MINNEAPOLIS, Sept. 24, 2015 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ:SKLN) (NASDAQ:SKLNU) today issued the following letter to shareholders:
Dear Fellow Shareholders,
Skyline Medical has never been in a stronger position for long-term success. Given recent commercial accomplishments, as well as the enhanced capital position of the company and our NASDAQ listing, we want to take this opportunity to highlight our plans to drive future growth.
Thus far in 2015, with limited sales personnel, we have signed numerous agreements with major hospitals. In total, there are 90 STREAMWAY® Systems installed in 45 hospitals and surgery centers in 19 states across the U.S., including the recent addition of several larger hospitals, teaching hospitals and surgical centers, such as Duke University Health System, Beth Israel Deaconess Medical Center (a Harvard Medical School Affiliate), Dartmouth-Hitchcock Medical Center, Penn State Milton S. Hershey Medical Center and Oscar G. Johnson VA Medical Center. We believe the early adoption of our product by such esteemed institutions further highlights our product as the best for its application.
We believe there continues to be a significant opportunity for our product to be adopted by new and existing hospitals across their operating rooms. Currently, there are more than 40,000 operating rooms in the U.S., in which over 80 million procedures are performed each year.
With a trial-to-sale conversion rate of 98%, the STREAMWAY System has validated itself in the market. We strengthened our balance sheet in August with the successful completion of a capital raise concurrently listing on the NASDAQ. This new injection of cash, combined with a business model that generates recurring revenues from ancillary products used with each unit deployed has greatly strengthened our ability to support the implementation of our growth strategy.
In order to further penetrate the market, we are in the process of implementing an aggressive sales and marketing strategy for our STREAMWAY Systems, including the establishment of a dedicated salesforce throughout the U.S. We are looking to broaden market awareness of our product by selling to existing customers, new customers, new construction, GPOs, large surgery center chains and federal government contracts. We are also pursuing the regulatory pathway and distribution strategy intended to lead to global expansion.
As an innovative product, the STREAMWAY System offers significant safety, economic and environmental benefits to our customers. The STREAMWAY is the only product in the market that offers continuous suction and flow with the ability to measure fluid waste, offering significant advantages to hospital staff. The innovative, direct-to-drain design offers a broad array of benefits, including eliminating staff exposure to harmful fluids, reducing costs for the hospital, and simplifying the entire fluid waste disposal process. There is no other product in the market with this functionality, and as such, we believe that our product will revolutionize the way that hospitals and medical centers dispose of hazardous waste.
Investments are also being made in Research and Development to create enhancements for existing products, as well as the possible creation of new and complementary products to grow our revenue.
We are proud of our achievements in 2015 and excited about the long-term potential for the business. We have a state-of-the-art offering for a growing segment of the surgical equipment market and believe there are significant growth opportunities ahead. We thank you for your investment and continued support during this period and look forward to keeping all of our shareholders apprised of our continued progress.
Sincerely,
Joshua Kornberg, CEO
About Skyline Medical Inc.
Skyline Medical Inc. produces a fully automated, patented, FDA-cleared, waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods — which require hand carrying and emptying filled fluid canisters — present an exposure risk and potential liability. Skyline Medical’s STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers, 2) improve compliance with Occupational State and Health Association (OSHA) and other regulatory agency safety guidelines, 3) improve efficiency in the operating room, and radiology and endoscopy departments — leading to greater profitability, and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the United States. For additional information, please visit: www.skylinemedical.com.
Forward-looking Statements:
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, current negative operating cash flows and a significant balance of debts, liabilities and cash obligations that are either considered past due or that will become due in calendar 2015; the terms of any further financing, which may be highly dilutive and may include onerous terms; the features of the Company’s Series A Warrants that include a cashless exercise feature that has the potential to be highly dilutive, and the existence of which may depress the price of our common stock regardless of the Company’s business performance; unexpected costs and operating deficits, and lower than expected sales and revenues; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others’ patents and patent applications necessary to develop products; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition; the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company’s financial position. See the Company’s most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
CONTACT: Skyline Investor Relations Contacts: Garth Russell / Elizabeth Barker KCSA Strategic Communications 212-896-1250 / 212-896-1203 skyline@kcsa.com
Help employers find you! Check out all the jobs and post your resume.
