Visioneering Technologies Q1 FY'24 unaudited results

Visioneering Technologies, Inc. (ASX: $VTI) announced its unaudited results for the first quarter ended 31 March 2024. The company reported net revenue of US$2.2 million, a decrease of 2% from Q1 FY'23. Shipments to US ECPs were US$2.3 million, up 1% over Q1 last year. Net cash used in operating activities improved by 18% from Q1 FY'23, reaching (US$0.4 million) (A$0.6 million). Gross margin also increased to 55.9% from 51.2% in Q1 FY'23.

Executive Commentary on Q1 FY'24 Performance

We've now had time to fully analyze the interim 1-year results of the PROTECT Randomized Clinical Trial. The adjusted results using the Common Study Population are 50% better than the competing product, and they corroborate the real-world studies that VTI has performed for the past several years. These interim results have already allowed us to grow our business by expanding our international distribution, and we expect them to enable us to continue to strengthen our strategic partnerships and establish new ones and deepen our business relationships with eye care practitioners worldwide.

Summary of Q1 FY'24 Results and Outlook

Visioneering Technologies, Inc. (ASX: $VTI) reported an 18% improvement in net cash used in operating activities for Q1 FY'24, along with a 55.9% gross margin. The company finished Q1 FY'24 with $2.7 million in cash and cash equivalents, projecting sufficient cash to finance operations through 2024 and into the first quarter of 2025. VTI also plans to explore additional financing during 2024 to support its long-term strategic plan. The PROTECT Randomized Clinical Trial demonstrated positive results, indicating the safety and effectiveness of the NaturalVue Multifocal 1 Day in slowing myopia progression. VTI's global expansion efforts include signing new distribution agreements and negotiating partnerships in various regions, with increased interest following the PROTECT trial results.