Kelyniam Global Announces Record Sales of $3 million in 2022 Financial Statements

Rhea-AI Summary

Kelyniam Global (OTC: KLYG), a manufacturer of custom cranial implants, reported a 13.2% increase in total revenue for 2022, reaching $3,017,599 compared to $2,664,434 in 2021. However, the company recorded a net loss of $97,560 after posting a net income of $201,741 in the previous year. The decline in profitability was attributed to non-cash legacy stock awards and operating income fell to $69,322 from $180,445. CEO Ross Bjella highlighted the company's competitive edge in manufacturing and rapid delivery of custom implants and outlined plans for future product development and licensing in the neurosurgery market.

Positive

• Total revenue increased by 13.2% to $3,017,599.
• Company maintains a competitive edge in rapid production of cranial implants.
• Successful execution of a distribution agreement for Customized Bone cranial implants.

Negative

• Net loss of $97,560 compared to net income of $201,741 in 2021.
• Operating income dropped to $69,322 from $180,445 due to prior PPP loan forgiveness.

CANTON, Conn., March 16, 2023 /PRNewswire/ -- Kelyniam Global (OTC: KLYG), a maker of custom cranial implants, today announced results for its year ended December 31, 2022.

"2022 was the sixth year in a row that Kelyniam has meaningfully increased sales while successfully competing against much larger competitors," said Ross Bjella, Kelyniam's CEO. "Neurosurgeons rely on our ability to manufacture and ship PEEK custom cranial implants within 24 hours, a service level that none of our competitors can match.  Hospital buyers appreciate the savings associated with our patented, fully integrated fixation system that eliminates the need for plates and requires fewer screws."

Financial highlights for the year ended December 31, 2022 and the same period in 2021 include:

• Total revenue of $3,017,599 compared to $2,664,434, an increase of 13.2%
• Operating income of $69,322 compared to $180,445
• Net Loss of $97,560 compared to net income of $201,741

Operating income is not comparable to 2021 numbers because of PPP loan forgiveness.  Net income in 2022 was affected by non-cash legacy stock award grants dating back to 2017.  The complete financials can be found on the company's website at www.Kelyniam.com.

Events that significantly affected the year:

• Significant investment in the infrastructure necessary to support growth and for compliance with regulatory requirements,
• Execution of a distribution agreement for Fin-Ceramica's Customized Bone cranial implant
• The addition of personnel to support sales and marketing

Bjella added, "Kelyniam's focus in 2023 and beyond is to invest in developing and licensing unique products for the neurosurgery market.  Our intention is to leverage our knowledge of bringing high value medical devices to market and our expertise in custom and additive manufacturing."

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-of-3-million-in-2022-financial-statements-301774691.html

SOURCE Kelyniam Global, Inc.

FAQ

What were Kelyniam Global's revenue results for 2022?

Kelyniam Global reported total revenue of $3,017,599 for the year 2022, a 13.2% increase from $2,664,434 in 2021.

How did Kelyniam Global's net income change from 2021 to 2022?

Kelyniam Global posted a net loss of $97,560 in 2022, a significant decline from a net income of $201,741 in 2021.

What caused the decline in Kelyniam Global's operating income in 2022?

The decline in operating income to $69,322 in 2022 was attributed to prior PPP loan forgiveness in 2021.

What distribution agreement did Kelyniam Global execute in 2022?

Kelyniam Global executed a distribution agreement for Fin-Ceramica's Customized Bone cranial implant.

What are Kelyniam Global's plans for 2023?

Kelyniam Global plans to invest in developing and licensing unique products for the neurosurgery market in 2023.