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WORK Medical Technology Group (WOK) has announced a strategic partnership with Shanghai Chartwell Medical Device Co. through its subsidiary Work (Hangzhou) Medical Treatment Equipment Co. The collaboration involves Chartwell's subsidiaries including Fuluo, Fuying (a joint venture with Sakura Seiki), and Fufeng (involved in medical rehabilitation devices with Toyota).
The partnership initiatives include:
- Establishing joint investment funds
- Potential investment or merger of Chartwell into WORK Medical
- Co-investment in healthcare infrastructure, R&D, and global acquisitions
CEO Wu Shuang expects this collaboration to enhance operational efficiency, market leadership, and international competitiveness. The company anticipates substantial revenue and profit growth over the next three years, along with an increased proportion of high-value-added products.
WORK Medical Technology Group (Nasdaq: WOK) reported financial results for fiscal year 2024, showing a 15.2% decrease in net revenue to $11.5 million from $13.6 million in FY2023. The decline was primarily due to a 69.4% decrease in mask sales to $1.6 million. However, sales of medical devices excluding masks increased by 17.7% to $9.4 million, while commodity trading grew by 33.9%.
The company reported a net loss of $3.5 million in FY2024, compared to a net income of $0.06 million in FY2023. Operating expenses increased significantly to $6.9 million, with selling expenses up 31.0% and general administrative expenses rising 144.8%. The company's cash position strengthened to $6.6 million, up from $1.6 million, partly due to its IPO of 2,000,000 ordinary shares at $4.00 per share completed on August 26, 2024.
WORK Medical Technology Group (Nasdaq: WOK) announced its subsidiary Hangzhou Shanyou's participation in MEDICA Trade Fair 2024 in Düsseldorf, Germany, from November 11-14. The event, featuring 5,800 exhibitors from 72 countries, provided a platform to showcase their flagship products including non-inflatable laryngeal masks, breathing circuits, and endotracheal tubes. The company aims to enhance its global brand visibility and compete in low- and medium-value medical devices sectors. CEO Shuang Wu emphasized the event's importance in driving international expansion and securing global orders.
WORK Medical Technology Group (Nasdaq: WOK), a Chinese medical device supplier, announced the partial exercise of the underwriter's over-allotment option for its initial public offering. This resulted in the sale of an additional 91,942 ordinary shares at $4.00 per share. The total shares sold increased to 2,091,942, raising gross proceeds to approximately $8.37 million. The option closing date was August 29, 2024, with trading on Nasdaq Capital Market beginning on August 23, 2024. Proceeds will fund production upgrades, product development, marketing, patent purchases, and working capital. Kingswood Capital Partners, acted as the sole book running manager for the offering conducted on a 'firm commitment' basis.
WORK Medical Technology Group (Nasdaq: WOK), a Chinese medical device supplier, has successfully closed its initial public offering (IPO) on August 26, 2024. The company offered 2,000,000 ordinary shares at $4.00 per share, raising approximately $8.00 million in gross proceeds. Trading began on the Nasdaq Capital Market on August 23, 2024, under the ticker symbol 'WOK'. The underwriters have a 45-day option to purchase up to 300,000 additional shares. Proceeds will fund production upgrades, product development, marketing, patent purchases, and working capital. Kingswood Capital Partners, acted as the sole book-running manager for this firm commitment offering.
WORK Medical Technology Group , a Chinese medical device supplier, has announced the pricing of its initial public offering (IPO) on the Nasdaq Capital Market. The company is offering 2,000,000 ordinary shares at US$4.00 per share, aiming to raise US$8.00 million in gross proceeds. Trading is expected to commence on August 23, 2024, under the ticker symbol 'WOK'. The underwriters have a 45-day option to purchase an additional 300,000 shares. Funds will be used for upgrading production equipment, increasing capacity, developing new products, marketing, patent purchases, and working capital. Kingswood Capital Partners, is acting as the sole book-running manager for this firm commitment offering.
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