Reports Q4 revenue $10.7M vs. $14.5M last year. “IMC Germany delivered accelerated growth in 2023, growing 181% from $252K in 2022 to $709K in 2023. During this time, IMC Germany was #1 in sales per stock keeping unit and posted the highest growth against its competitors in the German market..” said CEO Oren Shuster. “In addition, as we are constantly looking for opportunities to maximize shareholder value, we are hopeful that our potential reverse merger with Israel-based Kadimastem, a clinical cell therapy public company traded on the Tel Aviv stock exchange, will proceed as expected, which we believe will create significant value for the shareholders”. “As previously warned and as expected, unfortunately, the Israel-Hamas war had a negative impact on our Q4 2023 results, which weighed on our full year results. Due to the ongoing conflict, there was a 6% decrease in our yearly revenue. Coupled with our Q4 of 2023 inventory reduction, the war caused our Q4 gross profit to decrease by 68% as compared to Q4 of 2022. However, our gross profit for 2023 increased by 7.5% to $9.8M as compared to last year,” said CFO Uri Birenberg. “Partially offsetting these declines, we were able to reduce our operating costs in Q4 2023 by 55% as compared to Q4 of 2022, ending the year with a 43% reduction in our operating costs as compared to last year, as we leaned further into our goal of active cost management.”
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