Trucept Inc. Announces Second Quarter 2020 Results; 2020 And Beyond Outlook

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Aug 31, 2020, 08:30 ET

SAN DIEGO, Aug. 31, 2020 /PRNewswire/ -- Trucept Inc. (OTC Pink: TREP) Trucept Inc. ("Trucept") has released its updated financials for Q2 2020. The company has experienced five consecutive quarters of profitability and projects $400 million in annual payroll processing in 2020 with 40 percent gross profit equating to $8.4 million (25 percent net profit equating to $5.8 million, respectively). Additionally, Trucept reported revenues of $4.9 million in June (an increase from $2,295,165 in Q1) and a gross profit of $2,884,115 (an increase from $1,334,266 in Q1).

2020 AND BEYOND OUTLOOK
Trucept is projecting business valued at $412 million in 2020 that will increase to $516 million with a 12 percent CAGR. Projections for Trucept are as follows:

2020 gross profit – $11.2 million, net profit: $7.8 million
2021 gross profit – $12.6 million, net profit: $8.8 million
2022 gross profit – $14 million, net profit: $9.8 million

CAPTIVE INSURER

Trucept plans accelerated growth through the set-up of an insurance captive. This will increase annual payroll processing and extended capabilities. With the addition of segregated captive cells through the parent, an end-to-end business solution could be expected within 18 months. The company will then be in a position to provide a host of reliable services by under the Business Outsourcing market segment including a paycheck processing company, insurance agency, insurance company via a captive, and a third-party administrator (TPA) that manages all claims. Trucept, by establishing this array of business solutions, will enhance its prospective revenue in premiums and collateral reserves.

PROFESSIONAL SERVICES

Trucept's professional services help businesses navigate growth. The company's professional services now encompass the following:

Marketing, technology, and Accessibility Act compliance services
Insurance offerings and third-party administrator (TPA) services
Payroll
Tax administration
Human resources and management
Employee benefits administration
Accounting support
Safety and risk management

About Trucept Inc.

True solutions, today and tomorrow: Trucept Inc. helps organizations focus on growing their business. With a dedicated suite of powerful tools and services designed to put business owners in charge of running their businesses, Trucept tackles a variety of administrative needs and provides a host of value-added advantages. The company offers expert business services in the form of payroll, human resources and management, employee benefits, accounting support, safety and risk management, and marketing and technology services. For more information, call 858-798-1620 or visit https://truceptservices.com/.

Disclaimer

Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

SOURCE Trucept Inc.