Canton, CT, Oct. 15, 2012 (GLOBE NEWSWIRE) -- Second Quarter Results
Kelyniam Global Inc. (OTC: KLYG) For the quarter ending June 30th 2012 Kelyniam Global Inc. reported a loss of $45,692 on custom cranial product revenue of $196,435, compared to a net loss of $149,000 on revenues of $210,000 in the first quarter 2012. The company attributes the slight reduction in revenue to a slow April. Kelyniam expects the tepid sales of the spring to become robust with the arrival of "trauma season". Trauma season is the seasonal variation in trauma cases during the warmer weather months, according to the American College of Surgeons. http://www.facs.org/trauma/ntdb/fantus/0906.pdf
In addition to the product revenue, the company realized $100,000 of grant revenue from the Connecticut Department of Economic Development (DECD) in the second quarter.
Professional costs were greater in Q2 from several one-time events; the line-of-credit with Westfield Bank and the DECD funding. The company also incurred higher legal fees defending a lawsuit filed by former employee John Mastoloni. The company expects to incur additional legal costs in the coming quarters as the lawsuit continues and therefore will no longer pursuit fully reporting status. Other one-time expenses for the quarter were costs associated with filing the 510k for craniofacial implant approval with the FDA.
Kelyniam had a productive quarter with its emergence as a multiproduct company with the filing of the 510k to manufacture and market craniofacial implants made from PEEK-OPTIMA. In order to facilitate the anticipated growth of several product lines the company took steps to shore up the financials with the line-of-credit and the DECD aid package.
Recent Business Developments
September - Kelyniam received FDA approval to market craniofacial implants in the United States.
September - Kelyniam President and CEO Tennyson Anthony recently traveled to Kuwait to sit down with government officials to discuss their purchasing of Kelyniam products. Mr. Anthony returned very optimistic that a first order will be coming in the near future. During the visit Mr. Anthony met with various doctors and surgeons interested in using the company's current products and others who were excited about the company's future products. Ministry of Health officials were quoted as saying to Mr. Anthony, "[O]ur country puts a priority on our healthcare system and has been rapidly developing it since the liberation, therefore we are only interested in the best products. Kelyniam will be a great fit."
Research & Development
The company continues to allocate resources on improving efficiencies with the manufacturing process. Currently the company is working on prototypes of 2 products that do not yet exist in the medical device marketplace.
Financial tables can be found on the company's website www.kelyniam.com
About Kelyniam Global, Incorporated
Kelyniam Global Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
Please visit our website at www.kelyniam.com for more information.
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective" and "appears" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
Source:Kelyniam Global Inc.