Healthy Extracts Inc (OTCMKTS:HYEX) Stock On Radar After FY22 Earnings

Leading producer of plant based nutraceutical product meant for heart and brain health, Healthy Extracts Inc (OTCMKTS:HYEX) was in focus last Friday after it announced its financial results for the fiscal year that had ended on December 31, 2022.

Trading Data

On Friday, HYEX stock moved down 6.09% to $0.0486 with more than 31.95K shares, compared to its average volume of 58.05K shares. The stock moved within a range of $0.0486 – 0.0516 after opening trade at $0.0515.

Healthy Extracts Reports Record Fiscal Year 2022 Financial Results

The company could come into focus today and hence, it may be a good move to take a closer look into some of the highlights from the financial results. It announced that its net revenues hit a record $2.3 million, which worked out to a year on year rise of as much as 34%. The gross profits for the year went up by a staggering 97% year on year as it hit $1.4 million.

The gross margin for the fiscal year was 60.9% and that reflected a vast improvement on the 41.5% recorded in 2021. On the other hand, the operating expenses incurred by the company during the fiscal year went down to $2.3 million, which reflected a drop of 12%. The net losses suffered by Healthy Extracts also dropped considerably by as much as 51% to $983,000.

The number of subscription customers shot up by 87% in the period between December 31, 2021 and December 31, 2022.