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NEWS
NeuroOne® Product Revenue Increases 77% to $3.5 Million in Fiscal 2024: Expects Product Revenue to Increase at Least 132% to at Least $8 Million in Fiscal 2025
Tuesday, 17th December at 8:30 am
Company's Exclusive Distribution Agreement with Zimmer Biomet included $3.0 Million Upfront Payment: Expected to Drive Revenue and Expand Margins Significantly
EDEN PRAIRIE, Minn., Dec. 17, 2024 (GLOBE NEWSWIRE) -- NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne" or the "Company"), a medical technology company dedicated to transforming the surgical diagnosis and treatment of neurological disorders, has reported financial results for the fourth quarter and fiscal year ended September 30, 2024.
Fourth Quarter and Fiscal Year 2024 Financial Highlights
Product revenue increased 77% to $3.5 million in fiscal year 2024, compared to $2.0 million in fiscal 2023. Revenue was lower in Q4 2024 versus a year ago due to NeuroOne's cancellation of Zimmer Biomet's order to transition manufacturing to strictly RF ablation-capable electrodes.
Operating expenses decreased 12% to $3.0 million in the fourth quarter of fiscal year 2024, compared to $3.4 million in the same quarter of the prior year.
Expanded exclusive distribution agreement with Zimmer Biomet ("Zimmer") and received an upfront payment of $3 million in November 2024. This agreement provides NeuroOne with additional milestone payments if certain performance criteria are achieved and is expected to generate meaningful revenue and expand margins for the Company.
Expects product revenue to range between $8 and $10 million in fiscal year 2025, representing an increase of between 132% and 190% when compared to product revenue of $3.5 million in fiscal year 2024.
Expects product gross margin to range between 47% and 51% in fiscal year 2025, compared to product gross margin of 31% in fiscal year 2024.
The Company remains debt free as of September 30, 2024
Tuesday, 17th December at 8:30 am
Company's Exclusive Distribution Agreement with Zimmer Biomet included $3.0 Million Upfront Payment: Expected to Drive Revenue and Expand Margins Significantly
EDEN PRAIRIE, Minn., Dec. 17, 2024 (GLOBE NEWSWIRE) -- NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne" or the "Company"), a medical technology company dedicated to transforming the surgical diagnosis and treatment of neurological disorders, has reported financial results for the fourth quarter and fiscal year ended September 30, 2024.
Fourth Quarter and Fiscal Year 2024 Financial Highlights
Product revenue increased 77% to $3.5 million in fiscal year 2024, compared to $2.0 million in fiscal 2023. Revenue was lower in Q4 2024 versus a year ago due to NeuroOne's cancellation of Zimmer Biomet's order to transition manufacturing to strictly RF ablation-capable electrodes.
Operating expenses decreased 12% to $3.0 million in the fourth quarter of fiscal year 2024, compared to $3.4 million in the same quarter of the prior year.
Expanded exclusive distribution agreement with Zimmer Biomet ("Zimmer") and received an upfront payment of $3 million in November 2024. This agreement provides NeuroOne with additional milestone payments if certain performance criteria are achieved and is expected to generate meaningful revenue and expand margins for the Company.
Expects product revenue to range between $8 and $10 million in fiscal year 2025, representing an increase of between 132% and 190% when compared to product revenue of $3.5 million in fiscal year 2024.
Expects product gross margin to range between 47% and 51% in fiscal year 2025, compared to product gross margin of 31% in fiscal year 2024.
The Company remains debt free as of September 30, 2024
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