NuGen Announces Release of 2024 Annual Financial Results
NuGen Medical Devices reported impressive financial results for 2024, marking a significant milestone in its commercial expansion. The company, known for needle-free therapeutic administration devices, achieved a remarkable 305% revenue increase and a 317% rise in gross profit.
Key financial highlights include a 31% reduction in selling, general and administrative expenses, and a 36% decrease in operational losses. The company successfully improved its balance sheet through debt renegotiation and secured a $10 million convertible debentures private placement in Q3. Working capital improved significantly to $6,466,218, compared to a negative $1,960,731 in 2023.
The company's InsuJet™ sales contributed to this record-breaking year, with Q4 shipments fulfilling previously announced orders. Management expects continued growth in 2025, focusing on expansion in Canada and Europe while investing in product development to enhance patient care outcomes.
NuGen Medical Devices ha riportato risultati finanziari straordinari per il 2024, segnando una tappa importante nella sua espansione commerciale. L'azienda, nota per dispositivi terapeutici senza aghi, ha registrato un eccezionale incremento del fatturato del 305% e un aumento del 317% del profitto lordo.
I principali dati finanziari evidenziano una riduzione del 31% delle spese di vendita, generali e amministrative e un calo del 36% delle perdite operative. La società ha migliorato con successo il proprio bilancio attraverso la rinegoziazione del debito e ha ottenuto un collocamento privato di obbligazioni convertibili da 10 milioni di dollari nel terzo trimestre. Il capitale circolante è aumentato significativamente a 6.466.218 dollari, rispetto a un valore negativo di 1.960.731 dollari nel 2023.
Le vendite di InsuJet™ hanno contribuito a questo anno da record, con le spedizioni del quarto trimestre che hanno soddisfatto ordini precedentemente annunciati. La direzione prevede una crescita continua nel 2025, concentrandosi sull'espansione in Canada ed Europa e investendo nello sviluppo di prodotti per migliorare i risultati nella cura dei pazienti.
NuGen Medical Devices reportó resultados financieros impresionantes para 2024, marcando un hito significativo en su expansión comercial. La empresa, conocida por dispositivos terapéuticos sin agujas, logró un notable aumento del 305% en ingresos y un incremento del 317% en la ganancia bruta.
Los aspectos financieros clave incluyen una reducción del 31% en gastos de ventas, generales y administrativos, y una disminución del 36% en pérdidas operativas. La compañía mejoró exitosamente su balance mediante la renegociación de deuda y aseguró una colocación privada de bonos convertibles por 10 millones de dólares en el tercer trimestre. El capital de trabajo mejoró significativamente a 6,466,218 dólares, comparado con un valor negativo de 1,960,731 dólares en 2023.
Las ventas de InsuJet™ contribuyeron a este año récord, con los envíos del cuarto trimestre cumpliendo pedidos previamente anunciados. La dirección espera un crecimiento continuo en 2025, enfocándose en la expansión en Canadá y Europa mientras invierte en desarrollo de productos para mejorar los resultados en el cuidado de los pacientes.
NuGen Medical Devices는 2024년 눈에 띄는 재무 성과를 보고하며 상업적 확장에 중요한 이정표를 세웠습니다. 바늘 없는 치료용 기기로 잘 알려진 이 회사는 매출 305% 증가와 총이익 317% 상승을 달성했습니다.
주요 재무 하이라이트로는 판매, 일반 및 관리비용이 31% 감소하고 운영 손실이 36% 줄어들었음이 포함됩니다. 회사는 부채 재협상을 통해 재무 구조를 개선했으며 3분기에 1,000만 달러 전환사채 사모 발행을 성공적으로 확보했습니다. 운전자본은 2023년 -1,960,731달러에서 크게 개선되어 6,466,218달러를 기록했습니다.
InsuJet™ 판매가 이 기록적인 해에 기여했으며, 4분기 출하량은 이전에 발표된 주문을 충족시켰습니다. 경영진은 2025년에도 캐나다와 유럽에서의 확장에 집중하고 제품 개발에 투자하여 환자 치료 결과를 향상시킬 것으로 기대하고 있습니다.
NuGen Medical Devices a annoncé des résultats financiers impressionnants pour 2024, marquant une étape importante dans son expansion commerciale. L'entreprise, reconnue pour ses dispositifs thérapeutiques sans aiguille, a réalisé une remarquable augmentation de 305% du chiffre d'affaires et une hausse de 317% du bénéfice brut.
Les faits financiers clés incluent une réduction de 31% des frais de vente, généraux et administratifs, ainsi qu'une baisse de 36% des pertes opérationnelles. La société a amélioré son bilan grâce à une renégociation de sa dette et a sécurisé un placement privé de obligations convertibles de 10 millions de dollars au troisième trimestre. Le fonds de roulement s'est nettement amélioré, passant à 6 466 218 $, contre un solde négatif de 1 960 731 $ en 2023.
Les ventes d'InsuJet™ ont contribué à cette année record, avec des expéditions au quatrième trimestre répondant aux commandes annoncées précédemment. La direction prévoit une croissance continue en 2025, en se concentrant sur l'expansion au Canada et en Europe tout en investissant dans le développement de produits pour améliorer les résultats en matière de soins aux patients.
NuGen Medical Devices meldete beeindruckende Finanzergebnisse für 2024 und erreichte damit einen bedeutenden Meilenstein in seiner kommerziellen Expansion. Das Unternehmen, bekannt für nadelfreie therapeutische Verabreichungsgeräte, erzielte eine bemerkenswerte Umsatzsteigerung von 305% und einen Anstieg des Bruttogewinns um 317%.
Wichtige finanzielle Highlights umfassen eine 31%ige Reduzierung der Verkaufs-, allgemeinen und Verwaltungskosten sowie einen 36%igen Rückgang der operativen Verluste. Das Unternehmen verbesserte erfolgreich seine Bilanz durch Umschuldung und sicherte sich im dritten Quartal eine Private Placement von wandelbaren Schuldverschreibungen in Höhe von 10 Millionen US-Dollar. Das Working Capital verbesserte sich deutlich auf 6.466.218 US-Dollar im Vergleich zu einem negativen Wert von 1.960.731 US-Dollar im Jahr 2023.
Die InsuJet™-Verkäufe trugen zu diesem rekordverdächtigen Jahr bei, wobei die Lieferungen im vierten Quartal zuvor angekündigte Aufträge erfüllten. Das Management erwartet für 2025 weiteres Wachstum mit Fokus auf Expansion in Kanada und Europa sowie Investitionen in die Produktentwicklung zur Verbesserung der Patientenergebnisse.
- Revenue increased 305% year-over-year in 2024
- Gross profit grew 317% compared to previous year
- Reduced selling, general and administrative expenses by 31%
- Operating loss decreased by 36%
- Secured $10M through convertible debentures in Q3
- Working capital improved to $6.47M from -$1.96M in 2023
- Successfully renegotiated long-term debt payment terms
- Company still operating at a loss despite improvements
- Took on additional debt through $10M convertible debentures
- Revenue recognition concentrated in Q4, indicating uneven sales distribution
Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") a leading developer of needle-free devices for the subcutaneous administration of therapeutics, announces the release of 2024 Annual Financial Results.
Annual Financial Statements Reflect Commercial Ramp Up
The orders announced previously in 2024 were shipped during the fourth quarter of the year, and the sales were recognized at that time. NuGen had a record year of revenue, with an increase of
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NuGen has brought costs under control and reduced selling, general and administrative expenses by
The Company also improved its balance sheet by renegotiating the payment terms of the existing long-term debt, resulting in a reduction of the current liabilities and increase of the long-term liabilities. NuGen also closed a private placement of
Veronique Laberge, CFO, commented: "Though just the beginning, we see our first record year of revenue for NuGen with InsuJet™ sales. With a vastly improved balance sheet and the strategic commercialization efforts, the Company is now ready for its next chapter."
"We capitalized NuGen in the Fall of 2024 and planted the first seeds of commercialization. As 2025 unfolds, we will begin to see progressive results in the second half from Canada as well as in other regions including Europe as we expand distribution and increase sales and marketing efforts.", commented Liang Lin Chairman & CEO of NuGen. "We also look to product development as no successful company remains stagnant. This is true with NuGen and InsuJet as we make consistent inroads to improving patient care and outcomes throughout 2025. In both regards, I look forward to reporting success and progress to shareholders during the ensuing year ahead."
About NuGen:
NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously. The Company is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics. InsuJet™ is approved for sale in 42 countries around the world.
For further information, please visit:
Websites: www.insujet.com, and www.nugenmd.com
Instagram: @NuGenMD
Twitter: @NuGenMD
LinkedIn: https://www.linkedin.com/company/nugenmd/
For further information, please contact:
Liang Lin, Chief Executive Officer
+1 (833) 285-2666
llin@nugenmd.com
Investor relations:
Richard Buzbuzian
(647) 501-3290
richard@nugenmd.com
Notice Regarding Forward-Looking Information:
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
Notice Regarding Future Oriented Financial Information and Financial Outlooks
To the extent any forward-looking information in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable securities laws, such information is being provided to demonstrate the impact to the Company with potential market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company's actual financial position and results of operations may differ materially from management's current expectations. Such information is presented for illustrative purposes only and may not be an indication of the Company's actual financial position or results of operations.
The forward-looking information contained herein was prepared by the management of the Company based on information available at the time this press release was prepared. Unless otherwise stated, information in this press release is current as of April 30, 2025.
This press release may contain certain financial performance measures that are not recognized or defined under International Financial Reporting Standards ("IFRS"), which measures are "Non-GAAP Measures". As a result, this data may not be comparable to data presented by other companies. The Company believes that any Non-GAAP Measures included in this presentation are useful indicators of performance and are specifically used by management to assess the current and future performance of the Company. Non-GAAP Measures should be considered together with other financial information prepared in accordance with IFRS to enable readers to evaluate the Company's performance and prospects in a manner similar to the Company's management. Accordingly, any Non-GAAP Measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Any third-party information contained herein has not been independently verified. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this press release, its accuracy, completeness or by reason of reliance by any person on any of it.
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