KITS Eyecare (TSX: KITS) has released preliminary data for its third quarter 2024 results. The company is reporting that it has seen growth in both topline revenue as well as Adjusted EBITDA.
Revenue for the third quarter is said to have grown 34% year-over-year to $41.7 million, which is also a 10% improvement on the $37.9 million in topline revenue recorded in the second quarter of 2024.
The improvement follows the company in early September indicating that revenue would exceed prior guidance of $39 to $41 million in revenue for the quarter as a result of a strong final week of sales in August.
Adjusted EBITDA meanwhile is forecasted to increase on a year over year basis to 3% of topline revenue. For reference, Adjusted EBITDA amounted to 3.4% of revenue in Q2 2024, while at the same time KITS had guided to Adjusted EBITDA of between 3% and 5% of topline revenue for Q3.
The firms cash balance meanwhile is said to have ended the quarter at $19.0 million, compared to $19.3 million as of June 30, 2024.
Full financial results for the third quarter are slated to be released in early November, with the company not yet having set an official release date.
KITS Eyecare last traded at $10.11 on the TSX.
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