Nuo Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024, highlighting a notable increase in product sales and a reduction in operational losses compared to the previous fiscal period. For the three months ended September 30, 2024, product sales reached $371,000, a substantial increase from $232,000 in Q3 2023. Total revenue for the same period mirrored this growth, totaling $371,000, up from $232,000 in the prior year. Gross profit also improved, rising to $270,000 from $178,000, attributed to an expanding customer base and heightened awareness of the Aurix product following favorable Medicare reimbursement decisions.

For the nine months ending September 30, 2024, product sales totaled $970,000, compared to $412,000 for the same period in 2023, with gross profit increasing to $754,000 from $327,000. The company reported a loss from operations of $(1.83 million) for the nine-month period, a decrease from $(2.52 million) in 2023, while the net loss narrowed to $(1.83 million) from $(2.52 million) year-over-year.

Despite these improvements, Nuo Therapeutics faced challenges, including a decrease in cash and cash equivalents, which fell to $683,836 as of September 30, 2024, from $928,681 at the end of 2023. Total current assets also declined to $1.34 million from $1.56 million, while total liabilities increased to $714,027 from $674,527. Stockholders' equity decreased to $890,387 from $1.04 million.

The company raised approximately $1.5 million through common stock sales in two private placements during the nine months ended September 30, 2024, and received an additional $151,200 from the exercise of warrants. This financing activity contributed to a net cash provided by financing activities of $1.65 million, compared to $1.04 million in the same period of 2023.

Nuo Therapeutics continues to focus on its Aurix System, a point-of-care technology for chronic wound care, and aims to enhance its market presence through strategic partnerships and increased physician engagement. The company has identified material weaknesses in its internal controls over financial reporting, which it is addressing through plans to hire additional accounting resources and engage outside consultants.