DALLAS, Nov. 20, 2017 /PRNewswire/ -- Nexeon MedSystems Inc. (OTCQB: NXNN, "Nexeon", "the Company"), is providing shareholders with operational and financial updates for its third quarter and nine months ended September 30, 2017.
"We have had a lot of activity in 2017," stated CEO Will Rosellini. "We have successfully executed upon product development timelines, and we have de-risked our commercial launch with the acquisition of a profitable medical device manufacturer with neurostimulation experience. A discussion of the implications of these activities is both timely and important as we have become a public company and our shareholder base has grown beyond those who initially invested in our vision when we were still a privately-held company."
The Company highlights the following key activities that occurred during third quarter of 2017:
- Closed acquisition of Nexeon MedSystems Belgium, SPRL (Formerly Rosellini Scientific Benelux) and its wholly-owned subsidiaries Med-Line S.A. and its holding company INGEST, SPRL
- Completed regulatory pathway review with European regulatory body DEKRA and FDA for flagship deep brain stimulation product
- Began trading on the OTC:QB under symbol NXNN
- Secured $1M accounts receivable line of credit with KBC bank
Key financial highlights include:
- Consolidated revenues for the third quarter 2017 were $1,039,679. This includes $816,325 in manufacturing revenues (one month of Medi-Line operations) and device revenues of $202,362 primarily from sales of neuromodulation research units to Galvani Bioelectronics. Gross profit for the quarter was $330,306. Net loss for the quarter was $(424,252).
- In its most recently completed fiscal year ending March 31, 2017, Medi-Line reported U.S. GAAP adjusted revenues of approximately $7,200,000.
- The Company has working capital of $2,272,436. Included in working capital is $764,799 of cash, $1,863,154 in A/R, and $1,036,716 in grants receivable.
- The Company has approximately $2,628,780 of unused awarded grant funds and has pending subsidy and grants contracts of $2,471,152.
Details for the analyst and investor call with management are as follows:
A conference call to discuss third quarter of 2017 results is scheduled for 4:00 p.m. Central Standard Time on November 20th, 2017. Analysts, investors, and other interested parties may access the conference call by joining here: https://www.uberconference.com/nexeon, or there is an optional dial in number at 469-551-9824. The call will also be archived on the Company's investor relations page.
For complete information, please review Nexeon's recent news.
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