Earth Science Tech Reports 94% Revenue Growth to $7.35 Million in Q3 2024

Earth Science Tech, Inc. (ETST) reported significant financial performance improvements for the three and nine months ended December 31, 2024, compared to the same periods in 2023. The company generated revenue of $7.35 million for the three months, a 94% increase from $3.79 million in the prior year. For the nine-month period, revenue surged to $24.44 million, up from $5.94 million, marking a 312% increase. Gross profit for the three months was $5.09 million, compared to $2.38 million in the previous year, while the nine-month gross profit rose to $17.76 million from $3.71 million.

The company's expenses also saw notable changes, particularly in salaries, which increased to $3.30 million for the three months ended December 31, 2024, from $570,798 in the same period last year. Total expenses for the three months were $4.86 million, up from $2.15 million. Despite the rise in expenses, ETST reported a net income of $206,411 for the three months, slightly down from $225,443 in the previous year, while net income for the nine months reached $2.08 million, a substantial increase from $582,815.

Strategically, ETST has made significant organizational changes, including the acquisition of Mister Meds, LLC, which is expected to begin operations in the first quarter of 2025. This acquisition is part of ETST's broader strategy to enhance its compounding pharmacy capabilities. The company also operates RxCompoundStore.com, which is licensed to fulfill prescriptions in multiple states and is actively pursuing additional state licenses. The expansion into the animal market through the acquisition of Zoolzy.com further diversifies ETST's offerings.

Operationally, ETST has seen a decrease in cash and cash equivalents, which stood at $522,239 as of December 31, 2024, down from $697,721 at the end of the previous fiscal period. Accounts receivable also decreased to $164,221 from $235,423. The company reported a total asset increase to $5.71 million, up from $3.88 million, driven by growth in property and equipment and equity investments. The total liabilities increased to $2.43 million from $1.63 million, primarily due to higher accrued expenses and loans.

Looking ahead, ETST aims to continue its growth trajectory by expanding its market presence and enhancing its product offerings. The company plans to leverage its recent acquisitions and operational optimizations to drive revenue growth and improve profitability. With ongoing efforts to obtain additional state licenses and expand its telemedicine services, ETST is positioned to capitalize on emerging opportunities in the healthcare sector.