Full Year 2024 Somnomed Ltd Earnings Call Transcript
Key Points
- Revenue growth of 9.6% year-over-year to $91.7 million, in line with revised guidance.
- Strong demand across all regions for core products, with total units sold exceeding 100,000 for the first time.
- Strengthened balance sheet with net cash of $16.2 million after raising $38.1 million in gross equity capital and repaying Australian debt facility in full.
- Early investments in manufacturing facility led to a 10% greater output in May and June compared to the first half of FY24.
- Positive outlook for FY25 with expected revenue of approximately $100 million and EBITDA of more than $5 million.
- EBITDA for FY24 was $0.6 million, down from $2.1 million in FY23.
- Product gross margin decreased to 69% from 72% in FY23 due to manufacturing facility capacity constraints.
- Net cash flow from operating activities was negative $3.3 million, excluding one-off restructuring costs.
- Capacity constraints led to longer turnaround times and more aggressive competition.
- Rest Assure product launch is delayed pending further information requested by the US FDA.
welcome to SomnoMed's Full Year 2024 Earnings Call. My name is Karen Borg, Co-CEO of SomnoMed, and I'm joined by Amrita Blickstead, my Co-CEO. We're excited to be presenting the highlights of our financial and operational performance for the year ended June 30, 2024, before opening the call to your questions. I'll move across to FY24 and provide a snapshot on slide 4.
FY24 was a reset year for SomnoMed as we focused on building the foundations for sustainable and profitable long-term growth. We delivered on our guidance with revenue growth of 9.6% year-over-year to $91.7 million and an EBITDA of $0.6 million. It was a year to get the foundations right. A reminder that when Amrita and I came into the business, there were key immediate operational and financial issues that we now feel comfortable saying, have been taken care of or on track to be, and we can look ahead with confidence that we will continue to deliver against stated targets.
We achieved these results by primarily driving operational focus,
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