Tue, Nov 12, 2:27 PM (21 days ago)
Nuo Therapeutics, Inc. (NUO) reported its Q3 2024 financial results, highlighting a revenue increase to $371,000 from $232,000 in Q3 2023, driven by a growing customer base and increased awareness of its Aurix product following the 2021 Medicare National Coverage Determination (NCD). Despite this growth, the company incurred a net loss of $578,167, down from $790,640 in the prior year, with total operating expenses decreasing to $848,000 from $968,000. The gross profit for Q3 2024 was $270,447, negatively impacted by a $30,000 inventory obsolescence provision. As of September 30, 2024, Nuo had $683,836 in cash and equivalents, down from $928,681 at year-end 2023, and an accumulated deficit of $31.8 million. The company raised $1.5 million through private placements and $151,200 from warrant exercises during the nine months ended September 30, 2024. However, ongoing losses and limited cash resources raise doubts about its ability to continue as a going concern, necessitating additional capital to support operations. The outlook remains uncertain, hinging on successful financing and market acceptance of its products.