Vasomedical reports Q4 revenue $27M vs. $21.9M last year

“Continuing the trend of top-line growth, the Company’s annual revenue reached another record of $86.8 million for the fiscal year 2024, an increase of $5.7 million or 7% when compared to the prior year’s revenue,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Gross profit for 2024 was $52.1 million, up by $1.5 million or 3% year-over-year, and net income for 2024 decreased to $1.3 million from $4.8 million in 2023, mainly due to higher operating expenses including investment in new programs and spending in strategy related activities during the year. As we continued to generate positive cashflow from operating activities, at a rate of $3.3 million during fiscal year 2024, the Company’s balance sheet remains strong, with $26.3 million in cash and cash equivalents as of December 31, 2024,” Dr. Ma continued. “Total deferred revenue increased by $2.7 million, or 8%, in 2024 to $34.9 million, which will be recognized as revenue in future reporting periods when the underlying products or services are delivered.In the last several years we were able to sustain significant top-line growth and maintain bottom-line profitability, while at the same time generating a substantial amount of free cashflow. As a result, the Company’s financial wellbeing has been improving consistently, setting a good foundation for further growth organically and through partnership or other external opportunities.”