Vycor Medical Reports Mixed Financial Results for Q3 2024, with Revenue Growth and Improved Cash Position

Vycor Medical, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and operational expenses compared to the previous fiscal period.

For the three months ended September 30, 2024, Vycor generated revenue of $390,852, a 27% increase from $308,593 in the same period in 2023. However, for the nine months ended September 30, 2024, total revenue decreased slightly to $1,134,098 from $1,152,355 in 2023. The gross profit for the three months rose to $354,056, up from $276,259, while for the nine months, it decreased to $1,025,133 from $1,049,425.

Despite the increase in revenue for the quarter, Vycor reported an operating loss of $(35,135) for the three months ended September 30, 2024, compared to a smaller loss of $(25,481) in 2023. The nine-month operating loss was $(28,489), a significant decline from an operating income of $104,247 in the prior year. The net loss for the three months was $(59,817), compared to $(51,904) in 2023, and for the nine months, the loss deepened to $(100,463) from a net income of $23,364 in 2023.

The company's total assets increased to $1,074,604 as of September 30, 2024, from $992,298 at the end of 2023. Current liabilities also rose to $4,552,889 from $4,074,487, contributing to a total liabilities increase to $4,757,950 from $4,317,774. This resulted in a total stockholders’ deficiency of $(3,683,346), worsening from $(3,325,476) at the end of 2023.

Vycor's cash position improved significantly, with cash at the end of the period reaching $157,633, up from $57,291 at the end of 2023. Cash provided by operating activities for the nine months was $98,391, a notable increase from $23,922 in 2023.

Strategically, Vycor Medical operates in two segments: Vycor Medical, focusing on neurosurgery devices, and NovaVision, which offers neurostimulation therapies. The company has faced challenges, including increased selling, general, and administrative expenses, which rose to $367,886 for the three months ended September 30, 2024, from $280,113 in 2023. The increase in expenses was attributed to higher sales commissions and stock-based compensation.

Additionally, Vycor repurchased and canceled 70,010 shares of common stock for $6,294 in August 2024 and issued 813,971 shares valued at $73,257 to Maxim Group LLC for advisory services. The company continues to seek additional funding to support its operations, with uncertainty regarding future financial backing from its largest shareholder, Fountainhead.