Michael Fortunato
Chief Financial Officer at Biostem
Thank you, Jason, and good afternoon, everyone. We appreciate you joining us today, I will now present BioSim's fourth quarter twenty twenty four and year end financial results, which were a record achievement for the company. As I discussed earlier, these results are unaudited and reported consistent with our current accounting policy and are subject to change, which could be material based on our resolution of SEC comments and final closing of our year end audit. For the fourth quarter twenty twenty four, net revenue was $102,900,000 compared to $11,500,000 for the same period in 2023, reflecting an increase of $91,300,000 year over year. This increase was driven primarily by the nationwide launch of Endahi AC and continued market demand for ImmuneRev two. Gross profit for the fourth quarter was $99,300,000 or 97% of net revenue compared to $10,900,000 or 95% of net revenue for the same period in 2023, reflecting an increase of $88,400,000 This improvement was largely due to nationwide launch of Endot AHC and continued demand for IndioWrap II. Operating expenses for the fourth quarter of twenty twenty four were CAD 90,900,000.0 compared to 11,200,000.0 for the fourth quarter of twenty twenty three, an increase of CAD 79,700,000.0.