Vaso Corporation reported a total revenue of $86.8 million for the fiscal year ending December 31, 2024, marking a 7.1% increase from $81.0 million in 2023. However, the company experienced a significant decline in net income, which fell to $951,000 from $4.8 million in the previous year. This decrease in profitability was attributed to higher operating expenses, despite an increase in gross profit, which rose to $52.1 million, or 60.0% of revenue, compared to $50.6 million, or 62.4% of revenue, in 2023.
The company's IT segment generated $42.9 million in revenue, up 6.4% from $40.4 million in 2023, primarily due to increased managed network services. The professional sales service segment also saw a revenue increase of 9.3%, totaling $41.3 million, driven by a higher volume of GE HealthCare (GEHC) equipment deliveries, particularly in ultrasound systems. In contrast, the equipment segment's revenue decreased by 12.5% to $2.5 million, largely due to lower sales in both U.S. and international markets, impacted by foreign exchange fluctuations.
Vaso Corporation has made strategic moves to enhance its market position, including the expansion of its professional sales service segment to include ultrasound systems, which began in 2023. The company also reported an increase in deferred commission revenue, which rose to $34.9 million, indicating a backlog of orders exceeding equipment deliveries. As of December 31, 2024, Vaso employed 298 full-time staff, with a significant portion dedicated to its sales and IT operations.
Looking ahead, Vaso Corporation aims to control operating costs amid inflationary pressures and expand its product offerings across all business segments. The company is focused on maintaining its relationship with GEHC, which is crucial for its revenue generation, and is exploring new partnership opportunities to drive growth. Despite the challenges faced in 2024, Vaso's management remains optimistic about future performance, supported by a solid cash position of $26.4 million and a commitment to improving operational efficiency.
About VASO Corp
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
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.