REG - AOTI, Inc. - Pre-close Trading Update

AotiAnnouncement

15/08/2024 07:00

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RNS Number : 4843A  AOTI, Inc.  15 August 2024

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 NEXA(TM) 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

 

 AOTI, INC.

 Dr. Mike Griffiths, Chief Executive Officer   +44 (0)20 3727 1000

 Jayesh Pankhania, Chief Financial Officer     ir@aotinc.net (mailto:ir@aotinc.net)

 Peel Hunt LLP (Nominated Adviser and Broker)

 Dr. Christopher Golden, Patrick Birkholm      +44 (0)20 7418 8900

 FTI Consulting (Financial PR & IR)

 Ben Atwell, Simon Conway,                     +44 (0)20 3727 1000

 Natalie Garland-Collins, Alex Davis           AdvancedOxygenTherapy@fticonsulting.com

                                             (mailto:AdvancedOxygenTherapy@fticonsulting.com)

 

 

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 (TWO(2)(®)) 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. TWO(2)(®  )therapy can be administered by the
patient at home, improving access to care and enhancing treatment compliance.
TWO(2)(®) 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.

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