0001117768-16-001077.txt : 20160406 0001117768-16-001077.hdr.sgml : 20160406 20160406102509 ACCESSION NUMBER: 0001117768-16-001077 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160406 DATE AS OF CHANGE: 20160406 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HealthWarehouse.com, Inc. CENTRAL INDEX KEY: 0000754813 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 222413505 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13117 FILM NUMBER: 161556697 BUSINESS ADDRESS: STREET 1: 7107 INDUSTRIAL ROAD CITY: FLORENCE STATE: KY ZIP: 41042 BUSINESS PHONE: (513) 618-0911 MAIL ADDRESS: STREET 1: 7107 INDUSTRIAL ROAD CITY: FLORENCE STATE: KY ZIP: 41042 FORMER COMPANY: FORMER CONFORMED NAME: HealthWarehouse, Inc. DATE OF NAME CHANGE: 20090818 FORMER COMPANY: FORMER CONFORMED NAME: CLACENDIX, INC. DATE OF NAME CHANGE: 20080107 FORMER COMPANY: FORMER CONFORMED NAME: ION NETWORKS INC DATE OF NAME CHANGE: 19990413 8-K 1 mainbody.htm MAINBODY mainbody.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of earliest event reported):  April 6, 2016 (March 31, 2016)
logo
HealthWarehouse.com, Inc.
(Exact Name of Registrant as Specified in Charter)
 
 
Delaware
  
0-13117
  
22-2413505
(State or other jurisdiction
  
(Commission File Number)
  
(IRS Employer
of incorporation)
      
Identification No.)

7107 Industrial Road
    
 Florence, Kentucky
  
41042
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code:  (800) 748-7001

Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
  o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
  o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 DFR 240.14a-12)
   
  o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
  o
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
 
 

 
 
 

 
Item 2.02     Results of Operations and Financial Condition

On March 31, 2016, HealthWarehouse.com, Inc. (the "Company") issued a press release announcing its results of operations for the year ended December 31, 2015.  A copy of the press release is included as Exhibit 99.1 and is incorporated herein by reference.
 
Item 9.01     Financial Statements and Exhibits

(a)           Not applicable.

(b)           Not applicable.

(c)           Not applicable.

(d)           Exhibits

The following exhibits are included herewith.
 
*     The press release furnished as Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

 
 
 
 
 
 
- 2 -
 
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
HEALTHWAREHOUSE.COM, INC.
   
   
   
   
Date:  April 6, 2016
By:/s/  Lalit Dhadphale                                                                         
 
 Lalit Dhadphale
 
 President and Chief Executive Officer


 
 
 
 
 
 
 
 
 
 
 
- 3 -
 

 
 EX-99.1 2 exhibit991.htm EXHIBIT991
Exhibit 99.1
 
 
 
HealthWarehouse.com Reports 4th Quarter and 2015 Annual Results
Continued Sales & Gross Margin Expansion with Significant Reduction of Net Loss

(CINCINNATI, OH, March 31, 2016) -- HealthWarehouse.com, Inc. (OTCQB:HEWA), the only VIPPS accredited online pharmacy licensed in all 50 states, announced financial results for the year ended December 31, 2015.
For the year ended December 31, 2015, net sales grew to $7,018,137, a 14.5% increase from the year ended December 31, 2014.  Gross margin improved to 63.7%, up from 59.3%, while net loss narrowed by 64.9%, to ($626,682) from ($1,783,279) for the year ended December 31, 2015, as the Company continued its focus on the higher margin out-of-pocket cash prescription market.
For the quarter ended December 31, 2015, net sales grew to $1,845,163, a 25.1% increase from the comparable period in 2014.  Gross margin improved to 62.5% up from 61.4% while net loss narrowed by 68.5% to ($183,609) from ($582,340) for the quarter ended December 31, 2015.
Mr. LalitDhadphale, HealthWarehouse.com's President and CEO, commented, "The market for consumers who pay out-of-pocket for their prescription drugs continues to grow, with major national publications highlighting the company's ability to deliver consumers the lowest price among top U.S. pharmacies for commonly prescribed medications. HealthWarehouse.com continues to expand on its first-mover advantage in the cash prescription consumer market and gain recognition as a legitimate source for affordable prescription medications by customers and media alike."
For the year ended December 31, 2015, HEWA reported adjusted EBITDAS of ($23,080), vs. adjusted EBITDAS of ($596,594) in the year ended December 31, 2014, an improvement of 96.1%.  For the quarter ended December 31, 2015, HEWA reported adjusted EBITDAS of ($29,122), vs. adjusted EBITDAS of ($392,435) in the quarter ended December 31, 2014, an improvement of 92.6%.  The Company believes that Adjusted EBITDAS (Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation), a non-GAAP financial measure, is useful in evaluating its operating performance compared to that of other companies in our industry.
Mr. Dan Seliga, HealthWarehouse.com's newly appointed COO and CFO, added, "Focusing the business on the out-of-pocket prescription market is bearing fruit in the form of increased sales and gross margins. Operating net loss has been dramatically reduced in the past 12 months as we continue targeting high margin consumer prescription revenues to solidify HealthWarehouse.com for the future."
2015 Annual Highlights:
●     2015 Share Price:  77.8% increase in share price for the year ended December 31, 2015
●     BizRate Circle of Excellence Award:  Top 4.6% of 4,000+ online retailers for customer service & satisfaction
●     Only Pharmacy to Advertise Products on Google Shopping:  Only VIPPS accredited pharmacy selling products online with the ability to advertise on Google Shopping
●     Highlighted in Major National Publications:  Lowest price on five commonly prescribed medications compared to top U.S. pharmacies
●     Senior Debt:  Renewal of Senior Debt for six months to May 2016
●     Net Sales:  Increased by 14.5% compared to 2014
●     Gross Margin: Increased to 63.7% from 59.3% compared to 2014
●     SG&A Expenses:  Reduced by 6.9% compared to 2014
 
 
7107 Industrial Rd. • Florence, KY 41042
Tel: (800) 748-7001 • Fax: (888) 870-2808 • www.HealthWarehouse.com
 
Page 1 of 3
 
 
●     Net Loss:  Decreased by 64.9% compared to 2014
●     EBITDAS:  Improved by 96.1% compared to 2014
4th Quarter 2015 Highlights:
●     Share Price:  60.0% increase in share price for the 4th quarter 2015
●     Net Sales:  Increased by 25.1% compared to the 4th quarter 2014
●     Gross Margin: Increased to 62.5% from 61.4% in the 4th quarter 2014
●     SG&A Expenses:  Reduced by 23.4% compared to the 4th quarter 2014
●     Net Loss:  Decreased by 68.5% compared to the 4th quarter 2014
●     EBITDAS:  Improved by 92.6% compared to the 4th quarter 2014
About HealthWarehouse.com
 
HealthWarehouse.com, Inc. (OTCQB:HEWA) is a trusted VIPPS accredited online pharmacy based in Florence, Kentucky.  The Company is focused on the growing out-of-pocket prescription market, which will grow to over $80 billion in 2016.  With a mission to provide affordable healthcare to every American by focusing on technology that is revolutionizing prescription delivery, HealthWarehouse.com has become the largest VIPPS accredited online pharmacy in the United States.

HealthWarehouse.com is licensed in all 50 states and only sells drugs that are FDA-approved and legal for sale in the United States. Visit HealthWarehouse.com online at http://www.HealthWarehouse.com.

Forward-Looking Statements
 
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment center optimization, seasonality, commercial agreements, acquisitions and strategic transactions, foreign exchange rates, system interruption, inventory, government regulation and taxation, payments and fraud. More information about factors that potentially could affectHealthWarehouse.com's financial results is included inHealthWarehouse.com's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.
 
 
 
 
 
 
 
 
7107 Industrial Rd. • Florence, KY 41042
Tel: (800) 748-7001 • Fax: (888) 870-2808 • www.HealthWarehouse.com
 
Page 2 of 3
 
 
 

 
Use of Non-GAAP Measures
 
HealthWarehouse.com, Inc. (the "Company") prepares its consolidated financial statements in accordance with the United States generally accepted accounting principles ("U.S. GAAP"). In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company discloses information regarding adjusted EBITDAS, which differs from the term EBITDA as it is commonly used. In addition to adjusting operating loss to exclude interest, depreciation and amortization, adjusted EBITDAS also excludes stock issued for services, and certain other non-cash charges. Adjusted EBITDAS is not a measure of performance defined in accordance with U.S. GAAP. However, adjusted EBITDAS is used internally in planning and evaluating the Company's performance. Accordingly, management believes that disclosure of this metric offers investors, bankers and other shareholders an additional view of the Company's operations that, when coupled with the GAAP results, provides a more complete understanding of the Company's financial results.

Adjusted EBITDAS should not be considered as an alternative to net loss or to net cash used in operating activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating the Company's performance.

The following provides a reconciliation of net loss to Adjusted EBITDAS:
 
    
For the Three Months Ended
    
For the Year Ended
  
    
December 31,
          
December 31,
        
   
2015
    
2014
    
2015
    
2014
  
    
(unaudited)
    
(unaudited)
  
                         
Net loss
  
$
(183,609
)
  
$
(582,339
)
  
$
(626,682
)
  
$
(1,783,279
)
Non-GAAP adjustments:
                                
Gain on extinguishment of payables
    
(5,610
)
    
(281,911
)
    
(111,374
)
    
(281,911
)
Interest expense
    
51,683
      
85,960
      
208,147
      
331,741
  
Depreciation and amortization
    
46,163
      
44,956
      
184,320
      
172,167
  
Imputed value of contributed services
    
-
      
-
      
-
      
116,666
  
Stock-based compensation
    
62,252
      
338,756
      
320,366
      
841,164
  
Change in fair value of collateral securing
                                
     employee advances
    
-
      
2,143
      
2,143
      
6,858
  
Adjusted EBITDAS
  
$
(29,121
)
  
$
(392,435
)
  
$
(23,080
)
  
$
(596,594
)
 
Contact
 
Mr. LalitDhadphale, CEO
lalit@healthwarehouse.com
(859) 444-7341
 
 
 
 
 
 
 
 
 
 
 
 
 
7107 Industrial Rd. • Florence, KY 41042
Tel: (800) 748-7001 • Fax: (888) 870-2808 • www.HealthWarehouse.com
 
Page 3 of 3

 
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