This press release is updated with the correct date in the dateline.
ALPHARETTA, GA / ACCESSWIRE / June 30, 2021 / RushNet, Inc (OTC PINK:RSHN) ("RushNet") with Acquisition target heliosDX is excited to release preliminary Quarter 2 results for 2021. In the 2nd Quarter of 2021, heliosDX continued to show strength Quarter over Quarter (QOQ) with outstanding results. The first Quarter of 2021 was a record-breaking quarter for the company. We set company benchmarks for revenue, gross profit, individual monthly revenue, and specimens processed for the quarter. The first quarter of 2021 was truly an amazing quarter for heliosDX, especially coming off the record setting year in 2020. We did however see our net profit take a dive in the first quarter of 2021 due to the added spend of expanding our instrument capacity and testing capabilities. That coupled with the added expenses of beginning the process of going public weighed heavily. heliosDX was fortunate to be able to absorb all these costs by taking a temporary hit to the bottom line. We did not need additional funding or toxic debt to accomplish these feats.
Now, let us dive into the 2nd Quarter of 2021:
- Quarter 2 saw Record Revenue at an estimated $1.56M verses a stretch target of $1.4M. This is an increase QOQ of approximately $300,000 or 23.91%
- We outperformed our stretch target by 11.43%
- We will post Gross Profit for the second Quarter at an estimated $1.256M verses Gross Profit in Quarter 1 of $1.001M. This is an increase QOQ of approximately $255,000 or 25.47%.
- We will also post an estimated profit in Quarter 2 of $226,789 verses Quarter 1 profit of $40,737. This is an estimated increase QOQ of $186,052 or 456.72%
- We also processed a record number of specimens in Quarter 2 at an estimated 6,842 verses Quarter 1 at 6,488. This is an increase of 354 specimens or 5.46%.
- The company also set a new benchmark in May 2021 of approximately $530,000 in Monthly Revenue. This did not last long, in June 2021 heliosDX will post an estimated $570,000 in monthly revenue.
- The company's previous monthly specimen benchmark was approximately 2,500, which was also topped in June 2021 at an estimated 2,800 specimens processed.
These results are coming off a paramount year in 2020 when the company realized an increase in revenue from 2019 by $1.655M. The 2nd Quarter results are a clear indication heliosDX is executing in all phases of their business. heliosDX believes there is still a lot of room for growth in all phases, while continuing to increase the company margins and furthering our organic growth. We are starting to see our profits rise as the spending continues to decrease from our instrument and testing enhancements. However, Quarter 3 will see additional spending as the company prepares to take the next step to become a fully reporting publicly traded entity. In addition, the company will have additional spend towards the acquisition announced previously. This acquisition will triple the company's revenue and drastically increase specimen capacity and market reach.
RushNet, Inc combined with heliosDX is also expected to close on their transaction by July 12, 2021, to officially bring heliosDX into RushNet, Inc.
About HeliosDx:
heliosDX is a National Clinical Reference Laboratory offering High-Complexity Urine Drug Testing (UDT), Behavioral Drug Testing, Allergy Droplet Cards, Oral Fluids, Infectious Disease (PCR), and NGS Genetic Testing. We are contracted in 44 of the lower 48 states and looking to expand our reach and capabilities. Always staying ahead of the curve, by continually investing in our infrastructure with the most efficient scientific proven instruments, and latest cutting-edge software for patient and physician satisfaction. This allows heliosDX to provide physicians fast and accurate reporting meeting and exceeding industry benchmarks. We excel in patient and client care through physician designed panels that aid in testing compliance and reporting education.
Contact:
Ashley Sweat
asweat@heliosdx.com
www.heliosdx.com
Twitter Handle: @dx_helios
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). The Companies caution that statements, and assumptions made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements following the date of this news release.
Investor caution/added risk for investors in companies claiming involvement in COVID-19 initiatives -
On April 8, 2020, SEC Chairman Jay Clayton and William Hinman, the Director of the Division of Corporation Finance, issued a joint public statement on the importance of disclosure during the COVID-19 crisis.
The SEC and Self-Regulatory Organizations are targeting public companies that claim to have products, treatment, or other strategies with regard to COVID-19.
The ultimate impact of the COVID-19 pandemic on the Company's operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak. Additionally, new information may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time.
We further caution investors that our primary focus and goal is to battle this pandemic for the good of the world. As such, it is possible that we may find it necessary to make disclosures which are consistent with that goal, but which may be adverse to the pecuniary interests of the Company and of its shareholders.
SOURCE: RushNet, Inc.
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