Electromedical Technologies Announces Preliminary Unaudited Revenue for Q4 and FY 2022 and update on operations

Rhea-AI Summary

Electromedical Technologies, Inc. (OTC-PINK: EMED) has released preliminary unaudited financial data for the year ending December 31, 2022. Total revenue reached approximately $1.15 million, marking a 26.7% increase year-over-year. In Q4 alone, revenue surged by 79% year-over-year and 51% sequentially. CEO Matthew Wolfson highlighted a strong marketing performance and significant brand awareness as driving factors. The company plans to launch its new WellnessPro Infinity device, featuring enhanced capabilities, in 2023. Management is optimistic about expanding customer resources and growth opportunities in the upcoming year.

Positive

• Revenue for FY 2022 increased by 26.7% annually.
• Q4 2022 revenue grew by 79% year-over-year and 51% sequentially.
• Launch of the new WellnessPro Infinity device expected to enhance market presence.

Negative

• None.

SCOTTSDALE, Ariz., March 14, 2023 /PRNewswire/ -- Electromedical Technologies, Inc. (OTC-QB: EMED) ("Electromedical" or the "Company"), a pioneer in the development and production of bioelectronic devices designed to relieve chronic, intractable, and acute pain through frequency and electro-modulation, is pleased to announce preliminary unaudited financial performance data for the three months and twelve months ended December 31, 2022.

• Preliminary revenue for the twelve months ended Dec 31 was approximately $1.15 million, which represents a total increase in sales of 26.7% on a year-over-year basis.
• During the three months ended Dec 31, preliminary revenue increased 79% on a quarterly year-over-year basis and 51% on a sequential quarterly basis.

Matthew Wolfson, Founder and CEO commented, "Q4 was a breakout quarter. We saw topline sales jump in response to further expansion in our brand awareness and sales & marketing performance. Overall, it was our best quarter since we went public and provides strong market feedback that our next-generation R&D and market positioning represents the start of an exciting new chapter for Electromedical. And the path is only going to get more exciting as we get ready to launch our revolutionary Infinity device."

As the Company moves closer to production of the new next-generation flagship device, management plans to offer a special upgrade and exchange program to existing clients, which will be bundled with a lifetime warranty.

The WellnessPro Infinity™ sets a new standard in the bioelectronics and electrotherapy marketplace featuring support for all modalities:

• Designed to support*: TENS, Microcurrent, IF, EMS, PEMF, CES, VNS, PNS, COLD Laser, POD Synchronization, IDNA™,  Deep Pulse™, cloud access and much more.
• Unprecedented accuracy.
• Easiest to use electrotherapy device on the market.
• New Doctor-Patient Portal for updates and personalized treatments.

Wolfson concluded, "Last year was an ambitious year focused on key R&D objectives that we have met and now we are laying a strong foundation for handling business at a far larger scale. We accomplished everything we set out to accomplish and managed to log impressive sales growth along the way. We are also in the process of expanding consumer resources for purchasing Electromedical products. We have added FSA/HSA purchasing optionality already, and we have some more news coming that could sharply increase customer affordability without impacting our margins, and we look forward to discussing that in further detail very soon."

Management notes that 2023 will see the launch of the WellnessPro Infinity™, continued expansion in its sales team, a strong focus on value-add strategic partnerships, research partnerships and further customer affordability strategies as the Company monetizes its market-leading next-generation drug-free pain therapy technology.

The Company has approximately 10,000 past clients. We expect that we will be successful in encouraging a significant part of our past clients to exchange their old units for the improved Wellness Pro Infinity unit with lifetime warranty. Our development process is progressing and we look forward to providing more updates very soon. We will be in a position to start accepting advance deposits in Q2 for these units, which will greatly enhance the Company's cash position.

About Electromedical Technologies

Headquartered in Scottsdale, Arizona, Electromedical Technologies, Inc. is a commercial stage, FDA cleared, bioelectronic medical device manufacturing company initially focused on the treatment of various chronic, acute, intractable, and post-operative pain conditions. Through University collaboration agreements, the Company is working to develop a comprehensive research program in defining the effects of electro-modulation on the human body. By studying the impacts of electrical fields in cell signaling and effects on virus assembly and immune responses, the Company's goal is to reduce pain and improve overall human wellbeing. The Company's current FDA cleared product indications are for chronic acute post traumatic and post-operative, intractable pain relief.

For more information, please visit www.electromedtech.com

Note: Nonhuman preliminary studies that we are planning to start in the near future and their applications are not related to our current product in any way and are currently not cleared in the US.

Safe Harbor Statement

This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward- looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

*Additional modalities other than what the current model is cleared for will require FDA clearances.

Corporate Contact: 
Electromedical Technologies, Inc. Tel: 1.888.880.7888
Email: ir@electromedtech.com
https://electromedtech.com

Public Relations:
EDM Media, LLC
https://edm.media

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SOURCE Electromedical Technologies, Inc.

FAQ

What were Electromedical Technologies' preliminary revenue figures for 2022?

Electromedical Technologies reported preliminary revenue of approximately $1.15 million for the year ended December 31, 2022.

How much did Electromedical's revenue grow in Q4 2022?

In Q4 2022, Electromedical's revenue increased by 79% year-over-year and 51% sequentially.

What is the WellnessPro Infinity device?

The WellnessPro Infinity is Electromedical's next-generation device designed to support various electrotherapy modalities, aimed at improving pain relief treatments.

When can customers expect to purchase the WellnessPro Infinity?

Electromedical plans to start accepting advance deposits for the WellnessPro Infinity in Q2 2023.

What are the future plans of Electromedical Technologies for 2023?

In 2023, Electromedical plans to launch the WellnessPro Infinity, expand its sales team, and enhance customer affordability strategies.