Business
SINTX TECHNOLOGIES RELEASES PRELIMINARY 2019 YEAR END EARNINGS REPORT AND A BUSINESS UPDATE
SALT LAKE CITY, UT, March 04, 2020 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) (the “Company”), an original equipment manufacturer (OEM)
About this update from Sintx Technologies, Inc.
[{"type":"text","content":"SALT LAKE CITY, UT, March 04, 2020 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) (the “Company”), an original equipment manufacturer (OEM) ceramics company that develops and commercializes silicon nitride, today announced preliminary financial results for the year ended December 31, 2019 and provided a business update.\n YEAR END 2019 FINANCIAL RESULTS SINTX reported revenue of $0.7 million for the year ended December 31, 2019 as compared to $0.1 million for the year ended December 31, 2018. Further, the Company reported generally accepted accounting principles (GAAP) basic net loss from continuing operations for the year ended December 31, 2019 of $3.08 per share, compared to a basic net loss from continuing operations of $26.57 per share for the year ended December 31, 2018. The Company’s cash and cash equivalents were $1.8 million as of December 31, 2019, a decrease of $3.7 million from December 31, 2018. The Company also announced that as of the end of February 2020, there were 7,563,549 shares of common stock outstanding. BUSINESS UPDATE AND RECAP Dr. B. Sonny Bal, Chairman and CEO provided the following update. Recap of the past year- In 2019, SINTX transitioned from a spine implant manufacturer and seller to a technical ceramic materials company, with the goal of identifying new markets for its silicon nitride. We were well-positioned to do so because of our established knowledge equity, and because of the superior quality of our material platform. Spine Sales- SINTX continues to supply our spine implants retail partner, CTL-Amedica. Sales of silicon nitride implants increased in the 4th quarter. SINTX is helping CTL-Amedica develop new implants and designs to drive future sales, and new markets. Over 130 scientific papers in peer-reviewed journals back up our technology. Recently published multi-center clinical studies have shown superb outcomes in lumbar and cervical fusion, respectively. We are wrapping up several other clinical studies, including one showing favorable lumbar fusion outcomes from the European SNAP clinical trial. OEM Strategy- Our peers in the medical and industrial markets acknowledge that SINTX has an advanced technology platform that is thoroughly validated. Our focus is now on top line growth through new customers, and/or through strategic opportunities. Our VP of Business Development...