Kelyniam Global Reports 2011 3rd & 4th Quarter Financial Results
CANTON, Conn., Feb. 16, 2012 /PRNewswire/ -- Kelyniam (Pinksheets: KLYG), is pleased to announce the 3rd and 4th quarter 2011 numbers consisting of revenues only derived from the medical device business.
While Kelyniam only received the 510k approval for Custom Skull Implants (CSI) in April of 2011, the company was thrilled to be able to receive and fulfill several orders during the 3rd quarter, even before our commercial launch in September. Revenues for the 3rd quarter of 2011 were $63,821. This clearly demonstrates demand for our product.
4th quarter revenues were $46,800. Fewer surgeries were scheduled around the holidays in December and due to the real-time and custom nature of our products some orders were pushed into the first quarter of 2012. This resulted in 4th quarter revenues slightly lower than Q3 revenues. "2011 closes a year of major milestones for Kelyniam. We look forward to building on the momentum in 2012," said President and CEO Tennyson Anthony.
The unaudited revenues for the 3rd and 4th quarter of 2011 are as follows:
Kelyniam Global, Incorporated | |||
Condensed Statement of Income (loss) | |||
Dec 31, 2011 | Sept 30, 2011 | ||
OPERATING REVENUE | |||
Revenues | $ 46,800 | 63,821 | |
Cost of revenue | (100,034) | (55,849) | |
Gross profit | (53,234) | 7,972 | |
OPERATING EXPENSE | |||
General, administrative and selling expenses | 94,057 | 29,799 | |
Professional fees | 8,412 | ||
Total operating expense | 94,057 | 38,212 | |
OPERATING LOSS | $ (147,291) | (30,240) | |
OTHER INCOME (EXPENSE) | |||
Interest expense (net) | (1,259) | ||
Loss on sale of securities | (1,680) | ||
Total other income (expense) | (1,259) | (1,680) | |
NET LOSS | (148,550) | (31,920) | |
Other comprehensive loss: | - | - | |
Unrealized loss on investment securities | - | - | |
Total comprehensive income (loss) | (148,550) | (31,920) | |
Shares issued and outstanding | 16,022,500 | 15,822,500 | |
Basic | |||
(Loss) available to common shareholders per share | $ (0.01) | (0.00) | |
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
Please visit our website at www.kelyniam.com for more information.
Forward-Looking Statements
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
For Question regarding this Press Release, please contact:
Kelyniam Global Inc.
Michael Hamblett, 800-280-8192 x3
Director of Investor Relations
SOURCE Kelyniam Global Inc.