Kelyniam Global Releases 3rd Quarter 2021 Financials

Rhea-AI Summary

Kelyniam Global (OTC:KLYG) reported third-quarter results for the period ended September 30, 2021. Despite a 0.9% revenue decline year-over-year to $1,953,267, the company experienced strong quarterly sales growth that offset earlier pandemic-related delays. Gross margin increased to $1,494,067, and net income rose to $222,353 compared to $117,651 last year. The company’s shares were upgraded to ‘Pink Current’ status on November 5, enhancing trading liquidity. Additionally, a $144,000 Paycheck Protection Plan loan was forgiven, benefiting the financials.

Positive

• Strong quarterly sales growth in Q3, recovering from pandemic-related delays.
• Gross margin improved to $1,494,067 from $956,173.
• Net income increased to $222,353 compared to $117,651 year-over-year.
• KLYG shares upgraded to 'Pink Current' status, allowing easier trading.
• Paycheck Protection Plan loan balance of $144,000 forgiven.

Negative

• Total revenue declined by 0.9% year-over-year.

CANTON, Conn., Nov. 9, 2021 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its third quarter ended September 30, 2021. 

"Strong quarterly sales growth in Q3 made up for delayed procedures due to the Covid 19 Delta variant that affected scheduling in Q2, resulting in YTD sales being approximately flat to the same period last year.  We are pleased to see that our focus on margin and profitability is paying off," said Ross Bjella, Kelyniam's CEO.  "The Company is hopeful that the sales momentum in Q3 will continue into Q4 but acknowledge the pandemic could continue to negatively impact sales in certain regions."

Financial performance for the nine months ended September 30, 2021 compared to the nine months over the same period in 2020 includes:

• Total revenue of $1,953,267 compared to $1,970,812, a decrease of 0.9%
• Gross margin of $1,494,067 compared to $956,173.
• Operating income of $140,568 compared to  $133,316
• Net Income $222,353 compared to net income of $117,651 over the prior year

On November 5, 2021, OTC Markets changed the status of KLYG shares to "Pink Current."  This change allows investors to more freely buy and sell shares of the Company. The company also reported that it's Paycheck Protection Plan Loan balance of $144,000 was forgiven.  The accounting effects of this forgiveness occurred in the 3^rd quarter.

"I am extremely pleased of the progress we are making in the market and with improvements to our internal processes and controls," said Bjella.  "We continue to work closely with the FDA to resolve issues documented during the last audit and to aggressively pursue protection measures for our intellectual property."   

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 requiring the reconstruction of cranial and certain facial structures.  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-releases-3rd-quarter-2021-financials-301419987.html

SOURCE Kelyniam Global, Inc.

FAQ

What are the financial results for Kelyniam Global in Q3 2021?

Kelyniam Global reported a total revenue of $1,953,267, a decline of 0.9% compared to the previous year.

What is the net income of Kelyniam Global for the first nine months of 2021?

Kelyniam Global's net income for the nine months ended September 30, 2021, was $222,353, up from $117,651 last year.

How did the Covid-19 pandemic affect Kelyniam Global's sales?

The pandemic caused delays in procedures which impacted scheduling in Q2, but strong sales growth in Q3 compensated for those delays.

What is the status of KLYG shares as of November 5, 2021?

On November 5, 2021, KLYG shares were upgraded to 'Pink Current' status, enhancing trading liquidity.

Was Kelyniam Global's Paycheck Protection Plan loan forgiven?

Yes, Kelyniam Global reported that its Paycheck Protection Plan loan balance of $144,000 was forgiven.