LiveWorld Reports Third Quarter 2023 Financial Results

LiveWorld, Inc. (OTC Markets: LVWD), today announced financial results for the third quarter of 2023.

Q3 and Nine Months 2023 Financial and Business Highlights

• Total Q3 revenues of $2.8 million, in-line with same period a year ago
• First nine months total revenues were $8.6 million, an increase of 8% over year ago period
• Healthcare revenues of $2.4 million during Q3
• Net income from operations of $46,000, or 4% of revenues
• Cash increased by $1.2 million to $5.0 million from December 31^st 2022

Management Commentary

"LiveWorld continues to lead the charge in developing and implementing compliant social media solutions that build brand trust and unlock business value through deeper patient and HCP engagement," said Peter Friedman, Chairman and CEO, LiveWorld. "We recently commissioned a research study In partnership with the Digital Health Coalition Group (DHCG) that examines and calculates social media ROI justifying spending levels of this rapidly ascending and evolving channel."

“The third quarter revenues were in-line with those reported a year ago as we experienced some shifts in revenue contracts and some seasonality in the third quarter. While at times there can be fluctuations in the revenues, depending on certain customers and projects we are working on, the company continued to remain profitable and continued to contribute cash flow and add to our cash position, which is now approximately $5 million,” remarked David Houston, Chief Financial Officer of LiveWorld. “We will make material investments in developing the new revenue opportunities and these investments could come as early as the fourth quarter of this year.”

Financial Review for the Three and Nine Months Ended September 30, 2023

Total revenues were approximately $2.8 million for the three months, in-line compared to the approximately $2.8 million in total revenues reported for the same period in 2022. This was a decrease of approximately $17,000 or 1% when compared to the three months of 2022.

Total revenues were approximately $8.6 million for the nine months, as compared to the approximately $8.0 million in total revenues reported for the same period in 2022. This was an increase of approximately $625,000 or 8% when compared to the nine months of 2022.

The company reported net income for the third quarter of approximately $46,000 or 4% of total revenues. This compares to net income of approximately $253,000 or 10% of total revenues reported for the third quarter of 2022. The lower margin is due to a higher tax liability stemming from clients located in states that carries a higher tax rates and changes in the federal treatment of R&E.

The company reported net income for the nine months of 2023 of approximately $344,000 or 7% of total revenues. This compares to net income of approximately $514,000 or 7% of total revenues reported for the nine months of 2022.

The company finished the third quarter with approximately $5.0 million in cash and cash equivalents, and approximately $3.8 million compared to the end of 2022.

Detailed financial information may be downloaded at www.liveworld.com/ir (LiveWorld’s Investor Relations page) or at www.otcmarkets.com.

About LiveWorld

LiveWorld is a social-first digital agency with deep compliance, customer engagement, and support expertise that helps companies spark emotional connections, build stronger customer relationships, and drive behavior change. We operate at the intersection of bold creative rooted in strategy that captivates and resonates, social engagement that activates human interactions, and compliance enabling and accelerating digital campaigns.

With over 27 years of making connections, we leverage our social media DNA and technology prowess to deliver emotion-driven behavior change through digital campaigns with a human touch. LiveWorld clients include the number one brands in pharmaceuticals, healthcare, and financial-travel services. LiveWorld is headquartered in Campbell, California, with an additional office in New York City. Learn more at www.liveworld.com and @LiveWorld.

“Safe Harbor" Statement Under The Private Securities Litigation Reform Act

This press release may contain forward-looking information concerning LiveWorld plans, objectives, future expectations, forecasts and prospects. These statements may include those regarding LiveWorld’s current or future financial performance including but not limited to lists of clients, revenue and profit, use of cash, investments, relationships and the actual or potential impact of stock option expense, and the results of its product development efforts. Actual results may differ materially from those expressed in the forward- looking statements made as a result of, among other things, final accounting adjustments and results, LiveWorld’s ability to attract new clients and preserve or expand its relationship with existing clients, LiveWorld’s ability to retain and attract high quality employees, including its management staff, the ability to deliver new innovative products in a timely manner, changing accounting treatments, and other risks applicable to the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231113421039/en/