Wed, May 15, 5:05 PM (72 days ago)
Vycor Medical, Inc. reported a net loss of $30,608 for Q1 2024, a decline from a net income of $6,862 in Q1 2023. The company’s revenue decreased by 7% to $336,968, primarily due to a 5% drop in Vycor Medical’s sales and a 24% decline in NovaVision’s revenue. Gross profit also fell by 9% to $299,962. Operating expenses increased by 4% to $309,494, driven by higher selling, general, and administrative costs. Interest expenses remained relatively stable. The company has a significant working capital deficiency of $3,668,137 as of March 31, 2024, and substantial doubt exists regarding its ability to continue as a going concern without additional funding. Cash flows from operating activities were positive at $1,887, but cash decreased by $13,434 during the quarter, ending at $43,857. The company’s largest shareholder, Fountainhead, has provided working capital funding on an as-needed basis, though there is no guarantee this will continue. Vycor Medical is focusing on increasing market penetration and integrating its VBAS product with neuronavigation technologies. NovaVision is exploring partnerships to distribute its therapies more effectively. The company may seek additional equity or debt funding to meet its cash needs through May 2025.