Kelyniam Global Releases Financials Through June 30, 2018
CANTON, Conn., Aug. 9, 2018 /PRNewswire/ -- Kelyniam Global (OTC: KLYG), a maker of custom cranial implants, today reported financial results for the first two quarters of 2018.
Highlights
Revenue increased 45% over the same period last year, growing to $1,118,512
Gross profit grew 44% to $652,790
Net income declined to a loss of $29,847 due to significant investments in sales, marketing and business development activities over the period.
Ross Bjella, Kelyniam's Chief Executive Officer said, "We are pleased to see the positive sales momentum as we continue to improve both our internal controls and external customer relationships. The increased sales are primarily due to capturing additional business through our current representatives and distributors. We expect continued growth for the rest of the year as we add new representative partners around the country. Our significant investments in marketing and financial controls will improve our ability to accurately budget and report our financial results in the future."
"We are excited that sales continue to rapidly increase through current relationships with distributors and independent representatives. We understand that our success is dependent upon not only providing the highest quality products, but also being the easiest company with whom these representatives choose to work," said Dr. Mark Smith, Vice President of Sales and Business Development. "Surgeons are pleased with Kelyniam's ability to deliver a custom, well-fitting implant within 24 hours, and representatives are extremely happy with our simple administrative process that supports this service capability."
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. 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.
