SINTX TECHNOLOGIES RELEASES 2019 THIRD QUARTER AND YEAR-TO-DATE EARNINGS REPORT AND PROVIDES BUSINESS UPDATE
November 18 2019 - 7:30AM
SINTX Technologies, Inc. (NASDAQ: SINT) (the “Company”), an
original equipment manufacturer (OEM) ceramics company that
develops and commercializes silicon nitride for medical and
non-medical applications, today announced financial results for the
three and nine month periods ended September 30, 2019 and provided
a business update.
THIRD QUARTER 2019 FINANCIAL
RESULTS
SINTX reported revenue of $0.2 million for the
three months ended September 30, 2019, and $0.4 million for the
nine months ended September 30, 2019. Generally accepted accounting
principles (GAAP) basic net loss from continuing operations for the
three months ended September 30, 2019, was $0.68 per share,
compared to a basic net loss from continuing operations of $7.09
per share for the three months ended September 30, 2018. For the
nine months ended September 30, 2019, the Company reported GAAP
basic net loss from continuing operations of $3.00 per share,
compared to a basic net loss from continuing operations of $35.45
per share for the nine months ended September 30, 2018. The
Company’s cash and cash equivalents were $2.9 million as of
September 30, 2019, a decrease of $2.5 million from December 31,
2018.
BUSINESS UPDATE AND RECAP
Dr. B. Sonny Bal, Chairman and CEO provided the
following update.
Recap of the past year-
Since divesting the spine retail business in
late 2018, SINTX transitioned from a spine implant manufacturer and
seller, to an advanced materials company focused on developing
ceramic-based solutions in a variety of medical and industrial
applications. Today, SINTX is well-positioned to leverage its
knowledge and technology to address a wider range of
opportunities.
Spine Sales-
We remain committed to supporting our spine
implants retail partner, CTL-Amedica. Sales of silicon nitride
implants increased in the 3rd quarter. We have an excellent
relationship with CTL-Amedica and are working on new implants and
designs to support future sales and new markets.
All clinical and basic science data (more than
130 scientific papers) continue to support the advantages of
silicon nitride. Two papers from a multi-center study have been
accepted for publication; these show excellent clinical outcomes
with silicon nitride in lumbar and cervical fusion, respectively.
Several other clinical studies are pending publication, including
favorable lumbar fusion data from the European SNAP clinical
study.
OEM Strategy-
Our OEM strategy is supported by Don Bray, an
industry veteran who is now our VP of Business Development. Don
brings deep knowledge of ceramics, particularly in the industrial
and defense sectors, where SINTX seeks entry. We have also retained
an investment banking advisory service to widen our outreach into
the dental market, where silicon nitride has unique advantages as
the next generation biomaterial, either as a coating, or as a
stand-alone component.
Consistent with the OEM strategy, SINTX has
participated in multiple trade shows, and continued an active
R&D program, with intellectual property filings and scientific
publications. Multiple potential partners are examining our
business today, in the medical and non-medical markets. There is
agreement that SINTX has a superior technology platform that is
well-proven, and answers relevant needs. Our goal is to
commercialize this expertise to generate revenues or execute a
strategic event that positively impacts shareholder value.
Future Outlook-
The key goals as we head into 2020 are to
maintain our leadership in silicon nitride technology and develop
new OEM revenue opportunities through strategic initiatives. We
will maintain fiscal discipline, while making progress toward
break-even cash flow.
With multiple interested partners scrutinizing
the Company, established investment banking relationships, a broad
technology portfolio, an array of new technologies under
development, and an experienced team, we believe that SINTX
Technologies has enormous potential and a bright future.
About SINTX Corporation
SINTX Technologies is an OEM ceramics company
that develops and commercializes silicon nitride for medical and
non-medical applications. The core strength of SINTX Technologies
is the manufacturing, research, and development of silicon nitride
ceramics for external partners. The Company presently manufactures
silicon nitride spinal implants in its ISO 13485 certified
manufacturing facility for CTL-Amedica, the exclusive retail
channel for silicon nitride spinal implants.
For more information on SINTX
Technologies or its silicon nitride material platform, please visit
www.sintx.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (PSLRA) that are subject to a number of risks
and uncertainties. Readers are cautioned not to place undue
reliance on the forward-looking statements, which speak only as of
the date on which they are made and reflect management’s current
estimates, projections, expectations and beliefs. Such forward
looking statements include: development of new products with
CTL-Amedica, our OEM Strategy and Future Outlook. There can be no
assurance that any of the anticipated results will occur on a
timely basis or at all due to certain risks and uncertainties, a
discussion of which can be found in SINTX’s Risk Factors disclosure
in its Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (SEC) on March 11, 2019, and in SINTX’s other
filings with the SEC. SINTX disclaims any obligation to update any
forward-looking statements. SINTX undertakes no obligation to
publicly revise or update the forward-looking statements to reflect
events or circumstances that arise after the date of this
report.
Contact:SINTX
Technologies801.839.3502IR@sintx.com
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