Venus cept (VERO) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2024 decreased by $2.4 million, or 13%, to$ 15.8 million compared to Q4 2023[6] - Revenue from the United States in Q4 2024 was $10.3 million, down 13% year-over-year, while international revenue was$ 5.5 million, also down 13% year-over-year[4] - For FY 2024, total revenue decreased by $11.5 million, or 15%, to$ 64.8 million compared to FY 2023[13] - Revenue for the year ended December 31, 2024, was $64,833 million, down 15% from$ 76,354 million in 2023[24] - The company expects total revenue for Q1 2025 to be at least $14.0 million[15] Profit and Loss - The operating loss for Q4 2024 was$ 6.7 million, an improvement from the operating loss of $7.6 million in Q4 2023[9] - Net loss attributable to stockholders for Q4 2024 was$ 8.0 million, or $11.23 per share, compared to a net loss of$ 11.1 million, or $20.14 per share in Q4 2023[10] - Adjusted EBITDA loss for Q4 2024 was$ 6.1 million, compared to an adjusted EBITDA loss of $5.9 million in Q4 2023[10] - Net loss for the year ended December 31, 2024, was$ 46,971 million, compared to a net loss of $37,050 million in 2023, representing an increase in losses of approximately 27%[26] - The company reported a basic net loss per share of$ 71.21 for the year ended December 31, 2024, compared to $68.47 in 2023[24] - Net loss for Q4 2024 was$ 8,016,000 compared to a net loss of $11,150,000 in Q4 2023, representing a 28.5% improvement[29] - For the full year 2024, net loss was$ 46,971,000, compared to $37,050,000 in 2023, reflecting a 26.5% increase in losses[29] Expenses and Cost Management - Operating expenses for Q4 2024 decreased by$ 2.1 million, or 11%, to $17.6 million compared to Q4 2023[8] - Operating expenses for the year ended December 31, 2024, totaled$ 71,490 million, down from $80,476 million in 2023, a reduction of approximately 11%[26] - Finance expenses for Q4 2024 totaled$ 1,100,000, down from $2,227,000 in Q4 2023, marking a 50.7% reduction[29] - Stock-based compensation expense for the full year 2024 was$ 1,043,000, down from $1,569,000 in 2023, a decrease of 33.5%[29] - Other adjustments related to restructuring activities for the full year 2024 amounted to$ 1,020,000, compared to $2,362,000 in 2023, a reduction of 56.7%[31] - Depreciation and amortization for the full year 2024 was$ 3,889,000, down from $4,115,000 in 2023, reflecting a decrease of 5.5%[29] Debt and Financial Position - The company achieved a 47% reduction in outstanding debt in FY24, decreasing from$ 74.9 million to $39.7 million[5] - Long-term debt decreased significantly from$ 70,790 million in 2023 to $31,437 million in 2024, a reduction of approximately 56%[22] - Total current liabilities decreased slightly from$ 31,159 million in 2023 to $30,287 million in 2024, a decline of about 3%[22] - The company raised$ 10,064 million in net cash from financing activities in 2024, compared to $6,802 million in 2023, an increase of approximately 48%[26] Asset Management - Total assets decreased from$ 93,654 million in 2023 to $68,184 million in 2024, a decline of approximately 27%[22] - Cash and cash equivalents decreased from$ 5,396 million at the beginning of the year to $4,271 million at the end of the year, a decrease of about 21%[26] Other Financial Metrics - Adjusted EBITDA for Q4 2024 was$ (6,098,000), slightly worse than $(5,926,000) in Q4 2023, indicating a decline of 2.9%[29] - Full year Adjusted EBITDA was$ (21,232,000) in 2024, compared to $(20,263,000) in 2023, showing a 4.8% increase in losses[29] - Foreign exchange loss for Q4 2024 was$ 980,000, while in Q4 2023 it was a loss of $674,000, indicating a significant increase in foreign exchange impact[29] - Loss on debt extinguishment for the full year 2024 was$ 11,355,000, compared to $2,040,000 in 2023, indicating a significant increase in debt-related losses[29] Corporate Actions - The company announced a 1-for-11 reverse stock split effective March 3, 2025, and regained compliance with Nasdaq's minimum bid-price listing standard[5]