Trxade Health, Inc. (NASDAQ: MEDS), a leading health service IT company, reported a decrease in revenues for the first quarter of fiscal 2023. The company’s net loss narrowed from the prior-year quarter.
Revenues decreased 31% from last year to $2.2 million in the first three months of the fiscal year. The decline mainly reflects weak performance by the Trxade Prime subsidiary.
Net loss attributable to Trxade Health was $677,953 or $0.07 per share in Q1, compared to a loss of $960,147 or $0.12 per share in the same period of last year.
“We continue to focus the Company’s strategic plans and partnerships, working towards creating sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE platform. We continue to achieve key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities,” said Trxade’s CEO Suren Ajjarapu.
Trxade’s stock has gained about 32% since the beginning of the year. The shares closed Monday’s regular trading session higher.
