{"id":33973,"date":"2025-02-14T14:00:00","date_gmt":"2025-02-14T14:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4619717_CN19717_0"},"modified":"2025-02-14T14:00:00","modified_gmt":"2025-02-14T14:00:00","slug":"work-medical-technology-group-ltd-reports-financial-results-for-fiscal-year-2024","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=33973","title":{"rendered":"WORK Medical Technology Group LTD Reports Financial Results for Fiscal Year 2024"},"content":{"rendered":"

HANGZHOU, China<\/span><\/span>, Feb. 14, 2025<\/span><\/span> \/PRNewswire\/ — WORK Medical Technology Group LTD (“WORK Medical” or the “Company”) (Nasdaq: WOK), a supplier of medical devices in China<\/span>, today reported its financial results for the fiscal year ended September 30, 2024<\/span>.<\/p>\n

Mr. Shuang Wu<\/span>, Chairman and Chief Executive Officer of WORK Medical, remarked, “We are pleased to report our Company’s performance for the fiscal year ended September 30, 2024<\/span>. As the lingering effects of COVID-19 gradually subside and the global business environment returns to normal, our net revenue reflects a decline primarily due to a 69.4% decrease in mask sales. We have implemented a strategic transformation to drive growth in other key revenue streams over recent years. Specifically, our sales of medical devices, excluding masks, increased by 17.7% to $9.4 million<\/span> for fiscal year 2024. This, coupled with a 33.9% growth in commodity trading, has partially mitigated the decline in mask sales. To support this transformation, we made investments in marketing and promoting medical devices other than masks, which is reflected in the 31.0% rise in selling and marketing expenses. These expenditures represent strategic investments aimed at long-term growth, which, we believe will position us on a more balanced foundation for future success. Despite the challenges mentioned, our R&D expenses increased by 0.3%. Looking ahead, we plan to leverage our cash reserves to support ongoing strategic transformations. Our focus will be on driving innovation, exploring overseas opportunities, accelerating internationalization, and securing additional global orders, so as to deliver greater value to our shareholders.”<\/p>\n

Fiscal Year 2024 Financial Results<\/b><\/p>\n

Net <\/i><\/b>Revenue<\/i><\/b><\/p>\n

Net revenue was $11.5 million<\/span> in fiscal year 2024, representing a decrease of 15.2% from $13.6 million<\/span> in fiscal year 2023. The overall decrease in net revenue was mainly due to the decline in demand and unit price of masks and was offset by the increase of revenue of medical devices other than masks and commodity trading.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n\n

For the Year Ended,
September 30,<\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

($ millions)<\/span><\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n\n

2024<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Masks<\/span><\/p>\n<\/td>\n

\n

$    1.6<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$    5.1<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Medical devices other than masks<\/span><\/p>\n<\/td>\n

\n

9.4<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8.0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Commodity trading<\/span><\/p>\n<\/td>\n

\n

0.4<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.3<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Others<\/span><\/p>\n<\/td>\n

\n

0.1<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.2<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net revenue<\/span><\/p>\n<\/td>\n

\n

$   11.5<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$   13.6<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n