August 12, 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 June 30, 2021 with the Securities and Exchange Commission (“SEC”) on Thursday, August 12, 2021.
Second Quarter 2021 Financial Highlights
- Net revenues for the quarter ended June 30, 2021 were $5.7 million, compared to $4.0 million for the quarter ended June 30 2020 which was an increase of approximately 41%.
- For the quarter ended June 30, 2021, gross profit was $3.4 million, or 61% of revenues, compared to $2.2 million, or 55% of revenues, for the quarter ended June 30, 2020 which was an increase of 56%.
- Selling, general, administrative, and other expenses (“SG&A”) for the quarter ended June 30, 2021 was approximately $2.0 million compared to $1.1 million for the quarter ended June 30, 2020.
- Commissions expense for the quarter ended June 30, 2021 increased to $1.8 million from $1.4 million for the quarter ended June 30, 2020, an increase of approximately $414,133.
- For the quarter ended June 30, 2021, net loss was $85,481 compared to $423,431 for the quarter ended June 30, 2020, reflecting a reduction in our net loss of $337,950 or approximately 80%.
Christopher C. Reeg, Chief Executive Officer of Fuse Medical, commented “We are pleased with our second quarter performance, as highlighted by a 41% increase in revenue, and a 56% increase in gross profit over the prior-year period. Our implementation and achievement of strategic initiatives, which includes increasing our portfolio of manufactured products, continued research and development of unique intellectual property for commercialization, investing in our sales team, and expansion of our national distribution footprint are reflected in our second quarter results.”
“Our growth for the remainder of 2021 is focused on new product launches in the biologics, orthopedics, and spine marketplace. With the alpha launch and successful first surgical implantation of the Orbitum™ Compression Staple System in the second quarter, we expect this disruptive technology for the extremity market will drive growth in the near term, while increasing our visibility as an emerging manufacturer of relevant medical devices.”
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 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 firstname.lastname@example.org 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.