## KITS Eyecare Soars to Record Revenue in Q3 2024: Strong Demand and Operational Efficiency Drive Growth
Kits Eyecare Ltd. (KITS), a leading vertically integrated eyecare provider, has announced impressive results for the third quarter ended September 30, 2024. The company saw a remarkable 34.4% year-over-year revenue surge, reaching a record $41.9 million. This substantial growth is attributed to a combination of strong repeat customer revenue in both contact lenses and eyeglasses, alongside increased average order values.
The company’s dedication to customer retention and product expansion has also yielded significant results. Glasses revenue saw a remarkable 43.2% year-over-year increase, reaching a new record of $5.7 million. KITS also welcomed a record number of new customers during the quarter, demonstrating the company’s ability to attract new clientele while fostering loyalty among existing customers.
Operational Efficiency Fuels Profitability
Beyond top-line growth, KITS also demonstrated impressive operational efficiency in Q3 2024. Marketing expenses as a percentage of revenue improved by 30 basis points, reaching 13.4%. Fulfillment expenses also saw a significant decrease, improving by 180 basis points to 10.8%. These improvements reflect the company’s commitment to optimizing its operations and maximizing profitability.
A Look at the Numbers:
*
Revenue:
Increased by 34.4% to $41.9 million compared to $31.2 million in the same period last year.*
Gross Profit:
Increased by 29.2% to $13.8 million.*
EBITDA:
$0.9 million, compared to $1.4 million in the prior year.*
Adjusted EBITDA:
Increased by $1.0 million to $1.6 million, compared to $0.6 million in the previous quarter.*
Glasses Revenue:
Increased by 43.2% to a record $5.7 million.Positive Outlook for the Future:
For the fourth quarter of 2024, KITS management anticipates revenue to be in the range of $43.0 million to $45.0 million. Adjusted EBITDA as a percentage of revenue is expected to fall between 3% and 5%.
Roger Hardy, Co-Founder and CEO of KITS, stated:
“I’m incredibly proud of the progress we’ve made as a team. Achieving a record 34.4% revenue growth and significant operational efficiencies highlights the strength of our approach in reaching new customers while continually optimizing our business. This quarter, we achieved a milestone in glasses revenue, up 43.2% year-over-year, and welcomed a record number of new customers. These achievements underscore the impact of our dedicated focus on product expansion and customer retention. We’re excited to build on this momentum as we continue scaling KITS and driving value for our shareholders.”
KITS continues to demonstrate a strong commitment to innovation and customer satisfaction, positioning the company for continued growth and success in the eyecare market. Investors and industry analysts alike will be closely watching the company’s progress in the coming quarters.
