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Profitability and SEC Rule 15c2-11 Pink Current Status
CANTON, Conn., Nov. 9, 2021 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its third quarter ended September 30, 2021.
"Strong quarterly sales growth in Q3 made up for delayed procedures due to the Covid 19 Delta variant that affected scheduling in Q2, resulting in YTD sales being approximately flat to the same period last year. We are pleased to see that our focus on margin and profitability is paying off," said Ross Bjella, Kelyniam's CEO. "The Company is hopeful that the sales momentum in Q3 will continue into Q4 but acknowledge the pandemic could continue to negatively impact sales in certain regions."
Financial performance for the nine months ended September 30, 2021 compared to the nine months over the same period in 2020 includes:
Total revenue of $1,953,267 compared to $1,970,812, a decrease of 0.9%
Gross margin of $1,494,067 compared to $956,173.
Operating income of $140,568 compared to $133,316
Net Income $222,353 compared to net income of $117,651 over the prior year
On November 5, 2021, OTC Markets changed the status of KLYG shares to "Pink Current." This change allows investors to more freely buy and sell shares of the Company. The company also reported that it's Paycheck Protection Plan Loan balance of $144,000 was forgiven. The accounting effects of this forgiveness occurred in the 3rd quarter.
"I am extremely pleased of the progress we are making in the market and with improvements to our internal processes and controls," said Bjella. "We continue to work closely with the FDA to resolve issues documented during the last audit and to aggressively pursue protection measures for our intellectual property."
The complete financials can be found on the company's website at www.Kelyniam.com.
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.
SOURCE Kelyniam Global, Inc.