Kelyniam Global Releases 3rd Quarter 2023 Financials

Rhea-AI Summary

Kelyniam Global (OTC:KLYG) reports third-quarter results with a temporary sales slowdown but remains optimistic.

Positive

• None.

Negative

• Weak sales performance in the past two quarters

CANTON, Conn., Dec. 21, 2023 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its third quarter ended September 30, 2023. 

"Despite the weak sales performance in the past two quarters, we believe this is a temporary slowdown and remain optimistic about the remainder of the year," said Ross Bjella, Kelyniam's CEO.  "The company has not yet seen the results from marketing efforts put toward the CustomizedBone™ and Osteostrip™ / Osteoplug™ product lines.  The company also added new sales representatives in the last two quarters and expect to see results from these efforts in the fourth quarter."

Comparative financial performance for the nine months ended September 30, 2023 & compared to the nine months over the same period in 2022 includes:

• Total revenue of $ 1,741,587 compared to $2,194,435, a decrease of 20.6% in sales revenue
• Gross margin of $1,394,684 compared to $1,738,733
• Operating Loss of $325,493 compared to operating income of $93,523 over the prior year

"The company is taking several steps to improve its financial performance," said Bjella. "We continue to explore new markets and ways to expand the product line.  Kelyniam remains committed to providing high-quality, innovative products that meet unmet needs in the neurosurgery market."

Kelyniam is recognized as the leader in the ability to rapidly design and manufacture complex cranial implants overnight.  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'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-2023-financials-302021090.html

SOURCE Kelyniam Global Inc

FAQ

What are the recent results announced by Kelyniam Global (OTC:KLYG)?

Kelyniam Global (OTC:KLYG) announced its third quarter results for the period ended September 30, 2023.

What is the current sales performance of Kelyniam Global (OTC:KLYG)?

The company reported weak sales performance in the past two quarters.

Is Kelyniam Global (OTC:KLYG) optimistic about its future despite the sales slowdown?

Yes, the company remains optimistic despite the temporary sales slowdown.

What does Kelyniam Global (OTC:KLYG) specialize in?

Kelyniam Global (OTC:KLYG) is a maker of custom cranial implants.