Earnings season has continued to heat up on Friday with another set of result releases.
Two ASX All Ords shares that have released strong full year results today are listed below. Let's see what they reported:
AVITA Medical Inc (ASX: AVH)
The AVITA Medical share price is up 10% to $3.05.
This morning, the medical device company released its fourth quarter and full year results.
The ASX All Ords share reported a 30% increase in commercial revenue to US$18.4 million for the fourth quarter. This took commercial revenue to US$64 million for the full year, which is an increase of approximately 29% compared to the same period a year ago.
Its fourth quarter gross margin came in at 87.6%, which lifted its full year gross profit margin to 85.8%.
However, this couldn't stop the company from reporting a net loss of US$61.8 million for the year. This is up from US$35.4 million in FY 2023. Management advised that the increase in net loss was driven by the higher operating expenses and lower other income.
Looking ahead, commercial revenue is expected to increase to the range of US$100 million to US$106 million in FY 2025. This reflects growth of approximately 55% to 65%.
Pleasingly, the days of heavy losses appear to be nearly over. Management expects to generate free cash flow in the second half of FY 2025 and reach GAAP profitability during the fourth quarter.
GQG Partners Inc (ASX: GQG)
The GQG Partners share price is up over 5% to $2.50.
Investors have been buying the investment company's shares after it delivered strong profit growth in FY 2024.
For the 12 months ended 31 December, the ASX All Ords share posted a 46.9% increase in net revenue to US$760.4 million and a 50.4% jump in distributable earnings to US$447.9 million.
This allowed the ASX All Ords share to boost its total dividends by 50.2% to 13.67 US cents per share. This includes a final quarterly dividend of 3.78 US cents per share.
Commenting on the result, the company's CEO and executive director, Tim Carver, said:
We are pleased to announce our financial results. For the year ended December 31, 2024, GQG experienced net inflows of US$20.2 billion, nearly double our net flows of $10.2 billion from 2023. We ended the year with US$153.0 billion in funds under management, which reflects both net flows and investment performance, an increase of 26.9% from the end of 2023.
The growth in FUM reflects strong performance from our investment team and another great effort from our business team. The increase in FUM led to net revenue growth of 46.9% to US$760.4 million during 2024. Net operating income increased 50.4% to US$577.9 million during the same period, reflecting an increase in average funds under management partially offset by an increase in expenses as GQG continues to invest in talent and overall business activities.
