ADDISON, TX / ACCESSWIRE / August 12, 2016 / Wound Management Technologies, Inc. (OTCQB: WNDM), an emerging commercial stage company with its primary product, a patent-protected and FDA-cleared collagen product, CellerateRX®, today announced its continued sales growth.
Second Quarter 2016 Financial Highlights
- Revenues were approximately $1,257,928 for the three months ended June 30, 2016 up from $745,117 for the same period in 2015.
- Year-To-Date Revenues were approximately $2,353,151 for the six months ended June 30, 2016 up from $1,759,104 for the same period in 2015. This increase of approximately $594,047 is a result of sales and management team efforts.
- Strategic growth initiatives of the board included a onetime non-cash expense of $758,665 for warrant issue and a onetime cash expense of $260,000 for professional fees, resulting in a net Loss of $922,437 for the three months ended June 30, 2016.
- Net income of $96,228 would have been realized without strategic onetime expenses for the three months ended June 30, 2016, and followed the $90,275 net Income for the prior three months ended March 31, 2016.
- Cost of goods sold decreased by 9%, down from 26% in the 2nd quarter of 2015, to 17% for the same period in 2016.
- Year-to-Date cost of goods sold decreased by 7%, down from 24% for the six months ended June 30, 2015, to 17% for the same period in 2016.
Second Quarter 2016 Subsidiary Update
- Wound Care Innovations continues to gain sales approval for the CellerateRX Products in new hospitals across the company. A paper from a prominent spine surgeon on his use of CellerateRX Surgical in 90 cases will be available in the 3rd quarter of 2016.
- The Resorbable Orthopedic Products subsidiary (ROP) is in the process of scheduling first human cases for the HemaQuell Resorbable Bone Wax product that received FDA 510(k) clearance in February of 2016. ROP has also finalized packaging materials and manufacturing for the product.
- The Innovate OR subsidiary has prepared initial marketing materials for the HemaQuell launch. Initial sales are anticipated before year end 2016.
"We continue to be pleased that our focus on sales, growth and efficient operations continues to positively impact the company," said Deborah Hutchinson, President. "These efforts coupled with investment in strategic initiatives from our board will continue to positively grow our presence in the medical device market. We look forward to capitalizing on the traction we have built in the market thus far with additional investments in strategic growth, sales, marketing and clinical support for CellerateRX ® and HemaQuell™."
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.