FORT WORTH, TX / ACCESSWIRE / April 27, 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 its continued strong sales performance for the first quarter of 2017.
First Quarter 2017 Financial Highlights
- Revenues were approximately $1.6 million for the three months ended March 31, 2017, up from $1.1 million for the same period in 2016.
- Working capital grew to approximately $670,000 for the quarter, an increase of $68,000 from the 2016 year-end balance of $602,000. This included a reduction in Notes payable during the quarter of $73,000.
- Selling, general and administrative expenses of $1.3 million included expenses to support our growing sales efforts in the acute surgical market and marketing expenses for the launch of our new HemaQuell® Resorbable Bone Wax.
- Net income of $53,000 was recognized for the three months ended March 31, 2017.
- The company made significant expenditures during the quarter including inventory orders and a robust new software that should 'go live' in Q2.
Year-to-Date 2017 Activity Update
- The Company's subsidiary (Innovate OR, Inc.)'s FDA cleared HemaQuell® Resorbable Bone Wax is currently under evaluation at several major hospitals including use in several cardio vascular, spine and orthopedic cases.
- In April, the Company engaged a medical industry veteran to serve as of Strategic Marketing Director. This individual will be joining the Company full time in May 2017.
- The Company relocated its Corporate Offices from Addison to Fort Worth, Texas in late April. The Fort Worth office is located on the western perimeter of the City's Central Business District and is very close to the Medical District. The space provides more offices and an efficient use of space to accommodate our growth in strategic personnel with a modest rent increase.
"We are on track to meet our 2017 revenue targets and infrastructure investment goals that we previously announced," said J. Michael Carmena, CFO. "This is alignment with our three-year strategic plan to create value," added Deborah Hutchinson, President.
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.