Vycor Medical reported a 9% revenue increase for the year ended December 31, 2024, with its Vycor Medical division driving growth through expanded hospital penetration and sales. The company's total revenue reached $1,589,324, up from $1,460,604 in 2023, primarily driven by a 17% increase in sales to US hospitals.
The ViewSite Brain Access System (VBAS) demonstrated significant clinical validation through eight new peer-reviewed studies, including a comprehensive 106-patient study evaluating its effectiveness in glioma removal. These studies highlighted the system's potential to reduce tissue damage, improve surgical visualization, and potentially enhance patient outcomes.
Despite modest financial performance, Vycor Medical remains committed to product development and strategic growth. The company has engaged Maxim Group LLC to explore potential strategic acquisitions, partnerships, and potential uplisting to a US exchange, signaling an aggressive approach to expanding market presence.
The NovaVision division, focusing on vision rehabilitation therapies, continues to develop its therapeutic programs while generating relatively modest revenues. The company recognizes the need for further development to fully realize the market potential of its vision restoration technologies.
Financial challenges persist, with the company reporting a net loss of $431,570 for the year. However, management remains optimistic about future growth potential, particularly in neurosurgical and vision rehabilitation markets.
