November 11, 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 September 30, 2021 with the Securities and Exchange Commission (“SEC”) on Wednesday, November 10, 2021.
Third Quarter 2021 Financial Highlights
- Net revenues for the nine months ended September 30, 2021 were $14.35 million, compared to $14.38 million for the nine months ended September 30, 2020, which was a decrease of approximately $29,503.
- For the nine months ended September 30, 2021, gross profit was $5.9 million, or 59% of revenues, compared to $5.8 million, or 60% of revenues, for the nine months ended September 30, 2020, which was an increase of 2%.
- Selling, general, administrative, and other expenses (“SG&A”) for the nine months ended September 30, 2021 was approximately $5.01 million compared to $5.02 million for the nine months ended September 30, 2020.
- Commissions expense for the nine months ended September 30, 2021 decreased to $4.89 million from $5.0 million for the nine months ended September 30, 2020, a decrease of approximately $101,998.
- For the nine months ended September 30, 2021, net loss was $1.24 million compared to $1.63 for the nine months ended September 30, 2020, reflecting a reduction in our net loss of $391,107 or approximately 24%.
“The unexpected emergence of the COVID -19 Delta variant impacted our third quarter results, primarily from restrictions on inpatient elective surgeries in multiple markets we service in the US, as well as surgical cases canceling due to patients testing positive for the COVID -19 virus,” said Christopher C. Reeg, Chief Executive Officer of Fuse Medical, “As the rates for infection, hospitalizations, and deaths from COVID -19 now appear to be on the decline, we are confident that the investment into our product portfolio development and launches of unique and clinically differentiated products in spine, biologics, orthopedics, and the foot and ankle markets will prove to be instrumental in securing our position as an emerging, relevant manufacturer of 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 info@fusemedical.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.
