NewGenIvf Group reports 2023 revenue $5.1M vs. $5.9M last year

Gross profit increased by 9.4% to $1.7 million from $1.5 million in the full year of 2022. Gross margin was 32.8%, compared to 25.9% in the full year of 2022. Siu Wing Fung Alfred, CEO, commented, “2023 was an important year during which we debuted on the Nasdaq, executed two non-binding term sheets for a proposed reverse merger, secured new funding, and laid the groundwork for our future growth. We strive to become the premier fertility service provider in Asia, and are dedicated to assisting people to embark on their family-building journeys. Across Asia, demand for fertility services is on the rise. With our strategically located clinics throughout the region, we are well-positioned to benefit from this growing opportunity. Furthermore, the legal landscape in Thailand is evolving in our favor, with plans to legalize commercial surrogacy for both local and foreign couples, alongside recent strides towards granting legal recognition to same-sex marriage. Capitalizing on these developments, we plan to open an additional clinic in Thailand near the iconic Erawan Shrine in downtown Bangkok, further solidifying our presence in this key market. In the meantime, we have also signed an order with a leading channel dealer for a very healthy amount of our IVF treatments and surrogacy services between now and the end of 2025.From a financial perspective, we successfully generated $5.1 million in total revenues and increased our gross profit by 9.4%. Furthermore, we expanded our gross margin by 6.8 percentage points and ended 2023 with a net income of $0.1 million. To bolster our financial position, we successfully effectuated the closing for a senior unsecured convertible note facility with a certain investment fund earlier this month. Such convertible note facility is for up to $13.3 million. This capital infusion is set to catalyze our expansion strategy, and the funding will be judiciously deployed to upgrade our infrastructure with the latest technologies, amplify our marketing initiatives to penetrate new markets, and attract industry-leading talent to drive our sales and operational excellence. Looking ahead, we will continue to execute on our long-term vision of providing comprehensive fertility solutions to individuals and couples while generating sustainable shareholder value.”