FORT WORTH, TX / ACCESSWIRE / February 1, 2018 / Wound Management Technologies, Inc. (OTCQB: WNDM), an emerging commercial stage company, today announced a year over year sales increase of 14%. We are ahead of plan in year two of our three-year plan to strengthen our balance sheet and eliminate outstanding obligations: all long-term debt has been eliminated; we are securing the last remaining outstanding warrants; we have settled a 6-year old lawsuit without prejudice.
Fourth Quarter and Annual 2017 Financial Highlights
- 2017 annual revenues were approximately $6,305,000, a 14% increase from $5,508,000 during the same period in 2016.
- This sales increase of approximately $797,000 is the result of extending our sales reach into additional U. S. geographic markets, as well the continued onboarding of new surgical customers in existing markets.
- As a result of the Company's continued focus on the acute surgical market, gross profit margin continued in a positive fashion in 2016.
"The Company is excited about our sales momentum in 2018 through continued U. S. geographic market expansion and growing sales within our current markets," said J. Michael Carmena, Chief Financial Officer. "We are continuing to add additional field sales resources to enhance a robust growth plan for 2018."
"2017 was another building year for our company in terms of sales, infrastructure, and clinical support," said Robert Mart, Vice President, Marketing. "Our 2018 plans include enhancing our sales and marketing reach with strategic selling alliances and building our base of clinical outcomes and economic data that demonstrate the value of our differentiated products," he continued.
Even with the year over year increase in sales, the Company did not reach its sales forecast of $8mm. Two items contributed to this shortfall. First, the delayed launch of HemaQuell® Hemostat resulted in a sales shortfall of approximately $545,000. Secondly, a large customer hospital chain changed its procurement policies, which required WNDM to obtain contracts with each individual division/hospital customer resulting in several months of lost sales. Both of these issues have been resolved for the Company to move forward with its current growth plan.
About Wound Management Technologies
With its number one goal of improving patient outcomes, Wound Management Technologies, develops, markets, and distributes biotechnology products to physicians, hospitals, and clinics. It has a strong history of developing long-term, strategic partnerships with a focus on products that fuse nature with science. Its primary products are in the $11 billion U.S. consumable medical device market and in the $1.5 billion biomaterials market. Wound Management Technologies sells and distributes CellerateRX® Surgical Activated Collagen® Adjuvant. Wound Management is anticipating new revenues from its recently launched 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.