ADDISON, TX / ACCESSWIRE / November 1, 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.
Third Quarter 2016 Financial Highlights
- Revenues were approximately $1,409,155 for the three months ended September 30, 2016 up from $905,615 for the same period in 2015.
- Year-To-Date Revenues were approximately $3,762,681 for the nine months ended September 30, 2016 up from $2,664,719 for the same period in 2015. This increase of approximately $1,097,962 is the result of strategic sales and management team efforts.
- Net income of $181,110 was recognized for the three months ended September 30, 2016.
- Cost of goods went down from 21% of sales in the 3rd quarter of 2015, to 15% of sales for the same period in 2016.
- Year-to-Date cost of goods sold was 23% for the nine months ended September 30, 2015 compared to 16% for the same period in 2016.
Third Quarter 2016 Subsidiary Update
- Wound Care Innovations continues to gain sales approval for the CellerateRX Products in new hospitals across the country. A prominent spine surgeon shared his positive results from use of CellerateRX Surgical in over 100 consecutive cases. This study is now being prepared for publication.
- The Resorbable Orthopedic Products (ROP) subsidiary's HemaQuell Resorbable Bone Wax has been used in a few cardiac, spine and orthopedic cases and ROP is now in working on partners for clinical studies. HemaQuell received FDA 510(k) clearance in February of 2016.
- The Innovate OR subsidiary has prepared initial marketing materials for the HemaQuell launch with initial sales anticipated before year end 2016.
"We are continuing to benefit from our focus on sales, growth and efficient operations," said Deborah Hutchinson, President. "These efforts coupled with strategic initiatives in coordination with our board will continue to positively position Wound Management Technologies in the medical device 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.