Fri, Jul 12, 4:21 PM (57 days ago)
Medinotec, Inc.'s quarterly report for the period ending May 31, 2024, reveals significant growth in revenue, driven by new distribution agreements in cardiology and increased sales of its Trachealator product in the U.S. Revenue surged to $2,327,249 from $416,208 in the prior year, while gross profit rose to $928,229. However, the gross profit margin decreased to 40% from 76% due to lower-margin distribution revenues. Operating expenses increased to $659,061, primarily due to higher compliance costs and general administrative expenses. Net income improved to $87,204 from $22,288. Cash flow from operations was positive at $246,183, but cash flow from financing activities was negative due to loan repayments. The company maintains a strong cash position with $2,519,083 in cash and equivalents. Future uncertainties include the short-term nature of distribution agreements and geographic concentration risks.