Sofwave Medical Reports First Quarter 2024 Financial Results and Business Highlights
Date
First quarter revenue of $13.2M, +27% year-over-year growth; IFRS gross margin of 75.2%
First quarter pulse recurring revenue of $4.7M, +118% year-over-year growth
IFRS and non-IFRS operating loss narrowed to -$1.0M and -$0.4M, respectively; company approaching breakeven
SAN CLEMENTE, CALIFORNIA, May 9, 2024/GlobeNewswire/ – Sofwave Medical Ltd (TASE: SOFW), an emerging leader in energy-based non-invasive, aesthetic medical devices for practitioners worldwide, reported financial results for the first quarter of fiscal year 2024, for the period ended March 31, 2024, and recent business highlights.
First Quarter Fiscal 2024 Financial Highlights
First Quarter Revenue of $13.2M; representing 27% year-over-year growth
Recurring Revenue of $4.7M, a year-over- year increase of 118%, representing 36% of total revenue
Gross Profit was $9.9M, a year-over-year increase of 29%
IFRS Gross Margin: 2%; *Non-IFRS 75.4%
IFRS Operating Loss: $1.0M; down from $3.7 million in first quarter of 2023; *Non-IFRS Operating Loss: $0.4M
Cash and Cash Equivalents as of March 31, 2024: $23.1M, Cash used in the first quarter of 2024 of $1.3M down from $3.0M in the first quarter of 2023.
Recent Operational Highlights
U.S. FDA granted 510(k) marketing clearance approval and US launch for Pure Impact™ and muscle toning body module utilizing PlyoPulse™ EMS technology.
Over 280,000 treatments have been conducted since initial market approval.
Re-confirming Company will achieve operating break-even in 2024
Financial Summary (Q1 FY’24)
IFRS Results (U.S. dollars in thousands)
| Q1 2024 | Q1 2023 | |
|---|---|---|
| Revenues | $13,184 | $10,407 |
| Gross Profit | $9,914 | $7,671 |
| Gross Margin | 75.2% | 73.7% |
| Operating Loss | ($957) | ($3,740) |
*Non-IFRS Results
| Q1 2024 | Q1 2023 | |
|---|---|---|
| Gross Profit | $9,935 | $7,713 |
| Gross Margin | 75.4% | 74.1% |
| Operating (Loss)/Profit | ($445) | ($3,008) |
(*) Excluding stock-based compensation
About
Sofwave Medical Ltd. has implemented an innovative approach to wrinkle reduction lifting and cellulite using its proprietary breakthrough technology. SUPERB™, Synchronous Ultrasound Parallel Beam technology, is FDA-cleared to improve facial lines and wrinkles, lifting the eyebrow and lifting lax submental tissue (beneath the chin), lifting lax skin in the arms, as well as the short-term improvement in the appearance of cellulite and treatment of acne scars. The company’s Pure Impact™ module uses EMS technology and is cleared for muscle toning. Sofwave’s products provide physicians with smart yet simple, effective, and safe aesthetic solutions for their patients. Contact: Info@sofwave.com
Investor Contact:
Brian Ritchie
LifeSci Advisors LLC
(212) 915-2578