Revenues Grow 78%
DRAPER, UT / ACCESSWIRE / November 15, 2018 / Flexpoint Sensor Systems, Inc. (OTC PINK: FLXT) recently announced Third Quarter 2018 Financials. Highlights included:
- Third Quarter 2018 revenue increased 77.8% to $72,208 versus Q3 2017 revenue of $40,622. The revenue growth was primarily from the manufacturing of sensors for the wearables industry - especially Medical and Virtual Reality/Augmented Reality (VR/AR). Management anticipates revenue will increase as Flexpoint continues to provide engineering services and customers continue to expand in their target markets; ordering more frequently and in larger quantities.
- Third Quarter 2018 revenue increased 41.1% sequentially when compared to Q2 2018 revenue of $51,158
- Net loss decreased 39% to $132,838 or .00 versus third quarter 2017 net loss of $217,779. This decrease was due primarily to reduced salaries and consulting fees.
- Cash used in Operations for the nine months ending September 30, 2018, was $229,770 compared to $312,668 during the first nine months of 2017; a 26.5% decrease. Based on current purchase orders and anticipated orders during 2018, projected revenues for the remainder 2018 are anticipated to more than cover operating expenses.
For more information about the company filings please visit www.sec.gov.
Third Quarter 2018 Accomplishments:
- Received purchase order From Taiwan based, Rehabotics Medical Technology Corporation (RMTC)
- Received largest purchase order to date from Manus VR for gloves.
- Demonstrated New Medical Device, Cologuide, developed for Ireland based Haemoband Surgical, Ltd.
- Signed Manufacturing and Supply Agreement for Sensor Product and Electronics System to Aid in Fighting Opioid Epidemic
"During the quarter we established new customer relationships and continued to strengthen existing relationships across a number of strategic market segments. We increasingly work with many research universities globally and have established relationships with universities that are leaders in our consumer electronics industry space. We expect a significant jump during Q4 2018 and beyond," stated Paul Sexauer, Flexpoint VP Sales & Marketing.
The company will host a conference call on Thursday, November 29, 2018 at 4:05 EDT. The dial-in number will be 530-881-1212 with the ID pin 615-253-385#
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (OTC PINK: FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor® single-layer, thin film construction cuts costs, and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 18 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
Flexpoint Sensor Systems
Clark Mower, President
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SOURCE: Flexpoint Sensor Systems, Inc.