Twelve Months 2023 Financial and Business Highlights
- Total twelve months revenues of $11.5 million
- Healthcare revenues of $10.2 million in 2023
- Net income from operations of $214,000, or 2% of revenues
- Cash increased by $835,000 to $4.6 million from December 31, 2022
Management Commentary
“2023 was the fourth consecutive year of increased revenues while maintaining a positive net income,” remarked David Houston, Chief Financial Officer, LiveWorld. “Overall, the year was positive and has us headed in the right direction as we move into 2024.”
The Company stated that beginning in 2023 and continuing in 2024 it is making investments to add additional revenue streams by expanding its solution sets, entering new market segments, and increasing its market presence. It is anticipated the current business operations will grow and be profitable net of the investment which will result in a loss for the year.
“LiveWorld leads the market in unlocking the true value of social media marketing, with a combination of compliance, engagement, and insight solutions,” said Peter Friedman, Chairman & CEO, LiveWorld. “In 2023 we added new clients, won multiple awards for our digital agency work, and were recognized by Medical Marketing & Media as a top 100 healthcare agency.”
Financial Review for the Twelve Months Ended December 31, 2023
Total revenues were approximately $11.5 million for the twelve months, as compared to approximately $11.1 million in total revenues reported for the same period in 2022. This was an increase of approximately $312,000 or 3% when compared to the twelve months of 2022.
The company reported net income for the twelve months of approximately $214,000 or 2% of total revenues. This compares to net income of approximately $1.0 million or 9% of total revenues reported for the twelve months of 2022. The lower income in 2023 was primarily due to a higher tax liability and investments for future growth of the company.
The company finished the year with approximately $4.6 million in cash and cash equivalents, compared to approximately $3.8 million at the end of 2022.
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