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Vaso Corporation Announces Financial Results for Fourth Quarter and Full Year 2024

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Vaso (OTCQX: VASO) reported its Q4 and full-year 2024 financial results, achieving record annual revenue of $86.8 million, a 7% increase from 2023. Despite revenue growth, net income decreased to $1.3 million from $4.8 million in 2023 due to higher operating expenses.

Q4 2024 revenue increased 23.4% to $27.0 million, with growth across all segments: IT segment up 13.6% to $11.1 million, professional sales service up 31.2% to $15.0 million, and equipment segment up 31% to $921 thousand. The company maintained strong cash position with $26.3 million in cash and equivalents, while generating $3.3 million in operating cash flow during 2024.

Total deferred revenue grew 8% to $34.9 million, while adjusted EBITDA decreased to $1.4 million from $5.1 million in 2023. SG&A expenses increased 7.9% to $48.6 million, primarily due to higher personnel costs and expenses related to a terminated business combination transaction with Achari.

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 incremento del 7% rispetto al 2023. Nonostante la crescita dei ricavi, l'utile netto è diminuito a 1,3 milioni di dollari rispetto ai 4,8 milioni del 2023 a causa dell'aumento delle spese operative.

Il fatturato del quarto trimestre 2024 è aumentato del 23,4% a 27,0 milioni di dollari, con una crescita in tutti i segmenti: il segmento IT è aumentato del 13,6% a 11,1 milioni di dollari, il servizio di vendita professionale è aumentato del 31,2% a 15,0 milioni di dollari, e il segmento attrezzature è aumentato del 31% a 921 mila dollari. L'azienda ha mantenuto una solida posizione di liquidità con 26,3 milioni di dollari in contante e equivalenti, generando 3,3 milioni di dollari di flusso di cassa operativo durante il 2024.

Il totale dei ricavi differiti è cresciuto dell'8% a 34,9 milioni di dollari, mentre l'EBITDA rettificato è diminuito a 1,4 milioni di dollari rispetto ai 5,1 milioni del 2023. Le spese SG&A sono aumentate del 7,9% a 48,6 milioni di dollari, principalmente a causa dell'aumento dei costi del personale e delle spese relative a una transazione di fusione commerciale terminata con Achari.

Vaso (OTCQX: VASO) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, logrando un ingreso anual récord de 86,8 millones de dólares, un aumento del 7% en comparación con 2023. A pesar del crecimiento de los ingresos, el ingreso neto disminuyó a 1,3 millones de dólares desde 4,8 millones en 2023 debido a mayores gastos operativos.

Los ingresos del cuarto trimestre de 2024 aumentaron un 23,4% a 27,0 millones de dólares, con crecimiento en todos los segmentos: el segmento de TI aumentó un 13,6% a 11,1 millones de dólares, el servicio de ventas profesionales aumentó un 31,2% a 15,0 millones de dólares, y el segmento de equipos aumentó un 31% a 921 mil dólares. La empresa mantuvo una sólida posición de efectivo con 26,3 millones de dólares en efectivo y equivalentes, generando 3,3 millones de dólares en flujo de efectivo operativo durante 2024.

Los ingresos diferidos totales crecieron un 8% a 34,9 millones de dólares, mientras que el EBITDA ajustado disminuyó a 1,4 millones de dólares desde 5,1 millones en 2023. Los gastos de SG&A aumentaron un 7,9% a 48,6 millones de dólares, principalmente debido a mayores costos de personal y gastos relacionados con una transacción de combinación comercial terminada con Achari.

바소 (OTCQX: VASO)는 2024년 4분기 및 연간 재무 결과를 발표하며 연간 수익이 8,680만 달러로 기록적인 성과를 올렸으며, 이는 2023년 대비 7% 증가한 수치입니다. 수익 증가에도 불구하고 순이익은 2023년 480만 달러에서 130만 달러로 감소했습니다. 이는 운영 비용 증가 때문입니다.

2024년 4분기 수익은 2,700만 달러로 23.4% 증가했으며, 모든 부문에서 성장세를 보였습니다: IT 부문은 13.6% 증가하여 1,110만 달러, 전문 판매 서비스는 31.2% 증가하여 1,500만 달러, 장비 부문은 31% 증가하여 921,000 달러에 달했습니다. 회사는 2,630만 달러의 현금 및 현금성 자산으로 강력한 현금 위치를 유지하며, 2024년 동안 330만 달러의 운영 현금 흐름을 창출했습니다.

총 이연 수익은 8% 증가하여 3,490만 달러에 달했으며, 조정된 EBITDA는 2023년 510만 달러에서 140만 달러로 감소했습니다. SG&A 비용은 인건비 증가 및 Achari와의 종료된 사업 결합 거래와 관련된 비용으로 인해 7.9% 증가하여 4,860만 달러에 이르렀습니다.

Vaso (OTCQX: VASO) a annoncé ses résultats financiers pour le quatrième trimestre et l'année entière 2024, atteignant un chiffre d'affaires annuel record de 86,8 millions de dollars, soit une augmentation de 7% par rapport à 2023. Malgré la croissance des revenus, le revenu net a diminué à 1,3 million de dollars contre 4,8 millions en 2023 en raison de l'augmentation des dépenses d'exploitation.

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 : le segment informatique a augmenté de 13,6% pour atteindre 11,1 millions de dollars, le service de vente professionnelle a augmenté de 31,2% pour atteindre 15,0 millions de dollars, et le segment équipement a augmenté de 31% pour atteindre 921 000 dollars. L'entreprise a maintenu une solide position de trésorerie avec 26,3 millions de dollars en liquidités et équivalents, tout en générant 3,3 millions de dollars de flux de trésorerie opérationnel en 2024.

Les revenus différés totaux ont augmenté de 8% pour atteindre 34,9 millions de dollars, tandis que l'EBITDA ajusté a diminué à 1,4 million de dollars contre 5,1 millions en 2023. Les dépenses SG&A ont augmenté de 7,9% pour atteindre 48,6 millions de dollars, principalement en raison de l'augmentation des coûts de personnel et des dépenses liées à une transaction de combinaison d'entreprises annulée avec Achari.

Vaso (OTCQX: VASO) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und einen Rekordjahresumsatz von 86,8 Millionen Dollar erzielt, was einem Anstieg von 7% im Vergleich zu 2023 entspricht. Trotz des Umsatzwachstums sank der Nettogewinn von 4,8 Millionen Dollar im Jahr 2023 auf 1,3 Millionen Dollar aufgrund höherer Betriebskosten.

Der Umsatz im vierten Quartal 2024 stieg um 23,4% auf 27,0 Millionen Dollar, mit Wachstum in allen Segmenten: Der IT-Sektor stieg um 13,6% auf 11,1 Millionen Dollar, der professionelle Verkaufsservice stieg um 31,2% auf 15,0 Millionen Dollar und der Gerätesektor stieg um 31% auf 921 Tausend Dollar. Das Unternehmen hielt eine starke Liquiditätsposition mit 26,3 Millionen Dollar in Bargeld und Äquivalenten und generierte im Jahr 2024 einen operativen Cashflow von 3,3 Millionen Dollar.

Die gesamten aufgeschobenen Einnahmen wuchsen um 8% auf 34,9 Millionen Dollar, während das bereinigte EBITDA von 5,1 Millionen Dollar im Jahr 2023 auf 1,4 Millionen Dollar sank. Die SG&A-Ausgaben stiegen um 7,9% auf 48,6 Millionen Dollar, hauptsächlich aufgrund höherer Personalkosten und Ausgaben im Zusammenhang mit einer abgeschlossenen Unternehmenszusammenschluss-Transaktion mit Achari.

Positive
  • Record annual revenue of $86.8 million, up 7% year-over-year
  • Strong Q4 performance with 23.4% revenue growth across all segments
  • Healthy cash position of $26.3 million
  • Positive operating cash flow of $3.3 million in 2024
  • Deferred revenue up 8% to $34.9 million, indicating strong future revenue potential
Negative
  • Net income declined 73% to $1.3 million from $4.8 million in 2023
  • Adjusted EBITDA decreased to $1.4 million from $5.1 million in 2023
  • SG&A expenses increased 7.9% to $48.6 million
  • Equipment segment revenue decreased 12.5% to $2.5 million in 2024
  • Failed business combination transaction with Achari resulted in increased corporate expenses

The Company Reports Continued Growth in Annual Revenue

PLAINVIEW, N.Y., March 31, 2025 (GLOBE NEWSWIRE) -- 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 $86.8 million for the fiscal year 2024, an increase of $5.7 million or 7% when compared to the prior year’s revenue,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Gross profit for 2024 was $52.1 million, up by $1.5 million or 3% year-over-year, and net income for 2024 decreased to $1.3 million from $4.8 million in 2023, mainly due to higher operating expenses including investment in new programs and spending in strategy related activities during the year.”

“As we continued to generate positive cashflow from operating activities, at a rate of $3.3 million during fiscal year 2024, the Company’s balance sheet remains strong, with $26.3 million in cash and cash equivalents as of December 31, 2024,” Dr. Ma continued. “Total deferred revenue increased by $2.7 million, or 8%, in 2024 to $34.9 million, which will be recognized as revenue in future reporting periods when the underlying products or services are delivered.”

“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 23.4% to $27.0 million from $21.9 million for the same period of 2023, due to higher revenues in all our business segments. Revenue in our IT segment increased by $1.3 million, or 13.6%, to $11.1 million as the result of higher network service and healthcare IT revenue; commission revenues in our professional sales service segment increased by $3.6 million, or 31.2%, to $15.0 million due to higher delivery of underlying equipment by our partner as well as higher blended commission rates for the delivered equipment; revenue in our equipment segment increased by $218 thousand, or 31.0%, to $921 thousand as a result of higher equipment sales in China, slightly offset by lower US software-as-a-service subscription sales.

Gross profit for the fourth quarter of 2024 increased by 22.6% to $17.2 million, compared with a gross profit of $14.1 million for the same quarter of 2023. The increase in gross profit was primarily the result of increased revenue.

Selling, general and administrative (SG&A) expenses for the fourth quarter of 2024 increased by 18.4% to $14.3 million, compared to $12.4 million for the fourth quarter of 2023. The increase was primarily attributable to an increase in personnel and travel costs in the professional sales service segment and the IT segment. SG&A expenses were 53.0% and 56.5% of revenue in the fourth quarter of 2024 and 2023, respectively.

Net income for the three months ended December 31, 2024 was $2.5 million, compared with net income of $1.1 million for the three months ended December 31, 2023. The increase was primarily due to the increase in revenue, partially offset by an increase in SG&A costs in 2024.

Financial Results for Year Ended December 31, 2024

For the year ended December 31, 2024, total revenue increased by $5.7 million, or 7.1%, to $86.8 million when compared with $81.0 million of revenue for the year 2023. Revenue in our IT segment increased by 6.4%, to $43.0 million, for the year 2024, from 2023 revenue of $40.4 million, primarily due to an increase in revenue in the managed network service business. Commission revenues in our professional sales service segment increased by $3.5 million, or 9.3%, to $41.3 million in the year 2024, compared to $37.8 million in 2023, primarily as the result of higher equipment deliveries by our partner and higher blended commission rates for the equipment delivered during the year. Equipment segment revenue for the year 2024 decreased by 12.5% to $2.5 million, from $2.8 million in 2023, due to lower ARCS®-cloud software-as-a-service revenues and lower product sales in our China operations driven by a lower volume of deliveries and the negative effect of foreign exchange rate fluctuations in 2024.

Gross profit for the year ended December 31, 2024 increased by 2.9% to $52.1 million from $50.6 million in 2023, as a result of the higher revenue, partially offset by lower gross margin.

SG&A expenses for the year ended December 31, 2024 increased by $3.6 million, or 7.9%, to $48.6 million, or 56.1% of revenue, compared with $45.1 million, or 55.6% of revenue, for 2023. The increase resulted primarily from an increase of $2.2 million in personnel and travel costs in the professional sales service segment, as well as a $1.3 million increase in the IT segment, also due to higher personnel and travel costs. Corporate expenses increased $1.4 million, resulting from an increase in professional fees including legal, accounting and investment banking costs for the proposed business combination transaction with Achari, which we terminated in 2024.

For the year ended December 31, 2024, the Company had net income of $1.3 million compared to net income of $4.8 million in 2023, a decrease of $3.5 million, mainly due to higher operating expenses in 2024 as referenced above.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and share-based compensation) was $1.4 million for the year ended December 31, 2024, compared to Adjusted EBITDA of $5.1 million for the year ended December 31, 2023. The decrease was primarily due to the lower reported net income.

Net cash provided from operating activities in 2024 was $3.3 million, compared to net cash provided from operating activities of $5.3 million in 2023. The decrease was principally due to the decrease in net income. Net cash and short-term investments increased to $26.3 million as of December 31, 2024, compared to $25.3 million as of December 31, 2023.

Deferred revenue increased to $34.9 million as of December 31, 2024, compared to $32.2 million as of December 31, 2023. The increase was primarily the result of order bookings exceeding equipment deliveries in the professional sales service segment in 2024. Deferred revenue will be recognized in the future when the underlying equipment or services are delivered and accepted at the customer site.

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 ENDEDFOR THE YEAR ENDED
STATEMENTS OF OPERATIONSDecember 31, 2024December 31, 2023December 31, 2024December 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 SHEETSDecember 31, 2024December 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


FAQ

What was Vaso 's (VASO) revenue growth in 2024?

Vaso achieved record revenue of $86.8 million in 2024, representing a 7% increase of $5.7 million compared to 2023.

How did VASO's Q4 2024 performance compare to Q4 2023?

Q4 2024 revenue increased 23.4% to $27.0 million, with net income rising to $2.5 million from $1.1 million in Q4 2023.

What caused the decline in VASO's 2024 net income?

Net income decreased to $1.3 million from $4.8 million due to higher operating expenses, including increased personnel costs and expenses related to the terminated Achari transaction.

How much cash does VASO have as of December 31, 2024?

Vaso reported $26.3 million in cash and cash equivalents as of December 31, 2024, up from $25.3 million in 2023.

What is VASO's deferred revenue status as of December 31, 2024?

Deferred revenue increased 8% to $34.9 million, which will be recognized when underlying equipment or services are delivered.
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