Kelyniam Global Releases Q1 Financials, Announces Licensing Agreement with Bioplate for Osteopore Products
CANTON, Conn., May 22, 2023 /PRNewswire/ -- Kelyniam Global (OTC: KLYG), a leading maker of custom cranial implants, today announced results for its quarter ended March 31, 2023.
"I'm pleased to announce that Kelyniam has expanded our licensing agreement with Bioplate to allow the Company to sell Osteopore products in select markets in the U.S. Kelyniam will have the opportunity to sell these unique, high quality products in high volume hospitals in New York, New Jersey, Massachusetts, Maryland and Florida," said Ross Bjella, Kelyniam's CEO. "Osteostrip, Osteoplug, and Osteomesh have unique osteo-integrative properties that solve unmet clinical needs. Adding innovative new products like these is part of our strategy to diversify the Kelyniam product line within the cranio-facial market."
This agreement expands the current agreement between Bioplate and Kelyniam for the distribution of the Bioplate product line of surgical plates and screws. Osteopore Ltd (ASX: OSX) is an Australian and Singapore-based company commercializing products to facilitate natural bone healing. Osteopore implants are manufactured using patented technology that dissolves over time, leaving only natural, healthy bone tissue. This significantly reduces complications commonly associated with permanent bone implants, making the implants suitable for U.S. surgeons.
Kelyniam's revenue dipped slightly in the quarter associated with below-expectation January sales. Sales in February and March rebounded significantly but not sufficiently to overcome the earlier drop measured against prior year's quarter. Monthly sales can vary over the year and variability can be expected due to normal market conditions, including weather, surgeon availability and patient scheduling. The company believes PEEK implant revenue will return to usual expected growth throughout 2023.
Financial highlights for the year ended March 31, 2023 and the same period in 2022 include:
- Total revenue of $596,455 compared to $ 656,858, a decrease of 9.2%
- Gross Margin of $467,773 compared to $509,201
- Operating loss of $ 67,978 compared to a loss of $5,924
The complete financial information can be found on the company's website at www.Kelyniam.com.
The company also promoted Desiree Webb to Chief Operating and Revenue Officer. Ms. Webb was formerly the Vice President of Sales and will now be responsible for both sales and operations.
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. 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.
Company Codes: OTC-PINK:KLYG, Australia:OSX, OTC-BB:KLYG