MINNEAPOLIS, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (SKLN) (“Skyline” or the “Company”), is pleased to announce that it currently projects sales of approximately 100 STREAMWAY Systems in 2018. This projection is based on ongoing negotiations with U.S.-based hospital chains and medical clinics, as well as recent sales patterns. Sales projections for 2018 are based on a combination of both projected sales to its existing customer base as well as sales to new clients.
These 2018 sales projections, which do not include potential sales in Europe and Asia Pacific, if realized would represent a 10x increase over the Company’s 2017 sales figures. In late 2017, the Company ramped up its U.S. sales and marketing campaign for the STREAMWAY system which resulted in a meaningful increase in domestic sales in the fourth quarter of 2017 and early 2018.
“Over the past several months, we have increased our sales efforts significantly, which has opened doors to new customers as well as strengthened our relationships with existing customers,” commented Dr. Carl Schwartz, Chief Executive Officer of Skyline Medical. “Our customer base includes several large hospital systems that have utilized the STREAMWAY System in their ‘Centers of Excellence’ and are using it as a model for medical waste management best practices. These customers have stated their intention to expand usage of the STREAMWAY throughout their hospital networks, across a wide range of different procedure rooms, providing us with a clear opportunity to generate significant sales growth from our existing client base. Furthermore, we are also encouraged by the new customer activity we have seen so far in 2018 and project this momentum to continue throughout the year as we progress with negotiations and grow our sales pipeline.”
The Company has also made initial investments in its international sales and marketing strategy by signing independent distribution agreements in Australia, Canada and Switzerland, opening a European Headquarters in Brussels, Belgium and by appointing a new Vice President of International Sales.
About the STREAMWAY System
Skyline's revolutionary, FDA-cleared STREAMWAY System is the first true direct-to-drain fluid disposal system designed specifically for medical applications, such as radiology, endoscopy, urology and cystoscopy procedures. It connects directly to a facility's plumbing system to automate the collection, measurement and disposal of waste fluids.
The STREAMWAY minimizes human intervention for better safety and improves compliance with Occupational Safety and Health Administration (OSHA) and other regulatory agency safety guidelines. It also provides unlimited capacity for increased efficiency in the operating room, which leads to greater profitability. Furthermore, the STREAMWAY eliminates canisters to reduce overhead costs and provides greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the U.S. For a demonstration please visit www.skylinemedical.com or call 855-785-8855.
About Skyline Medical
Skyline Medical produces a fully automated, patented, FDA-cleared waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods that require hand carrying and emptying filled fluid canisters present an exposure risk and potential liability. Skyline Medical's STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers; 2) improve compliance with OSHA and other regulatory agency safety guidelines; 3) improve efficiency in the operating room, and radiology and endoscopy departments, thereby leading to greater profitability; and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills each year in the U.S. For additional information, please visit www.skylinemedical.com.
In the fourth quarter of 2017, Skyline Medical announced its intention to enter the precision medicine space through a strategic partnership with and investment in Helomics Corporation. As of February 1, 2018, the Company’s corporate name will be changed to Precision Therapeutics.
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include risks related to the proposed joint ventures, including the need to negotiate the definitive agreements for the joint ventures; possible failure to realize anticipated benefits of the joint ventures; and costs of providing funding to the joint ventures. Other risks and uncertainties relating to the Company include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; sales cycles that can be longer than expected, resulting in delays in projected sales or failure to make such sales; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners and with any strategic or joint venture partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
Carl Schwartz, Chief Executive Officer
KCSA Strategic Communications