07:24 AM EDT, 04/04/2024 (MT Newswires) -- Kits Eyecare Ltd. ( KTYCF ) on Thursday reported selected preliminary unaudited results for its first quarter ended March 31.

The company said the first-quarter revenue rose to more than $34 million, reflecting a 23% year-over-year increase and a 7% increase sequentially. Also, the company said it ended the quarter with a "healthy" cash balance of about $18 million.

"Our business is off to a strong start in 2024," Roger Hardy, co-founder and CEO of KITS, said. "We continue to grow revenue and customer count at industry-leading levels through our trend-setting product offerings, best-in-class customer experience and value price points. We've been able to sustain our growth momentum while maintaining consistent cost levels to previous quarters as we were able to grow our cash balance in the first quarter. We're proud of how we performed in Q1 and look forward to what we believe will be another banner year at KITS."

The company will report its full first quarter 2024 results on May 8.

KITS is a vertically integrated digital eyecare brand.