Q3 2024 Summary
Published Jan 27, 2025, 9:41 PM UTCInitial Price$1.20April 1, 2024
Final Price$0.89July 1, 2024
Price Change$-0.31
% Change-26.03%
- Significant Progress on Commercialization and Product Development: The company has made considerable advancements in commercializing the OneRF ablation system, with 16 patients implanted across 4 centers and over 50 RF ablations performed on 3 patients. Additionally, they are expanding to 12 more centers. ,
- Strengthened Financial Position: On August 2, 2024, $NMTC completed a $2.65 million private placement, resulting in $2.5 million in net proceeds, and entered into a $3 million secured credit facility agreement. This improved balance sheet allows for expansion of the OneRF product launch and completion of new product developments. ,
- Revenue Growth: The company reported product revenue of $826,000 in Q3 fiscal 2024, up from $630,000 in the same quarter of fiscal 2023. For the first nine months of fiscal 2024, product revenue was $3.2 million, a significant increase from $1.2 million in the same period of fiscal 2023.
- The company continues to incur significant net losses, with a net loss of $2.8 million in Q3 fiscal 2024 and $9 million for the first nine months of fiscal 2024, compared to $8.7 million in the same period of the prior year, indicating ongoing financial challenges.
- Cash and cash equivalents have decreased substantially to $1.6 million as of June 30, 2024, from $5.3 million at the end of the prior fiscal year, highlighting potential liquidity issues and reliance on external financing, such as the recent $2.65 million private placement and $3 million secured credit facility.
- The potential strategic distribution partnership for the OneRF ablation system is uncertain, as the nonbinding term sheet is subject to negotiation, due diligence, and execution of definitive documentation, which may pose a risk if the partnership does not materialize.