VANCOUVER, British Columbia—Kits Eyecare Ltd. (TSX: KITS), a vertically integrated eyecare provider, has announced an upward revision to the company's Q3 2024 revenue guidance. Following what the company is identifying as record-breaking sales for the week ending August 31, 2024, the company said it now expects Q3 revenue to exceed the previously guided range of $39 million to $41 million. The revised revenue outlook will exceed 32 percent growth rate year-over-year, according to the announcement. This revision follows ordered sales of approximately $3.5 million for the week ending August 31, 2024, the company said.

This performance, including records in sales Canada, has contributed significantly to the increased confidence in the company's Q3 guidance. In July of this year, the company had initially reported unaudited results for the second quarter demonstrating total revenue growth of 25 percent year-over-year to approximately $37.5 million. In its Q2 2024 earnings release the following month, though, KITS provided a revenue guidance range of $39 million to $41 million for Q3 2024. As the company approaches the end of the quarter, stronger-than-expected demand and improved performance has led management to revise the outlook upward. 

Outlook for adjusted EBITDA as a percentage of revenue remains between 3 percent and 5 percent, the company said.