KITS Q1 2022 Eyeglasses Order Growth Continues
20 Abril 2022 - 11:17AM
PR Newswire (Canada)
VANCOUVER, BC, April 20,
2022 /CNW/ - Kits Eyecare
Ltd. (KITS)
(TSX: KITS). In
Q1 2022, KITS delivered over 46,000 eyeglasses orders to patients,
and 148,000 total eyecare orders to patients despite supply chain
headwinds. Our focus on growing our eyeglasses business continued
as revenue from eyeglasses delivered in Q1 2022 increased
approximately 60% year over year, while reducing marketing
spend.
Our eyeglasses selection has now grown to over 750 unique
styles and brands. Our vertically integrated onshore optical lab
has allowed us to avoid supply chain disruptions and to maintain a
healthy gross margin, while delivering prescription glasses to
customers in as little as 1 day.
Overall gross margin increased quarter-over-quarter
between 150 and 200 basis points sequentially.
Cash balance remained strong at $18
million while the company increased inventory during the
quarter to protect against future supply chain concerns.
SOURCE KITS
Copyright 2022 Canada NewsWire
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