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First quarter revenue was $13.2 million, +27% year-over-year growth. IFRS gross profit margin 75.2%
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First quarter recurring revenue of $4.7 million, +118% year over year growth
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IFRS and non-IFRS operating losses narrowed to -$1.0 million and -$0.4 million, respectively.A company approaching break-even point
SAN CLEMENTE, Calif., May 9, 2024 (Globe Newswire) — Sofwave Medical Ltd. (TASE: SOFW), an emerging leader in energy-based, non-invasive aesthetic medical devices for medical practitioners around the world, announced its first quarter reported financial results. Overview and recent business highlights for fiscal year 2024 (period ended March 31, 2024).
2024 Q1 Financial Highlights
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1st quarter revenue $13.2 million.Equivalent to 27% growth compared to the previous year
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Ordinary revenue Sales were $4.7 million, up 118% year-over-year and accounting for 36% of total revenue.
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gross profit was $9.9 million, up 29% year over year.
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IFRS gross profit margin: 75.2%; *Non-IFRS 75.4%
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IFRS operating loss: 1,000,000. Down from $3.7 million in Q1 2023. *Non-IFRS operating loss: $400,000
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cash and cash equivalents As of March 31, 2024: $23.1 million, cash used in the first quarter of 2024 decreased $1.3 million from $3.0 million in the first quarter of 2023.
Management commentary
Louis Scafuri, CEO of Sofwave, commented: “We continue to enjoy strong tailwinds from our disruptive technology and unique business model, as evidenced by our 27% sales growth in the first quarter of 2024. Importantly, we continue to see pulsed sales. Contributing increasingly to our strong financial performance, recurring pulse sales account for more than one-third of our first quarter total revenue, which is our most innovative and significant contribution. We believe our goals demonstrate both the substantial customer satisfaction associated with SUPERB™ technology and our ability to drive relationships and usage within our growing customer base. Our goal is for our customers to go beyond one-time equipment sales and demonstrate long-term success with our product platform.For the remainder of this year, we are expanding our business-to-consumer engagement campaigns and delivering top-notch We intend to further increase brand awareness through a panel of physician KOLs and influencers. We are also reinforcing our goal of achieving breakeven on a full-year basis in 2024.”
Dr. Simon Eckhaus, Chairman of the Board, added: “In the first quarter of 2024, Sofwave continued to make significant progress in advancing the company’s goal of becoming the clear market leader in providing superior non-invasive energy-based aesthetic solutions. The quarter was highlighted by the commercial launch of Pure Impact™, a strength-strengthening and muscle-toning body module utilizing PlyoPulse™ EMS technology. This innovative solution was fueled by the widespread use of GLP-1 inhibitors. This will increasingly capitalize on the growing demand for skin lifting and muscle toning treatments.”
Recent operational highlights
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The U.S. FDA has granted 510(k) marketing clearance approval and U.S. launch for the Pure Impact™ strength-strengthening and muscle-toning body module, which utilizes PlyoPulse™ EMS technology.
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Since first market approval, more than 280,000 treatments have been performed.
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The company reaffirms that it will achieve operating breakeven point in 2024
Financial overview (1st quarter of 2024)
IFRS results |
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Q1 2024 |
Q1 2023 |
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revenue |
$13,184 |
$10,407 |
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gross profit |
$9,914 |
$7,671 |
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gross profit |
75.2% |
73.7% |
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operating loss |
($957) |
($3,740) |
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*Non-IFRS based results |
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Q1 2024 |
Q1 2023 |
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gross profit |
$9,935 |
$7,713 |
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gross profit |
75.4% |
74.1% |
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Operating (loss)/profit |
($445) |
($3,008) |
Excludes stock compensation.
about
Sofwave Medical Ltd. has introduced an innovative approach to wrinkle reduction lifting and cellulite using unique breakthrough technology. SUPERB™, a synchronized ultrasound parallel beam technology, improves facial lines and wrinkles, lifts eyebrows, lifts loose submandibular tissue (under the chin), lifts loose skin on the arms, and provides short-term It has been approved by the FDA to be effective in improving symptoms. Treatment of cellulite appearance and acne scars. The company’s Pure Impact™ module uses his EMS technology and is approved to tone muscles. Sofwave’s products provide physicians with aesthetic solutions that are smart, yet simple, effective and safe for their patients. Contact: [email protected]
Investor contact information:
brian richie
Lifecy Advisors LLC
(212) 915-2578