Kelyniam Global Releases 2nd Quarter 2023 Financials

Rhea-AI Summary

Kelyniam Global (OTC:KLYG) announced its half-year financial results, reporting flat unit sales for the first half of 2023 compared to the previous year. The company attributes this to timing issues affecting revenue recognition. Despite this, the CEO remains optimistic about sales and revenue growth in the latter half of the year. Financial highlights include a 21.9% decrease in total revenue, a decrease in gross margin, and an operating loss compared to operating income in the prior year.

Positive

• None.

Negative

• Flat unit sales compared to the previous year
• 21.9% decrease in total revenue
• Operating loss compared to operating income in the prior year

CANTON, Conn., Aug. 14, 2023 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its half year ended June 30, 2023. 

"Unit sales for the first half of 2023 were flat as compared to last year.  Our financial results were adversely affected due to timing associated with way we recognize revenue," said Ross Bjella, Kelyniam's CEO. "The underlying business continues to be solid, and we are optimistic that sales and revenue growth will return in the latter half of the year based on the current sales pipeline." 

Financial performance for the six months ended June 30, 2023, compared to the six months over the same period in 2022 includes:

• Total revenue of $ 1,147,045 compared to $1,469,354, a decrease of 21.9%
• Gross margin of $871,510 compared to $1,186,419.
• Operating Loss of $229,345 compared to operating income of $38,394 over the prior year

Events that significantly affected the quarter financially included:

• Kelyniam held its first ever shareholder meeting June 25, 2023, and elected as Class A board members, Ms. Lisette Grunwell and Mr. Terrance Kurtenbach, CPA (ret). The Company had a successful proxy solicitation of its legacy and public float shareholders resulting in a quorum eligible voting percentage for the new Board members.
• The Company added manufacturing and engineering personnel to support our commitment to delivering custom implants within 24 hours.
• Many new sales representatives have completed training on the new Osteostrip® and Osteoplug® products from Bioplate/Osteopore and for the CustomizedBone® implants from Finceramica. These unique, osteo-integrative products provide U.S. neurosurgeons options where none were previously available.

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.  The complete financials can be found on the company's website at 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-releases-2nd-quarter-2023-financials-301899443.html

SOURCE Kelyniam Global, Inc.

FAQ

What were Kelyniam Global's unit sales performance for the first half of 2023?

Kelyniam Global reported flat unit sales for the first half of 2023 compared to the previous year.

What financial results did Kelyniam Global announce for the half year ended June 30, 2023?

Kelyniam Global reported a 21.9% decrease in total revenue, a decrease in gross margin, and an operating loss compared to operating income in the prior year.

What products does Kelyniam Global specialize in?

Kelyniam Global specializes in the rapid production of custom prosthetics utilizing computer-aided design and manufacturing of advanced medical grade polymers, particularly custom cranial and maxillo-facial implants for patients.

Where can the complete financials of Kelyniam Global be found?

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