Business
Strong Fourth Quarter Powers 2023 Kelyniam Financials
Strong Fourth Quarter Powers 2023 Kelyniam Financials.
About this update from Kelyniam Global, Inc.
[{"type":"text","content":"\n\n\n\nStrong Fourth Quarter Powers 2023 Kelyniam Financials\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nStrong Fourth Quarter Powers 2023 Kelyniam Financials\nPR Newswire\nCANTON, Conn., March 17, 2024\n\n\n\nCANTON, Conn., March 17, 2024 /PRNewswire/ -- Kelyniam Global (OTC:KLYG), a maker of custom cranial implants, today announced results for its year ended December 31, 2023. \n\n\"The company set a quarterly unit sales record in the fourth quarter which contributed to achieving slight unit volume growth over 2022,\" said Ross Bjella, Kelyniam's CEO.   \"While we were pleased with the increased sales momentum late in the year, total revenue was down 12% on the year due to management focusing on strategic investments in personnel and infrastructure in the early part of the year.\"\nFinancial highlights for the year ended December 31, 2023, over the same period in 2022 includes:\nTotal revenue of $ 2,672,357 compared to $3,017,599 a decrease of 12%Operating income of -239,166 compared to $69,322, a decrease 345%Net Income of -$218,471 compared to -$97,560, a decrease of 222%\"Unit and revenue growth in Q4 over the previous quarter was 40%, making up for slower than expected summer sales.  The infrastructure investments we made earlier in the year were designed to support rapid growth and it's great to already see the positive result of this work,\" said Bjella.\nThe complete financials can be found on the company's website at www.Kelyniam.com.\nEvents that significantly affected the year and 4th quarter included:\nUnit growth was up 40% over the previous quarter.A major competitor pulled their implant from the market, opening an opportunity for increased PEEK and CustomizedBoneä sales.The company added 5 new sales representatives as distributor partners,\"Kelyniam has both sales momentum and a tremendous opportunity to capitalize on the loss of a direct competitor in the market,\" said Bjella.  \"Surgeons who liked the osteointegrative benefits of that implant can find similar or better results with the CustomizedBoneä (hydro...