Exxe Group’s M Meditech Division Reports Record Quarterly Results
---M Meditech revenue jumps by 55% & EBIT more than doubles compared with same period a year ago
---First half of fiscal 2023 results approaching the level achieved for the entire fiscal 2022 year
---M Meditech enjoyed strong growth in medical hygiene products to government and military segments
NEW YORK, NY / ACCESSWIRE / October 27, 2022 / Exxe Group, Inc. (OTC PINK:AXXA) , ("Exxe" or the "Company") a diversified fintech company, is pleased to announce that its M Meditech Division has a record quarterly revenue and EBIT growth for the Q2 period ended September 30, 2022. M Meditech is one of Exxe Group's core segments. Other Exxe top performers will be reporting financial results ahead of the Company's full quarterly report scheduled for mid-November.
M Meditech generated record quarterly revenue of $2,173,480 as compared with $1,402,034 for the same period a year ago, representing a 55% increase. EBIT of $1,271,411 was a 117.8% jump from the $583,606 recorded a year ago. Thus, EBIT for this quarter was nearly equivalent to the revenue generated in the September quarter of last year. On a profitability percentage basis, EBIT margin was 58.5% in this quarter a major increase from the 41.6% EBIT margin previously recorded.
Results on a sequential quarterly basis were also strong. Revenue was up 23.7% from the June 30 quarter while EBIT grew by 37.8%. EBIT margin rose to 58.5% from 47.4%.
Interestingly, total sales and EBIT for the entire 2022 fiscal year were $5,249,606 and $2,560,434. Results for the first half of the current fiscal 2023 year are already at the $3,930,207 and $2,194,311 levels. Therefore, Exxe leadership is confident that the current full fiscal year results will be substantially greater than the figures recorded a year ago, especially EBIT.
M Meditech is Exxe's healthcare products division engaged in B2B distribution in Switzerland and Europe, including commercial, government, and military channels. Product sales during the quarter were led by its core medical hygiene offerings such as protective clothing, syringes, bandages, sterilization material, etc. During the period, the Company benefitted from industry trends such as demand from the military and government verticals. In addition, M Meditech enjoyed new customer growth and acquisition in the quarter, a trend likely to continue. With global supply chain delays a concern by customers, the Company recorded record sales demand and orders which also led to a big jump in EBIT margin. Growth in these channels and potential new B2C business could be reflected going forward as these supply chain concerns are not likely to be reduced in the near future.
Future Exxe Group News
Exxe plans to publish quarterly results for its key business segments and industries ahead of releasing full company financial results later next month. Management also plans to inform investors of its updated corporate roadmap, fintech platform, and technology tools positioning and related information in the coming weeks.
Dr. Eduard Nazmiev, Exxe Group CEO, commented on the strong M Meditech financial performance and upcoming publications. "We are very pleased with the back-to-back record quarterly financial results for M Meditech. It is especially impressive as the EBIT for the first half of the fiscal year is nearly the same level as EBIT recorded for this business for all of last year. We believe there is a hidden value to leverage in this business and others as we integrate technology tools and online transaction generation that have proven to serve as major growth drivers. The successfully executed Exxe vision remains centered on migrating and evolving our businesses to our technology-centric platforms and infrastructures. We look forward to providing our updated roadmap and positioning following our fiscal September 2023 results in mid-November."
About Exxe Group
Exxe Group is a diversified fintech corporation focusing on acquisitions in the following sectors: real estate, interior design, automotive, medical, agribusiness, and financial services. Exxe Group is an acquisition-driven company. The Company's strategy is to acquire controlling equity interests in undervalued companies and undertake an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise.
For additional information please visit the Company's
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CONTACT: Exxe Group IR: [email protected]
SOURCE: Exxe Group
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