Medigus: Gix Internet Reports Over $45 Million in Revenues for 2021
Medigus Ltd. (Nasdaq: MDGS) plans to consolidate the financial results of its affiliate Gix Internet for 2022. Gix reported a 19% revenue increase in 2021, reaching $45.2 million, attributed to its acquisition of Cortex Media. However, Gix faced an operating loss of $0.8 million and a net loss of $1.5 million for the year. Despite this, cash and cash equivalents rose by 38% to $5.4 million, with shareholders' equity increasing over 21%. Medigus expects Gix's performance to positively impact its revenues and balance sheet.
- Gix's revenues increased by 19% in 2021 to $45.2 million.
- Shareholders' equity for Gix rose to $8.9 million, an increase of over 21%.
- Cash and cash equivalents increased by 38% to $5.4 million.
- Gix reported an operating loss of $0.8 million for 2021.
- Gix experienced a net loss of $1.5 million in 2021, compared to a net profit in 2020.
Medigus expects to consolidate Gix Internet’s financial results during 2022
Tel Aviv, Israel, March 31, 2022 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, announced today that its affiliate Gix Internet, (henceforth “Gix”) (
Gix reported
"Gix continued its growth in 2021 with excellent revenues and results. We intend to consolidate Gix into our financial statements during 2022, which will significantly contribute to our revenues and balance sheet," said Liron Carmel, CEO of Medigus.
Gix’s operating loss for the year ended December 31, 2021 amounted to
Gix’s cash and cash equivalents balance at the end of 2021 was
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus’ affiliates in the medical solutions arena include ScoutCam Inc. and Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs’ Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.
Cautionary Note Regarding Forward Looking Statements
This press release may contain statements that are “Forward-Looking Statements,” which are based upon the current estimates, assumptions and expectations of Medigus’ management and its knowledge of the relevant market. The company has tried, where possible, to identify such information and statements by using words such as “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate” and other similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance, although not all forward-looking statements contain these identifying words. These forward-looking statements represent Medigus’ expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. By their nature, Forward-Looking Statements involve known and unknown risks, uncertainties and other factors which may cause future results of Medigus’ activity to differ significantly from the content and implications of such statements. Other risk factors affecting Medigus are discussed in detail in Medigus’ filings with the Securities and Exchange Commission. Forward-Looking Statements are pertinent only as of the date on which they are made, and Medigus undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise. Neither Medigus nor its shareholders, officers and employees, shall be liable for any action and the results of any action taken by any person based on the information contained herein, including without limitation the purchase or sale of Medigus’ securities.
Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
MDGS@redchip.com
FAQ
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