Patent and Trademark Office for U.S. Patent Application for Perishable medical product management systems, perishable medical product management methods, and perishable medical product resale methods; and
  • On July 12, 2018, the Company raised a gross proceed of C$1,150,000 through a brokered private placement.

Q2 2018 Key Performance Indicators


Q4 2017

Q1 2018

Q2 2018

Sequential Growth

Quarter-over-

Quarter

Revenue

$179,096

$294,458

$471,112

59.9%

Contracted

Facilities

1,065

1,105

1,204

8.9%

Active Facilities

189

215

234

8.8%

Inventory Value on

the Platform

$1,577,444

$1,643,100

$1,830,398

11.3%

 

John Kupice, CEO and Director, commented "Q2 Revenue showed solid sequential growth driven by facilities increasing utilization of the platform.   Facilities are experiencing the tangible benefits of H-Source and this is driving further adoption.  We remain on track for continued revenue growth for the second half of the year."

About H-Source Holdings Ltd.

H-Source Holdings Ltd. is a technology company operating within the healthcare industry through its wholly owned subsidiary, H-Source, Inc. The Company has developed a transaction platform that provides a private, secure and trusted marketplace for member hospitals to buy, sell and transfer excess inventory supplies and capital equipment with each other. Member hospitals can conduct secure transactions within Integrated Delivery Networks, complete H-Source network or customize their own group hospitals using H-Source's built-in filters. This marketplace network is specifically designed to reduce health care costs and medical product waste. For more information, please visit http://h-source.com/.

On behalf of the board of directors of H-Source Holdings Ltd.

"John Kupice"        
John Kupice
CEO & Director

CAUTIONARY DISCLAIMER STATEMENT:

Neither TSX Venture Exchange (TSXV) nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

This news release contains forward-looking statements relating to the completion of the listing of the Company's shares on the TSXV and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the TSXV and other risks detailed from time to time in the filings made by the Company with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

SOURCE H-Source Holdings Ltd.

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