Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its year ended December 31, 2023.
“The company set a quarterly unit sales record in the fourth quarter which contributed to achieving slight unit volume growth over 2022,” said Ross Bjella, Kelyniam’s CEO. “While Q4 sales were up 40% over the previous quarter, total revenue was down 12% on the year due to management focusing on strategic investments in personnel and infrastructure earlier part of the year. Total revenue was also affected adversely by a change to the sales mix delivering a higher number of units to hospitals with aggressive pricing considerations.”
Financial highlights for the year ended December 31, 2023, over the same period in 2022 includes:
- Total revenue of $ 2,672,357 compared to $3,017,599
- Operating income of -239,166 compared to $69,322
- Net Income of -$218,471 compared to -$97,560
“We are hopeful the sales tremendous momentum we saw in Q4 will continue into 2024. The infrastructure investments made earlier in the year were designed to support rapid growth and we are pleased to already see the positive results from of this work,” said Bjella.
The complete financials can be found here.
Events that significantly affected the year and 4th quarter included:
- A major competitor pulled their implant from the market, opening an opportunity for increased PEEK and CustomizedBone™ sales.
- The company added 5 new sales representatives as distributor partners.
“Kelyniam has both sales momentum and a tremendous opportunity to capitalize on the loss of a direct competitor in the market,” said Bjella. “Surgeons who liked the osteointegrative benefits of that implant can find similar or better results with the CustomizedBone™ (hydroxyapatite) implant Kelyniam licensed exclusively in the United States from the Italian manufacturer Finceramica Spa. Together with the OsteoStrip™ and Osteoplug™ product lines from Osteopore, Kelyniam is well positioned to become the leader in regenerative options for U.S. neurosurgeons.”
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.
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. Contacts:
Ross Bjella, Investor Relations or Terrance Kurtenbach, Chief Financial Officer
Kelyniam Inc. (800) 280 – 8192