15 August
2024
AOTI, INC. (the "Company" or
"Group" or "AOTI")
Pre-close Trading
Update
Good operational progress:
the Group remains confident of meeting market expectations for the
Full Year 2024
AOTI, INC., a medical technology
group focussed on the durable healing of wounds and prevention of
amputations, is pleased to provide a trading update for the six
months ended 30 June 2024 ("the Period").
Trading has been strong in the
second quarter and has offset the slower trading in January and
February as referenced in the Company's recently published
Admission Document. As a result, the Company expects to report
revenue for the Period of approximately $26.3 million (H1 2023:
$20.8 million), a growth of 26.5 per cent.
The Company successfully raised net
proceeds of £13.5 million (c.$17.5 million) through an initial
public offering on AIM on 18 June 2024. Subsequently, the Group has
received clearance from the FDA to extend the use of its
NEXATM NPWT System into the home care setting, further
increasing its addressable market. Negotiations in new Medicaid
states are progressing well, as are discussions with insurers to
broaden reimbursement within states where the Group is already
active. The Group has also secured a contract with a leading
Workers Compensation services company, which supported nearly 1
million patients across the USA in 2023.
The Company remains confident of
delivering greater than 30 per cent revenue growth and meeting
market expectations for the Full Year 2024. The Company will report
its unaudited interim results for the six months ending 30 June
2024 on 16 September 2024.
END
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AOTI, INC.
Dr. Mike Griffiths, Chief Executive
Officer
Jayesh Pankhania, Chief Financial
Officer
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+44 (0)20 3727 1000
ir@aotinc.net
|
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Peel Hunt LLP (Nominated Adviser and Broker)
Dr. Christopher Golden, Patrick
Birkholm
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+44 (0)20 7418 8900
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FTI
Consulting (Financial PR & IR)
Ben Atwell, Simon Conway,
Natalie Garland-Collins, Alex
Davis
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+44 (0)20 3727 1000
AdvancedOxygenTherapy@fticonsulting.com
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ABOUT AOTI, INC.
AOTI, INC. was founded in 2006 and
is based in Oceanside, California, US and Galway, Ireland,
providing innovative solutions to resolve severe and chronic wounds
worldwide. Its products reduce healthcare costs and improve the
quality of life for patients with these debilitating conditions.
The Company's patented non-invasive Topical Wound Oxygen
(TWO2®) therapy has demonstrated in
differentiating, robust, double-blinded randomised controlled
trials (RCT) and real-world evidence (RWE) studies to more-durably
reduce the recurrence of Diabetic Foot Ulcers (DFUs), resulting in
an unprecedented 88 per cent reduction in hospitalisations and 71
per cent reduction in amputations over 12 months.
TWO2® therapy can be administered by
the patient at home, improving access to care and enhancing
treatment compliance. TWO2® therapy has
received regulatory approvals from the US (FDA), Europe (CE Mark),
UK (MHRA), Health Canada, the Chinese National Medical Products
Administration, Australia (TGA) and in Saudi Arabia.