Mon, Sep 16, 8:16 PM (96 days ago)
For the quarter ending July 31, 2024, Zeo ScientifiX reported revenues of $1,091,000, a 10.6% decline from $1,221,000 in the prior year, attributed mainly to a drop in average sales prices for high-concentration biologic products. Gross profit decreased to $915,000 (83.9% margin) from $1,059,000 (86.7% margin), influenced by the shift towards lower-margin products. General and administrative expenses fell to $2,083,000 from $2,505,000, driven by reduced research and development costs following the completion of Phase 1 trials. The company recorded a net loss of $1,012,000, an improvement from a $1,618,000 loss in the same quarter last year. Cash flow from operations was negative at $1,084,000, but showed improvement compared to $2,418,000 the previous year. As of July 31, 2024, cash reserves were $1,105,000, down from $1,756,000 at the prior year-end. With a working capital deficit of $1,909,000 and ongoing FDA regulatory uncertainties, the company faces significant challenges to sustain operations and may need additional capital to support future initiatives.