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Wellgistics Health Inc. (WGRX-1.97%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's acquisition activities, including the acquisition of Wood Sage LLC and Wellgistics LLC, which are central to its strategy of creating a micro health ecosystem centered around pharmaceuticals and healthcare services.
Wellgistics Health reported net sales of $18,128,831 for the year ended December 31, 2024, following the acquisitions of Wood Sage and Wellgistics LLC. Cost of sales for the same period was $16,361,517, resulting in a gross profit of $1,767,314.
The company recorded a net loss of $6,856,226 for the year, with general and administrative expenses totaling $6,797,782. The increase in expenses is attributed to the acquisition of Wellgistics LLC.
Wellgistics Health's liquidity strategy includes funding operations through operating cash flows, debt issuance, and the sale of equity securities. As of December 31, 2024, the company had total assets of $57,332,650 and total liabilities of $50,598,204.
The company closed its initial public offering on February 24, 2025, generating net proceeds of approximately $3.12 million. The proceeds are intended to support working capital and general corporate purposes.
Wellgistics Health's business model focuses on leveraging its subsidiaries to provide integrated solutions in the specialty-lite pharmaceutical market. The company aims to improve patient outcomes and provide value to stakeholders through its digital pharmacy and wholesale distribution operations.
The filing also highlights the company's challenges, including risks related to integration of acquisitions, competition, and regulatory changes. Wellgistics Health acknowledges that its ability to continue as a going concern depends on generating revenues and securing additional financing.
The company has not identified any material legal proceedings that would adversely impact its financial position or results of operations.
Wellgistics Health's management is focused on expanding its healthcare ecosystem and enhancing its market presence through strategic partnerships and technology integrations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wellgistics Health Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.