Kelyniam Global Releases 2019 Financials
CANTON, Conn., May 18, 2020 /PRNewswire/ -- Kelyniam Global (OTC: KLYG), a maker of custom cranial implants, today announced results for its fourth quarter and full year ended December 31, 2019.
"Kelyniam achieved record sales in 2019, growing slightly over 2018's strong performance," said Ross Bjella, Kelyniam's CEO. "This marks three years in a row with positive growth, which is attributable to sales from product enhancements, such as the Integrated Fixation System Tabs, and the addition of new distributors. In addition, in 2019 the Company embarked on a multi-channel distribution strategy which helped to develop and broaden product access into new geographies and health care systems."
Financial performance for the quarter ended December 31, 2019 compared to the same quarter ending in 2018 includes:
- Total revenue of $724,897 compared to $571,457
- Gross margin of $336,094 compared to $251,066
- Net Income (loss) of ($134,887) compared to ($26,102)
"A big piece of the quarter on quarter growth represented above is due to the success of our multi-channel strategy," said Bjella.
Financial performance for the twelve months ended December 31, 2019 compared to the twelve months ended 2018 includes:
- Total revenue of $2,183,125 compared to $2,123,699
- Gross margin of $1,087,172 compared to $1,167,679
- Net Income (loss) of ($357,953) compared to ($15,304)
The principle element associated with the decrease in net income, as disclosed in the financial statements, was professional fees, primarily counsel, associated with a one-time litigation settlement involving a former employee. As disclosed previously, this litigation was settled in early 2020. The decline in margin was due to marketing expenses associated with the launch of the IFS Tabs.
The complete financials can be found on the company's website at www.Kelyniam.com.
"We are pleased to see strong sales momentum going into 2020," said Bjella, "However, the Covid-19 virus and the effects of government policy and Health Care System protocols will impact the Company for the balance of the year. Putting the litigation behind us and cleaning up the Balance Sheet in regard to assets that management has determined have no value will position Kelyniam for success this year as the markets open up."
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 maxillo-facial 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.
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