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Regenerative Medical Technology Group Inc (MSSV0.00%). 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 revenue to $986,308 from $646,828 in the same quarter the previous year. The increase is attributed to marketing and sales efforts that improved brand recognition and exposure in the industry.
Cost of revenue for the quarter was $239,247, compared to $196,535 in the same quarter of the previous year. This increase is due to expanded operations.
The company reported a gross profit of $747,061 for the quarter, compared to $450,293 in the previous year.
Operating expenses increased to $727,412 from $525,356, primarily due to higher professional fees related to the expansion of the Cancun facility.
Interest expense for the quarter was $905,572, down from $1,657,600 in the previous year, reflecting a decrease in the company's debt burden.
Net loss for the quarter was $887,146, compared to a net loss of $5,857,159 in the previous year. The improvement is largely due to the absence of goodwill impairment charges that were present in the prior year.
Cash provided by operating activities was $471,306, while cash used in investing activities was $165,419, primarily for the purchase of property and equipment.
The company had a working capital deficit of $26,577,484 as of September 30, 2024. Management acknowledges the need for additional funding to support operations and meet strategic objectives.
Regenerative Medical Technology Group does not anticipate cash dividend payments to common stockholders in the near future.
The filing also highlights the company's focus on expanding its presence in the regenerative medicine industry, with new clinics and product lines expected to contribute to future revenue growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Regenerative Medical Technology Group Inc Com quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.