NextPlat Corp (NASDAQ: NXPL) reported first quarter financial results revealing a nuanced picture of performance in a challenging healthcare market. The company recorded $14.5 million in revenue, a decline from $17.5 million in the previous year, primarily attributed to shifts in 340B pharmacy agreements and prescription volume.
Despite the revenue reduction, NextPlat demonstrated strategic resilience. The company's gross margin settled at 23.8%, while operating expenses decreased by 26% to $4.9 million, driven by reduced legal and non-recurring costs. The net loss narrowed to $1.3 million, or ($0.05) per share, indicating potential financial stabilization.
A notable bright spot was the company's e-commerce expansion. NextPlat reported a 51% increase in recurring airtime revenue and growth in OPKO product sales in China. The company concluded the quarter with $17.7 million in cash, positioning itself for potential future investments and strategic initiatives.
Management remains focused on high-margin services and strategic healthcare sector growth. The financial results suggest NextPlat is adapting to market complexities by controlling expenses and exploring new revenue streams in technology and healthcare markets.
