Ventripoint Diagnostics Reports Second Quarter 2023 Financial Results

About this update from Ventripoint Diagnostics Ltd.

[{"type":"text","content":"Ventripoint Diagnostics Reports Second Quarter 2023 Financial Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, Ontario – The Newswire –\nAugust 30, 2023\n \n \n - Ventripoint Diagnostics Ltd.\n(\"\n \n \n Ventripoint\n \n \n \" or the \"\n \n \n Company\n \n \n \"), (TSXV:VPT\n \n \n )\n \n \n (\n \n \n OTC:VPTDF)\ntoday reported financial results for the second quarter ended June 30,\n2023 (www.sedar.ca).\n \n \n \n \n Second-quarter highlights\n \n \n \n \n \n \n Ventripoint entered into a strategic collaboration with\nAscend Cardiovascular, LLC, a leading provider of cardiovascular IT\nsolutions and the two companies have signed a letter of intent to\nexplore joint research and development initiatives, knowledge sharing,\nand combining efforts to bring innovative AI-based solutions to the\nmarket.  This collaboration has culminated in the development of a\nnew integrated product with Ascend.\n \n \n \n \n \n \n Significant sales to two key centres in Europe,\nincluding the largest heart center in Germany, Deutsches Herzzentrum\nder Charité (DHZC), German Heart Center, in Berlin, Germany and to\nMedical Center – University of Freiburg im Breisgau, Germany through\nthe efforts of Ventripoint’s European Distributor, Angiopro\nGmbH.\n \n \n \n \n \n \n The Company recorded deferred sales for the six months\nended June 30, 2023, of $71,986. This will be recorded as revenue when\nthe clients accept the units.\n \n \n \n \n \n \n During the three months ended June 30, 2023, the\nCompany recorded a net loss of $1,115,203, compared to net loss of\n$1,354,578 for the three months ended June 30, 2022. The decrease in\nnet loss was due primarily to an increase in sales and marketing\nexpenses offset by decreases in share-based compensation, professional\nfees, design costs and external consultants.\n \n \n \n \n \n \n \n \n During the six months ended June 30, 2023, the Company\nrecorded a net loss of $2,460,538, compared to net loss of $2,363,784\nfor the for the six months ended June 30, 2022. The increase in net\nloss was due primarily to an increase in sales and marketing\nexpenses.\n \n \n \n \n \n \n During the six months ended June 30, 2023, the Company\nused cash in operating activities of $1,841,895 compared to cash used\nin operating ac...

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