Net Revenue up 12% with Strong Subscription-Based Revenue Growth

LAS VEGAS, May 20, 2024 — Healthy Extracts Inc. (OTCQB: HYEX), a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals that target select high-growth categories within the multibillion-dollar nutraceuticals market, reported results for the quarter ended March 31, 2024. All comparisons are to the year-ago period unless otherwise noted.

Q1 2024 Financial Highlights

  • Net revenue increased 12% to $689,000, driven primarily by distribution channel expansion and growth in subscription-based revenue.
  • Gross margin expanded to 59.3% from 45.2% due to improved manufacturing efficiency.
  • Achieved second sequential positive cash flow quarter, generating $68,000 in the quarter.
  • Net loss of $861,000 or $(0.30) per basic and diluted share, primarily due to interest expense, stock-based compensation and the change in fair value of derivatives.
  • Net totaled of $2,500 after excluding non-core and non-cash costs associated with a planned acquisition and public offering expenses, regulatory expense, stock-based compensation, change in fair value of derivative expense, and interest expense. Excluding these costs, the first quarter of 2024 was the second quarter in a row of profitability.
  • Amazon “Subscribe & Save” customers at March 31, 2024 increased 81% versus March 31, 2023. Subscription growth helps reduce customer acquisition costs, increases traction, and provides greater visibility into future revenue.
  • Direct-to-consumer subscription customers at March 31, 2024 increased 28% versus March 31, 2023.

Management Commentary

“In Q1, our top line continued to grow at a healthy double-digit pace, as our product offerings, customer subscriptions, and distribution channels continued to develop and expand,” commented Healthy Extracts president, Duke Pitts. “During the quarter, our enhanced manufacturing efficiencies expanded gross margins by 14.1 percentage points to 59.3%.

“These favorable trends contributed to our second cash flow positive quarter in a row at $68,000 for the quarter. Excluding non-core and non-cash costs, we also generated our second quarter in a row of profitability.

“This performance has put us on a solid financial foundation in terms of cash flow and ability to service debt. At the beginning of April, we completed a restructuring and streamlining of debt which resulted in an additional $15,000 a month in positive cash flow, and we plan to invest this into further growing our revenue streams.

“Altogether, Healthy Extracts have never been in a stronger financial position, setting the stage for continued growth without increasing our dependence on the financings or the capital markets.

“Last week, we engaged Bush & Associates as our new independent registered public accounting firm. We believe their more favorable rate structure and nearby locality will decrease our accounting costs and improve efficiencies for future quarters.

“In the second half of this year, we plan to launch several new products into our diverse sales and distribution channels. The new products, which are far along in development, expand our proprietary and patented product portfolio into new categories. Introductions include our exclusive Gelteq delivery system in the anti-aging and sugar blockers categories. We expect their launch will benefit from the broad market channels and customer base we have strategically developed and invested in over the last several years.

“Our overall growth strategy continues to involve both organic growth and strategic acquisitions, with a razor-sharp focus on acquisition targets that experience new exponential growth by leveraging our extensive distribution systems and network.

“We continued our efforts to uplist to a major U.S. stock exchange which we believe would help strengthen our position to acquire complementary businesses.

“We anticipate continued strong progress through the rest of the year for Healthy Extracts, as we focus on top line growth, increased cash flow, and market share expansion.”

2024 Financial Outlook

In Q2 and Q3, the company anticipates continued growth and profitability excluding non-cash transactions.

2024 Product Outlook

Healthy Extracts’ top brand ambassador and renowned fitness expert, Whitney Johns, is preparing to launch WHITNEY JOHNS™ NUTRITION on-the-go gel packs for COLLAGEN (anti-aging) second half of 2024. These products will be based on Healthy Extracts’ exclusive oral delivery system and proprietary formulations.

The company is also planning to launch in the second half of 2024 its new BergaMet MYNUS sugar blocker, which is specially formulated to reduce up to 42% of the sugar impact from meals. The MYNUS on-the-go gel-packs will be made available under the company’s exclusive U.S. and Canadian licensing and manufacturing agreement with Gelteq.

Q1 2024 Financial Summary

Net revenue in the first quarter of 2024 increased 12% to $689,000 from $615,000 in the same year-ago quarter, primarily due to distribution channel expansion and, to a lesser extent, growth in subscription-based revenue.

Gross profit totaled $408,000 or 59.3% of net revenue as compared to $278,000 or 45.2% of net revenue in the same year-ago quarter. The increase in gross margin was a result of improved manufacturing efficiency.

Operating expenses, excluding the offering and regulatory expense, and stock compensation expense, decreased $286,000 to $397,000 compared to the same year-ago quarter. The decrease in operating expenses was due to costs associated with on-going efforts in the acquisitions and the planned public offering and uplist to a major exchange in the first quarter of 2023 that did not occur in the first quarter of 2024.

Net loss totaled $861,000 or $(0.30) per basic and diluted share, as compared to a net loss of $579,000 or $(0.20) per basic and diluted share in the same year-ago period.

Excluding costs related to the company’s planned acquisition and public offering expenses, regulatory expense, stock-based compensation expense, change in fair value of derivative expense and interest expense, net income in the first quarter of 2024 totaled $2,500 or $0.00 per basic and diluted share.

About Healthy Extracts “Live Life Young Again”

Healthy Extracts Inc. is a platform for acquiring, developing, researching, patenting, marketing, and distributing plant-based nutraceuticals.

The company’s subsidiaries, BergametNA™ and Ultimate Brain Nutrients™ (UBN), offer nutraceutical natural heart and brain health supplements. This includes the only heart health supplement distributed in North America containing Citrus Bergamot SuperFruit™. This superfruit has the highest known concentration of polyphenols and flavonoids.

UBN’s KETONOMICS® proprietary formulations, which have been designed to enhance brain activity, focus, headache and cognitive behavior, provide many sales and intellectual property licensing opportunities.

For more information visit:, or

Forward-Looking Statements and Safe Harbor Notice

All statements other than statements of historical facts included in this press release are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as “projected,” “expect,” “possibility” and “anticipate.” The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company’s Annual Report on Form 10-K filed with the SEC on April 1, 2024, and future periodic reports filed with the SEC. All of the Company’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.

Food and Drug Administration Disclosure

The product and formulation featured in this release is not for use by or sale to persons under the age of 12. This product should be used only as directed on the label. Consult with a physician before use if you have a serious medical condition or use prescription medications. A doctor’s advice should be sought before using this and any supplemental dietary product. These statements have not been evaluated by the FDA. This product is not intended to diagnose, treat, cure or prevent any disease.

BergametNA™, Ultimate Brain Nutrients™, UBN™, Citrus Bergamot SuperFruit™ and F4T® are registered trademarks of Healthy Extracts Inc.™

Company Contact
Duke Pitts, President
Healthy Extracts Inc.
Tel (720) 463-1004
Email contact

Investor Contact:
Ronald Both
CMA Investor Relations
Tel (949) 432-7566
Email contact

Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email contact