Kelyniam Global Releases 2nd Quarter 2021 Financials Maintains Profitability - Covid Challenges Continue
CANTON, Conn., Aug. 23, 2021 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its half year ended June 30, 2021.
"Period comparisons for 2021 and 2020 are very difficult to evaluate due to the multiple effects of the Covid 19 pandemic in 2020. The second quarter of 2020 results were uniquely affected due to a backlog of surgeries after the lifting of state mandated restrictions. We have not seen a similar rebound effect yet in 2021. Despite ongoing surgery delays in 2021 due to the pandemic, Kelyniam continued to operate profitably during the 1st half of the year," said Ross Bjella, Kelyniam's CEO.
Financial performance for the six months ended June 30, 2021 compared to the six months over the same period in 2019 includes:
- Total revenue of $ 1,224,059 compared to $1,265,235, a decrease of 3.25% in sales revenue
- Operating income of $47,167 compared to $181,395
- Net Income $5,544 compared to $184,567 over the prior year
The complete financials can be found on the company's website at www.Kelyniam.com.
Events that significantly affected the quarter financially included:
- Kelyniam will be issuing US GAAP-basis financials going forward associated with a new SEC rule on the submission of current financial information through the broker portal of OTC Markets.
- The Company was notified in early July that it's second balance of the Paycheck Protection Plan loan balance of $144,000 was to be forgiven. The accounting effects of this forgiveness will occur in the 3rd quarter.
Pursuant to a previous set of FDA 483 observations in 2019, the Company was audited in July 2021. While the Company successfully remediated several of the '19 findings, the pandemic created supply chain delays making it impossible for the company to complete the validation of certain equipment and processes identified during the previous audit. Kelyniam continues to work with the FDA to resolve these recent audit observations, primarily around document control and certain process and equipment validations. The Company will provide its response to the FDA during the next two weeks.
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. 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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