FORT WORTH, TX / ACCESSWIRE / April 20, 2018 / WNDM Medical Inc. (OTCQB: WNDM), today announced record sales performance for the first quarter of 2018.
Based in Fort Worth, Texas, WNDM Medical Inc. (WNDM) has a management team in place with significant healthcare industry experience, committed to corporate sales growth by providing efficacious products to improve patient outcomes.
First Quarter 2018 Financial Highlights
- First quarter 2018 revenues were approximately $2.0 million, a 22% increase from $1.6 million during the same period in 2017. First quarter revenues were also up 16% compared to the fourth quarter of 2017.
- First quarter revenues also represented an all-time high in quarterly sales for WNDM.
- The Company achieved another profitable quarter, as it continues to invest heavily in expanding its sales reach, product development and clinical support.
- Notably, all convertible debt was converted to common shares of the Company's stock, resulting in zero debt on the balance sheet for the first time in the history of the Company.
- In addition, all Series C Convertible Preferred Stock shareholders converted their Series C shares and related dividends to common shares of the Company's stock resulting in one class of common shares as of March 31, 2018.
"The Company is very excited about our continued revenue growth in 2018 as a result of successfully reaching additional U.S. geographic markets, and by expanding sales within our existing areas," said J. Michael Carmena, Chief Executive Officer of WNMD. "We are continuing to add additional field sales resources and infrastructure to enhance a robust growth plan for 2018."
Recent Activity Update
- Michael D. McNeil has been appointed as the Company's Chief Financial Officer. Prior to joining the Company, Mr. McNeil served as Controller for Smith and Nephew's U.S. Advanced Wound Management Division from 2012 to 2018. WNDM's Board of Directors believes Mr. McNeil's strong financial background and medical industry experience will strengthen the Company's sales and operations teams, as well as its finance and accounting functions.
- Carla Day has also joined the WNDM Management Team, as Director of Customer and Sales Services. Carla brings 20 plus years of experience with demonstrated success managing pharma/medical device customer and sales support teams. "Carla has a contagious, positive attitude, and will be a significant contributor to our sales growth," stated Zach Fleming, Vice President Sales.
- On April 3, 2018, the Company announced that it had changed its name from Wound Management Technologies Inc. to WNDM Medical Inc. to better align with the Company's innovative and cost-effective products across the surgical continuum of care. As part of the rebrand, WNDM also unveiled a new corporate logo and changed its website address to WNDM.com.
- In response to the expiration of Applied Nutritionals' patent covering the use of hydrolyzed collagen in wound care on February 27, 2018, the Company submitted an FDA 510(k) application on March 26, 2018, seeking U.S. marketing clearance for our new internally sourced hydrolyzed collagen.
About WNDM Medical Inc.
With its No. 1 goal of improving patient outcomes, WNDM Medical Inc. develops, markets and distributes biotechnology products to physicians, hospitals, and clinics. It has a strong history of developing long-term strategic partnerships with a focus on products that fuse nature and science with medicine. Its primary products are in the $11 billion U.S. consumable medical device market and the $1.5 billion biomaterials market. WNDM Medical sells and distributes CellerateRX®/CRXα® Surgical Activated Collagen® Adjuvant and HemaQuell® Resorbable Bone Hemostat. For more information, visit WNDM.com.
Information about Forward-Looking Statements
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
SOURCE: WNDM Medical Inc.