Zeo ScientifiX, Inc. (formerly Organicell Regenerative Medicine, Inc.) reported its financial results for the nine months ended July 31, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. The company generated revenues of $3,376,000, marking a 7.7% increase from $3,136,000 in the same period of 2023. This growth was primarily driven by a $208,000 increase from the recently launched Patient Pure X™ (PPX™) service platform and an 8.6% rise in unit sales of high concentration biologic products, despite a decrease in average sales prices.

For the three months ended July 31, 2024, revenues decreased by 10.6% to $1,091,000 from $1,221,000 in the prior year. This decline was attributed to an 18.3% reduction in average sales prices for high concentration biologic products, although it was partially offset by a significant increase in revenues from the PPX™ service platform.

The cost of revenues for the nine months increased to $619,000 from $375,000, reflecting a 65.1% rise, largely due to costs associated with the PPX™ service platform and increased unit sales. Gross profit for the nine months was $2,757,000, slightly down from $2,761,000 in 2023, with gross margins decreasing from 88.1% to 81.7%.

The company reported a net loss of $3,451,000 for the nine months, a significant improvement from the $5,896,000 loss in the same period of 2023. The loss per share also improved, decreasing from $(0.84) to $(0.55). For the three months ended July 31, 2024, the net loss was $1,012,000, down from $1,618,000 in the prior year.

General and administrative expenses decreased to $6,651,000 for the nine months, down from $8,297,000, primarily due to reduced research and development costs and other operational efficiencies. The company also reported other income of $558,000, compared to none in the previous year, attributed to various settlements and write-offs.

As of July 31, 2024, the company had total assets of $2,221,000, down from $2,782,000 at the end of October 2023. Cash reserves decreased to $1,105,000 from $1,756,000, while total current liabilities were reduced to $3,634,000 from $4,010,000. The stockholders’ deficit increased to $(1,422,000) from $(1,241,000).

Strategically, the company has been focusing on expanding its product offerings and exploring new markets, including a potential entry into the skincare industry. However, management has expressed concerns regarding the company's ability to continue as a going concern, citing substantial doubt about its capacity to generate sufficient revenues to cover operating costs in the near future.