Yahoo Finance

— Third quarter revenue of $13.5M, +10.5% year-over-year growth; IFRS gross margin of 75.2%
— Third quarter pulse recurring revenue of $5.4M, +72% year-over-year growth
— First nine months revenue of $41.3M, +18% year-over-year growth; IFRS gross margin of 75.5%
— First nine months IFRS and non-IFRS operating loss decreased 55% and 70%, respectively, to $3.5M vs $7.8M and $1.8M vs $6.0M in the same year ago period
— Generated positive quarterly cash flow

SAN CLEMENTE, Calif., Nov. 13, 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 third quarter and first nine months of fiscal year 2024, for the period ended September 30, 2024, and recent business highlights.

Third Quarter and First Nine Months 2024 Financial Highlights

• Third Quarter Revenue of $13.5M; representing 10.5% year-over-year growth

  • Recurring revenue of $5.4M, a year-over-year increase of 72%, representing 40% of total revenue

  • Gross Profit was $10.2M, a year-over-year increase of 14%

  • IFRS Gross Margin: 75.2%; *Non-IFRS: 75.3%

  • IFRS Operating Loss: $1.3M; *Non-IFRS: $0.8M

  • Cash from Operating Activities: $0.2M compared to $1M of cash used in the corresponding period

• First Nine Months Revenue of $41.3M, representing 18% year-over-year growth

  • Recurring revenue of $16.1M, a year-over-year increase of 88%, representing 39% of total revenue

  • Gross Profit was $31.2M, a year-over-year increase of 21%

  • IFRS Gross Margin: 75.5%; *Non-IFRS: 75.7%

  • IFRS Operating Loss: $3.5M; down from $7.8M during first nine months of 2023; *Non-IFRS: $1.8M

• Cash and Cash Equivalents as of September 30, 2024: $21.2M

Management Commentary

Mr. Louis Scafuri, Sofwave CEO, commented, “Sofwave continues to deliver and expand its industry leading non-invasive medical aesthetic product portfolio to customers and patients. Moreover, in the face of both challenging macro-economic and medical aesthetic market pressures, we continue to generate strong top- and bottom-line results. During the first nine months of 2024, the Company experienced significant double-digit revenue and gross profit growth, and an increase of recurring pulse sales representing nearly 40% of total revenue, while substantially narrowing operating loss. We believe this is a result of not only Sofwave’s superior business model, which enables faster ROI, and rapidly expanding brand awareness, but also the delivery of best-in-class patient results, which is driving further repeat business.”