Kelyniam Global Releases 3rd Quarter 2020 Financials Steady Growth and a Focus on Profitability Despite Covid-19
CANTON, Conn., Nov. 16, 2020 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its third quarter ended September 30, 2020.
"In the third quarter Kelyniam was able to capture pent-up demand and some additional market share leading to significantly increased sales compared to the same period in 2019," said Ross Bjella, Kelyniam's CEO. "Further, we have now delivered our FDA cleared Integrated Fixation System ("IFS") tabs for a full year and it is clear the marketplace has embraced the ease of use of this technology. Kelyniam will continue to improve our intellectual property protection measures to advance this technology which will only serve to improve patient outcomes."
Financial Performance for the nine months ended September 30, 2020 compared to the nine months over the same period in 2019 includes:
- Total revenue of $1,970,812 compared to $1,430,596 an increase of 37.8% in sales revenue
- Gross margin of $956,173 compared to $764,695.
- Operating income of $133,316 compared to a loss of $272,071
- Net Income $117,651 compared to a loss of $287,660 over the prior year
The resultant turnaround in profitability is substantively attributable to the growth in sales and reduced general & administrative expenses, primarily travel and legal fees.
Events that significantly affected the quarter included:
- On May 11, the Company received a Payment Protection Loan of approximately $111,000 enabling the Company to meet sales demand. The Company submitted a request for loan forgiveness during the third quarter for evaluation by the lending institution and, ultimately, submission to the SBA.
- Ms. Desiree Webb was added to the Board as an Independent Director during the quarter bringing the total number of Board members to five. Ms. Webb's experience is principally associated with market-leading neuroscience and spine surgeons and we expect her to add additional expertise in channel strategy and product development.
"While we have managed an illogical marketplace for all year, it is impossible to predict our financial results for the balance of the year given the recent rise in Covid-19 cases," said Bjella, "Local governments, hospital systems and surgeons may each have different opinions on the need for elective surgeries during this phase of the pandemic. Hospital capacity and case hospitalization rates could negatively impact the business on a quarterly basis for the balance of the year".
Kelyniam is the market leader in producing complex custom cranial implants across the United States within 24 hours.
The complete financials can be found on the company's website at https://www.kelyniam.com/news/
Kelyniam Inc. specializes in the rapid production of custom prosthetics utilizing computer-aided design and computer-aided manufacturing of advanced medical-grade polymers. The Company develops, manufactures, and distributes custom cranial and maxillofacial implants for patients requiring the reconstruction of cranial and certain facial structures. Kelyniam works directly with surgeons, health systems, and payors to improve clinical and cost-of-care outcomes. Kelyniam's web site address is www.Kelyniam.com.
As a cautionary note to investors, certain matters discussed in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to execute its service and product sales plans; changes in the status of ability to market products; and the risks described from time to time in the Company's SEC reports.
SOURCE Kelyniam Global, Inc.
Company Codes: OTC-PINK:KLYG, OtherOTC:KLYG