Flexpoint Sensor Systems Q2 2019 Revenue Increases 1019% and Transitions to Profitability; Company Anticipates Finalizing Several Major Orders During the Second Half of 2019
DRAPER, UT / ACCESSWIRE / August 15, 2019 / Flexpoint Sensor Systems, Inc. (OTC PINK:FLXT) today announced the company's financial results for the second quarter ended June 30, 2019.
Q2 Financial Results for the three months ended June 30, 2019:
- Revenue Increased 1019% to $572,649 compared to $51,158 during Q2 2018. The majority of this revenue came from a $450,000 licensing agreement with Audio Technology company subVo’s KlaraT speaker.
- Net Operating Profit grew to $351,891 versus a net operating loss of $161,859 during the comparable period in 2018.
- Net Profit increased to $127,911 compared to a net loss of $158,633 for Q2 2018
- Cash and cash equivalents increased to $383,443 from $9,148 at the end of Q1 2019.
- Total assets increased to $5,317,264 versus $4,955,148 at the end of the prior quarter.
- Total liabilities decreased to $3,451,204 from $3,556,086 on March 31, 2019. Net cash generated by operating activities was $324,283 for the quarter ended June 30, 2019
- International Sales increased 46% $53,343 compared to $36,633 for the quarter ended June 30, 2018.
Financial Results for the six months ended June 30, 2019:
- Revenue Increased to $637,244 versus $130,422 for the six months ended June 30, 2018
- Net Operating Profit increased to $195,791 compared to a net operating loss of $307,210 during the comparable period in 2018.
- Net Profit improved to a loss of $138,911 from a loss of $261,855 for H1 2018.
- Net cash generated by operating activities was $265,633 for the first six months of 2019 compared to a
net cash deficit of $147,813 during the first six months of 2018
- International Sales Increased to $101890 versus $67,750 for the first half of 2018.
First half 2019 highlights and significant developments:
- Flexpoint announced it had signed a five-year manufacturing and supply agreement to provide crucial technology to help confront the deadly opioid crisis. The Company expects that commercial production to begin in the late 2019, increasing throughout 2020 and beyond.
- The company continues to receive substantial purchase orders as it expands its global medical and medical IoT wearables.
- Flexpoint signs exclusive development and licensing agreement with Audio Technology company subVo. Combining KlaraT technology with Flexpoint’s bend sensor will change the way people not only hear but also feel music. Multiple revenue streams are expected beginning in the second half of 2019 as a result.
- The company is now profitable and continues to negotiate additional significant orders with major revenue potential as the bend sensor gains global awareness.
Clark Mower, Flexpoint President stated, "The bend sensor has done what we always knew it could do. It has proven its capabilities by attracting new markets and contributing to our biggest quarter in the history of the company. The bend sensor is rapidly gaining traction, diversifying potential applications and receiving meaningful orders worldwide. We anticipate the momentum continuing with several additional purchase orders in the second half.”
Flexpoint Sensor Systems, Inc. will host a conference call at 4:05 PM ET on August 21, 2019 to discuss second quarter results. To attend the call, please use the information below for dial-in access.
Participant conference numbers: (530) 881-1212, Conference ID 615-253-385#
Please dial in at least 5 minutes prior to the call to ensure timely participation.
For full earnings report please view our entire filing at www.sec.gov.
Please visit http://www.flexpoint.com/ for more information.
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking, differentiated sensing solution that is revolutionizing applications in the VR/AR, wearable, IoT, automotive, safety, medical and industrial industries. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
Flexpoint Sensor Systems
Clark Mower, President
Brokers and Analysts
SOURCE: Flexpoint Sensor Systems, Inc.
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