Fuse Medical, Inc. Reports Third Quarter 2020 Financial Results and Provides Business Update in Response to COVID-19
Third Quarter 2020 Highlights
- Revenue for the third quarter of 2020 was approximately $5.7 million, up 43% from the second quarter 2020, and an approximate $22,000 increase when compared to the prior-year period
- Gross profit for the third quarter of 2020 was 64.4% of revenue, compared to 16.2% of revenue for the prior-year period
- Operating expenses for the third quarter of 2020 were 24.0% of revenues, compared to 39.6% of revenues for the prior-year period
- Net income in the third quarter of 2020 was approximately $80,000, compared to a net loss of approximately $4.1 million for the prior-year period
Chief Executive Officer, Christopher C. Reeg said, “We are very pleased with our results for the third quarter of 2020, especially in light of the impact the COVID-19 pandemic continues to have on our industry and economy overall. We believe the success of our third quarter is driven largely by our strong focus on revenues and customers, as well as the results of our implementation of strategic expense reduction introduced in the first half of 2020. These positive results reflect the momentum and hard work of the entire Fuse team who’s dedication remains vigilant as we continue to navigate these uncertain times. We look forward to keeping these positive trends as we finish out the fourth quarter.”
The Quarterly Report on Form 10-Q filing can be viewed in the “Investors” section of the Company’s website, www.fusemedical.com as well as the SEC’s website.
About Fuse Medical, Inc.
Fuse is an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace. We provide a comprehensive portfolio of products in the orthopedic total joints, sports medicine, trauma, foot and ankle space, as well as, degenerative and deformity spine, orthobiologics and regenerative medicine products. For more information about the Company, or if you’re interested in becoming a distributor of any Fuse’s products, please contact us at firstname.lastname@example.org or visit: www.fusemedical.com.
Forward Looking Statements
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” or similar expressions or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based only on information available to the Company as of the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the Securities and Exchange Commission; the failure of the Company to close the transaction; and integration issues with the consolidated company. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law.
Fuse Medical, Inc.
Devon Morgan, Sr. Investor Relations Analyst
Office (469) 862-3030
Facsimile (469) 862-3035
Source: Fuse Medical, Inc.