Vycor Medical, a leader in neurosurgical solutions, has announced a 10% increase in revenue for the fiscal year ending December 31, 2024, marking a significant milestone in the company's growth trajectory. This growth is largely attributed to the company's expanded presence in the United States healthcare market, where its Vycor Medical division, known for the ViewSite Brain Access System (VBAS), saw a 17% increase in sales to US hospitals and added 11 new hospitals to its client roster.
The company reported total revenues of $1,589,324, with the Vycor Medical division contributing $1,515,744 of that total. Maintaining robust gross margins of approximately 90%, Vycor Medical underscores its operational efficiency and the strong value proposition of its products. The past year also saw the publication of eight peer-reviewed studies on VBAS, including a pivotal 106-patient study on its efficacy in glioma removal and a 22-patient study highlighting minimal complications in colloid cyst surgery, further solidifying the system's reputation in the medical community.
In a strategic enhancement of its corporate development efforts, Vycor Medical has engaged Maxim Group LLC. This partnership aims to explore opportunities for strategic acquisitions, partnerships, and the potential uplisting to a US exchange, signaling the company's ambition for broader market engagement and growth. Despite these advancements, the company faced an increase in non-GAAP operating expenses to $1,340,967, attributed to investments in regulatory compliance, human resources, and scientific consulting.
The NovaVision division, focusing on vision rehabilitation therapies, reported revenues of $73,580, maintaining a high gross margin of 94%. While this division continues to explore its market potential, Vycor Medical remains vigilant about challenges such as recent trade tariff impositions. However, the company's US-based manufacturing operations are expected to mitigate direct risks associated with imports.
For more information on Vycor Medical's innovative solutions, visit https://www.vycormedical.com. The company's commitment to advancing minimally invasive surgical technologies continues to drive its mission forward, amidst a landscape of financial growth and strategic development.
