FORT WORTH, TX / ACCESSWIRE / July 20, 2017 / Wound Management Technologies, Inc. (OTCQB: WNDM), an emerging commercial stage company with its primary product, patent-protected and FDA-cleared CellerateRX® Surgical Activated Collagen® Adjuvant, today announced its continued year over year sales growth for the second quarter of 2017.
Second Quarter 2017 Financial Highlights
- Revenues were approximately $1.45 million for the three months ended June 30, 2017, up from $1.26 million for the same period in 2016.
- Notes payable were reduced by $118,000 in the quarter and, in accordance with our three-year strategic plan, all amortized notes were retired during the second quarter of 2017.
- Working capital grew to approximately $750,000 for the quarter, an increase of $78,000 for the quarter and $146,000 from the 2016 year-end balance of $602,000.
- Selling, general, and administrative expenses of $1.1 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 Hemostat.
- The Company continued to make significant expenditures during the quarter including inventory orders and a robust new software that "went live" in late Q2.
Recent Activity Update
- The Company is in the process of obtaining a Conformité Européene, (European Conformity) Mark (CE Mark) for its HemaQuell™ Resorbable Bone Hemostat.
- Further sales infrastructure additions during the quarter include engaging the following new business partners:
- An experienced team of former leading medical device senior executives to help us expand our distribution channels and hospital coverage
- An independent sales distributor with a strong presence in the Northeast
- A medical device inside sales organization with a proven track record of effectively coordinating and managing frontline sales efforts
- In July, Alan LeBlanc, an experienced medical industry executive, joined the Company as Director of Strategic Accounts. We believe Alan's experience and extensive industry contacts will expand the availability of our products to more hospitals and patients and optimize the contributions of our new selling partners.
About Wound Management Technologies
Wound Management Technologies, Inc. is an emerging commercial stage company with its primary products in the $5B worldwide surgical and advanced wound care market. Wound Management's primary focus is the sales and distribution of CellerateRX Surgical Activated Collagen through its subsidiary, Wound Care Innovations. Wound Management also owns a multi-faceted bone hemostasis and bone void filler patent and markets products in the $1.5B biomaterials market and is anticipating new revenues from HemaQuell™ Resorbable Bone Hemostat. 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.