Afinida Reports Increase of Nearly $3.3 Million in Net Revenues for 2024

Rhea-AI Summary

Afinida (OTC Pink: TREP) reported strong financial results for 2024, with total net revenues reaching $23 million, marking a significant 17% increase ($3.3 million) from the previous year. The growth is attributed to strategic investments in new operating subsidiaries across marketing, human resources, risk, and accounting sectors.

The company achieved notable financial milestones, including a gross profit increase of $1 million (8%) through efficient subsidiary operations. Afinida's enhanced focus on accounts receivable collections led to improved cash flow sustainability, resulting in a substantial 70% reduction in accounts payable balances, equivalent to nearly $800,000.

Positive

• Net revenue increased by $3.3 million (17%) to $23 million
• Gross profit grew by $1 million (8%)
• Accounts payable reduced by $800,000 (70%)
• Improved cash flow sustainability through enhanced collections

Negative

• Gross profit growth (8%) lagged behind revenue growth (17%), indicating potential margin pressure

Company sees a 17% revenue increase from strategic investments in new operating subsidiaries

SAN DIEGO, Calif., March 31, 2025 /PRNewswire/ -- Upon filing its annual financial statement for 2024, Afinida (OTC Pink: TREP, "the Company"), reported total net revenues of approximately $23 million—an increase of nearly $3.3 million from the previous year.

The 17% revenue gain is a direct result from strategic investments made in the Company's new operating subsidiaries: marketing, human resources (HR), risk, and accounting, and it marks a period of rapid growth as Afinida continues to expand its suite of business offerings for clients.

"These recent numbers are very encouraging," said Afinida CEO, Norman Tipton. "We're proud of our accomplishments and we look forward to growing each of our unique subsidiaries and carrying that momentum further into 2025."

The financial statement revealed other key findings, including a year-over-year gross profit increase of more than $1 million or 8%, which was achieved through the efficient operations of the new subsidiaries.

Additionally, in 2024, Afinida dramatically increased its focus on accounts receivable collections while strengthening cash flow sustainability. Timely cash collections have allowed the Company to greatly reduce its outstanding payable balances, and those efforts have resulted in accounts payable reductions of almost $800,000 or 70%.

2024 vs. 2023 by the numbers:

• $3,289,471 net revenue increase (17%)
• $1,081,366 gross profit increase (8%)
• $767,325 accounts payable balance reduction (70%)

Read the full report and explore additional company financial updates here.

Trucept, Inc. (DBA Afinida), continues to innovate and adapt to meet the evolving business needs of its clients while driving sustainable growth and delivering shareholder value.

About Afinida

True solutions, today and tomorrow: Afinida Inc., a Trucept company (OTC Pink: TREP), helps organizations focus on growth. With a dedicated suite of powerful tools and services designed to keep owners in charge of running their businesses, Afinida manages the necessary administrative needs of its clients while streamlining operational processes and delivering a host of high-touch business solutions.

The company offers expert services in the form of payroll, human resources and people management, employee benefits, accounting support, safety and risk management, marketing, and business insurance services.

For more information, please visit www.afinida.com and follow us on LinkedIn, Facebook, and Twitter.

Disclaimer

Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations regarding these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

 

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SOURCE Trucept Inc.

FAQ

What was Afinida's (OTC: TREP) revenue growth in 2024?

Afinida reported a 17% revenue growth in 2024, with net revenues increasing by $3.3 million to reach $23 million total.

How much did Afinida (OTC: TREP) reduce its accounts payable in 2024?

Afinida reduced its accounts payable by 70%, representing a decrease of approximately $800,000 in 2024.

What drove Afinida's (OTC: TREP) revenue growth in 2024?

The revenue growth was driven by strategic investments in new operating subsidiaries across marketing, HR, risk, and accounting sectors.

How much did Afinida's (OTC: TREP) gross profit increase in 2024?

Afinida's gross profit increased by $1 million, representing an 8% year-over-year growth.