EQS-News: Vycor Medical Releases Financial Results for the Year Ended December 31, 2024

BOCA RATON, FL - April 15, 2025 (NEWMEDIAWIRE) - Vycor Medical, Inc. (“Vycor”) (OTCQB-VYCO), today announced financial results for the year ended December 31, 2024.

The company operates through two business units: Vycor Medical, which produces the ViewSite™ Brain Access System (VBAS) for neurosurgeons; and NovaVision®, which offers therapy programs to help patients recover visual disorders after stroke or brain injury and remains a business in development.

Company Highlights

• The Vycor Medical division revenues increased by 10% over 2023 with most of the growth coming from increased US penetration; sales to US hospitals were up 17% during the period with 11 new US hospitals added.
• Gross margins remain strong at around 90%.
• The Company continues to invest in new product development in the Vycor Medical division.
• During 2024, eight new peer-reviewed studies were published on the ViewSite Brain Access System (VBAS), including a significant 106-patient study evaluating its effectiveness in glioma removal. Gliomas are a type of brain tumor that arises from glial cells, which support nerve cells in the brain. Another study involving 22 patients concluded: "VBAS allows for complete cyst removal with minimal complications, offering the benefits of less invasiveness, improved visualization, and reduced tissue disruption, strengthening its role in colloid cyst surgery." Colloid cysts are non-cancerous growths in the brain that can obstruct fluid flow and lead to dangerous pressure buildup. These findings further emphasize the value of VBAS in improving surgical outcomes for both glioma and colloid cyst procedures.
• Company engaged the services of Maxim Group LLC, a leading investment bank, to assist in its corporate strategy. The goal of this engagement is to accelerate the growth of the Company through a variety of possible paths including assisting Vycor in its strategy to grow the Company through strategic acquisitions and partnerships and assist the Company with efforts to position itself for a potential uplisting to a US exchange. All options will be designed to provide increased value to all stakeholders.

Financial Results

For the year ended December 31, 2024, the Company reported revenue of $1,589,324, an increase of $128,720 (or 9%) over 2023. The Vycor Medical division (VBAS) generated revenue of $1,515,744, an increase of $137,146 (or 10%) over 2023. Most of the increase was accounted for by sales to US hospitals, which grew by 17% over 2023 due to increased penetration and hospital usage. Gross profit for 2024 was $1,355,878, a 9% increase over 2023, generating a margin of 89% versus 90% in 2023. The NovaVision division, which remains in development, generated revenues of $73,580 for the year ended December 31, 2024, a decrease of $8,426 or 10% from 2023, and gross margin of 94%, compared to 91% for 2023.

For the year ended December 31, 2024 the Company reported non-GAAP Cash Operating Expenses of $1,340,967 compared to $1,204,570 in 2023, an increase of $136,397 of which $41,793 was sales commissions as a result of increased sales in the US. The remaining increase in operating expenses of $94,604 in 2024 comprised: increased regulatory expense as Vycor transitions to MDR in the EU; increased payroll as Vycor adds to its human resources; and increased scientific consulting related to new product development. The 2024 non-GAAP Operating Profit was $81,548 compared to $111,084 in 2023.

Imposition of trade tariffs

In recent months, following the change in the U.S. presidential administration, there has been an imposition by the U.S. of increased trade tariffs on imported goods entering the United States and the imposition by some countries of retaliatory tariffs. Vycor Medical’s products and the raw materials that are used to manufacture the products are all manufactured in the United States. The imposition of import tariffs should not, therefore, impact our costs, however raw material prices may increase, and raw material supply chains could be disrupted. Although the majority of our sales are to hospitals in the United States, we export to a number of countries, with important export territories including Canada, Japan, the UK and the EU. The imposition of additional retaliatory tariffs by these or other countries to which we export could negatively impact our international revenues. The escalation of tariffs globally could have broader economic impacts which could adversely affect our results of operations and liquidity.

Reconciliation of Non-GAAP Information

Non-GAAP Reconciliation

Management uses certain non-GAAP financial measures (including non-GAAP operating expenses and non-GAAP net loss and loss per share), which exclude non-cash depreciation of purchased assets and non-cash stock-based compensation. Management does not consider these costs in evaluating the continuing operations of the Company. Therefore, management calculates the non-GAAP financial measures provided in this earnings release excluding these costs and uses these non-GAAP financial measures to enable it to analyze further, and more consistently, the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional important information to enable them to assess, in the same way management assesses, the Company’s current and future continuing operations. There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Set forth below are reconciliations of the non-GAAP financial measures to the comparable GAAP financial measures.

On a GAAP basis the Company reported Operating Expenses of $1,431,660, an operating loss of $9,145, a net loss of $431,570 and a loss of $0.01 per share.

Vycor’s GAAP operating costs for year ended December 31, 2024 include non-cash depreciation of purchased assets ($63,910) and non-cash stock compensation charges ($26,873). The Company is providing additional non-GAAP financial measures that exclude these charges and expenses, and reconciliation of GAAP to non-GAAP results is provided in the tables included in this release.

On a non-GAAP basis, taking into account these adjustments, operating expenses for the year ended December 31, 2024 were $1,340,967, non-GAAP operating profit was $81,548, and non-GAAP net loss was $340,878 or $0.01 per share.