Electromedical Technologies Reports Comparative 48% Revenue Growth for June 2021 Quarter

Rhea-AI Summary

Electromedical Technologies (OTCQB: EMED) reported a 48% increase in revenue for Q2 2021, amounting to $202,954, compared to $136,755 in Q2 2020. The company saw a 28% decline in Selling, General, and Administrative expenses, bringing them to $677,781. Net loss from operations improved to ($524,658), down from ($817,909) in the previous year. For the six months ended June 30, 2021, revenue rose 5% to $369,394. Despite improvements, total net loss increased to ($3,334,916), or ($0.10) per share, from ($1,291,496) in the same period last year.

Positive

• Revenue growth of 48% for Q2 2021.
• Selling, General, and Administrative expenses decreased by 28%.
• Net loss from operations improved year-over-year.

Negative

• Total net loss increased to ($3,334,916) for the six months ended June 30, 2021.
• Despite revenue growth, the per-share net loss increased to ($0.10).

SCOTTSDALE, Ariz., Aug. 18, 2021 /PRNewswire/ -- Electromedical Technologies, Inc. (OTCQB: EMED) (the "Company"), a pioneer in the development and production of bioelectronic devices designed to relieve chronic, intractable and acute pains by using frequencies and electro-modulation, is pleased to announce that it recorded strong results for the second quarter of 2021, ending June 30, as compared to the same period in 2020.

Quarter ended June 2021 Highlights:

• Revenue increased to $202,954, up from $136,755, a roughly 48% increase over 2Q 2020.
• Selling, General, and Administrative expenses declined by approximately $259,000, to $677,781, down 28% from the $936,669 recorded in 2Q 2020.
• Net loss from operations was ($524,658) versus ($817,909) in 2Q 2020.
• Total net loss improved to ($774,532), or ($0.02) per share, from ($840,255), or ($0.04), for 2Q 2020.

Matthew Wolfson, Founder and CEO of EMED, noted, "We are pleased with our strong operating results for the second quarter of 2021. Implementation of our new sales and marketing initiatives, are starting to pay off as indicated by the significant increases in both unit sales and revenue. We will continue to emphasize these initiatives going forward, which could provide an enhanced foundation for our outreach efforts, potentially resulting in repeat orders from our partners and distributors."

"Separately, as year-end approaches, our team plans to update shareholders regarding our progress with the development of the WellnessProPlus POD which is a critical pending milestone for EMED."

Six Months ended June 30, 2021 Highlights

• Revenue increased to $369,394 up from $351,625, a roughly 5% increase over the six months ended June 30, 2020.
• Selling, General, and Administrative expenses increased by approximately $842,435, to $2,367,254, down 90% from the $1,524,819 recorded during the six months ended June 30, 2020.
• Net loss from operations was ($524,658) versus ($817,909) during the six months ended June 30, 2020.
• Total net loss decreased to ($3,334,916), or ($0.10) per share, from ($1,291,496), or ($0.07), for the six months ended June 30, 2020.

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. 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 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.

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

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SOURCE Electromedical Technologies, Inc.

FAQ

What was Electromedical Technologies' revenue for Q2 2021?

Electromedical Technologies reported a revenue of $202,954 for Q2 2021.

How much did expenses decline for Electromedical Technologies in Q2 2021?

Selling, General, and Administrative expenses declined by approximately 28% to $677,781.

What was the net loss for Electromedical Technologies in the first half of 2021?

The total net loss for the first half of 2021 was $3,334,916.

What is the stock symbol for Electromedical Technologies?

The stock symbol for Electromedical Technologies is EMED.

How did Electromedical Technologies' revenue for the first half of 2021 compare to 2020?

Revenue for the first half of 2021 increased by about 5% to $369,394 compared to $351,625 in 2020.