Q2 2024 Evome Medical Technologies Inc Earnings Call Transcript
Key Points
- Evome Medical Technologies Inc (LNDZF) posted a positive EBITDA for three out of the last four quarters.
- The company generated $10.5 million in revenue for Q2 2024, with $6.1 million coming from the core Biodex Rehab business.
- Gross profits for Q2 2024 were $3.3 million, with $2.3 million from the core business, showing a 104% growth over the prior quarter.
- Evome reduced its debt by $2.7 million in Q2 2024, with an additional $900,000 reduction in July 2024.
- The company has a strong international and domestic distribution network, covering over 70 countries with 52 distributors.
- Evome Medical Technologies Inc (LNDZF) had no revenue growth for five consecutive quarters prior to the current CEO's tenure.
- The company faced accelerated losses and dwindling cash before the turnaround efforts.
- There is a significant debt obligation that needs to be managed, with acquisition debt of $15.1 million.
- The current product lineup is capital intensive, requiring borrowing to produce and carry receivables.
- The sale of DaMar Plastics and South Dakota Partners is necessary to reduce debt, indicating reliance on asset sales for financial stability.
Medical Technologies second quarter 2024 financial results conference call. (Operator Instructions) This call is being recorded today, Monday, August 19, 2024.
I would now like to turn the conference over to Alyssa Barry, Investor Relations for Evome. Go ahead.
Thank you, operator. Good afternoon, everyone, and welcome to Evome's Q2 2024 conference call. This call is being recorded, and a replay will be made available on our website at evomemedical.com.
I would like to remind everyone that today's discussion will include forward-looking information and forward-looking statements, future-oriented financial information and non-GAAP measures regarding future events and Evome's future financial performance.
These statements reflect management's views as of today only and should not be considered as representing views for any subsequent date. Except as required by law, Evome does not assume any obligation to update the forward-looking statements provided to reflect events
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