Full Year 2022 Financial Results
Revenue for the year ended December 31, 2022, was $11.9 million, up 19% from the prior year. The increase in revenues resulted from improved sales to VA hospitals and clinics.
Gross profit was $7.2 million for the year ended December 31, 2022, versus $5.8 million in 2021, an increase of 25%. Gross margin increased 300 bps to 60.7% from 57.7% in the prior year. Gross profit increased as a result of higher revenues and lower inbound freight costs. Total operating expenses increased 6% in fiscal year 2022, totaling $14.1 million compared to $13.3 million in fiscal 2021. Fiscal 2021 results included a $4.5 million charge for goodwill impairment.
Net loss attributable to common shareholders for the year was $7.3 million versus a net loss of $14.0 million in fiscal 2021, an improvement of $6.8 million. The results for the year ended December 31, 2021 included $2.9 million in warrant modification expense. Net loss per share improved from a loss of $2.25 per share in the year ended 2021 to a net loss of $0.76 per share in the year ended 2022, an improvement of $1.49 per share. Of that improvement, $0.40 per share was attributable to a 53% increase in Common shares outstanding.
Cash balance as of December 31, 2022 was $7.0 million before the addition of $5.2 million of gross proceeds raised in January 2023.
