Vycor Medical Reports $1.5 Million Revenue for Fiscal Year 2024, Faces Operating Loss

Vycor Medical, Inc. reported a revenue of $1.5 million for the fiscal year ending December 31, 2024, marking a 10% increase from the previous year’s revenue of $1.4 million. The growth was primarily driven by a 17% increase in sales to U.S. hospitals, although this was partially offset by a 9% decline in international sales. The company's gross margin slightly decreased to 89% from 90% in 2023, attributed to higher validation expenses. In contrast, NovaVision, Vycor's subsidiary focused on rehabilitation therapies, experienced a 10% decline in revenue to $73,580, with a gross margin of 91%, down from 94% in the prior year.

The company’s operating loss for 2024 was $9,145, a significant decline from an operating income of $40,191 in 2023. This shift was influenced by increased selling, general, and administrative expenses, which rose by $161,406 to $1.36 million, largely due to stock-based compensation and higher sales commissions. Research and development expenses decreased to $15,325 from $22,558, reflecting ongoing early-stage product development efforts. The net loss for the year was $107,200, compared to a net loss of $69,691 in 2023.

In terms of strategic developments, Vycor Medical engaged Maxim Group LLC in August 2024 to assist in accelerating growth through strategic acquisitions and partnerships. The company is also exploring various options for NovaVision, including potential distribution partnerships and licensing agreements. As of December 31, 2024, Vycor Medical had a total of 7 employees and reported a working capital deficiency of $3.8 million, raising concerns about its ability to continue as a going concern.

Geographically, Vycor Medical's operations are primarily concentrated in the United States, which accounted for $1.59 million of total revenue, while European sales were minimal at $3,680. The company’s total assets increased slightly to $998,117 from $992,298 in 2023, with total liabilities rising to $4.69 million. The company’s cash position improved, with cash at year-end reaching $105,648, up from $57,291 in the previous year.

Looking ahead, Vycor Medical aims to enhance its market penetration in the U.S. and expand internationally. The company plans to continue developing new products in response to market demands and is focused on reducing cash operating losses. However, the ongoing working capital deficiency and reliance on external funding sources, including potential equity or debt financing, pose significant risks to its operational stability.