In the letter, Chairman and CEO Ross Bjella stated:
- Revenue grew 21%, to $1.85M, the highest revenues since 2013
- 2018 revenues are expected to grow 30%, to $2.4M
- Operating income increased to $213,416 from a loss of $13,512 in 2016, primarily due to better financial controls
- The company is strengthening its relationships with current distributors and adding individual representatives across the country
- The company is working closely with the FDA to resolve the items identified in a warning letter filed late last year.
- The company is on track to file a 510k for a product line extension in Q3
- Rapidly growing international markets are a potential opportunity
- The company intends to leverage its market position, platform expertise and manufacturing capacity in rapid prototyping to partner with other life science related companies
Bjella also wrote: “In just a few months we have made significant progress in transforming the company into a growing business with a long-term plan for future success. The strategic moves we made in 2017 were validated by our financial performance in the last half of the year. The management team is committed to continuing this path and we will invest heavily in the infrastructure necessary to support our growth strategy.”
Forward Looking Statements
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.