Visioneering Reports 6% US Shipment Growth and 57.1% Gross Margin in Q4 FY'24

Financial Performance and Operational Highlights

Visioneering Technologies (ASX: VTI) closed out Q4 FY'24 with a nuanced financial performance. While net revenue slipped 4% compared to the same quarter last year to US$1.8 million, the company posted a modest 1% increase on a year-to-date basis, reaching US$8.8 million. This slight revenue dip contrasts with encouraging operational metrics, including a 6% rise in shipments to US eye care professionals (ECPs) and a robust 36% jump in cash receipts from customers during the quarter.

These improvements translated into a 59% reduction in net cash used in operating activities, down to US$0.6 million for the quarter, signaling enhanced cash flow management. Gross margin also edged higher to 57.1%, up from 57.0% in Q4 FY'23, reflecting lower per-unit costs and strategic price increases implemented earlier in the fiscal year.

Clinical Trial Progress Bolsters Market Position

Central to Visioneering’s growth narrative is the PROTECT Randomized Clinical Trial, a multi-center study evaluating the efficacy of the NaturalVue® Multifocal 1 Day Contact Lens in controlling myopia progression. Preliminary two-year data reveal sustained control of myopia progression, with refractive error improvement of 0.60 diopters and axial length reduction of 0.25 millimeters. These results align closely with the only FDA-approved therapy for myopia control, positioning Visioneering’s product as a competitive alternative in a fast-growing segment of vision care.

Additionally, the company presented promising findings from an astigmatism study demonstrating a 100% success rate in correcting astigmatism up to 2.00 diopters and 83% success up to 3.00 diopters. Patient feedback highlighted satisfactory visual quality and comfort, reinforcing the product’s clinical and commercial appeal.

International Expansion and Market Development

Visioneering is actively expanding its global footprint. The company secured regulatory approval for its NaturalVue® lens in Vietnam and signed a new distribution agreement in South Korea, with plans underway to enter Germany, Austria, and Switzerland. A new logistics partnership in Europe aims to streamline supply chain operations, enhancing service efficiency across the region.

The product’s recognition with the prestigious Optician Award in the UK underscores its growing international reputation. CEO Dr. Juan Carlos Aragón emphasized the strengthened US sales team and refined promotional strategies as key drivers behind the recent shipment growth and increased market momentum.

Financial Outlook and Strategic Considerations

Despite ending the quarter with a modest cash balance of US$0.6 million, Visioneering’s management remains confident in sustaining operations into Q2 2025. The company is actively exploring additional financing options post-delisting to support its long-term strategic objectives. The backing of major shareholder Thorney provides a financial safety net, reinforcing operational continuity.

Looking ahead, Visioneering’s ability to leverage clinical trial data, expand international distribution, and improve operational efficiencies will be critical to reversing the recent revenue softness and driving sustainable growth.