Kelyniam Global Announces 3rd Quarter Results

Rhea-AI Summary

Kelyniam Global (OTC:KLYG) announced strong third-quarter results for the period ending September 30, 2022. Total revenue reached $2,194,435, marking a 12.3% increase year-over-year, with a gross margin of $1,738,733, up 16.4%. However, operating income decreased to $93,523 from $140,568 due to ongoing investments in infrastructure and regulatory consulting. Kelyniam also formed a partnership with Singular Health (ASX:SHG) as their Registered Agent in the U.S. following the 510(k) clearance of their innovative 3DiCom MD software.

Positive

• Total revenue increased by 12.3% year-over-year to $2,194,435.
• Gross margin grew by 16.4% to $1,738,733.
• New partnership with Singular Health expected to enhance market access.

Negative

• Operating income declined to $93,523 from $140,568.

Strong Results to Date and New Partner Announced

CANTON, Conn., Nov. 15, 2022 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its quarter ended September 30, 2022. 

"Revenues in Q3 were significantly ahead of last year and we expect continued strong sales performance through the end of the year," said Ross Bjella, Kelyniam's Chairman and CEO. "The quarter over quarter results were particularly exciting because we had an elevated 3^rd quarter in 2021 due to pent up Covid related demand. Profitability was impacted due to continued investments in infrastructure necessary to support growth and for additional regulatory consulting. Further, the CustomizedBone® hydroxyapatite implant licensed from Finceramica earlier this year is starting to generate interest from surgeons, particularly for pediatric use in children as young as seven years old."

Financial highlights for the three months ended September 30, 2022 and the same period in 2021 includes:

• Total revenue for the year to date of $2,194,435 compared to $1,953,812, an increase of 12.3%, from comparable periods last year
• Gross margin of $1,738,733 compared to $1,494,067, an increase of 16.4%, from comparable periods last year
• Operating Income of $93,523 compared to $140,568

"I am also excited to announce that Kelyniam has been chosen by Singular Health (ASX:SHG) to be their Registered Agent in the U.S., following the recent 510(k) clearance of their new 3DiCom MD software," said Bjella. "This incredible software uniquely allows surgeons to collaboratively visualize CT/MRI and PET scans in 2D and 3D in real-time. We believe this software will revolutionize how surgeons interact with patients and each other when doing surgical planning and that this relationship with Singular Health will help Kelyniam access key international markets." 

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

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.

Singular Health Group Limited (ASX:SHG) is a medical technology company that empowers practitioners and patients via personalized surgical planning solutions that drive better health 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. 

View original content:https://www.prnewswire.com/news-releases/kelyniam-global-announces-3rd-quarter-results-301677807.html

SOURCE Kelyniam Global, Inc.

FAQ

What were KLYG's Q3 2022 revenue results?

Kelyniam Global reported Q3 2022 revenues of $2,194,435, a 12.3% increase from the previous year.

What is the significance of Kelyniam's partnership with Singular Health?

The partnership allows Kelyniam to act as Singular Health's Registered Agent in the U.S., potentially opening key international markets.

How did KLYG's gross margin perform in Q3 2022?

Kelyniam's gross margin for Q3 2022 was $1,738,733, reflecting a 16.4% increase compared to the same period in 2021.

What challenges did Kelyniam face in Q3 2022?

Despite revenue growth, Kelyniam faced a decline in operating income, which fell to $93,523.

What is the future outlook for KLYG after Q3 2022?

Kelyniam expects continued strong sales performance through the end of the year, driven by new product interest and partnerships.