Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Twelve and Three Months Ended December 31, 2...
March 31 2020 - 05:17PM
Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company”), a provider of
healthcare devices and services, announces results for the year and
three months ended December 31, 2019.
Financial Highlights and results from the year and fourth
quarter included:
- Revenue from continuing operations for the year and three
months ended December 31, 2019 was approximately $17.1 million and
$4.0 million, respectively, essentially flat in both periods as
compared to the same 2018 periods.
- Gross profit from continuing operations for year and three
months ended December 31, 2019 was approximately $12.8 million and
$2.9 million, respectively compared to approximately $12.3 million
and $2.8 million for the same 2018 periods.
- Operating expenses from continuing operations for the year and
three months ended December 31, 2019 were approximately $10.2
million and $2.1 million, respectively compared to $11.7 million
and $3.1 million for the same 2018 periods.
- Operating income from continuing operations for the year and
three months ended December 31, 2019 was approximately $2.6 million
and $0.8 million, respectively, compared to operating income of
$0.6 million and loss of $0.3 million for the same 2018
periods.
- Non GAAP Operating income from continuing operations for the
year and three months ended December 31, 2019, adjusted for
depreciation, amortization and non-cash charges was approximately
$4.0 million and $1.1 million, respectively, compared to $2.5
million and $0.1 million for the same 2018 periods.
- Net Cash provided by operating activities of continuing
operations in the year ended December 31, 2019 was $2.2 million as
compared to net cash used of $0.1 million in the year ended
December 31, 2018.
- Repaid approximately $3.8 million in debt through December 31,
2019; assuming current interest rates, annualized interest expense
savings should approximate $450K.
"Our fourth quarter 2019 operating results from continuing
operations reflected pre-tax income of approximately $170K which
resulted primarily from the continuance of strong gross profit
generated by our LogicMark healthcare business coupled with the
cost saving initiatives implemented by the Company,” said Vin
Miceli, Chief Executive Officer of Nxt-ID. This is the first time
in the Company’s history that it has generated quarterly pre-tax
income. “In light of the current Covid-19 situation, we remain
cautiously optimistic about 2020 as we continue to focus on
expanding our core healthcare business and continue closely
monitoring our operating expenses.”
Concluded Miceli: “I look forward to providing commentary on the
quarter's results, updating our shareholders and providing
some additional context regarding our Company's path forward.”
Full financial results and Management's Discussion and Analysis
can be found in the Company's Form 10-K for the year ended December
31, 2019, which was filed with the Securities and Exchange
Commission ("SEC") on March 30, 2020, and can be found
at https://www.sec.gov/Archives/edgar/data/1566826/000121390020008044/f10k2019_nxtidinc.htm.
The management team will host an investor webcast to discuss the
financial results for the year ended December 31, 2019 and update
shareholders on general corporate developments. The webcast will
commence on Thursday, April 2, 2020 at 4:10 PM (ET). Shareholders,
investors and interested parties wanting to participate in the
webcast must use this link to register prior to the
event: https://edge.media-server.com/mmc/p/33qdhsa9
About Nxt-ID, Inc. Nxt-ID, Inc. (NASDAQ:
NXTD) provides technology products and services for healthcare
applications. The Company has extensive experience in access
control, biometric and behavior-metric identity verification,
security and privacy, encryption and data protection, payments,
miniaturization and sensor technologies. Through its subsidiary,
LogicMark LLC, Nxt-ID, Inc. is a manufacturer and distributor of
non-monitored and monitored personal emergency response systems
sold through dealers/distributors and the United States Department
of Veterans Affairs. Learn more about Nxt-ID
at www.nxt-id.com. For Nxt-ID, Inc. corporate information
contact: info@nxt-id.com
Forward-Looking Statements for Nxt-ID: This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect management's current
expectations, as of the date of this press release, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the
Company's business strategy. The Company’s actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish
and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from
others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to
implement its long range business plan for various applications of
its technology; the Company's ability to enter into agreements with
any necessary marketing and/or distribution partners; the impact of
competition, the obtaining and maintenance of any necessary
regulatory clearances applicable to applications of the Company's
technology; and management of growth and other risks and
uncertainties that may be detailed from time to time in the
Company's reports filed with the Securities and Exchange
Commission.
“Non-GAAP Operating Income” is defined as Operating Income as
reported plus depreciation expense, amortization of intangibles and
stock compensation expense. Non-GAAP Operating Income is commonly
used by management and investors as an indicator of operating
performance and liquidity. Non-GAAP Operating Income is not
considered a measure of financial performance under GAAP and it
should not be considered as an alternative to net income.
Media Contacts: Vincent S. Miceli
investors@nxt-id.com
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