Summary by Moomoo AI
Jin Medical International reported revenue of $10.6M for H1 FY2024, up 3% YoY, while net income declined 3.5% to $1.7M. Wheelchair sales decreased 8.2% to $7.7M due to Japanese Yen weakness, while wheelchair components and other products revenue surged 52.9% to $2.9M driven by new product launches.Gross profit increased 5.8% to $3.7M with margin expanding to 35.4% from 34.4%, benefiting from higher-margin new products. Operating expenses rose 42.5% to $2.5M primarily due to increased professional fees post-IPO and expenses from newly incorporated subsidiary. Operating income declined 30.6% to $1.2M.The company maintained strong liquidity with $8.9M cash and $17.1M in short-term investments as of March 31, 2024. Management expects current cash flows, bank borrowings and IPO proceeds will be sufficient to meet working capital needs. The company continues to focus on expanding dealer networks and launching new products despite market uncertainties.
