SUWANEE, GA - Shareholders of Femasys (NASDAQ:FEMY) Inc., a medical device company specializing in women's healthcare solutions, participated in the Annual Meeting of Stockholders on Thursday, resulting in the election of a director and the ratification of the company's independent registered accounting firm.
In the meeting, which was held virtually, stockholders representing approximately 48.2% of eligible votes cast their ballots on two key proposals. Kathy Lee-Sepsick was elected to Femasys' Board of Directors as a Class III director for a three-year term expiring at the 2027 annual meeting of stockholders. The election saw Lee-Sepsick receive 3,943,064 votes in favor, with 589,253 against and 71,779 abstentions. Additionally, there were 6,099,540 broker non-votes.
The second proposal on the agenda was the ratification of KPMG LLP as the company's independent registered accounting firm for the fiscal year ending December 31, 2024. This proposal passed with an overwhelming majority, garnering 10,670,335 votes for, 33,301 against, and no abstentions.
Femasys, headquartered in Suwanee, Georgia, is known for its development and commercialization of innovative medical devices for the women's healthcare market. The company is incorporated in Delaware and is publicly traded on The Nasdaq Stock Market LLC under the ticker symbol NASDAQ:FEMY.
The outcomes of these votes are a regular aspect of corporate governance, allowing shareholders to have a say in the company's strategic direction and oversight. The results of the meeting were filed with the U.S. Securities and Exchange Commission in an 8-K filing, which serves as the source of this information.
InvestingPro Insights
In light of Femasys Inc.'s recent annual meeting, investors may be interested in the latest financial data and analytics provided by InvestingPro. With a market capitalization of $25.11 million, Femasys is a relatively small player in the medical device sector.
According to InvestingPro, the company's revenue for the last twelve months as of Q1 2024 stands at $1.05 million, with a gross profit margin of 65.35%, indicating a strong profitability potential on the products sold. However, the company's operating income margin during the same period was -1423.03%, reflecting significant operating costs relative to revenue.
Notably, Femasys holds more cash than debt on its balance sheet, which is a positive sign of financial stability. Analysts also anticipate sales growth in the current year, which could be a harbinger of improving financial performance. InvestingPro Tips also highlight that the company's stock price often moves in the opposite direction of the market, which could be of interest to investors looking for non-correlated assets. On the other hand, analysts do not expect the company to be profitable this year, and Femasys does not pay a dividend to shareholders.
For those seeking more in-depth analysis, there are additional InvestingPro Tips available for Femasys at https://www.investing.com/pro/FEMY. Interested readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further valuable insights into the company's financial health and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.