AOTI (AOTI) H1 2024 earnings summary

Executive summary

• Achieved 26.4% revenue growth year-over-year in H1 2024, with strong performance across all segments, especially Medicaid and International.

• Completed IPO on AIM, raising $19.9 million net ($24.7 million gross), strengthening the balance sheet and enabling expansion and debt reduction.

• Launched NEXA™ NPWT device after FDA clearance, expanding product portfolio and market reach.

• Expanded sales team by 27% to 80 FTEs and strengthened senior management and board.

• Secured key contracts and distribution agreements, including with major health insurers and the largest US medical-surgical distributor.

Financial highlights

• Revenue reached $26.9 million in H1 2024, with Medicaid segment up 84% and International/Nexa up 139%.

• Adjusted EBITDA rose to $3.4 million (up 383.9% year-over-year), with margin improving to 12.9%.

• Gross margin remained high and stable at 87.3%.

• Net cash position improved to $5.5 million after IPO proceeds and partial loan repayment.

• Operating expenses increased due to a one-off $5.1 million non-cash share-based payment charge related to the IPO.

Outlook and guidance

• Guidance maintained for over 30% revenue growth and adjusted EBITDA margin of 15–20% for FY 2024.

• Key milestones include VA contract extension, NEXA™ rollout, expanded reimbursement in Germany, and new market entries in Saudi Arabia and the UK.

• Continued focus on expanding Medicaid coverage, scaling sales, and broadening reimbursement.