BioElectronics Corporation Reports Double Digit Quarterly Sales Growth, KT Health and DJO Launches Outpacing Forecasts
BioElectronics Corporation (BIEL) reported strong Q1 2021 results with sales reaching $605,675, an 18% increase from Q4 2020, comprising 73% of total 2020 revenue. The increase is attributed to the strategic repositioning as an OEM manufacturer and includes over $306,000 in deferred sales. The company is advancing partnerships in OTC and prescription markets with positive consumer feedback and has re-acquired its CE mark and obtained MDSAP certification, expanding international distribution. Continued investments in R&D and manufacturing are also underway.
- Q1 2021 sales increased by 18% compared to Q4 2020.
- Sales represent 73% of total revenue for 2020.
- Over $306,000 in deferred sales expected from signed contracts.
- Positive consumer feedback for new OTC products averaging over 4.5 out of 5 stars.
- Re-acquired CE mark and obtained MDSAP certification, enabling distribution in multiple international markets.
- Launch into the medical channel was slowed by the pandemic.
FREDERICK, MD, April 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioElectronics Corporation (https://www.bielcorp.com/ OTC PINK: BIEL) is pleased to report Q1 2021 revenue figures, the progress on three different product launches into the OTC and medical markets, ongoing efforts to expand international distribution, and finally, new initiatives into strengthening R&D/manufacturing capabilities.
First quarter sales were
Looking ahead, the Company is now working with their three major channel partners, i.e., KT Health and Scott Specialties in the OTC space, and Medi-Launch in the prescription medical market, to solidify new orders after strong initial product launches that took place in Q1 2021. Kelly Whelan, President & CEO, expressed enthusiasm, “Initial OTC feedback has been very positive, as witnessed by strong consumer reviews (averaging over 4.5 out of 5 on Amazon.com and their company websites) for both the KT Recovery+ Wave™ and DonJoy® EME products. The launch into the medical channel was slowed by the pandemic but has recently accelerated as hospitals are resuming non-emergency surgical procedures.”
The Company is also pushing forward on the international sales front. In addition to re-acquiring their CE mark (which allows the Company to sell in most international countries) in late 2020, it also obtained MDSAP certification in Q1 2021, which now allows for product distribution in Canada, Australia, and New Zealand. Ms. Whelan also said, “We are now exploring expanding our OTC sales into more countries in the EU using the same strategy of identifying firms with strong retail experience selling their branded products into the retail market. We hope to be able to announce the results of these conversations in the near future. In addition, through Medi-Launch, we have signed four new international distributorships contracts for our RecoveryRx line.”
Mr. Richard Staelin, Chairman of the Board, commented, “We believe it is important to keep investing in one of our core capabilities, i.e., designing and manufacturing Pulsed Short Wave Therapy medical devices. With this in mind, we are in active talks to conduct new clinical trials both with our RecoveryRx product and extensions of our OTC devices. We are also working with our contract manufacturer to strengthen our manufacturing capabilities to accommodate for increased production, amid international volatility in raw material costs.”
Disclosure
Certain information set forth in this email contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this email are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contact: Paul Knopick
pknopick@eandecommunications.com
940.262.3584
FAQ
What were BioElectronics Corporation's Q1 2021 revenue figures?
What is the stock symbol for BioElectronics Corporation?
How much did Q1 2021 sales increase compared to Q4 2020?
Did BioElectronics Corporation obtain any certifications in Q1 2021?
What is the significance of the $306,000 in deferred sales for BioElectronics Corporation?
