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SINTX TECHNOLOGIES SHARES SELECT PRELIMINARY Q4 2023 AND FULL YEAR 2023 REVENUE UPDATE

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SINTX Technologies, Inc. reported estimated unaudited revenues of approximately $902k in Q4 2023 and $2.6 million for the year ended December 31, 2023. This represents an 18% increase in Q4 2023 revenue versus Q4 2022, and a 68% increase in 2023 revenue compared to 2022. The 2023 revenue figures reflect a 333% increase in revenues for the year that ended December 31, 2021. Commercial revenues of $582K in Q4 2023 and $1.2 million for the full year 2023 were achieved primarily by the sale of products in the aerospace, biomedical, and energy markets. Government contracts in these markets made up $320K in Q4 and $1.4 million for the full year. SINTX anticipates continued revenue growth in 2024 driven primarily by new commercial product adoption, innovative technology development, and government contract opportunities.
Positive
  • Significant revenue growth in Q4 2023 and full year 2023 compared to previous years
  • Successful restructuring and expansion into defense, aerospace, and industrial markets
  • Anticipation of continued revenue growth in 2024 driven by new commercial product adoption and government contract opportunities
Negative
  • None.

The reported increase in revenue for SINTX Technologies, particularly the 333% increase compared to the year ending December 31, 2021, is indicative of significant growth, likely driven by strategic acquisitions and an expansion of product offerings. The aerospace, biomedical and energy markets, where SINTX has been active, are known for high entry barriers due to technical requirements and regulatory compliance. However, once established, the potential for long-term contracts and stable revenue streams is high, especially with government contracts. The shift towards higher commercial revenue in Q4 2023 suggests a diversification of income sources, which might reduce reliance on less predictable government contracts. This could be seen as a positive sign by investors looking for stability in future earnings.

From a financial perspective, the preliminary revenue figures for SINTX Technologies highlight a strong year-over-year growth, which could positively influence the company's stock valuation. An 18% increase in Q4 revenue and a 68% annual increase are substantial, particularly for a company operating in the advanced ceramics sector, which is capital intensive with long product development cycles. The market will likely react to these figures, considering the potential for increased profitability and return on investment. However, it's crucial to note that these are unaudited figures and the actual financial results may vary once the audits are completed. Investors should also consider the company's operational costs associated with the restructuring and expansion into new markets when evaluating the net financial impact.

The re-engagement in the ballistic and body armor market suggests that SINTX is capitalizing on its advanced ceramics technology to meet the demand in defense applications. Given the persistent global security challenges and the need for modernization of military equipment, the defense sector presents a significant growth opportunity for companies like SINTX. The company's anticipation of continued revenue growth in 2024 may be based on expected increases in defense spending and the need for advanced materials in this sector. This move could attract attention from stakeholders in the defense industry and potentially lead to partnerships or contracts that could further bolster SINTX's revenue streams.

SALT LAKE CITY, Jan. 23, 2024 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (www.sintx.com) (NASDAQ: SINT) (“SINTX” or the “Company”), an original equipment manufacturer of advanced ceramics, announced that its estimated unaudited revenues were approximately $902k in Q4 2023, and $2.6 million for the year ended December 31, 2023. These preliminary results are subject to the Company’s standard year-end financial reporting processes, reviews, and audits.

SINTX acquired Maryland-based Technology Assessment and Transfer (TA&T) in June 2022. Since that time, the Company has experienced an 18% increase in Q4 2023 revenue versus Q4 2022, and a 68% increase in 2023 revenue compared to 2022 revenue. Notably, 2023 revenue figures reflect a 333% increase in revenues for the year that ended December 31, 2021.

Commercial revenues of $582K in Q4 2023 and $1.2 million for the full year 2023 were achieved primarily by the sale of products in the aerospace, biomedical, and energy markets. Government contracts in these markets made up $320K in Q4 and $1.4 million for the full year. Customer adoption of new product offerings led to commercial revenue exceeding government contracts in Q4 2023 - for the first time since acquisition of TA&T. The Company continued its successful restructuring and expansion into the defense, aerospace, and industrial markets for advanced ceramic materials and related technologies.

SINTX anticipates continued revenue growth in 2024 driven primarily by new commercial product adoption, innovative technology development, and government contract opportunities. Given the underlying growth in the aerospace, biomedical, and energy markets, these represent significant target opportunities for SINTX - both for commercial and government contract revenue streams. The Company also expects to re-engage the ballistic and body armor market during 2024, as armor operations come back online, and demand for these products remains strong.

About SINTX Technologies, Inc.

SINTX Technologies is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical and technical applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the past two years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing facilities in Utah and Maryland.

For more information on SINTX Technologies or its silicon nitride material platform, please visit www.sintx.com.

Preliminary and Unaudited Nature of Reported Results

We have not yet completed the preparation of our financial statements for the fourth quarter and full year ended 2023. Our revenue expectations for the fourth quarter and full year ended 2023, are preliminary, unaudited and are subject to change based on the completion of ongoing internal control, review, and audit procedures. As a result, these amounts may differ materially from the amounts that will be reflected in the Company’s consolidated financial statements for the year ended December 31, 2023. Accordingly, you should not place undue reliance on this preliminary estimate.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA) that are subject to a number of risks and uncertainties, including statements relating to revenue growth from new commercial product adoption, innovative technology development, and government contract opportunities, new revenue sources in 2024 via continued growth in the aerospace and energy markets, and the Company’s expectation that it will re-engage the ballistic and body armor market during 2024. These risks and uncertainties, many of which are beyond our control, include, among other things: our products may not prove to be as effective as other products currently being commercialized or to be commercialized in the future by competitors; risks inherent in manufacturing and scaling up to commercial quantities while maintaining quality controls; volatility in the price of SINTX’s common stock; the uncertainties inherent in new product development, including the cost and time required to commercialize such product(s); market acceptance of our products once commercialized; SINTX’s ability to raise funding and other competitive developments. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. There can be no assurance that any of the anticipated results will occur on a timely basis or at all due to certain risks and uncertainties, a discussion of which can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 29, 2023, and in SINTX’s other filings with the SEC. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report.

Business or Media Inquiries for SINTX

SINTX Technologies
801.839.3502
IR@sintx.com

Source: SINTX Technologies, Inc.


FAQ

What were SINTX Technologies, Inc.'s estimated unaudited revenues for Q4 2023 and the full year 2023?

SINTX reported estimated unaudited revenues of approximately $902k in Q4 2023 and $2.6 million for the year ended December 31, 2023.

What were the main sources of commercial revenues in 2023 for SINTX Technologies, Inc.?

Commercial revenues of $582K in Q4 2023 and $1.2 million for the full year 2023 were achieved primarily by the sale of products in the aerospace, biomedical, and energy markets.

What does SINTX Technologies, Inc. anticipate for revenue growth in 2024?

SINTX anticipates continued revenue growth in 2024 driven primarily by new commercial product adoption, innovative technology development, and government contract opportunities.

Sintx Technologies, Inc.

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Surgical and Medical Instrument Manufacturing
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About SINT

amedica is the only manufacturer of medical grade silicon nitride, an innovative biomaterial technology ideal for use in spinal fusion and across a variety of medical applications. our silicon nitride features a unique nanosurface texture that promotes bone growth and addresses clinical needs by providing excellent imaging capabilities and demonstrating antibacterial characteristics. our interbody fusion devices and pedicle screw systems are designed to benefit both the patient and the surgeon. with the only fda registered and iso 1345 certified silicon nitride medical device manufacturing facility in the world and a strong sales and distribution organization, we are committed to providing innovative healthcare solutions that improve patient quality of life.