EMVision Medical Devices (EMV) H2 2024 earnings summary

Executive summary

• Achieved 63% revenue growth year-over-year to $11.56M, primarily from non-dilutive grants and R&D tax incentives.

• Net loss after tax reduced by 29% to $2.73M compared to the prior year.

• Completed multi-site pre-validation clinical trial for the emu™ device, enrolling over 270 suspected stroke patients.

• Established pilot commercial production line with initial capacity of one emu™ scanner per week, scalable to three.

• Secured $15.28M strategic investment from Keysight Technologies to fund validation studies and growth initiatives.

Financial highlights

• Revenue increased to $11.56M (2023: $7.09M), driven by grant income and R&D tax rebates.

• Total grant income: $4.30M (ASA: $1.8M, MMI: $2.45M).

• R&D tax incentive rebate revenue: $6.85M, including $4.26M accrued and $2.59M cash refund.

• Total administration, employee, and R&D costs rose 40% to $12.19M due to expanded trials and manufacturing.

• Net operating cash outflow: $5.99M (2023: $0.83M inflow).

• Net asset position at 30 June 2024: $18.52M (2023: $5.12M).

• Cash at year-end: $18.60M.

Outlook and guidance

• Preparing for FDA meeting to finalize validation trial protocol for US market entry.

• Anticipates further grant funding of $1.4M from ASA upon milestone achievement.

• Plans to scale production and expand clinical studies, including US investigational sites.