Dr. Alvira Macanovic reports
VENTRIPOINT DIAGNOSTICS REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS
Ventripoint Diagnostics Ltd. today released its financial results for the third quarter ended Sept. 30, 2023.
Third quarter highlights
Ventripoint has successfully and seamlessly integrated its specialized artificial-intelligence-powered 3-D Echo software application with Ascend's diagnostic viewer, InView, and reporting application, Cardiovascular Structured Reporting. This product was unveiled at a major pediatric cardiology conference this past August. This cardiovascular workflow product provides an end-to-end solution that rivals other products on the market. It is streamlined, smart and effective for cardiology reading, reporting and diagnostics, thereby improving diagnosis and monitoring of fetal, pediatric and adult congenital heart disease.
As part of Ventripoint's efforts to build awareness and drive adoption of the Ventripoint VMS+, the company was featured in an international news-style program, "The Hidden Heart," made possible by the British Heart Foundation and ITN Business. The program, which documented how Ventripoint transforms ultrasound images into 3-D models of the heart and provides cardiac metrics with an accuracy comparative to cardiac MRI, launched on World Heart Day, Sept. 29. Ventripoint was one of a handful of technologies chosen to demonstrate innovations in treating heart disease.
The company recorded deferred sales for the nine months ended Sept. 30, 2023, of $71,984. This will be recorded as revenue when the clients take ownership of the units.
During the three months ended Sept. 30, 2023, the company recorded a net loss of $1,174,285, compared with a net loss of $1,404,688 for the three months ended Sept. 30, 2022. The decrease in net loss was due primarily to decreases in general and administrative expenses and sales and marketing expenses offset by increases in research and development primarily due to higher salaries and design costs.
During the nine months ended Sept. 30, 2023, the company recorded a net loss of $3,634,823, compared with a net loss of $3,768,472 for the nine months ended Sept. 30, 2022. The decrease in net loss was due primarily to salaries, professional fees, investor relations and share-based compensation.
During the nine months ended Sept. 30, 2023, the company used cash in operating activities of $2,812,122 compared with cash used in operating activities of $3,091,712 for the nine months ended Sept. 30, 2022. The year-over-year decline is due primarily to managing working capital.
Detailed financial information about Ventripoint can be found in its Sept. 30, 2023, financial statements and management's discussion and analysis on SEDAR+.
Ventripoint chief executive officer and president Dr. Alvira Macanovic said:
"This past quarter, we continued our marketing and sales efforts through our direct sales channels and distributors introducing the Ventripoint VMS+ to cardiologists from hospitals across the United States, Europe and the United Kingdom, and continue to make progress on our sales growth plan. We have built a community of early adopters who share stories of the benefits of the Ventripoint VMS+. We are continuing to explore additional partnerships such as the one with Ascend that will further our sales growth. I am pleased to state that our planning and consistent efforts are bearing fruit, as we become a known brand in different medical communities in both Europe and North America."
Ventripoint will host a webinar/conference call at 11 a.m. ET on Friday, Dec. 1, 2023, to discuss its Q3 2023 financial results and to provide an update on sales and marketing activities. Details of the webinar/conference call are as shown in the attached table.
Please dial in five to 10 minutes prior to the scheduled start time and simply ask to join the call.
About Ventripoint Diagnostics Ltd.
Ventripoint has become an industry leader in the application of AI (artificial intelligence) to echocardiography. Ventripoint's VMS products are powered by its proprietary KBR technology, which is the result of a decade of development and provides accurate volumetric cardiac measurements equivalent to MRI (magnetic resonance imaging). This affordable, gold-standard alternative allows cardiologists greater confidence in the management of their patients. Providing better care to patients serves as a springboard and basic standard for all of Ventripoint's products that guide the company's future developments. In addition, VMS+ is versatile and can be used with all ultrasound systems from any vendor supported by regulatory market approvals in the United States, Europe and Canada.
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