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    KITS   CA49804N1042

KITS EYECARE LTD.

(KITS)
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Kits Eyecare : Sees 73% Growth in Total Patient Orders in Q1 2021

04/08/2021 | 02:05pm EDT


  • Total patient orders delivered increased 73% to 157,000 in Q1 2021 from 91,000 in Q1 2020
  • 41,000 eyeglass patient orders delivered doubled sequentially in Q1 2021 from Q4 2020, and increased from 1,000 orders delivered in Q1 2020

VANCOUVER, BC, April 8, 2021 /CNW/ - KITS Eyecare Ltd. (TSX: KITS) (OTC PINK: KTYCF) ("KITS" or the "Company"), a rapidly growing, vertically integrated, digitally native eyecare platform, today announced it achieved 73% annual growth in total orders in the first quarter of 2021.  Total orders delivered increased to 157,000 in Q1 2021 from 91,000 in Q1 2020.  In addition, KITS reported 100% sequential quarterly growth in eyeglass patient orders delivered in the first quarter of 2021 as the Company continued to focus on its category leading eyeglass offering.

"We are pleased to share that the strong growth we delivered in eyeglass patient orders delivered in fiscal 2020 continued into the first quarter of 2021, with a record 41,000 patient orders delivered in the first quarter of 2021 versus 20,000 in Q4 2020," said Joseph Thompson, COO of KITS. "This milestone reinforces that secular change is moving this industry towards convenience and value at an accelerated rate and vision corrected customers are taking advantage of our unique value proposition to acquire high quality glasses conveniently from their homes at incredible prices."

KITS entered the $28 billion eyeglasses market in 2020 by offering existing vision corrected customers the opportunity to purchase high quality eyeglasses at incredible prices. KITS rapidly gained traction in this market, shipping 39,000 pairs of eyeglasses in the fiscal year.  In the fourth quarter of 2020 alone, KITS shipped 21,000 pairs of eyeglasses.

To receive additional information, please visit KITS' investor relations website or contact the IR team at IR@kits.com.

About KITS:

KITS is a rapidly growing, vertically integrated, digitally native eyecare platform for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, virtual try-on for glasses, and an integrated online vision test. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options and an unrelenting focus on earning our customers' lifelong trust. For more information on KITS, visit: www.KITS.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements relating to the execution of our proposed strategy, our operating performance and prospects on the business. These forward-looking statements generally can be identified by the use of words such as "intend," "believe," "could," "continue," "expect," "estimate," "forecast," "may," "potential," "project," "plan," "would," "will," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Our business is subject to substantial risks and uncertainties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions in respect of the expansion and enhancement of our optical laboratory for glasses and warehouse facilities; the growth of our business and launch of new technologies; our ability to drive sales growth; our ability to maintain, enhance, and grow within our addressable market; our ability to drive ongoing development and innovation of our exclusive brands and product categories; our ability to continue directly sourcing from third party suppliers and manufacturers; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards are material factors made in preparing forward-looking information and management's expectations. KITS' risks and uncertainties are discussed in detail in the company's Annual Information Form, which will be filed on SEDAR prior to March 30, 2021.  Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements, except as required under applicable securities laws.  If we do update certain forward-looking information, no inference should be made that we will further update such or other forward-looking information.

SOURCE KITS Eyecare Ltd.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2021 117 M 93,3 M 93,3 M
Net income 2021 -5,47 M -4,37 M -4,37 M
Net Debt 2021 - - -
P/E ratio 2021 -48,4x
Yield 2021 -
Capitalization 255 M 204 M 204 M
Capi. / Sales 2021 2,19x
Capi. / Sales 2022 1,55x
Nbr of Employees 49
Free-Float 99,9%
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Mean consensus BUY
Number of Analysts 2
Average target price 15,00 CAD
Last Close Price 8,23 CAD
Spread / Highest target 107%
Spread / Average Target 82,3%
Spread / Lowest Target 58,0%
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Managers and Directors
NameTitle
Roger V. Hardy Chairman & Chief Executive Officer
Sabrina Liak Chief Financial Officer & Director
Arshil Abdulla Director & Chief Technology Officer
Joseph Thompson Chief Operating Officer & Director
Peter Lee Independent Director
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