Kelyniam Global Releases Strong Q2 Financials

Rhea-AI Summary

Kelyniam Global (OTC: KLYG), a custom cranial implant manufacturer, reported strong financial results for the first half of 2024. The company saw significant improvements across key metrics:

- Total revenue increased by 49.01% to $1,709,239
- Gross margin grew 52.7% to $1,330,965
- Operating profit reached $172,093, up from a loss of $229,345
- EBITDA improved to $197,355 from a loss of $204,691

The company attributes this growth to increased sales, efficiency improvements, and reduced expenses. Kelyniam's patented integrated fixation in PEEK implants and CustomizedBone™ hydroxyapatite implants gained market acceptance. The company also held its annual shareholder meeting, participated in industry events, and announced FDA clearance for a partner product.

Positive

• Revenue increased by 49.01% to $1,709,239
• Gross margin grew by 52.7% to $1,330,965
• Operating profit improved by $401,438 to $172,093
• EBITDA turned positive at $197,355
• Increased market acceptance of patented integrated fixation PEEK implants
• Growth in sales of CustomizedBone™ hydroxyapatite implants
• FDA 510k clearance for partner product NEOS Cranial Loop

Negative

• None.

CANTON, Conn., Aug. 12, 2024 /PRNewswire/ -- Kelyniam Global (OTC: KLYG), a maker of custom cranial implants, today announced results for its half year ended June 30, 2024.

Financial highlights for the six months ended June 30, 2024 and the same period in 2023 include:

• Total revenue of $1,709,239 compared to $ 1,147,045, an increase of 49.01%
• Gross Margin of $1,330,965 compared to $871,510 an increase of 52.7%
• Operating profit of $172,093 compared to a loss of $229,345 representing an increase to profitability of $401,438
• EBITDA (new metric to report) of $197,355 compared to an EBITDA loss of $204,691.

The increase in profitability was primarily due to increased sales, efficiency improvements and reducing software, insurance and consulting expenses. Sales for the first half of the year have remained strong as additional surgeons request implants with Kelyniam's patented integrated fixation in the PEEK implant product line. Sales from the hydroxyapatite CustomizedBone™ implant with NEOS Cranial Loop fixation also increased as the products continue to gain market acceptance. 

Other events occurring in the second quarter included: 

• The 2nd annual Shareholder Meeting was held June 26, Ms. Desiree Webb and Mr. Jonathan Thiel were elected to the Board of Directors.
  
  
• The company sponsored a number of events at the American Academy of Neurosurgeons meeting in May in Chicago. Dr. Franco Servadei, an experienced neurotrauma surgeon and former President of the World Federation of Neurological Societies, spoke about the safety and use of hydroxyapatite implants. CustomizedBone™ is the only hydroxyapatite cranial implant indicated for pediatric use in children as young as 7 years of age.
  
  
• Kelyniam's partner, Fin-Ceramica Faenze, S.p.A., received FDA 510k clearance of the NEOS Cranial Loop for use with CustomizedBone™

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. 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. 

View original content:https://www.prnewswire.com/news-releases/kelyniam-global-releases-strong-q2-financials-302219242.html

SOURCE Kelyniam Global Inc

FAQ

What was Kelyniam Global's (KLYG) revenue for the first half of 2024?

Kelyniam Global (KLYG) reported total revenue of $1,709,239 for the first half of 2024, representing a 49.01% increase compared to the same period in 2023.

How much did Kelyniam Global's (KLYG) operating profit improve in the first half of 2024?

Kelyniam Global (KLYG) reported an operating profit of $172,093 for the first half of 2024, compared to a loss of $229,345 in the same period of 2023, representing an improvement of $401,438.

What factors contributed to Kelyniam Global's (KLYG) increased profitability in Q2 2024?

Kelyniam Global's (KLYG) increased profitability in Q2 2024 was primarily due to increased sales, efficiency improvements, and reduced expenses in software, insurance, and consulting.

What new product received FDA clearance for use with Kelyniam Global's (KLYG) CustomizedBone™?

Kelyniam Global's (KLYG) partner, Fin-Ceramica Faenze, S.p.A., received FDA 510k clearance for the NEOS Cranial Loop for use with CustomizedBone™.