Crescita Therapeutics sees revenue growth in 2024

Crescita Therapeutics Inc., a Canadian dermatology company, has released its financial results for the fourth quarter and full fiscal year 2024. The company reported a total revenue of $6,902,000 for Q4 2024, up from $4,725,000 in Q4 2023. This increase was primarily driven by a major reimbursement from a client and growth in its skincare product sales. For the year ending December 31, 2024, Crescita’s total revenue reached $19,580,000, compared to $17,522,000 in 2023. The growth was attributed to the same reimbursement and increased sales in their skincare segment. However, the company also noted a decrease in gross profit margins, partly due to a reduction in royalties from a licensing agreement. The company’s operating expenses rose to $3,263,000 in Q4 and $12,823,000 for the year, largely due to higher consulting costs and expenses related to new partnerships. Crescita ended the year with a strong cash balance of $9.3 million, indicating solid financial health and the ability to pursue further growth opportunities. Crescita has focused on expanding its product line, including the acquisition of the Aquafolia brand, which positively impacted its financial performance. The company is optimistic about its future prospects and continues to explore ways to enhance revenue and profitability.