via NewMediaWire -- G Medical Innovations Holdings Ltd.
(NASDAQ:GMVD) (“G Medical” or the "Company"), a telehealth, medical
device, and remote patient monitoring company providing
clinical-grade solutions for consumers, medical professionals, and
healthcare institutions, today announced financial results for the
six months ended June 30, 2021.
“Our financial performance for the six months ended June 30,
2021, closes out a solid start to the first half of the fiscal
year,” said Dr. Yacov Geva, President and CEO of G Medical
Innovations. “Sales growth of more than 45% in the first half of
the year shows that we are gradually recovering from the pandemic.
We also believe the positive trends that were already underway
prior to the COVID-19 pandemic are accelerating as telehealth is
increasingly recognized as an essential technology by patients and
healthcare providers. Blending physical, virtual, and automated
care is a game changer for patients and providers alike. Based
on our pipeline of existing opportunities for our Prizma and
medical monitoring services, the engagement of GRS, a subsidiary of
Guthy-Renker, to promote the Prizma G2 on TV, social media, radio
and print through 2023, and the improvement in demand for our
services, we remain optimistic about our growth prospects. In
support of our growth strategy, we are expanding both Prizma
evaluations and cardiac service monitoring opportunities with
healthcare providers and expect to see recognition of these
activities in 2022.”
Dr. Geva continued, "We are making significant, targeted
investments during the second half of 2021, with increased sales
and marketing capabilities, expansion of our medical monitoring
technical teams while continuing to evaluate inorganic
opportunities that could enhance our commercial portfolio. With a
focus on investing for future growth, we believe the underlying
fundamentals of our business are solid and that we are well
positioned for the future.”
“The Company has embarked on a significant expansion of its
salesforce with the recent hiring of 5 experienced regional sales
executives with plans to add an additional 20 sales representatives
by the end of 2021. The expanded salesforce will be focused
exclusively on the U.S. market to accelerate G Medical’s revenue
through enhanced presence in new geographies, development of new
channels and increased adoption by existing customers.”
Financial Results
Total revenues for the first half of 2021 increased by 45.5% to
$2,925,000, compared to $2,010,000 in the first half of 2020. The
increase in revenues is primarily attributable from monitoring
services, and the positive impact of lifting of social restrictions
related to Covid-19, which led to patients returning to their
doctors for medical tests.
Net loss for the first half of 2021 declined 39.3% to
($4,771,000), or ($0.51) per share, compared to ($4,981,000),
or ($0.84) per share, in the six months ended June 30, 2020. The
decrease is mainly attributed to the increase in revenues.
Liquidity remains strong with cash and cash equivalents totaling
$13,380,000, compared to $278,000 as of December 31, 2020.
The increase compared to December 31, 2020, mainly reflects
proceeds received from the Company’s IPO in the first half of 2021,
less cash used in operations during the six months ended June 30,
2021.
About G Medical Innovations Holdings
Ltd.
G Medical Innovations Holdings Ltd. is an early commercial stage
healthcare company engaged in the development of next generation
mHealth and telehealth solutions and monitoring service platforms.
The Company’s solutions and services can empower consumers,
patients and providers to better monitor, manage and improve
clinical and personal health outcomes, especially for those who
suffer from cardiovascular disease, pulmonary disease and diabetes.
The Company’s current product lines consist of its Prizma medical
device, a clinical grade device that can transform almost any
smartphone into a medical monitoring device enabling both
healthcare providers and individuals to monitor, manage and share a
wide range of vital signs and biometric indicators; its Extended
Holter Patch System, a multi-channel patient-worn biosensor that
captures electrocardiogram data continuously, including its QT
Syndrome Prolongation Detection Capabilities Patch. In addition,
the Company is developing its Wireless Vital Signs Monitoring
System, which is expected to provide full, continuous and real time
monitoring of a wide range of vital signs and biometrics. Its
monitoring services include Independent Diagnostic Testing Facility
and private monitoring services. For more information, please visit
https://gmedinnovations.com/
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. Because such statements deal with
future events and are based on G Medical’s current expectations,
they are subject to various risks and uncertainties, and actual
results, performance or achievements of G Medical could differ
materially from those described in or implied by the statements in
this press release. For example, G Medical is using forward-looking
statements when it discusses growth prospects, expanding both
Prizma evaluations and cardiac service monitoring opportunities
with healthcare providers and recognition of these activities in
2022, making significant, targeted investments during the second
half of 2021, with increased sales and marketing capabilities,
expansion of medical monitoring technical teams while continuing to
evaluate inorganic opportunities that could enhance the company’s
commercial portfolio, significant expansion of its salesforce and
plans to add an additional 20 sales representatives by the end of
2021. The forward-looking statements contained or implied in this
press release are subject to other risks and uncertainties,
including those discussed under the heading “Risk Factors” in G
Medical’s final prospectus filed pursuant to Rule 424(b)(4) dated
June 24, filed with the Securities and Exchange Commission (“SEC”),
and in any subsequent filings with the SEC. Except as otherwise
required by law, G Medical undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. References and links to
websites have been provided as a convenience, and the information
contained on such websites is not incorporated by reference into
this press release. G Medical is not responsible for the contents
of third party websites.
Unaudited Interim Condensed Consolidated
Statements of Loss and Other Comprehensive Loss (In
thousands of USD, except per share amounts)
|
|
For the
six-month period ended June
30,
|
|
|
2021
|
2020
|
Revenue:
|
|
|
|
Services
|
|
2,875
|
1,981
|
Products
|
|
50
|
29
|
Total revenue
|
|
2,925
|
2,010
|
Cost of revenue:
|
|
|
|
Cost of services
|
|
1,726
|
2,214
|
Cost of sales of products
|
|
58
|
320
|
Total cost of revenue
|
|
1,784
|
2,534
|
Gross profit (loss)
|
|
1,141
|
(524)
|
|
|
|
|
Operating expenses:
|
|
|
|
Research and development expenses
|
|
619
|
699
|
Selling, general and administrative expenses
|
|
4,532
|
3,375
|
Expected credit loss
|
|
263
|
36
|
Operating
loss
|
|
(4,273)
|
(4,634)
|
|
|
|
|
Finance income
|
|
447
|
205
|
Finance expenses
|
|
950
|
561
|
Financial expenses, net
|
|
503
|
356
|
Loss before tax
|
|
(4,776)
|
(4,990)
|
Income tax benefit
|
|
5
|
9
|
Loss for the period
|
|
(4,771)
|
(4,981)
|
|
|
|
|
Other comprehensive income, net of tax:
|
|
|
|
Items that will or may be reclassified to profit or loss:
|
|
|
|
Exchange gains arising on translation of foreign operations
|
|
-
|
-
|
Other comprehensive income
|
|
-
|
-
|
Total comprehensive loss for the period
|
|
(4,771)
|
(4,981)
|
|
|
|
|
Loss for the period attributed to:
|
|
|
|
Non-controlling interests
|
|
(77)
|
(81)
|
The Company's shareholders
|
|
(4,694)
|
(4,900)
|
|
|
(4,771)
|
(4,981)
|
Total comprehensive loss for the period attributed
to:
|
|
|
|
Non-controlling interests
|
|
(77)
|
(81)
|
The Company's shareholders
|
|
(4,694)
|
(4,900)
|
|
|
(4,771)
|
(4,981)
|
Basic and diluted loss per share attributable to the Company's
shareholders in USD
|
|
*US$ (0.51)
|
*US$ (0.84)
|
*After giving effect to the reverse stock split.
Unaudited Interim Condensed Consolidated
Statements of Financial Position (In
thousands of USD)
|
|
June 30,
|
|
**December 31,
|
|
|
2021
|
|
2020
|
Assets
|
|
|
|
|
Cash and cash equivalents
|
|
13,380
|
|
278
|
Restricted deposit
|
|
629
|
|
630
|
Inventories
|
|
46
|
|
90
|
Trade receivables, net
|
|
672
|
|
717
|
Other accounts receivable
|
|
718
|
|
1,420
|
Total current assets
|
|
15,445
|
|
3,135
|
|
|
|
|
|
Other accounts receivable
|
|
233
|
|
-
|
Property, plant and equipment, net
|
|
1,542
|
|
2,315
|
Total non-current assets
|
|
1,775
|
|
2,315
|
Total assets
|
|
17,220
|
|
5,450
|
|
|
|
|
|
Liabilities and Shareholder’s
|
|
|
|
|
Short term loan and current portion of long-term loans
|
|
426
|
|
1,635
|
Trade payables
|
|
3,302
|
|
*3,105
|
Loan from controlling shareholder
|
|
642
|
|
272
|
Convertible debenture
|
|
1,331
|
|
194
|
Derivative liabilities – warrants
|
|
343
|
|
359
|
Short term portion of lease liability
|
|
127
|
|
255
|
Financial liability
|
|
-
|
|
-
|
Other accounts payable
|
|
3,993
|
|
*2,081
|
Total current liabilities
|
|
10,164
|
|
7,901
|
|
|
|
|
|
Long term lease liability
|
|
13
|
|
50
|
Long term loans
|
|
393
|
|
448
|
Total non-current liabilities
|
|
406
|
|
498
|
|
|
|
|
|
Shareholder’s Equity (Deficit)
|
|
|
|
|
Ordinary shares
|
|
1,212
|
|
819
|
Other reserve
|
|
1,500
|
|
1,500
|
Translation reserve
|
|
2
|
|
2
|
Additional paid in capital
|
|
81,234
|
|
67,257
|
Accumulated deficit
|
|
(80,570)
|
|
(75,876)
|
G Medical Innovations Holdings Ltd. shareholders' equity
(deficit)
|
|
3,378
|
|
(6,298)
|
Non-controlling interest
|
|
3,272
|
|
3,349
|
Total shareholders' equity (deficit)
|
|
6,650
|
|
(2,949)
|
Total Liabilities and Shareholders’ Equity
(Deficit)
|
|
17,220
|
|
5,450
|
(*) Reclassification
(**) The December 31, 2020 balances were derived from the
Company’s audited annual financial statements.
G Medical Innovations Holdings
Ltd. Company Contact
Investor RelationsTraDigital IRKevin
McGrath+1-646-418-7002kevin@tradigitalir.com
G Medical Innovations (NASDAQ:GMVDW)
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G Medical Innovations (NASDAQ:GMVDW)
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