Skyline Medical Reports 2017 Second Quarter Financial Results

MINNEAPOLIS, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ:SKLN) (“Skyline” or “the Company”), developer of the innovative STREAMWAY® waste fluid disposal system for medical applications (“STREAMWAY”), reports financial results for the three and six months ended June 30, 2017 and provides a business update.

Highlights of the second quarter of 2017 and recent weeks include:

• Signed a definitive agreement to merge with CytoBioscience
• Received CE mark for the STREAMWAY System
• Engaged a consultant to secure STREAMWAY distributors throughout Europe and Canada
• Signed a short-term exclusive agreement with Alliant Healthcare, a Service-Disabled Veteran-Owned Small Business, to sell STREAMWAY to U.S. government agencies
• Increased revenue by 25% to $106,822 from $85,422 for the second quarter of 2016
• Continued to garner significant interest in STREAMWAY as evidenced by the growing number of quotes outstanding and requests for demonstrations
• Advanced STREAMWAY sales and marketing focus on the radiology marketplace with booths at the AHRA’s 45^th Annual Meeting and Exposition in Anaheim, Calif., the AHRA local meeting in San Antonio and the CleanMed Conference in Minneapolis
• Improved customer use of disposable filters and cleaning products as part of an ongoing awareness campaign

Management Commentary

“We are encouraged by the progress we have made in broadening awareness for the STREAMWAY System and by the reception we are getting from our increased participation at important medical conferences. This visibility, along with a newly hired sales team of five professionals, has resulted in a substantial increase in the number of potential customers seeking demonstrations of the STREAMWAY and in requests for quotes,” said Dr. Carl Schwartz, chief executive officer of Skyline Medical. “In the second quarter we continued to present the STREAMWAY System at record pace to potential customers; our sales cycle is long, but we have already started to see success with sales occurring in the third quarter. Our awareness campaign to improve the use of disposable filters and cleaning products is starting to take hold, and represent an important source of recurring revenue.