Magnetica Limited Reports Strong Revenue Growth Despite Wider Loss

Magnetica Limited (ASX: MHH) has announced its financial results for FY24, posting revenue of AU$6.15 million, a 35% increase from the prior year, driven by higher sales of magnetic resonance imaging (MRI) systems and parts. At the time of writing, the company reported a net loss of AU$5.88 million, widening from AU$3.74 million in FY23, mainly due to increased R&D spending and operational costs related to the development of its compact MRI systems. Gross margins improved slightly to 45%, supported by a favorable sales mix. Magnetica continues to advance its next-generation extremity MRI systems and is targeting regulatory approvals in key markets over the next two years. The company remains well-funded with AU$4.9 million in cash, positioning it to execute on its growth and commercialisation plans in the global MRI market.

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