SAN CLEMENTE, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) — Sofwave Medical Ltd (TASE: SOFW), an emerging leader in energy-based non-invasive, aesthetic medical devices for practitioners worldwide, reported financial results for the second quarter and first half of fiscal year 2024, for the period ended June 30, 2024, and recent business highlights.
Second Quarter and First Half Fiscal 2024 Financial Highlights
Management Commentary
Mr. Louis Scafuri, Sofwave CEO, commented, “We are delighted with the quarter’s strong financial results and operational performance highlighted by recurring revenue growing 83% year-over-year and representing over 40% of total revenue in the reported period. Our impressive results were supported by the additional Practice Development Managers dedicated to assist customers in the field employ best practice with the Sofwave technology and drive further pulse utilization. Over 300,000 Sofwave treatments have now been conducted since our initial FDA approval. Our focus for the remainder of the year remains on execution and growing demand for our technology, with a particular emphasis on increasing brand awareness through enhanced social media engagement with both prospective physicians and patients. Importantly, we are pleased to highlight that we are on track to deliver operational break-even on a full year basis in 2024.”
Dr. Shimon Eckhouse, Chairman of the Board, added: “We continue our efforts to expand product portfolio adoption by introducing novel breakthrough technologies and delivering a new standard of care alongside superior results to patients and physicians alike. We are also leveraging the expanded interest in non-invasive, energy-based medical aesthetic solutions from the growth in use of GLP-1 inhibitors. As such, our strategic focus on core medical doctors comprised mainly of dermatologists and plastic surgeons continues to bear fruit despite the general slowdown in the medical aesthetics industry due to macroeconomic conditions.”
Recent Operational Highlights
Financial Summary (Q2 FY’24)
IFRS Results (U.S. dollars in thousands) |
||
Q2 2024 | Q2 2023 | |
Revenues | $14,642 | $12,380 |
Gross Profit | $11,148 | $9,239 |
Gross Margin | 76.1% | 74.6% |
Operating Loss | ($1,212) | ($2,876) |
*Non-IFRS Results (U.S. dollars in thousands) |
||
Q2 2024 | Q2 2023 | |
Gross Profit | $11,165 | $9,280 |
Gross Margin | 76.3% | 75.0% |
Operating (Loss)/Profit | ($592) | ($2,233) |
(*) Excluding stock-based compensation.
About
Sofwave Medical Ltd. has implemented an innovative approach to wrinkle reduction lifting and cellulite using its proprietary breakthrough technology. SUPERB™, Synchronous Ultrasound Parallel Beam technology, is FDA-cleared to improve facial lines and wrinkles, lifting the eyebrow and lifting lax submental tissue (beneath the chin), lifting lax skin in the arms, as well as the short-term improvement in the appearance of cellulite and treatment of acne scars. The company’s Pure Impact™ module uses EMS technology and is cleared for muscle toning. Sofwave’s products provide physicians with smart yet simple, effective, and safe aesthetic solutions for their patients. Contact: Info@sofwave.com
Investor Contact:
Brian Ritchie
LifeSci Advisors LLC
(212) 915-2578
britchie@lifesciadvisors.com
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