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Conversion Labs Reports Preliminary First Quarter 2020 Revenue Up 60% to Record $4.3 Million

Written by Customer Service on . Posted in Public Companies.

NEW YORK, April 21, 2020 (GLOBE NEWSWIRE) — Conversion Labs, Inc. (OTCQB: CVLB), a direct-to-consumer telemedicine and wellness company, reported preliminary unaudited revenue of approximately $4.3 million for the first quarter ended March 31, 2020, up 60% compared to the same year-ago period.
“Our record growth in the first quarter was primarily due to new customers and increased subscription revenue generated from our expanding portfolio of telemedicine, online pharmacy and wellness brands,” said Justin Schreiber, president and CEO of Conversion Labs.“This momentum has continued into the current quarter, as we continue to invest in customer acquisition and brand development. In fact, in the last month our business has more than doubled over the previous month, driven by a major consumer shift to eCommerce and telemedicine following the outbreak of COVID-19.”Conversion Labs’ network of licensed telehealth physicians is now writing more than 150 new prescriptions per day and this number continues to climb. This is being fueled particularly by the increasing popularity of the company’s first telemedicine brand for men’s health, Rex MD, which it launched in December. The company’s Shapiro MD product line for hair loss for both men and women has also been performing well.“We see this telehealth trend and the transformation of healthcare lasting far beyond COVID-19,” added Schreiber, “especially as consumers continue to discover how telehealth provides a safer, more convenient way to consult with their doctor, and receive their prescribed medications and OTC products.”Due to the company’s strengthening customer engagement, brand portfolio expansion, and continued strong industry tailwinds driving accelerated revenue growth, the company plans to update its annual revenue guidance, previously set at more than $30 million, when it reports its full results for the first quarter in May.About Conversion Labs
Conversion Labs, Inc. is a health and wellness focused e-commerce company with a portfolio of online direct-to-consumer brands. The company’s proprietary over-the-counter products and formulated medications can be prescribed online by Conversion Labs’ network of licensed telehealth physicians across the U.S. To learn more, please visit ConversionLabs.com.Important Cautions Regarding Forward-Looking Statements
This news release includes 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, as amended, regarding, among other things our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to Conversion Labs, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.Trademarks are the property of their respective owners.Company Contact
Conversion Labs
Juan Manuel Piñeiro Dagnery
CFO
Email ContactConversion Labs Investor & Media Relations Contact
Ron Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566
Email Contact 

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