Medigus Ltd. (MDGS)

[Long_shortguy]

MORE GOOD NEWS: Tel Aviv, Israel, Aug. 30, 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, (“Gix”) in which Medigus holds 42.69% of its outstanding shares (49.11% on a fully diluted basis) (TASE: GIX), a global marketing technology (MarTech) solutions company for online performance-based-marketing, reported its financial results for the first six month ended June 30, 2022.

Gix’s reported revenues for the first half of 2022 amounted to approx. $43.4 million (NIS 141.8 million), an increase of 166% compared to the revenues of approx. $16.3 million (NIS 53.3 million) in the same period of 2021.

Gix's operating profit for the six months ended June 30, 2022 amounted to approx. $0.6 million (NIS 2.2 million), compared to an operating loss of approx. $0.37 million (NIS 1.2 million) in the same period of 2021.

"Increasing our ownership in Gix, was one of our main focuses over the past year, mainly due to our trust in Gix's ability to grow. We are excited about Gix's financial results and believe in its future and its continued growth", commented Liron Carmel, Medigus Chief Executive Officer.

Medigus is expected to consolidate Gix' financial results (commencing February 28, 2022) in its financial reporting for the first half of 2022.