Business
NewGenIvf Announces Filing of 2023 Annual Report with the SEC
Total Revenues Reach US$5.1 MillionGross Profit Increases by 9.4% to US$1.7 MillionNet Income of US$0.1 million BANGKOK, Thailand, Aug. 21, 2024 (GLOBE
About this update from Newgenivf Group Limited
[{"type":"text","content":"Total Revenues Reach US$5.1 MillionGross Profit Increases by 9.4% to US$1.7 MillionNet Income of US$0.1 million BANGKOK, Thailand, Aug. 21, 2024 (GLOBE NEWSWIRE) -- NewGenIvf Group (NASDAQ: NIVF) (“NewGen” or the “Company”), a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments, today announced that on August 19, 2024, the Company filed its 2023 annual report (20-F) with the SEC. 2023 Financial Highlights Total revenues were US$5.1 million in the full year of 2023.Gross profit increased by 9.4% to US$1.7 million from US$1.5 million in the full year of 2022.Gross margin was 32.8%, compared to 25.9% in the full year of 2022.Net income was US$0.1 million in the full year of 2023. Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen commented, “2023 was an important year during which we debuted on the Nasdaq, executed two non-binding term sheets for a proposed reverse merger, secured new funding, and laid the groundwork for our future growth. We strive to become the premier fertility service provider in Asia, and are dedicated to assisting people to embark on their family-building journeys. Across Asia, demand for fertility services is on the rise. With our strategically located clinics throughout the region, we are well-positioned to benefit from this growing opportunity. Furthermore, the legal landscape in Thailand is evolving in our favor, with plans to legalize commercial surrogacy for both local and foreign couples, alongside recent strides towards granting legal recognition to same-sex marriage. Capitalizing on these developments, we plan to open an additional clinic in Thailand near the iconic Erawan Shrine in downtown Bangkok, further solidifying our presence in this key market. In the meantime, we have also signed an order with a leading channel dealer for a very healthy amount of our IVF treatments and surrogacy services between now and the end of 2025.” Mr. Siu Wing Fung Alfred continued, “From a financial perspective, we successfully generated US$5.1 million in total revenues and increased our gross profit by 9.4%. Furthermore, we expanded our gross margin by 6.8 percentage points and ended 2023 with a net income of US$0.1 million. To bolster our financial position, we successfully effectuated the closing for a senior unsecured convertible note...