Kelyniam Global Releases Annual 2020 Financials
A Solid Year and Steady Growth despite Covid-19
CANTON, Conn., April 2, 2021 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its year ended December 31, 2020.
"I am pleased to announce that Kelyniam returned to profitability in 2020, reaching a significant milestone in the third year of our five year plan. Despite a 2nd wave of elective surgery restrictions in the fourth quarter, Kelyniam, customers embraced our unique ability to reliably deliver custom, well designed implants overnight," said Ross Bjella, Kelyniam's CEO. "Our focus on specific markets and the increase in new surgeons (or facilities) using our products, along with - aggressive expense management in the last half of the year resulted in record Sales Revenue and Profitability."
Financial performance for the year ended December 31, 2020 compared to the year ended 2019 includes:
- Total revenue of $2,512,101 in 2020 compared to $2,183,215 in 2019 an increase of 15.1% in sales revenue.
- Gross margin of $1,183,651 compared to $1,087,172.
- Operating income of $157,309 compared to a loss of ($317,047)
- Net Income of a profit of $168,753 compared to a loss of ($363,533) 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. Forgiveness of the federal Payment Protection Plan loan also contributed to profitability during the year.
"I could not be more proud of the Kelyniam team and our distributor partners. The fact that we had 15% sales growth this year when others in the custom implant market experienced declines is a testament to our sales representatives," said Laura Reed, National Director of Sales. "The sales growth that we saw in Q1, and again in Q3 is a strong indicator that we are well positioned for continued growth once the pandemic is over."
"The Covid-19 infection rate in Q4 caused significant uncertainty in regions and certain providers across the country, with many health care systems voluntarily curtailing elective surgeries. Nevertheless, on a full-year basis, Kelyniam rose to the occasion with record units and revenues" said Bjella. "The gradual opening of the economy has left us cautiously optimistic about our performance in 2021. Quarter on quarter comparisons in 2021are not going to be meaningful due to pandemic related sales fluctuations."
Kelyniam is the market leader in delivering complex custom cranial implants across the United States within 24 hours.
The complete financials can be found on the company's website at www.Kelyniam.com.
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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