ADDISON, TX / ACCESSWIRE / May 16, 2016 / Wound Management Technologies, Inc. (OTC QB: WNDM), an emerging commercial stage company with its primary product, a patent-protected and FDA-cleared collagen product, CellerateRX®, today announced that its sales growth and cost reducing measures have resulted in positive net income for the quarter This achieves a major corporate strategic milestone.
First Quarter 2016 Financial Highlights
- Revenues were approximately $1,094,223 for the three months ended March 31, 2016 up from $707,469 for the three months ended Dec 31, 2015.
- This increase of approximately 55% is attributable to increases in the CellerateRX surgical product line brought about by focusing on our sales effort and strengthening our sales management team.
- Approximately 95% of revenues were from CellerateRX product line and the other 5% of revenue occurred in royalties from the Resorbable Orthopedic Products, LLC subsidiary (ROP).
- Revenues for the three months ended March 31, 2015 were $1,013,987 and included a large special sale of products. 2016 1st quarter revenue is an increase of 8% over 2015 1st quarter.
- Cost of goods sold had a 12% decrease compared to the 1st quarter of 2015 and general and administrative expenses had a 15% decrease compared to the 1st quarter of 2015.
- Results for the 1st quarter of 2016 show a net income of $90,275 compared to a net loss of $133,396 for the same quarter of 2015.
First Quarter 2016 Subsidiary Update
- The Resorbable Orthopedic Products subsidiary (ROP) received FDA 510(k) clearance for ROP's Bone Hemostasis Material (resorbable bone wax) on February 17, 2016. The company is now finalizing the product, named HemaQuell, for delivery by in the third quarter of 2016.
- The Innovate OR subsidiary is preparing to launch sales of the HemaQuell product as well as exploring additional product opportunities.
"We are extremely pleased that our focus on sales, growth and efficient operations has resulted in reaching our goal of positive net income," said Deborah Hutchinson, President. "We look forward to the HemaQuell launch later this year which will help us further penetrate the surgical market. Our focus will remain on positive growth as we continue to build the company's presence in the market."
About Wound Management Technologies
Wound Management Technologies, Inc. is an emerging commercial stage company with its primary products in the $5B worldwide advanced wound care market. Wound Management's primary focus is the distribution of its Wound Care Innovations subsidiary's unique, patented collagen product line, CellerateRX(R) which is FDA-cleared for all wound types except 3rd degree burns. The Resorbable Orthopedic Products subsidiary owns a multi-faceted bone wax and bone void filler patent and markets products in the $1.5B biomaterials market and is anticipating new revenues from HemaQuell Resorbable Bone Wax. For more information visit our newly updated website, www.wmgtech.com.
Information about Forward-Looking Statements
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
SOURCE: Wound Management Technologies, Inc.