Business
2024 Full Year Results and Annual Report
2024 Full Year Results and Annual Report.
About this update from Ondine Biomedical, Inc.
[{"type":"text","content":"\n\n15 May 2025\nONDINE BIOMEDICAL INC. (\"Ondine Biomedical\", \"Ondine\" or the \"Company\")\n2024 Full Year Results and Annual Report\nOndine Biomedical Inc. (AIM: OBI), a global leader in light-activated antimicrobial technologies, announces its audited results for the year ended 31 December 2024. A complete version of the 2024 Annual Report and Accounts (\"2024 Annual Report\") can be found here: http://www.rns-pdf.londonstockexchange.com/rns/7278I_1-2025-5-14.pdf and is also being made available to shareholders on the Company's website at www.ondinebio.com/investors/reports-documentation/.\nAll figures are expressed in Canadian Dollars, unless otherwise stated.\nThe AGM will be held at 4:00 p.m. BST (8:00 a.m. Pacific Time) on 26 June 2025. The notice of AGM and a Proxy From will be published in due course and made available to shareholders.\nCarolyn Cross, CEO of Ondine Biomedical commented:\n\"Building on years of success with a growing number of hospitals, we are focused on the foundational pillars that will drive sustainable growth and meaningful impact. The progress achieved commercially, clinically, and operationally in 2024 gives us strong confidence in our future plans and our ability to deliver significant value to our shareholders.\"\n2024 Financial and Operational Highlights:\n· Revenue Growth and Commercial Expansion:\nRevenues increased by 70% to $2.0 million (2023: $1.2 million), driven by an 81% increase in hospital deployments and higher per-hospital revenue year-over-year despite a 40% reduction in sales and marketing spend. In the UK, Steriwave® became the first light-activated antimicrobial listed on NHS Supply Chain, enabling streamlined access for hospitals across England and Wales.\n· Strategic Distribution Partnership:\nEstablished a strategic distribution partnership with Mölnlycke Health Care, a world-leading MedTech company, to accelerate international reach for Steriwave into key markets, including the United Kingdom (UK), European Union (EU), and Middle East. Mölnlycke products and solutions are used daily by hospitals, health care providers and patients in over 100 countries around the world.\n· Margin Expansion:\nGross margin improved to 64% (2023: 58%) as a result of operational efficiencies and the introduction of the enhanced Steriw...