Kelyniam Global Releases Q1 Financial Results - Profitability Despite the 2nd Wave Pandemic
Kelyniam Global (KLYG) reported its Q1 financial results for the period ending March 31, 2021, showcasing a 13.4% increase in total revenue to $664,353 compared to $585,786 in Q1 2020. Despite challenges from the pandemic, the company maintained profitability with a gross margin of $505,326. However, operating income fell to $13,806 from $68,315 in the previous year. Kelyniam aims to capture market opportunities as elective surgeries resume and plans to focus on increasing market share and supporting growth through infrastructure investments.
- Total revenue increased by 13.4% to $664,353.
- Gross margin improved to $505,326.
- Operating income decreased to $13,806 from $68,315.
CANTON, Conn., May 18, 2021 /PRNewswire/ -- Kelyniam Global (KLYG), a maker of custom cranial implants, has released its financial results for the three months ended March 31, 2021 showing profitability despite pandemic related challenges. The Corporations Q1 financial statements are available on Kelyniam's website at www.kelyniam.com.
Ross Bjella, Chairman and CEO said, "Despite the uptick in the second surge of Covid infections during the end of 2020 and continuing into the first half of the first quarter of 2021, Kelyniam executed well in the first quarter of 2021. The positive sales momentum and continued profitability last quarter has proven Kelyniam is well positioned to take advantage of market opportunities as the restrictions on elective surgical procedures are lifted. We will maintain our focus this year on increasing market share and investing in infrastructure necessary to support growth."
Financial performance for the three months ended March 31, 2021 compared to the three months over the same period in 2020 includes: (Quarter on quarter comparisons will be difficult in 2021 associated with Covid-19 related mandates, reopenings, and elective surgery curtailments)
- Total revenue for the quarter of
$664,353 compared to$585,786 or growth of13.4% - Gross margin of
$505,326 compared to$333,372 - Operating Income of
$13,806 compared to of$68,315
Mr. Bjella went on to say, "Our team is energized by the positive response surgeons have had to the integrated fixation system and to Kelyniam's ability to reliably deliver custom implants overnight. Developing innovative solutions for the neurosurgery market is a cornerstone of our growth strategy and we look forward to increasing our client base of satisfied surgeons in 2021."
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.
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:http://www.prnewswire.com/news-releases/kelyniam-global-releases-q1-financial-results---profitability-despite-the-2nd-wave-pandemic-301293113.html
SOURCE Kelyniam Global, Inc.
FAQ
What were Kelyniam Global's Q1 2021 financial results?
How did the pandemic affect Kelyniam Global's financial performance?
What is Kelyniam Global's future outlook after the Q1 2021 results?
