CORRECTION - Vaso Corporation Announces Financial Results for Fourth Quarter and Full Year 2024
Vaso (OTCQX: VASO) reported its Q4 and full-year 2024 financial results, achieving record annual revenue of $86.8 million, up 7% year-over-year. The company's Q4 2024 revenue increased 23.4% to $27.0 million, with growth across all business segments.
Key financial highlights for 2024:
- Gross profit increased 2.9% to $52.1 million
- Net income decreased to $1.0 million from $4.8 million in 2023
- Operating cash flow of $3.3 million
- Cash and equivalents of $26.3 million
- Deferred revenue grew 8% to $34.9 million
The decline in net income was primarily attributed to higher operating expenses, including investments in new programs and strategic activities. SG&A expenses increased 8.7% to $49.0 million, representing 56.5% of revenue.
Vaso (OTCQX: VASO) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, raggiungendo un fatturato annuale record di 86,8 milioni di dollari, con un aumento del 7% rispetto all'anno precedente. Il fatturato del quarto trimestre 2024 è aumentato del 23,4% a 27,0 milioni di dollari, con crescita in tutti i segmenti aziendali.
Principali risultati finanziari per il 2024:
- Il profitto lordo è aumentato del 2,9% a 52,1 milioni di dollari
- Il reddito netto è diminuito a 1,0 milione di dollari rispetto ai 4,8 milioni del 2023
- Flusso di cassa operativo di 3,3 milioni di dollari
- Liquidità e equivalenti di 26,3 milioni di dollari
- Le entrate differite sono cresciute dell'8% a 34,9 milioni di dollari
Il calo del reddito netto è stato principalmente attribuito a spese operative più elevate, comprese le investimenti in nuovi programmi e attività strategiche. Le spese SG&A sono aumentate dell'8,7% a 49,0 milioni di dollari, rappresentando il 56,5% del fatturato.
Vaso (OTCQX: VASO) informó sus resultados financieros del cuarto trimestre y del año completo 2024, alcanzando un ingreso anual récord de 86,8 millones de dólares, un aumento del 7% en comparación con el año anterior. Los ingresos del cuarto trimestre de 2024 aumentaron un 23,4% a 27,0 millones de dólares, con crecimiento en todos los segmentos de negocio.
Aspectos financieros clave para 2024:
- El beneficio bruto aumentó un 2,9% a 52,1 millones de dólares
- El ingreso neto disminuyó a 1,0 millón de dólares desde 4,8 millones en 2023
- Flujo de caja operativo de 3,3 millones de dólares
- Disponibilidades y equivalentes de 26,3 millones de dólares
- Los ingresos diferidos crecieron un 8% a 34,9 millones de dólares
La disminución del ingreso neto se atribuyó principalmente a mayores gastos operativos, incluidos los inversiones en nuevos programas y actividades estratégicas. Los gastos SG&A aumentaron un 8,7% a 49,0 millones de dólares, representando el 56,5% de los ingresos.
바소 (OTCQX: VASO)는 2024년 4분기 및 연간 재무 결과를 발표하며, 연간 수익이 8,680만 달러로 7% 증가하여 기록을 세웠습니다. 2024년 4분기 수익은 2,700만 달러로 23.4% 증가했으며, 모든 사업 부문에서 성장했습니다.
2024년 주요 재무 하이라이트:
- 총 이익이 2.9% 증가하여 5,210만 달러에 달했습니다.
- 순이익이 2023년 480만 달러에서 100만 달러로 감소했습니다.
- 운영 현금 흐름이 330만 달러입니다.
- 현금 및 현금성 자산이 2,630만 달러입니다.
- 연기된 수익이 8% 증가하여 3,490만 달러에 도달했습니다.
순이익 감소는 새로운 프로그램 및 전략적 활동에 대한 투자 등 높은 운영 비용에 주로 기인했습니다. SG&A 비용은 8.7% 증가하여 4,900만 달러에 달하며, 이는 수익의 56.5%를 차지합니다.
Vaso (OTCQX: VASO) a annoncé ses résultats financiers du quatrième trimestre et de l'année 2024, atteignant un chiffre d'affaires annuel record de 86,8 millions de dollars, en hausse de 7% par rapport à l'année précédente. Le chiffre d'affaires du quatrième trimestre 2024 a augmenté de 23,4% pour atteindre 27,0 millions de dollars, avec une croissance dans tous les segments d'activité.
Points clés des résultats financiers pour 2024 :
- Le bénéfice brut a augmenté de 2,9% pour atteindre 52,1 millions de dollars
- Le bénéfice net a diminué à 1,0 million de dollars contre 4,8 millions en 2023
- Flux de trésorerie d'exploitation de 3,3 millions de dollars
- Liquidités et équivalents de 26,3 millions de dollars
- Les revenus différés ont augmenté de 8% pour atteindre 34,9 millions de dollars
La baisse du bénéfice net a été principalement attribuée à des charges d'exploitation plus élevées, y compris les investissements dans de nouveaux programmes et activités stratégiques. Les dépenses SG&A ont augmenté de 8,7% pour atteindre 49,0 millions de dollars, représentant 56,5% du chiffre d'affaires.
Vaso (OTCQX: VASO) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und einen Rekordumsatz von 86,8 Millionen Dollar erzielt, was einem Anstieg von 7% im Vergleich zum Vorjahr entspricht. Der Umsatz im vierten Quartal 2024 stieg um 23,4% auf 27,0 Millionen Dollar, mit Wachstum in allen Geschäftsbereichen.
Wichtige Finanzkennzahlen für 2024:
- Der Bruttogewinn stieg um 2,9% auf 52,1 Millionen Dollar
- Der Nettogewinn fiel auf 1,0 Million Dollar von 4,8 Millionen Dollar im Jahr 2023
- Betrieblicher Cashflow von 3,3 Millionen Dollar
- Liquide Mittel und Äquivalente von 26,3 Millionen Dollar
- Die aufgeschobenen Einnahmen stiegen um 8% auf 34,9 Millionen Dollar
Der Rückgang des Nettogewinns wurde hauptsächlich auf höhere Betriebskosten zurückgeführt, einschließlich Investitionen in neue Programme und strategische Aktivitäten. Die SG&A-Ausgaben stiegen um 8,7% auf 49,0 Millionen Dollar, was 56,5% des Umsatzes entspricht.
- Record annual revenue of $86.8M, up 7% YoY
- Q4 2024 revenue increased 23.4% to $27.0M
- Gross profit grew 2.9% to $52.1M
- Strong cash position of $26.3M
- Deferred revenue up 8% to $34.9M, indicating future revenue potential
- Positive operating cash flow of $3.3M
- Net income declined 79% to $1.0M from $4.8M in 2023
- SG&A expenses increased 8.7% to $49.0M
- Equipment segment revenue decreased 12.5% to $2.5M
- Operating cash flow decreased from $5.3M in 2023 to $3.3M in 2024
- Terminated business combination transaction with Achari
The Company Reports Continued Growth in Annual Revenue
PLAINVIEW, N.Y., March 31, 2025 (GLOBE NEWSWIRE) -- Please note that, in a release issued under the same headline earlier today by Vaso Corporation (OTCQX: VASO), some figures in the written description of the financial results for the three months and the full year were misstated. All figures in the financial tables were correct. The corrected release follows:
Vaso Corporation (“Vaso”) (OTCQX: VASO), a leading MedTech company with a diversified business portfolio in network and healthcare IT services, professional sales services, and proprietary medical products, today announced its operating results for the three months and year ended December 31, 2024.
“Continuing the trend of top-line growth, the Company’s annual revenue reached another record of
“As we continued to generate positive cashflow from operating activities, at a rate of
“In the last several years we were able to sustain significant top-line growth and maintain bottom-line profitability, while at the same time generating a substantial amount of free cashflow. As a result, the Company’s financial wellbeing has been improving consistently, setting a good foundation for further growth organically and through partnership or other external opportunities,” concluded Dr. Ma.
Financial Results for Three Months Ended December 31, 2024
For the three months ended December 31, 2024, revenue increased by
Gross profit for the fourth quarter of 2024 increased by
Selling, general and administrative (SG&A) expenses for the fourth quarter of 2024 increased by
Net income for the three months ended December 31, 2024 was
Financial Results for Year Ended December 31, 2024
For the year ended December 31, 2024, total revenue increased by
Gross profit for the year ended December 31, 2024 increased by
SG&A expenses for the year ended December 31, 2024 increased by
For the year ended December 31, 2024, the Company had net income of
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and share-based compensation) was
Net cash provided from operating activities in 2024 was
Deferred revenue increased to
About Vaso
Vaso Corporation is a diversified medical technology company with several distinct but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for medical equipment; and design, manufacture, and sale of proprietary medical devices.
The Company operates through three wholly owned subsidiaries:
- VasoTechnology, Inc. provides network and IT services through two business units: NetWolves Network Services LLC, a managed network services provider with an extensive, proprietary service platform to a broad base of customers; and VasoHealthcare IT Corp., a national value added reseller of RIS (radiology Information system), PACS (picture archiving and communication system), and other software solutions from various vendors as well as related services, including implementation, management and support.
- Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE HealthCare diagnostic imaging and ultrasound products in certain market segments in the USA.
- VasoMedical, Inc. manages and coordinates the design, manufacture and sales of proprietary medical equipment and software, as well as operates the Company's overseas assets including China-based subsidiaries.
Additional information is available on the Company's website at www.vasocorporation.com.
Summarized Financial Information
FOR THE THREE MONTHS ENDED | FOR THE YEAR ENDED | |||||||||||
STATEMENTS OF OPERATIONS | December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||
(In thousands) | ||||||||||||
(unaudited) | ||||||||||||
Revenue | $ | 27,035 | $ | 21,917 | $ | 86,767 | $ | 81,024 | ||||
Gross profit | 17,225 | 14,053 | 52,050 | 50,593 | ||||||||
Operating income | 2,150 | 970 | 285 | 4,195 | ||||||||
Other (expense) income, net | 170 | 176 | 992 | 710 | ||||||||
Income before taxes | 2,320 | 1,146 | 1,277 | 4,905 | ||||||||
Income tax expense | (172 | ) | (65 | ) | (326 | ) | (100 | ) | ||||
Net income | $ | 2,148 | $ | 1,081 | $ | 951 | $ | 4,805 | ||||
Income tax expense | 172 | 65 | 326 | 100 | ||||||||
Interest expense (income), net | (269 | ) | (303 | ) | (1,154 | ) | (858 | ) | ||||
Depreciation and amortization | 194 | 237 | 824 | 999 | ||||||||
Non-cash stock-based compensation | 28 | 10 | 54 | 48 | ||||||||
Adjusted EBITDA* | $ | 2,273 | $ | 1,090 | $ | 1,001 | $ | 5,094 | ||||
*Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation | ||||||||||||
BALANCE SHEETS | December 31, 2024 | December 31, 2023 | ||||||||||
(In thousands) | ||||||||||||
Total current assets | $ | 51,185 | $ | 45,099 | ||||||||
Total assets | $ | 82,938 | $ | 75,757 | ||||||||
Total current liabilities | $ | 34,720 | $ | 30,040 | ||||||||
Total stockholders' equity | $ | 27,702 | $ | 26,843 | ||||||||
The information contained in this report contains forward-looking statements (as such term is defined in the Securities Exchange Act of 1934 and the regulations thereunder). These forward-looking statements may include projections of, or guidance on, the Company’s future financial performance, expected levels of future revenue and expenses, anticipated growth strategies, and anticipated trends in the Company’s business or financial results. When used in this report, words such as “anticipates”, “continue”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential”, “future”, “intends”, the negative of these terms and similar expressions identify forward-looking statements. Any forward-looking statement made by the Company in this document is based only on the Company’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business based on information currently available to the Company and speaks only as of the date when made. Forward-looking statements are not historical facts or guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control, and actual results may differ materially from this forward-looking information and therefore should not be unduly relied upon. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn or disruptions in the U.S. economy; the impact of US tariff policies; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contact:
Jonathan Newton
Investor Relations
Phone: 516-508-5823
Email: jnewton@vasocorporation.com
