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Nuo Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product sales to $370,951 from $232,241 in the same quarter the previous year. The increase is attributed to an expanding customer base and awareness of the Aurix product.
Gross profit for the quarter was $270,447, compared to $178,423 in the previous year, with provisions for inventory obsolescence impacting both periods.
Operating expenses decreased to $847,820 from $967,976, primarily due to reductions in credit loss provisions and compensation expenses.
Net loss for the quarter was $578,167, compared to $790,640 in the previous year. The reduction in loss is due to increased revenues and decreased operating expenses.
Cash used in operating activities was $1,741,083, while cash used in investing activities was $154,962. Cash provided by financing activities was $1,651,200, primarily from private placements and warrant exercises.
Nuo Therapeutics had a working capital of $628,734 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern without additional financing.
The filing also details the company's strategy to expand its distributor network and increase awareness of the Aurix System among healthcare providers.
Nuo Therapeutics does not anticipate immediate profitability and continues to seek additional financing to support its operations.
The company identified a material weakness in its internal controls over financial reporting due to insufficient accounting resources, which it aims to address by engaging external consultants.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nuo Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.