Strong Fourth Quarter Powers 2023 Kelyniam Financials

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Mar 17, 2024, 00:00 ET

CANTON, Conn., March 17, 2024 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its year ended December 31, 2023.

"The company set a quarterly unit sales record in the fourth quarter which contributed to achieving slight unit volume growth over 2022," said Ross Bjella, Kelyniam's CEO. "While we were pleased with the increased sales momentum late in the year, total revenue was down 12% on the year due to management focusing on strategic investments in personnel and infrastructure in the early part of the year."

Financial highlights for the year ended December 31, 2023, over the same period in 2022 includes:

Total revenue of $ 2,672,357 compared to $3,017,599 a decrease of 12%
Operating income of -239,166 compared to $69,322, a decrease 345%
Net Income of -$218,471 compared to -$97,560, a decrease of 222%

"Unit and revenue growth in Q4 over the previous quarter was 40%, making up for slower than expected summer sales. The infrastructure investments we made earlier in the year were designed to support rapid growth and it's great to already see the positive result of this work," said Bjella.

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

Events that significantly affected the year and 4^th quarter included:

Unit growth was up 40% over the previous quarter.
A major competitor pulled their implant from the market, opening an opportunity for increased PEEK and CustomizedBoneä sales.
The company added 5 new sales representatives as distributor partners,

"Kelyniam has both sales momentum and a tremendous opportunity to capitalize on the loss of a direct competitor in the market," said Bjella. "Surgeons who liked the osteointegrative benefits of that implant can find similar or better results with the CustomizedBoneä (hydroxyapatite) implant Kelyniam licensed exclusively from Finceramica. Together with the OsteoStripä and Osteoplugä product lines from Osteopore, Kelyniam is well positioned to become the leader in regenerative options for U.S. surgeons."

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