Medinotec Inc. reported significant financial growth for the three and six months ended August 31, 2024, compared to the same periods in 2023. Revenue for the three months reached $1.8 million, a substantial increase from $350,792 in the prior year. For the six-month period, revenue totaled $3.06 million, up from $767,000. This growth is primarily attributed to the company's focus on its proprietary medical devices, particularly from its acquisition of DISA Medinotec, which accounted for 89% of total revenue in both the recent quarter and half-year.
Gross profit also saw a notable rise, with $833,412 for the three months ended August 31, 2024, compared to $289,804 in 2023. For the six-month period, gross profit increased to $1.43 million from $607,513. The income from operations for the three months was $435,747, a significant improvement from $55,735 in the previous year, while for the six months, it rose to $704,915 from a loss of $27,191.
Net income for the three months ended August 31, 2024, was $284,749, reversing a loss of $33,164 in the same quarter of 2023. For the six months, net income was $371,953, compared to a loss of $10,876 in the prior year. This turnaround reflects the company's successful operational strategies and market positioning.
Total assets increased to $5.3 million as of August 31, 2024, up from $4.8 million in February 2024. Current assets also rose to $4.9 million, driven by higher accounts receivable and inventory levels, which were $771,368 and $1.27 million, respectively. Current liabilities increased significantly to $1.57 million, primarily due to a rise in accounts payable and accrued liabilities, which reached $1.54 million.
Medinotec's retained earnings improved to a deficit of $(869,372) from $(1.24 million) in February 2024, indicating a positive shift in profitability. The company continues to focus on expanding its presence in the U.S. market while strengthening its operations in South Africa, following the FDA approval of its flagship product, the Trachealator, in November 2021.
The company remains classified as an Emerging Growth Company under the JOBS Act, allowing it certain reporting exemptions. Medinotec's trading symbol is MDNC on OTCQX.
About Medinotec Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.