Epsilon Healthcare (ASX:EPN) Reports 43% Revenue Growth and Significant Loss Reduction for 2023
Financial Performance
Epsilon Healthcare Limited reported a 43% increase in revenue for the year ended December 31, 2023, reaching $6.65 million. The company’s net loss after tax decreased by 92% to $1.09 million.
Operational Highlights
The revenue growth is attributed to the company’s increased focus on manufacturing and telehealth operations following the appointment of a new CEO. Operating expenses decreased due to efforts to conserve working capital and improve operational efficiencies.
Financial Adjustments
The appointment of Ure Lynam & Co as the company’s accountants led to the restatement of 2022 financials, correcting errors related to deregistered subsidiaries and share-based payments.
Administration Update
The company was placed into Voluntary Administration by the majority of directors on December 17, 2023, impacting its financial standing and stakeholder confidence.
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