Vitrafy Life Sciences (VFY) H2 2024 earnings summary

Executive summary

• Reported a net loss after tax of $10.4 million for FY2024, compared to a $7.8 million loss in FY2023, driven by continued R&D and commercialisation activities in cryopreservation solutions for human and animal health.

• Generated commercial revenue from cryopreservation services for Huon Aquaculture, with ongoing negotiations for further software integration and commercial agreements.

• Advanced regulatory and commercial milestones, including FDA registration for a cryopreservation device and ISO13485 certification for manufacturing.

• Strengthened executive team with new CEO, CFO, and CTO appointments to support the next phase of growth.

Financial highlights

• Sales revenue was $37,166, with government grants of $2.02 million and other income of $33,573 for FY2024.

• Total comprehensive loss for the year was $10,425,475, up from $7,812,705 in FY2023.

• Cash and cash equivalents increased to $6.41 million at year-end, up from $1.72 million in FY2023, primarily due to capital raised via convertible notes.

• Negative net cash flow from operating activities of $6.79 million, reflecting ongoing investment in R&D and commercialisation.

Outlook and guidance

• Preparing for an IPO by 31 December 2024, with plans to raise up to $35 million.

• Confident in securing additional capital or extending convertible notes if IPO is delayed, supported by a strong investor base.

• Focused on scaling commercial operations and expanding regulatory approvals in the next 12 months.