Cash FlowThe need to raise additional cash has been weighing on the stock, especially as the potential to draw down the $45 mm tranche B under its senior secured debt facility with Oaktree Capital Management looked increasingly uncertain, based on the trend in VOWST net sales.
Cash ReservesThe company ended the quarter with $111.2 mm in unrestricted cash and equivalents, compared to $128 mm at the end of FY23.
Financial Performance1Q24 sales of VOWST were disappointing, flat sequentially at $10.1 mm (-2.9%), based on 642 units of VOWST sold.