ADDISON, TX / ACCESSWIRE / February 14, 2017 / 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 record sales and improved gross profit margin.
Fourth Quarter and Annual 2016 Financial Highlights
- Q4 Revenues ending December 31, 2016, were approximately $1,754,000, a 147% increase from $707,000 during the same period in 2015.
- 2016 annual revenues were approximately $5,508,000, a 63% increase from $3,372,000 during the same period in 2015. This increase of approximately $2,136,000 is the result of extending our sales reach in additional U.S. geographic markets as well as the continued onboarding of new surgical customers in existing markets. New customers accounted for over 30% of 2016 sales.
- As a result of the Company's continued focus in the acute surgical market, gross profit margin improved from 74% in 2015 to 83% in 2016.
"The Company is excited about continuing our sales momentum in 2017 by reaching additional U. S. geographic markets and expanding sales within our current areas," said J. Michael Carmena, Chief Financial Officer. "We have a robust plan for 2017 that includes adding additional sales and corporate resources to enhance this growth."
"2016 was a breakout year for our Company," said Deborah Hutchinson, President. "Our 2017 plans include enhancing our sales reach with strategic selling alliances and products," she continued. "Our sales growth will be enhanced with the first quarter 2017 launch of HemaQuell™ resorbable bone wax. Initial HemaQuell cases are showing us that surgeons recognize the need for this unique resorbable bone hemostat in orthopedic, spine and cardiac cases. We anticipate another strong year of growth for the Company from these initiatives."
About Wound Management Technologies
Wound Management Technologies, Inc. is an emerging commercial stage company focused on medical devices 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® 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. For more information visit our 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.