Significant Revenue Growth
For the three months ended September 30, 2024, the company reported $10.6 million in revenue, marking a 50% increase over the prior year.
Improved Gross Margins
Gross margin on product sales improved to 52%, up from 41% in the previous year. Service revenue gross margin increased to 15% from a negative 3% last year.
Positive EBITDA Achieved
The company posted a second consecutive quarter of positive EBITDA, increasing by $1.6 million over Q3 2023.
Strategic Service Expansion
The company took over all the airport accounts in January 2024, contributing to the improved service revenue and margins.
Future Outlook and Product Focus
The company is focusing on increasing Benchtop NMR product revenue with new product launches expected in 2025.