Kelyniam Global Announces Record Sales and Operating Profit in 2021 Financial Statements

Rhea-AI Summary

Kelyniam Global (OTC: KLYG) reported a record year in 2021, showcasing a 6.06% increase in total revenue to $2,664,434 and a remarkable 363.2% surge in operating income to $180,445. Net income rose by 43% to $201,741. The company announced a new strategic partnership with Fin-ceramica and received a patent for its Integrated Fixation System, enhancing its product offerings and intellectual property. Despite operational challenges from COVID-19, Kelyniam remains committed to growth and quality improvements, with the hiring of a new VP in Quality and Regulatory Affairs.

Positive

• Total revenue increased by 6.06% to $2,664,434.
• Operating income surged 363.2% to $180,445.
• Net income rose 43% to $201,741.
• Established a strategic distribution agreement with Fin-ceramica.
• Received a patent for the Integrated Fixation System, boosting IP protection.

Negative

• None.

CANTON, Conn., Feb. 14, 2022 /PRNewswire/ -- Kelyniam Global (OTC: KLYG), a maker of custom cranial implants, today announced results for its year ended December 31, 2021. 

"The company is excited to report that sales have increased for the fifth year in a row," said Ross Bjella, Kelyniam's CEO.  "Despite Covid 2.0 shutdowns during the 1^st quarter of 2021 and the Omicron variant shutdowns in the 4^th quarter, Kelyniam achieved record operating profitability during 2021.  This performance in the fourth year of our five-year plan confirms the company's ability to meet long and short term goals.  Our objectives in 2022 are to accelerate profit and sales growth through our partnership with Fin-ceramica and the development and launch of organically-created complementary products."

Financial highlights for the year ended December 31, 2021the same period in 2020 includes:

• Operating income of $180,445 compared to $49,683, an increase of 363.2%
• Net Income $201,741 compared to $141,075, an increase of 43%
• Total revenue of $ 2,664,434 compared to $2,512,101, an increase of 6.06%

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:

• The Company signed a new strategic distribution agreement with Fin-ceramica faenza Spa to market their CustomizedBone Hydroxyapatite Cranial Implant in the U.S.
• Kelyniam received a patent on its Integrated Fixation System designs, marking a new level of intellectual property protection for its flagship product
• Kelyniam is now issuing US GAAP-basis financials associated with a new SEC rule on the submission of current financial information through the broker portal of OTC Markets and is listed as a Pink Current Filer in OTCIQ

The company also hired Ms. Lisette Grunwell as the VP of Quality and Regulatory Affairs in January of this year. 

"The addition of Lisette to our team is a testament to our commitment to quality and our ability to recruit high-talent professionals to our team.  She brings a breadth and depth of knowledge about quality and regulatory matters to the company and will be an integral part of our executive team," said Bjella. "Kelyniam will continue to invest in infrastructure and partnerships necessary to achieve our objectives in 2022.  While we cannot predict how Covid may affect the company in the future, we intend to have a solid platform to support continued growth." 

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. 

View original content:https://www.prnewswire.com/news-releases/kelyniam-global-announces-record-sales-and-operating-profit-in-2021-financial-statements-301481317.html

SOURCE Kelyniam Global, Inc.

FAQ

What were Kelyniam Global's financial results for 2021?

Kelyniam Global reported total revenue of $2,664,434, an operating income of $180,445, and a net income of $201,741 for the year ended December 31, 2021.

How did Kelyniam Global's revenue change in 2021?

In 2021, Kelyniam Global's revenue increased by 6.06% compared to the previous year.

What strategic agreement did Kelyniam Global sign recently?

Kelyniam Global signed a strategic distribution agreement with Fin-ceramica to market their Customized Bone Hydroxyapatite Cranial Implant in the U.S.

What is the significance of Kelyniam's new patent?

Kelyniam received a patent for its Integrated Fixation System, enhancing its intellectual property protection for its flagship products.

Who joined Kelyniam Global's team in 2022?

Lisette Grunwell was hired as the VP of Quality and Regulatory Affairs in January 2022.