OXFORD, Conn., Aug. 17, 2021 /PRNewswire/ -- Nxt-ID, Inc.
(NASDAQ: NXTD) (the "Company" or "Nxt-ID"), a provider of
technology products and services for healthcare applications,
announces financial results for the three months and six months
ended June 30, 2021.
Second quarter results ended June 30,
2021 include:
- Revenue for the second quarter was approximately $2.8 million, up 14% from the prior quarter and
up 12% from the same quarter last year.
- Gross profit for the second quarter was approximately
$1.8 million, compared to
approximately $1.6 million in the
prior quarter and slightly favorable with the same quarter last
year.
- Operating expenses for the quarter were approximately
$2.0 million, compared to
approximately $2.3 million in the
prior quarter and $1.9 million in the
same quarter last year.
- Operating loss for the second quarter was approximately
$212,000. This compares to a loss of
approximately $783,000 in the prior
quarter and a loss of approximately $103,000 in the same quarter last year.
- Net loss for the quarter was approximately $1.2 million or $0.02 per share, compared to a net loss of
approximately $5.8 million or
$0.12 per share in the prior quarter
and a net loss of approximately $668,000 or $0.02
per share in the same quarter last year.
- During the quarter ended June 30,
2021 the Company paid down term debt by an additional
$4.5 million.
Six months results for the period ended June 30, 2021 include:
- Revenue for the six-month period was approximately $5.2 million, down $1.0
million or 16% from last year.
- Gross profit for the six-month period was approximately
$3.4 million, down approximately
$1.2 million or 27% from last
year.
- Operating expenses for the six-month period were approximately
$4.4 million, up approximately
$691,000 or 19% from the same period
last year.
- Operating loss for the six-month period was $1.0 million compared to operating income of
$1.0 million during the same six
months last year.
- Net loss for the six-month period was approximately
$6.9 million or $0.14 per share, compared to a net loss of
approximately $280,000 or
$0.01 in the prior year.
Subsequent Events:
- On August 13, 2021 the Company
closed a private preferred stock investment from institutional
investors, raising an additional $4.0
million in working capital prior to expenses associated with
the offering.
- On August 16, 2021 the Company
received written communication from the Nasdaq Hearings Panel that
it had granted the Company's request to continue to list on The
Nasdaq Stock Market subject to the Company's achieving certain
milestones, including holding a shareholder meeting prior to
October 15, 2021 and receiving
shareholder approval by such date to effect a reverse split. If
such approval is obtained on or prior to October 15, the Company will have to demonstrate
compliance with the Nasdaq Rule 5550(a)(2), which will require the
Company to maintain a minimum bid price of $1.00 per share over 10 consecutive trading days
prior to November 1, 2021.
Ms. Chia-Lin Simmons stated, "I
am excited to serve as the newly appointed CEO of Nxt-ID and work
with a talented team of professionals. We believe that there is an
increased desire for connectivity and telehealth solutions during a
time when healthcare costs are rising, and a shortage of labor
exists in the healthcare industry. COVID-19 has reminded us how
technology can help empower all of us to help care for our family
and friends."
Ms. Simmons continued, "With this industry backdrop, Nxt-ID has
the potential to expand into new customer segments and continue to
be a trusted partner to our current customers. In this respect we
are pleased to announce that we have been awarded a U.S. General
Services Administration Schedule Contract, providing us the ability
to continue to serve our valued veterans as well as extend our
products to other federal and state agencies."
"We expect to be in a transition period for some time as we
become fit for purpose. This includes establishing the right team
and tools needed to leverage our intellectual property, assessing
our existing product mix and continuing development of innovative
solutions to meet specific needs. I look forward to providing
periodic updates on our progress," concluded Ms. Simmons.
Investor Call and SEC Filing
Full financial results and Management's Discussion and Analysis
can be found in the Company's Form 10-Q for the three and six
months ended June 30, 2021, which was
filed with the Securities and Exchange Commission ("SEC") on
August 16, 2021, and can be found at
Inline XBRL Viewer (sec.gov) (sec.gov). The new management team,
including CEO Chia-Lin Simmons and
CFO Mark Archer, will host an
investor call to discuss the financial results for the three and
six months ended June 30, 2021 and
update shareholders on general corporate developments. The call
will commence on Thursday, August 19,
2021 at 11:00 AM (Pacific
Time)/2:00 PM (Eastern Time).
Shareholders, investors and interested parties wanting to
participate in the webcast must use this link below to register
prior to the event:
https://edge.media-server.com/mmc/p/ftdjo6vw.
For those wishing to participate by telephone, please use the
following dial-in credentials:
US/CANADA Participant Toll-Free
Dial-In Number: (877) 644-5287
US/CANADA Participant
International Dial-In Number: (281) 973-6282
Conference ID: 1558499
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, sensor technologies and
healthcare applications. Through its subsidiary, LogicMark LLC,
Nxt-ID 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
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; the Company's ability to maintain its Nasdaq listing
for its common stock; 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 SEC.
Investor Relations Contact:
A. Pierre Dubois
Lightspeed IR/M for Nxt-ID
713-256-0661
pierre@lightspeedpr.com
Public Relations Contact:
Karen Blondell
Lightspeed PR/M for Nxt-ID
424-263-7371
karen@lightspeedpr.com
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SOURCE Nxt-ID