FORT WORTH, TX / ACCESSWIRE / May 17, 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 issued its First Quarter 2017 financial report.
First Quarter 2017
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, (a 47% increase) and working capital increased to approximately $670,000 for the quarter, compared to the 2016 year‐end balance of $602,000.
Notes payable were reduced by $73,000 in the quarter and in accordance with our three‐year strategic plan, all amortized notes will be paid in full by the end of the second quarter of 2017.
The Company made significant expenditures during the quarter for inventory orders and new corporate software as well as 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, and still realized net income of $53,000 for the three months ended March 31, 2017.
Wound Management hired Robert Mart to fill the newly created position of Strategic Marketing Director, allowing Wound to focus on the launch of our new product, HemaQuell® and coordinate our marketing and sales efforts for CellerateRX®. Rob is a seasoned medical industry veteran with experience in both wound care and hemostasis.
"Year two of Wound's strategic three‐year plan to grow revenues, build corporate infrastructure to support sales efforts, and create value for shareholders remains our focus," said John Siedhoff, Chairman.
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