Vaso Corporation Announces Financial Results for Third Quarter 2024
Vaso (OTCQX: VASO) reported Q3 2024 financial results with revenue of $20.8 million, up 7% from $19.4 million in Q3 2023, driven by growth in network services. However, the company recorded an operating loss of $1.4 million compared to operating income of $907,000 in Q3 2023. The company maintains a strong balance sheet with $26.8 million in cash and investments, and generated $3.6 million in operating cash flow during the first nine months. Deferred revenue increased by $1.4 million to $33.1 million. The net loss for Q3 2024 was $1.2 million, compared to net income of $1.2 million in Q3 2023, primarily due to business combination costs of $1.5 million.
Vaso (OTCQX: VASO) ha riportato i risultati finanziari del terzo trimestre del 2024, con un fatturato di 20,8 milioni di dollari, in aumento del 7% rispetto ai 19,4 milioni di dollari del terzo trimestre del 2023, trainato dalla crescita dei servizi di rete. Tuttavia, l'azienda ha registrato una perdita operativa di 1,4 milioni di dollari rispetto a un reddito operativo di 907.000 dollari nel terzo trimestre del 2023. L'azienda mantiene un solido bilancio con 26,8 milioni di dollari in contante e investimenti, e ha generato 3,6 milioni di dollari di flusso di cassa operativo nei primi nove mesi. Il reddito differito è aumentato di 1,4 milioni di dollari, arrivando a 33,1 milioni di dollari. La perdita netta per il terzo trimestre del 2024 è stata di 1,2 milioni di dollari, rispetto a un utile netto di 1,2 milioni di dollari nel terzo trimestre del 2023, principalmente a causa dei costi di combinazione aziendale di 1,5 milioni di dollari.
Vaso (OTCQX: VASO) reportó los resultados financieros del tercer trimestre de 2024, con ingresos de 20,8 millones de dólares, un aumento del 7% en comparación con los 19,4 millones de dólares del tercer trimestre de 2023, impulsados por el crecimiento de los servicios de red. Sin embargo, la compañía registró una pérdida operativa de 1,4 millones de dólares en comparación con un ingreso operativo de 907,000 dólares en el tercer trimestre de 2023. La empresa mantiene un fuerte balance con 26,8 millones de dólares en efectivo e inversiones, y generó 3,6 millones de dólares en flujo de caja operativo durante los primeros nueve meses. Los ingresos diferidos aumentaron en 1,4 millones de dólares, alcanzando 33,1 millones de dólares. La pérdida neta para el tercer trimestre de 2024 fue de 1,2 millones de dólares, en comparación con una ganancia neta de 1,2 millones de dólares en el tercer trimestre de 2023, principalmente debido a costos de combinación de negocios de 1,5 millones de dólares.
바사 (OTCQX: VASO)는 2024년 3분기 재무 결과로 2,080만 달러의 매출을 보고했으며, 이는 2023년 3분기의 1,940만 달러에서 7% 증가한 수치로 네트워크 서비스의 성장에 의해 주도되었습니다. 그러나 회사는 2023년 3분기의 907,000 달러 운영 수익에 비해 140만 달러의 운영 손실을 기록했습니다. 회사는 2,680만 달러의 현금과 투자로 강력한 자산 구조를 유지하고 있으며, 9개월 동안 360만 달러의 운영 현금 흐름을 창출했습니다. 이연 수익은 140만 달러 증가하여 3,310만 달러에 이르렀습니다. 2024년 3분기의 순손실은 120만 달러로, 2023년 3분기의 순수익 120만 달러와 비교됩니다. 이는 주로 150만 달러의 사업 결합 비용 때문입니다.
Vaso (OTCQX: VASO) a publié les résultats financiers du troisième trimestre 2024, avec des revenus de 20,8 millions de dollars, soit une augmentation de 7 % par rapport à 19,4 millions de dollars au troisième trimestre 2023, tirée par la croissance des services de réseau. Cependant, l'entreprise a enregistré une perte d'exploitation de 1,4 million de dollars par rapport à un bénéfice d'exploitation de 907 000 dollars au troisième trimestre 2023. L'entreprise maintient un bilan solide avec 26,8 millions de dollars en espèces et en investissements, et a généré 3,6 millions de dollars de flux de trésorerie d'exploitation au cours des neuf premiers mois. Les revenus reportés ont augmenté de 1,4 million de dollars pour atteindre 33,1 millions de dollars. La perte nette pour le troisième trimestre 2024 s'est élevée à 1,2 million de dollars, contre un bénéfice net de 1,2 million de dollars au troisième trimestre 2023, principalement en raison des coûts de combinaison d'entreprises de 1,5 million de dollars.
Vaso (OTCQX: VASO) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 20,8 Millionen Dollar, was einem Anstieg von 7 % im Vergleich zu 19,4 Millionen Dollar im 3. Quartal 2023 entspricht, der durch das Wachstum der Netzwerkdienste begünstigt wurde. Das Unternehmen verzeichnete jedoch einen Betriebsverlust von 1,4 Millionen Dollar im Vergleich zu einem Betriebsgewinn von 907.000 Dollar im 3. Quartal 2023. Das Unternehmen weist eine starke Bilanz mit 26,8 Millionen Dollar in Bargeld und Investitionen auf und generierte 3,6 Millionen Dollar an operativem Cashflow in den ersten neun Monaten. Die aufgeschobenen Einnahmen stiegen um 1,4 Millionen Dollar auf 33,1 Millionen Dollar. Der Nettoverlust für das 3. Quartal 2024 betrug 1,2 Millionen Dollar, verglichen mit einem Nettogewinn von 1,2 Millionen Dollar im 3. Quartal 2023, hauptsächlich aufgrund von Geschäftskombinationskosten in Höhe von 1,5 Millionen Dollar.
- Revenue increased 7% YoY to $20.8 million
- Professional sales services segment revenue grew 3%
- IT segment revenue increased 12%
- Cash position strengthened to $26.8 million from $25.3 million at year-end 2023
- Deferred revenue increased by $1.4 million to $33.1 million
- Operating loss of $1.4 million vs. operating income of $907,000 in Q3 2023
- Net loss of $1.2 million vs. net income of $1.2 million in Q3 2023
- Equipment segment revenue decreased 23%
- Gross profit decreased 2% to $11.8 million
- Operating cash flow declined to $3.6 million from $6.9 million YoY
PLAINVIEW, N.Y., Nov. 14, 2024 (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 reported its operating results for the three months ended September 30, 2024.
“For the third quarter of 2024, the Company’s revenue was
“As the Company continues to generate positive operating cashflow, which was
“Our mission is to continue to grow our current business and revenue streams organically while working closely with our partners and customers across all our business segments. We are cautiously optimistic about the Company’s performance for the remainder of the year, as historically the fourth quarter has been the quarter with highest revenue and income of the year due to the cyclical nature of our business. As we approach yearend, we are focused on optimizing our strong business performance to seize new growth opportunities in 2025,” concluded Dr. Ma.
Financial Results for Three Months Ended September 30, 2024
Total revenue for the three months ended September 30, 2024 was
Gross profit for the three months ended September 30, 2024 decreased by
Selling, general and administrative (SG&A) expenses for the third quarter of 2024 increased by
Net loss for the three months ended September 30, 2024 was
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and non-cash stock-based compensation) was negative
Net cash provided by operating activities in the first nine months of 2024 was
About Vaso
Vaso Corporation is a diversified medical technology company with several distinctive 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 Radiology Information System (“RIS”), Picture Archiving and Communication System (“PACS”), 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 NINE MONTHS ENDED | |||||||||||
| STATEMENTS OF OPERATIONS | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Revenue | $ | 20,769 | $ | 19,449 | $ | 59,732 | $ | 59,107 | ||||
| Gross profit | 11,756 | 12,043 | 34,824 | 36,540 | ||||||||
| Operating income (loss) | (1,393 | ) | 907 | (1,866 | ) | 3,225 | ||||||
| Other income (expense), net | 242 | 307 | 821 | 534 | ||||||||
| Income (loss) before taxes | (1,151 | ) | 1,214 | (1,045 | ) | 3,759 | ||||||
| Income tax expense | (30 | ) | (16 | ) | (154 | ) | (35 | ) | ||||
| Net income (loss) | $ | (1,181 | ) | $ | 1,198 | $ | (1,199 | ) | $ | 3,724 | ||
| Income tax expense | 30 | 16 | 154 | 35 | ||||||||
| Interest expense (income), net | (284 | ) | (264 | ) | (884 | ) | (555 | ) | ||||
| Depreciation and amortization | 219 | 225 | 630 | 762 | ||||||||
| Non-cash stock-based compensation | 8 | 10 | 26 | 38 | ||||||||
| Adjusted EBITDA* | $ | (1,208 | ) | $ | 1,185 | $ | (1,273 | ) | $ | 4,004 | ||
| *Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization and non-cash stock-based compensation | ||||||||||||
| BALANCE SHEETS | September 30, 2024 | December 31, 2023 | ||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Total current assets | $ | 42,990 | $ | 45,099 | ||||||||
| Total assets | $ | 73,943 | $ | 75,757 | ||||||||
| Total current liabilities | $ | 30,168 | $ | 30,040 | ||||||||
| Total stockholders' equity | $ | 25,658 | $ | 26,843 | ||||||||
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential”, “looking forward”, and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. 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 in the US economy and the continued impact of the COVID-19 pandemic; 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; 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:
Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com
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