Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - NuGen Medical Devices Inc. (TSXV: NGMD) (the "Company" or "NuGen") a leading developer of needle-free devices for the subcutaneous administration of therapeutics, announces the release of 2024 Annual Financial Results.
Annual Financial Statements Reflect Commercial Ramp Up
The orders announced previously in 2024 were shipped during the fourth quarter of the year, and the sales were recognized at that time. NuGen had a record year of revenue, with an increase of 305% which is in line with management expectations previously announced in Q2. These sales had a positive impact on the Company's financial statements with a gross profit increase of 317%.
NuGen has brought costs under control and reduced selling, general and administrative expenses by 31%. The cost control and manufacturing ramp up are reported into results with a loss from operations that was also reduced by 36%.
The Company also improved its balance sheet by renegotiating the payment terms of the existing long-term debt, resulting in a reduction of the current liabilities and increase of the long-term liabilities. NuGen also closed a private placement of $10 million secured convertible debentures at the end of Q3, which has considerably improved the balance sheet by increasing the current assets, especially in cash and cash equivalents. Working capital at year end was $6,466,218, compared to a negative working capital of $1,960,731 in 2023. The funds from this private placement will help the Company to continue the manufacturing ramp up, building inventory and working on the development of new products.
Veronique Laberge, CFO, commented: "Though just the beginning, we see our first record year of revenue for NuGen with InsuJet™ sales. With a vastly improved balance sheet and the strategic commercialization efforts, the Company is now ready for its next chapter."
"We capitalized NuGen in the Fall of 2024 and planted the first seeds of commercialization. As 2025 unfolds, we will begin to see progressive results in the second half from Canada as well as in other regions including Europe as we expand distribution and increase sales and marketing efforts.", commented Liang Lin Chairman & CEO of NuGen. "We also look to product development as no successful company remains stagnant. This is true with NuGen and InsuJet as we make consistent inroads to improving patient care and outcomes throughout 2025. In both regards, I look forward to reporting success and progress to shareholders during the ensuing year ahead."
About NuGen:
NuGen is a leading developer of needle-free devices to administer therapeutics subcutaneously. The Company is marketing and selling its next-generation InsuJet™ needle-free injection system designed to improve the lives of millions of diabetics. InsuJet™ is approved for sale in 42 countries around the world.
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This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
Notice Regarding Future Oriented Financial Information and Financial Outlooks
To the extent any forward-looking information in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable securities laws, such information is being provided to demonstrate the impact to the Company with potential market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company's actual financial position and results of operations may differ materially from management's current expectations. Such information is presented for illustrative purposes only and may not be an indication of the Company's actual financial position or results of operations.
The forward-looking information contained herein was prepared by the management of the Company based on information available at the time this press release was prepared. Unless otherwise stated, information in this press release is current as of April 30, 2025.
This press release may contain certain financial performance measures that are not recognized or defined under International Financial Reporting Standards ("IFRS"), which measures are "Non-GAAP Measures". As a result, this data may not be comparable to data presented by other companies. The Company believes that any Non-GAAP Measures included in this presentation are useful indicators of performance and are specifically used by management to assess the current and future performance of the Company. Non-GAAP Measures should be considered together with other financial information prepared in accordance with IFRS to enable readers to evaluate the Company's performance and prospects in a manner similar to the Company's management. Accordingly, any Non-GAAP Measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Any third-party information contained herein has not been independently verified. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this press release, its accuracy, completeness or by reason of reliance by any person on any of it.
