CANTON, Conn., May 18, 2023 — Kelyniam Global (OTC: KLYG), a leading maker of custom cranial implants, today announced results for its quarter ended March 31, 2023.
“I’m pleased to announce that Kelyniam has expanded our licensing agreement with Bioplate to allow the Company to sell Osteopore products in select markets in the U.S. Kelyniam will have the opportunity to sell these unique, high quality products in high volume hospitals in New York, New Jersey, Massachusetts, Maryland and Florida,” said Ross Bjella, Kelyniam’s CEO. “Osteostrip, Osteoplug, and Osteomesh have unique osteo-integrative properties that solve unmet clinical needs. Adding innovative new products like these is part of our strategy to diversify the Kelyniam product line within the cranio-facial market.”
This agreement expands the current agreement between Bioplate and Kelyniam for the distribution of the Bioplate product line of surgical plates and screws. Osteopore (ASX: OSX) is a global leader in the manufacture of innovative regenerative implants that empower natural tissue regeneration. The company’s patented technology for 3D printing proprietary polymer compounds that support bone regeneration are perfectly suited for U.S. surgeons.
Kelyniam’s revenue dipped slightly in the quarter associated with below-expectations January sales. Sales in February and March rebounded significantly but not sufficiently to overcome the earlier drop measured against prior year’s quarter. Monthly sales can vary over the year and variability can be expected due to normal market conditions, including weather , surgeon availability and patient scheduling. The company believes PEEK implant revenue will return to usual expected growth throughout 2023.
Financial highlights for the year ended March 31, 2023 and the same period in 2022 include:
- Total revenue of $596,455 compared to $ 656,858, a decrease of 9.2%
- Gross Margin of $467,773 compared to $509,201
- Operating loss of $ 67,978 compared to a loss of $5,924
The complete financial information can be found here.
The company also promoted Desiree Webb to Chief Operating and Revenue Officer. Ms. Webb was formerly the Vice President of Sales and will now be responsible for both sales and operations.
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.
Bioplate designs and manufactures a range of cranial closure products for neurosurgical procedures. Founded in 1995, the company’s mission is to deliver high-quality, innovative products that help patients requiring neurosurgery. Its current portfolio of products includes titanium plates and screws, bioresorbable bone scaffolds, and patient-matched PEEK craniofacial plates. In addition, the company specializes in providing contract manufacturing services for companies in the orthopedic segment. Bioplate is a privately held corporation based in Orange County, California.
About Osteopore Limited
Osteopore Limited is an Australia and Singapore based medical technology company commercialising a range of bespoke products specifically engineered to facilitate bone healing across multiple therapeutic areas. Osteopore’s patented technology fabricates specific micro-structured scaffolds for bone regeneration through 3D printing and bioresorbable material. Osteopore’s patent-protected scaffolds are made from proprietary polymer formulations, that naturally dissolve over time to leave only natural, healthy bone tissue, significantly reducing postsurgery complications commonly associated with permanent bone implants.
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.