CANTON, CT >> Kelyniam Global (KLYG), a maker of custom cranial implants, released today financial performance for the third quarter of 2019.
Revenue rose to $491,745 in Q3, up 27% over the previous quarter and 15% over the same quarter last year. Year to date sales are down 7% over the same period in 2018, primarily due to the delayed launch of the new Integrated Fixation System tab product and fewer cases from a single large distributor.
Gross profit for the quarter was up over the previous quarter by 100% to $312,094 from $156,121. Year to date gross profit declined 16% over the same period last year due to increased commission payments and pricing pressure at some hospitals. Year to date net income declined to -$74,561 primarily due to marketing expenses associated with launching the new IFS tabs and legal fees related to arbitration with the former CEO.
“Sales momentum is being driven by the recent FDA clearance of our Integrated Fixation System (IFS) tabs,” said National Sales Director, Laura Reed. “The tabs are also available on implants requiring overnight turnaround. Kelyniam has added several distributor partners and GPO contracts this year, largely due to the recent success of the tabs.”
Kelyniam is recognized as the market leader in 24-hour delivery of custom cranial implants.
The complete financials are available here.
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.
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