May 13, 2021
RICHARDSON, Texas–(BUSINESS WIRE)–Fuse Medical, Inc. (OTCPINK: FZMD) (“Fuse” or the “Company”) an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace, announced that it has filed its quarterly report on Form 10-Q for the quarter ended March 31, 2021 with the Securities and Exchange Commission (“SEC”) on Wednesday, May 12, 2021.
First Quarter 2021 Financial Highlights
- Net revenues for the quarter ended March 31, 2021 was $4.4 million, compared to $4.6 million for the quarter ended March 31 2020.
- For the quarter ended March 31, 2021, gross profit was $2.6 million, or 58% of revenues, compared to $2.7 million, or 57% of revenues, for the quarter ended March 31, 2020.
- Selling, general, administrative, and other expenses (“SG&A”) for the quarter ended March 31, 2021 declined by approximately $1 million or 42% to $1.4 million compared to $2.4 million for the quarter ended March 31, 2020.
- Commissions expense for the quarter ended March 31, 2021 increased to $1.6 million from $1.4 million for the quarter ended March 31, 2020, an increase of approximately $200,000 of approximately 12%.
- For the quarter ended March 31, 2021, net loss was $453,323 compared to $1,283,999 for the quarter ended March 31, 2020, reflecting a reduction in our net loss of $830,676 or approximately 65%.
Christopher C. Reeg, Chief Executive Officer of Fuse, commented “As we continue to navigate the COVID-19 pandemic, our first quarter of 2021 still felt the impact of elective surgery restrictions in several of our key markets. Despite this setback in January, coupled with the severe Texas Winter Storm in February that crippled Dallas and most of Texas, our Teams remained committed to our customers, and our elective case volumes are now trending above pre-pandemic levels. In light of these challenges, we have been successful in launching multiple new product lines, with several more launches scheduled throughout 2021. Q1 2021 also marked the beginning of our international expansion, with our first sales into the Australian marketplace.”
“We remain committed to growing our portfolio of innovative orthopedic and spinal devices, expanding our distribution footprint, and look forward to continuing this momentum throughout 2021 and beyond,” Mr. Reeg added.
First Quarter 2021 Highlights:
Highlights of Fuse’s first quarter 2021 include the following:
- In January 2021, we entered into a marketing agreement with CarePICS Telehealth Platform to increase our wound care position.
- In January 2021, we entered into an exclusive agreement with Orthovestments, LLC for the manufacturing and commercialization of the novel Orbitum™ Staple System, which increases our manufactured product portfolio. Initial Alpha launch of the Orbitum™ Staple System is slated for June 2021, with full commercial launch beginning early in Q3 2021.
- In February 2021, we launched our Fuse ACP Anterior Cervical Plating System, expanding our offerings in our Spine division.
- In March 2021, we fulfilled our first international sales order to a new Distributor partner in Australia, better positioning us to expand our business and sell our products globally.
- We were successful in adding 7 new distributors during the three months ended March 31, 2021.
- On May 4, 2021, we executed the Seventh Amendment to our Amended and Restated Business Lona Agreement with Amegy Bank, renewing our credit facility until November 4, 2021.
About Fuse Medical, Inc.
Fuse is an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace. We provide a comprehensive portfolio of products in the orthopedic total joints, sports medicine, trauma, foot and ankle space, as well as, degenerative and deformity spine, osteobiologics, wound care, and regenerative medicine products. For more information about the Company, or if you’re interested in becoming a distributor of any Fuse’s products, please contact us at email@example.com or visit: www.fusemedical.com.
Forward Looking Statements
Certain statements in this press release, 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.