Visioneering Technologies Inc (VTI) has achieved “record results” for net revenue and cash receipts from customers, according to its unaudited results released for the quarter ended 31 December 2019.
The company reported to the Australian Stock Exchange that:
• Net revenue, unaudited and including the first shipment under private label agreement with Menicon, increased 31% quarter on quarter (QoQ) and 81% over the prior corresponding period (pcp) to US$1.9,
• Unaudited net revenue for 2019 hit guidance at $5.7m, growing 74% over 2018,
• Cash receipts from customers increased 9% QoQ and 77% over pcp to 1.8m, while cash receipts from customers for the full year 2019 were $6 million, up 76% over the 2018 full year.
The company reported that during the quarter, 91.3% of ECPs who purchased product in Q3 FY19 purchased again in Q4 FY19, down from 96.7% for the comparable measure in Q3 FY19 and up from 88.8% in Q4 FY18.
VTI generated its first sales into Asia in September 2019, shipping NaturalVue MF to several patients in Hong Kong. In November 2019, the Singapore Health Sciences Authority granted medical device registration to VTI’s NaturalVue MF and first sales are expected into the territory in the first quarter of 2020. VTI is now looking to move into other parts of Asia including South Korea, Southeast Asia, Japan and China. Additionally it plans to launch in Canada in 2020. Menicon, VTI’s first strategic partner will commence distribution of NaturalVue MF in Europe.
In the United States, VTI CEO Stephen Snowdy said, “momentum continues to be negatively affected by performance-related attrition in the US sales force… pruning and regrowth of the sales force will leave the Company with improved positioning,” he said.