March 25, 2019
RICHARDSON, Texas–(BUSINESS WIRE)–Fuse Medical, Inc., (OTCPINK: FZMD), an emerging manufacturer and distributor of medical devices for the orthopedic and spine marketplace, announced record earnings for the fiscal year ended December 31, 2018. Fuse filed its annual report on Form 10-K with the Securities and Exchange Commission on Thursday, March 21, 2019.
2018 Financial Highlights
- Net revenue of $26.3 million
- Gross profit increase by 10% to $13 million
- Record net income of $4.0 million, or 15% of net revenues
- Earnings per share of $0.06 compared to $0.04 for 2017,on a diluted basis
- EBITDA of $4.6 million, an increase of $3.6 million over 2017(1)
- Net cash flows provided by operations, an increase of 55% to $2.5 million (1)
2018 Strategic Milestones
- Listed as “Penny Stock Exempt” by OTC Markets
- Recognized as No. 56 of the fastest growing companies in the Deloitte 2018 Technology Fast 500TM
- Ranked as the 143rd largest public company by revenue in the Dallas-Fort Worth metropolitan area by the Dallas Morning News
- Completed the acquisition and integration of CPM Medical Consultants, LLC & Palm Springs Partners, LLC d/b/a Maxim Surgical
- Established Scientific Advisory Boards with Key Opinion Leaders to assist with our product development and design input
Chief Executive Officer Christopher C. Reeg said, “2018 was an incredible year of accomplishments and financial successes for us. The year proved to be pivotal for successful transformation into the medical device manufacturing space. Repositioning Fuse into an integrated medical device manufacturer and supplier was the all-important initial step to begin realizing increased revenue growth at higher profit margins.”
Mr. Reeg added that “for 2019, our focus is the expansion of our manufactured product portfolio, as well as our private label product offerings in the spine and the foot and ankle market.”
About Fuse Medical, Inc.
Fuse is a manufacturer and national distributor of medical devices, providing a broad portfolio of internal and external fixation products; upper and lower extremity plating and total joint reconstruction; soft tissue fixation and augmentation for sports medicine procedures; full spinal implants for trauma, degenerative disc disease, and deformity indications, (collectively, “Orthopedic Implants”) and a wide array of osteo-biologics, regenerative tissues, and amniotic tissue, including human allografts, substitute bone materials and tendons, and regenerative tissues and fluids (“Biologics”). The Company’s broad portfolio of Orthopedic Implants and Biologics provide high-quality products that assist surgeons in providing positive patient outcomes and cost-effective solutions. For more information about the Company, please visit: www.fusemedical.com.
Forward Looking Statements
Certain statements in this press release, including those related to an anticipated purchase of all of the outstanding membership units and plans for the consolidated company, constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” or similar expressions or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based only on information available to the Company as of the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the Securities and Exchange Commission; the failure of the Company to close the transaction; and integration issues with the consolidated company. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law.
(1) EBITDA and Net Cash Flows Provided by Operations are both non-GAAP financial measures. For more information about GAAP and non-GAAP financial measures, please see the section of this release titled “Use of Non-GAAP Financial Measures.”
