LiveWorld Reports 2023 Annual Financial Results

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

Twelve Months 2023 Financial and Business Highlights

• Total twelve months revenues of $11.5 million
• Healthcare revenues of $10.2 million in 2023
• Net income from operations of $214,000, or 2% of revenues
• Cash increased by $835,000 to $4.6 million from December 31, 2022

Management Commentary

“2023 was the fourth consecutive year of increased revenues while maintaining a positive net income,” remarked David Houston, Chief Financial Officer, LiveWorld. “Overall, the year was positive and has us headed in the right direction as we move into 2024.”

The Company stated that beginning in 2023 and continuing in 2024 it is making investments to add additional revenue streams by expanding its solution sets, entering new market segments, and increasing its market presence. It is anticipated the current business operations will grow and be profitable net of the investment which will result in a loss for the year.

“LiveWorld leads the market in unlocking the true value of social media marketing, with a combination of compliance, engagement, and insight solutions,” said Peter Friedman, Chairman & CEO, LiveWorld. “In 2023 we added new clients, won multiple awards for our digital agency work, and were recognized by Medical Marketing & Media as a top 100 healthcare agency.”

Financial Review for the Twelve Months Ended December 31, 2023

Total revenues were approximately $11.5 million for the twelve months, as compared to approximately $11.1 million in total revenues reported for the same period in 2022. This was an increase of approximately $312,000 or 3% when compared to the twelve months of 2022.

The company reported net income for the twelve months of approximately $214,000 or 2% of total revenues. This compares to net income of approximately $1.0 million or 9% of total revenues reported for the twelve months of 2022. The lower income in 2023 was primarily due to a higher tax liability and investments for future growth of the company.

The company finished the year with approximately $4.6 million in cash and cash equivalents, compared to approximately $3.8 million at 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 that unlocks the full potential of social media to transform customer relationships through integrated compliance, engagement, and insight solutions. We provide brand marketers bold creative rooted in strategy that captivates and resonates, social moderation and engagement that activates interactions, software that enriches customer experiences, and compliance that enables and accelerates digital programs.

With over 27 years of making connections, we leverage our social media DNA 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/20240327782395/en/