Nexeon MedSystems Announces First Quarter 2018 Financial Results
DALLAS, May 21, 2018 (GLOBE NEWSWIRE) -- Nexeon MedSystems Inc (”Nexeon”) (OTCQB:NXNN) a neurostimulation medical device company, announced today financial results for the first quarter ended March 31, 2018.
First Quarter and Recent Operational Highlights:
- Appointed Wes Dittmer, CPA, to Board of Directors. Mr. Dittmer joins the Nexeon Board with more than 20 years of finance and accounting experience with publicly-traded companies and an extensive background in capital formation, mergers and acquisitions (M&A) and operations.
- Completed pre-submission meetings with the United States Food and Drug Administration (“FDA”) to determine scope of requirements for approval of the Viant™ System.
- Received FDA feedback on aVNS program confirming De Novo 510(k) regulatory path for first aVNS product.
- Began enrollment in 20 patient clinical study to explore aVNS to alleviate atrial fibrillation.
- Received approximately $2.1 million in new research and development grant awards.
- The Company’s subsidiary, Nexeon Medsystems Puerto Rico Operating Company Corporation, received approval under the government’s Economic Incentives for the Development of Puerto Rico Act, for a 4% fixed income tax rate and a 50% tax credit on research and development. Nexeon has the option of selling this R&D tax credit to a third party.
First Quarter 2018 Financial Results:
- Consolidated revenues for the first quarter of 2018 were $2,870,034. This includes $2,412,027 in manufacturing revenues and $403,901 of Neurostimulation revenues. Gross profit for the quarter was $1,043,455 Net loss for the quarter was $(949,669).
- As of March 31, 2018, the Company had working capital of $48,541. Included in working capital is $347,484 of cash and total receivables of $2,673,564.
- As of March 31, 2018, the Company had approximately $4,163,000 grant and subsidy-related contracts subject to cost plus reimbursement.
The Company’s quarterly report on Form 10-Q can be found at www.sec.gov.
About Nexeon MedSystems, Inc.: Nexeon is a medical device development and manufacturing company focused on providing innovative neurostimulation products that improve the quality of life of patients suffering from debilitating neurological disease.
Forward-Looking Statements: Forward-looking statements in this press release and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from prevailing market conditions and the impact of general economic industry or political conditions in the United States or globally. A list and description of these and other risk factors can be found in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission which can be reviewed at www.sec.gov. We make no representation or warranty that the information contained herein is complete and accurate, and we have no duty to correct or update any information contained herein.
Investor Relations Contact
The Ruth Group for Nexeon MedSystems, Inc.
Released May 21, 2018