MINNEAPOLIS, MN, United States, via ETELIGIS INC., 05/19/2015 – – Skyline Medical Inc. (OTCQB: SKLN), producer of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal, today reported its results for the first quarter ended March 31, 2015.
– Revenues were up 115% year-over-year;
– Five STREAMWAY Units were sold and shipped in the quarter;
– Net loss and total expenses were reduced by over $1.3 million.
Revenues for the first quarter of 2015 were $151,274, compared to $70,220 for the same period in 2014. Gross profit for the first quarter of 2015 was $55,306, compared to $39,137 for the same period in 2014. Net loss for the period was ($225,795), or ($0.07) per diluted share, compared to net loss of ($1.6) million, or ($0.55) per diluted share, in the comparable period in 2014.
Josh Kornberg, CEO of Skyline, commented, “Our sales increased year-over-year as we continue to make sales to large and diverse medical centers across a broader geographical area. Our sales and marketing team are focused on educating the market about the unique benefits of the STREAMWAY System while remaining mindful of cost constraints. We are optimistic about our business opportunities as we execute on our sales strategy.”
Financial Tables Below
About Skyline Medical, Inc.:
Skyline Medical Inc. produces a fully automated, patented, FDA-cleared, waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods — which require hand carrying and emptying filled-fluid canisters — present an exposure risk and potential liability. Skyline Medical’s STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers, 2) improve compliance with Occupational State and Health Association (OSHA) and other regulatory agency safety guidelines, 3) improve efficiency in the operating room, and radiology and endoscopy departments — leading to greater profitability, and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the United States. For additional information, please visit: www.skylinemedical.com.
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the company’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, continued dependence on financing transactions to generate sufficient cash to stay in operation, with a limited cash balance; current negative operating cash flows of approximately $250,000 per month; our deferral or delay of payments to vendors, suppliers and service providers; our balance of debts, liabilities and cash obligations that are either considered past due or that will become due in calendar 2015 of approximately $6.4 million as of March 31, 2015 and that has continued to increase, including continuing incurrence of interest, late fees and penalties; the terms of any financing, which may be highly dilutive and may include onerous terms; risk of inability to make necessary investments to effectively pursue our business plan; unwillingness of our suppliers, vendors and service providers to supply components or services or extend credit; potential lawsuits from claimants relating to past due balances, who may seek to seize our assets or assert other judicial remedies; and risk of a possible reduction or suspension of our operations, ultimately forcing us to declare bankruptcy, reorganize or go out of business, which may cause an investor to lose all or a significant portion of their investment. Our independent registered public accounting firm has indicated in their audit opinions that they have serious doubts about our ability to continue as a going concern. Further risks include unexpected costs and operating deficits, and lower than expected sales and revenues, if any; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable, adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov . This is not a solicitation to buy or sell securities and does not purport to be an analysis of the company’s financial position. See the Company’s most recent Annual Report on Form 10-K, as amended, and subsequent reports and other filings at www.sec.gov .
Skyline Investor Relations Contacts:
Phil Carlson / Elizabeth Barker
KCSA Strategic Communications
212-896-1233 / 212-896-1203
SOURCE: Skyline Medical, Inc.