Strong Fourth Quarter Powers 2023 Kelyniam Financials

Rhea-AI Summary

Kelyniam Global (KLYG) reported a 12% decrease in total revenue for the year ended December 31, 2023, despite setting a quarterly unit sales record in Q4. The company attributed the revenue decline to strategic investments in personnel and infrastructure earlier in the year. The CEO highlighted a 40% unit and revenue growth in Q4, driven by new sales representatives and a competitor's exit from the market. Kelyniam aims to capitalize on this opportunity by offering innovative implant solutions.

Positive

• Quarterly unit sales record in Q4
• 40% unit and revenue growth in Q4
• Competitor exit from the market creating opportunity for increased sales
• Strategic investments in personnel and infrastructure for future growth
• Exclusive licensing of CustomizedBoneä implant from Finceramica
• Potential to become a leader in regenerative options for U.S. surgeons

Negative

• 12% decrease in total revenue for the year
• Operating income decrease of 345%
• Net income decrease of 222%

CANTON, Conn., March 17, 2024 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its year ended December 31, 2023. 

"The company set a quarterly unit sales record in the fourth quarter which contributed to achieving slight unit volume growth over 2022," said Ross Bjella, Kelyniam's CEO.   "While we were pleased with the increased sales momentum late in the year, total revenue was down 12% on the year due to management focusing on strategic investments in personnel and infrastructure in the early part of the year."

Financial highlights for the year ended December 31, 2023, over the same period in 2022 includes:

• Total revenue of $ 2,672,357 compared to $3,017,599 a decrease of 12%
• Operating income of -239,166 compared to $69,322, a decrease 345%
• Net Income of -$218,471 compared to -$97,560, a decrease of 222%

"Unit and revenue growth in Q4 over the previous quarter was 40%, making up for slower than expected summer sales.  The infrastructure investments we made earlier in the year were designed to support rapid growth and it's great to already see the positive result of this work," said Bjella.

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

Events that significantly affected the year and 4^th quarter included:

• Unit growth was up 40% over the previous quarter.
• A major competitor pulled their implant from the market, opening an opportunity for increased PEEK and CustomizedBoneä sales.
• The company added 5 new sales representatives as distributor partners,

"Kelyniam has both sales momentum and a tremendous opportunity to capitalize on the loss of a direct competitor in the market," said Bjella.  "Surgeons who liked the osteointegrative benefits of that implant can find similar or better results with the CustomizedBoneä (hydroxyapatite) implant Kelyniam licensed exclusively from Finceramica.  Together with the OsteoStripä and Osteoplugä product lines from Osteopore, Kelyniam is well positioned to become the leader in regenerative options for U.S. surgeons."

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/strong-fourth-quarter-powers-2023-kelyniam-financials-302090846.html

SOURCE Kelyniam Global Inc

FAQ

What was Kelyniam Global's total revenue for the year ended December 31, 2023?

Kelyniam Global reported total revenue of $2,672,357 for the year ended December 31, 2023.

What was the operating income for Kelyniam Global in 2023?

Kelyniam Global reported an operating income of -$239,166 in 2023.

What was the net income of Kelyniam Global in 2023?

Kelyniam Global reported a net income of -$218,471 in 2023.

What was the unit and revenue growth in Q4 for Kelyniam Global?

Kelyniam Global reported a 40% unit and revenue growth in Q4.

What opportunity did Kelyniam Global identify due to a competitor's exit from the market?

Kelyniam Global identified an opportunity for increased PEEK and CustomizedBoneä sales due to a competitor's exit from the market.

What implant did Kelyniam license exclusively from Finceramica?

Kelyniam licensed the CustomizedBoneä implant exclusively from Finceramica.

What is Kelyniam Global's specialization?

Kelyniam Global specializes in the rapid production of custom prosthetics utilizing computer-aided design and computer-aided manufacturing of advanced medical-grade polymers.

How does Kelyniam aim to improve clinical and cost-of-care outcomes?

Kelyniam works directly with surgeons, health systems, and payors to improve clinical and cost-of-care outcomes.

Where can the complete financials of Kelyniam Global be found?

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