Kelyniam Global Releases Q3 Financials, Strong Performance Continues
Rhea-AI Summary
Kelyniam Global (KLYG) reported strong Q3 2024 financial results, with total revenue reaching $2,492,607, a 43% increase from the previous year. The company's gross margin grew 44% to $1,956,714, while operating profit improved significantly to $273,248 from a loss of ($329,993). EBITDA also turned positive at $349,099 compared to previous year's loss.
The company attributes its success to overnight service, quality focus, new surgeon acquisitions, and effective expense management. Notable developments include increased market acceptance of CustomizedBone™ regenerative implant and NEOS Cranial Loop fixation products.
Positive
- Revenue increased 43% year-over-year to $2.49M
- Gross margin improved 44% to $1.96M
- Operating profit turned positive at $273K from previous loss
- EBITDA improved to $349K from previous year's loss
- Expanded customer base with new surgeons and hospitals
Negative
- Ongoing pricing pressures in the market
News Market Reaction – KLYG
In the trading session that priced this news, KLYG gained 14.73%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
"Kelyniam has consistently delivered strong performance year on year," said Ross Bjella, CEO of Kelyniam. "Our unwavering focus on overnight service and quality has been reflected in our third-quarter results."
Financial Highlights (Nine months ended September 30, 2024, vs. September 30, 2023)
- Total Revenue:
$2,492,607 43% from$1,741,587 - Gross Margin:
$1,956,714 44% from$1,349,684 - Operating Profit:
$273,248 $329,993 $603,241 - EBITDA:
$349,099 $254,726 $603,825
"We are proud of our profitable growth in 2024," said Bjella. "Our team has been invigorated by rising sales, the addition of new surgeons and hospital customers, and a stringent focus on expense management. These results support Kelyniam's capability to generate cash and capitalize on our operating model's leverage. While pricing pressures persist, strategic growth and diligent expense management have driven the significant turnaround in our operating profit."
Other events occurring in the third quarter included:
- Greater market acceptance for the CustomizedBoneÔ (hydroxyapatite) regenerative implant
- Greater trial and usage of the NEOS Cranial Loop fixation
- Attendance at the College of Neurological Surgeons annual meeting
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. Contact: Terrance Kurtenbach, Chief Financial Officer, Kelyniam Inc. (800) 280-8192
View original content:https://www.prnewswire.com/news-releases/kelyniam-global-releases-q3-financials-strong-performance-continues-302300319.html
SOURCE Kelyniam Global Inc