Kelyniam Global Releases Q1 Financials - Returns to Profitability

CANTON, Conn., June 18, 2020 /PRNewswire/ -- Kelyniam Global (KLYG), a maker of custom cranial implants, released today financial performance for the first quarter of the 2020. 

"I am pleased to report that the sales momentum established in the last half of 2019 continued into the first quarter despite elective surgeries being cancelled in mid-March due to the pandemic," said Ross Bjella, Kelyniam's CEO. "Even with just 10 weeks of sales, better expense management and fewer legal costs contributed to the company returning to profitability for the quarter," said Bjella.

Financial performance for the three months ended March 31, 2020 compared to the three months over the same period in 2019 includes:

• Total revenue for the quarter of $585,786 compared to $537,199 or growth of 9%.(Growth in the Feb '19 vs Feb '20 time periods of comparable business activity was actually 23.2%)
• Gross margin of $333,372 compared to $318,607
• Operating Income of $68,315 compared to a loss of $9,026

The complete financials can be found on the company's website at www.kelyniam.com/news/

"We were expecting significant negative effects on the business as long as elective surgeries were delayed and that turned out to be accurate," said Bjella. "The impact on the business was significant, however, our ability to manufacture and ship custom implants the same day helped maintain sales in some accounts. We expect this uneven uptake in sales across the country to continue as surgeons again start performing elective procedures."

For the second quarter, the Company expects to see a negative impact to its financial performance as a result of the pandemic. Pent up demand for surgeries may ultimately result in future sales but the company can not specify when this might occur.

The Company applied for and received a US Small Business Administration PPP loan during May and expects to use the full proceeds for payroll, a necessary element for loan forgiveness. This additional liquidity allowed the company to maintain the full operational staff to support potential increased demand as elective surgeries return.

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.

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.

Related Links

http://www.kelyniam.com