24/7 Market News Snapshot 29 October, 2024 – Haoxi Health Technology Limited Class A Ordinary Shares (NASDAQ:HAO)

October 29, 2024

DENVER, Colo., 29 October, 2024 (247marketnews.com) – (NASDAQ:HAO) are discussed in this article.
Haoxi Health Technology Limited has emerged as a significant player in the health technology sector, drawing attention with its recent stock performance and robust financial results. The company’s Class A Ordinary Shares (HAO) opened at $0.182 and surged by over 32% to a current trading price of $0.229, with a hefty trading volume of 5.51 million shares. This bullish momentum reflects strong investor confidence and the growing influence of Haoxi in the market.

In conjunction with this stock activity, Haoxi has reported impressive financial metrics for the fiscal year ending June 30, 2024. The company achieved a remarkable 72% growth in net revenue, skyrocketing to $48.52 million, compared to $28.23 million in the previous year. This growth is indicative of Haoxi’s effective strategic initiatives and its robust position within the healthcare industry.

Chairman and CEO Mr. Zhen Fan emphasized that the company’s success is driven by innovative marketing strategies and an increased demand for services. They reported a significant rise in average revenue per client, increasing from $71,830 to $89,355, alongside an expansion of their client base from 393 to 543 clients. These developments underscore Haoxi’s ability to capitalize on the post-pandemic industry recovery.

Despite a parallel increase in operating expenses, which rose from $26.17 million to $45.77 million, Haoxi has managed to enhance its gross profit to $2.75 million, assuring stakeholders of its financial health. Noteworthy is a 33% rise in net income to $1.29 million.

In line with its growth strategy, Haoxi has initiated key collaborations, including a partnership with the AI platform Gauss Intelligence to leverage generative AI technologies, and completed a follow-on offering that raised $12 million in gross proceeds to support its expansion endeavors. Haoxi remains dedicated to delivering innovative online marketing solutions tailored to the healthcare sector, further solidifying its market presence.

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