Kelyniam Global Releases Q1 Financials

Rhea-AI Summary

Kelyniam Global (OTC: KLYG) reported a significant improvement in its Q1 financials for the quarter ending March 31, 2024. Revenue increased by 60.5% to $957,447, while the gross margin rose by 59.0% to $743,719. The company achieved an operating profit of $123,599, a notable turnaround from a loss of $67,978 in the same period last year, largely due to decreased consulting and IT costs. Surgeons and distributors increasingly use Kelyniam's custom cranial and craniofacial implants, contributing to sales momentum from Q4 into Q1. Interest in the CustomizedBone hydroxyapatite osteo-integrative cranial implant is growing, especially for pediatric patients, boosted by the approval of the NEOS Cranial Loop fixation method. The annual Shareholder Meeting will be held on June 24 at 8:30 am Central. Full financial details are available on the company's website.

Positive

• Revenue increased by 60.5% to $957,447.
• Gross margin rose by 59.0% to $743,719.
• Operating profit reached $123,599, a turnaround from a $67,978 loss.
• Decreased consulting fees and IT costs contributed to profitability.
• Increased usage of custom cranial and craniofacial implants by surgeons and distributors.
• Growing interest in CustomizedBone hydroxyapatite osteo-integrative cranial implant, especially for pediatric patients.
• Approval of NEOS Cranial Loop fixation method, reducing OR time.
• Sales momentum from Q4 continued into Q1, setting record growth.

Negative

• None reported.

Announces Shareholder Meeting

CANTON, Conn., May 13, 2024  /PRNewswire/ -- Kelyniam Global (OTC: KLYG), a maker of custom cranial implants, today announced results for its quarter ended March 31, 2024. 

Financial highlights for the three months ended March 31, 2024 and the same period in 2023 include: 

• Total revenue of $957,447 compared to $596,455, an increase of 60.5%
• Gross Margin of $743,719 compared to $467,773 an increase of 59.0%
• Operating profit of $123,599 compared to a loss of $67,978 representing an increase to profitability of $191,577

Profitability was strongly enhanced by a year's long effort in reconfiguring the Company's structural costs and a tight focus on this year's operations.  The Company saw those efforts pay off with decreased consulting fees and information technology costs which positively affected the bottom line.  The complete financials can be found at www.kelyniam.com.

Chief Operating and Revenue Officer, Desiree Webb, said, "Sales momentum from Q4 continued into Q1, resulting in record growth, quarterly revenue and profit.  Surgeons and Distributors using Kelyniam custom cranial and craniofacial implants have increased, in addition to the level of case complexity. This is a result of proven outcomes, a laser focus on customer service and operations, and Kelyniam's ability to deliver RUSH cases within 24-48 hours to any hospital in the United States.  Interest in the CustomizedBoneä hydroxyapatite osteo-integrative cranial implant continues to grow, particularly due to the indication for pediatric patients. Looking forward we expect to see continued interest in this unique cranial implant because of the recent approval of the NEOS Cranial Loop fixation vs. traditional suturing, resulting in decreased OR time."

The company also announced the date of the annual Shareholder Meeting which will be held on Monday, June 24 at 8:30 am Central.

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-releases-q1-financials-302144019.html

SOURCE Kelyniam Global Inc

FAQ

What were Kelyniam Global's Q1 2024 financial results?

Kelyniam Global reported revenue of $957,447, a 60.5% increase, and a gross margin of $743,719, a 59.0% rise. The operating profit was $123,599, compared to a loss of $67,978 in Q1 2023.

How did Kelyniam Global achieve profitability in Q1 2024?

Kelyniam Global achieved profitability through decreased consulting fees and IT costs and increased sales of custom cranial and craniofacial implants.

What is the significance of the NEOS Cranial Loop fixation approval for Kelyniam Global?

The approval of the NEOS Cranial Loop fixation method is significant as it decreases OR time and increases interest in Kelyniam's customized cranial implants.

When will Kelyniam Global hold its annual Shareholder Meeting?

Kelyniam Global's annual Shareholder Meeting will be held on June 24 at 8:30 am Central.

What are the key products driving Kelyniam Global's growth?

Key products driving Kelyniam Global's growth include custom cranial and craniofacial implants, particularly the CustomizedBone hydroxyapatite osteo-integrative cranial implant.