$EMED SCOTTSDALE, Ariz., March 14, 2023 /PRNewswire/ -- Electromedical Technologies, Inc. (OTC-QB: EMED) ("Electromedical" or the "Company"), a pioneer in the development and production of bioelectronic devices designed to relieve chronic, intractable, and acute pain through frequency and electro-modulation, is pleased to announce preliminary unaudited financial performance data for the three months and twelve months ended December 31, 2022.
Preliminary revenue for the twelve months ended Dec 31 was approximately $1.15 million, which represents a total increase in sales of 26.7% on a year-over-year basis.
During the three months ended Dec 31, preliminary revenue increased 79% on a quarterly year-over-year basis and 51% on a sequential quarterly basis.
Matthew Wolfson, Founder and CEO commented, "Q4 was a breakout quarter. We saw topline sales jump in response to further expansion in our brand awareness and sales & marketing performance. Overall, it was our best quarter since we went public and provides strong market feedback that our next-generation R&D and market positioning represents the start of an exciting new chapter for Electromedical. And the path is only going to get more exciting as we get ready to launch our revolutionary Infinity device."
As the Company moves closer to production of the new next-generation flagship device, management plans to offer a special upgrade and exchange program to existing clients, which will be bundled with a lifetime warranty.
The WellnessPro Infinity™ sets a new standard in the bioelectronics and electrotherapy marketplace featuring support for all modalities:
Designed to support*: TENS, Microcurrent, IF, EMS, PEMF, CES, VNS, PNS, COLD Laser, POD Synchronization, IDNA™, Deep Pulse™, cloud access and much more.
Unprecedented accuracy.
Easiest to use electrotherapy device on the market.
New Doctor-Patient Portal for updates and personalized treatments.
Wolfson concluded, "Last year was an ambitious year focused on key R&D objectives that we have met and now we are laying a strong foundation for handling business at a far larger scale. We accomplished everything we set out to accomplish and managed to log impressive sales growth along the way. We are also in the process of expanding consumer resources for purchasing Electromedical products. We have added FSA/HSA purchasing optionality already, and we have some more news coming that could sharply increase customer affordability without impacting our margins, and we look forward to discussing that in further detail very soon."
Management notes that 2023 will see the launch of the WellnessPro Infinity™, continued expansion in its sales team, a strong focus on value-add strategic partnerships, research partnerships and further customer affordability strategies as the Company monetizes its market-leading next-generation drug-free pain therapy technology.
The Company has approximately 10,000 past clients. We expect that we will be successful in encouraging a significant part of our past clients to exchange their old units for the improved Wellness Pro Infinity unit with lifetime warranty. Our development process is progressing and we look forward to providing more updates very soon. We will be in a position to start accepting advance deposits in Q2 for these units, which will greatly enhance the Company's cash position.
About Electromedical Technologies
Headquartered in Scottsdale, Arizona, Electromedical Technologies, Inc. is a commercial stage, FDA cleared, bioelectronic medical device manufacturing company initially focused on the treatment of various chronic, acute, intractable, and post-operative pain conditions. Through University collaboration agreements, the Company is working to develop a comprehensive research program in defining the effects of electro-modulation on the human body. By studying the impacts of electrical fields in cell signaling and effects on virus assembly and immune responses, the Company's goal is to reduce pain and improve overall human wellbeing. The Company's current FDA cleared product indications are for chronic acute post traumatic and post-operative, intractable pain relief.
For more information, please visit www.electromedtech.com
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