Electromedical Technologies Announces Financial and Operational Highlights for the Three and Nine Months Ended September 30, 2022
Electromedical Technologies broadcasts monetary and operational highlights for the three and 9 months ended 09/30/2022
SCOTTSDALE, Ariz., December 5, 2022 /PRNewswire/ — Electromedical Technologies, Inc. (OTC-QB: EMED) (“Electromedical” or the “Company”), a pioneer in the improvement and manufacture of bioelectronic units for the aid of continual, intractable and acute ache via frequency and electromodulation, is happy to announce its monetary and operational highlights for the previous three and 9 months 09/30/2022.
Founder and CEO of Electromedical, Matthew Wolfsonfamous, “Top-line sales growth of 24% vs June 2022 The fourth quarter and a sharply reduced net loss so far this year underscores steady financial improvements as we expand our sales and marketing infrastructure ahead of the anticipated launch of our new market-leading flagship device, the WellnessPro Infinity™ in 2023.”
Highlights of the previous three and 9 months September 30, 2022
Strong web gross sales throughout the quarter totaling c $280,000, which beats gross sales in each the first and second quarters of 2022. Third-quarter gross sales elevated 24% over gross sales in the second quarter of 2022.
Recorded the second highest quarterly income since Q1 2020. Revenue for the identical interval for Q3 2021 was roughly $301,000.
Net loss for the 9 months ended Sept thirtieth, 2022, from $2.64 milliona 60% enchancment over the web loss for the 9 months ended Sep thirtieth, 2021.
About $900,000 in the web funding used to gas the improvement of the new WellnessPro Infinity™ flagship system.
More distributors and clinics to drive broader market presence and enhance gross sales quantity.
Completed fastened price investments to safe key elements and keep away from bottlenecks in the provide chain,
Negotiations accomplished, manufacturing unit prepared for expanded manufacturing and negotiated extra favorable costs and phrases from suppliers.
The firm additionally famous that promoting, common and administrative bills elevated 23% throughout the quarter in comparison with the earlier quarter 09/302021. The enhance is primarily as a result of will increase in gross sales and advertising, payroll, consulting and consulting charges, and different working bills, together with the addition of a brand new gross sales supervisor, which units the stage for aggressive income progress following the anticipated launch of WellnessPro Infinity™- system early subsequent yr.
“As we said before, WellnessPro Infinity™ will set a whole new standard in the bioelectronics market,” famous Wolfson. “There is nothing prefer it on the market as a result of robust advances in general efficiency, affordability, flexibility, ease of use and a revolutionary doctor-patient interface. We consider this shall be by far the most superior and efficient electrotherapy system ever to hit the market.”
The NEW WellnessPro Infinity™ system options:
A compact system that features ALL electrotherapy modalities and generates any frequency, any waveform (typical or atypical) and any diploma of modulation.
Support for TENS, microcurrentIF, EMS, PEMF, CES, VNS, PNSCOLD laser, POD synchronization, IDNA™, deep plus™, cloud entry and rather more.
Unprecedented Accuracy.
An ease of use that we consider is healthier than another electrotherapy system on the market.
A brand new doctor-patient portal for updates and customized therapies.
The Company seems to be ahead to persevering with so as to add new gross sales representatives and clinics to increase and speed up the market penetration of WellnessPro Infinity’s™. Trade gala’s will proceed to be an necessary a part of this technique. Another advertising technique is to achieve out to earlier clients who’ve bought a complete of greater than 10,000 older units over the previous decade to supply them the alternative to backorder the new and improved WellnessPro Infinity™. We anticipate that our previous clients will pre-order new models which can end in vital projected income. The pre-shipment pre-order marketing campaign will assist speed up the firm’s money circulate and present anticipated working capital for stock and debt settlement.
Wolfson added: “We sit up for an thrilling time forward. Development of the Infinity system has been accomplished on schedule and we at the moment are on the dwelling stretch of an anticipated industrial launch in early 2023. POD improvement is on observe and we sit up for sharing progress shortly in our upcoming press releases. Our purpose goes to market first with WellnessPro Infinity™ and then clearing the POD with the FDA 510k launch shortly thereafter.”
The firm has primarily used convertible bonds to assist enterprise progress. These debentures are all convertible at a hard and fast value as the Company has efficiently settled all of the convertible debentures and variable low cost warrants. Upon assembly projected gross sales targets for the new Wellness Pro Infinity over the subsequent yr, the Company expects to lift vital institutional funding and take the needed steps to checklist on a significant alternate.
The firm is in the technique of refinancing the industrial constructing it owns. The constructing is proven in the stability sheet as a hard and fast asset with an acquisition price of $875,000 and a corresponding mortgage legal responsibility of $526,000 away 09/302022. However, the present appraised worth of the constructing has expired $1.5 millionleading to web fairness of over $1M. The firm is in the technique of negotiating a sale-leaseback of the property with favorable rental phrases, with a view to doubtlessly securing an acquisition $1M in web money after the transaction. The Company has enough web loss carry ahead that it expects that achieve won’t end in taxable revenue. As a outcome, it’s anticipated that the proceeds shall be used to redeem convertible bonds with dilutive options and working progress capital.
About Electromedical Technologies headquarters in Scottsdale, Arizona, Electromedical Technologies, Inc. is a industrial, FDA-cleared bioelectronic medical system manufacturing firm initially centered on the therapy of varied continual, acute, intractable and postoperative ache circumstances. Within the framework of cooperation agreements with universities, the firm is engaged on the improvement of a complete analysis program to outline the results of electromodulation on the human physique. By learning the results of electrical fields on cell signaling and the impression on viral meeting and immune responses, the firm goals to alleviate ache and enhance common human well-being. The firm’s present product indications, that are FDA cleared, are for continual acute post-traumatic and post-surgical intractable ache aid.
Visit www.electromedtech.com for extra info.
Note: Preliminary non-human research we intend to start out in the close to future and their makes use of are unrelated to our present product and usually are not presently authorised in the US.
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Company contact: Electromedical Technologies, Inc. Tel: 1.888.880.7888 Email: [email protected]
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