Canton, CT, May 30, 2013 (GLOBE NEWSWIRE) -- Kelyniam Global Inc. (OTC: KLYG), a growing company that designs, manufactures, and sells custom cranial/craniofacial implants, announced today its financial results for the year ending December 31, 2012 and also for the first quarter ended March 31, 2013.
Revenues for the year ending December 31, 2012 totaled $1.2 million. 2012 was the first full calendar year the company had manufactured and sold custom cranial implants in the United States. Revenues for the fourth quarter of 2012 were $414,982 up from $382,177 in the third quarter 2012.
First quarter 2013 revenues were a record $437,415, an increase of 207% from $210,635 in the first quarter of 2012. The increase in sales was attributed to continued marketing and promotional efforts across the United States. The first quarter 2013 marks the first time the company has broken even on an accrual basis.
The 2013 year brings the headwind of the medical device tax to the industry. Beginning Jan 2013 and unless Obamacare is repealed; Kelyniam will be liable for a 2.3% tax on all medical device sales.
A further note: Kelyniam is pleased to announce it has recently been approved to sell its custom cranial/craniofacial implants in Kuwait. It anticipates sales to begin in the coming months.
Related unaudited financial tables will be posted on the company's website www.kelyniam.com.
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), 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.