Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Three Months Ended March 31, 2021 and to Pro...
May 19 2021 - 8:30AM
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
ended March 31, 2021.
Financial highlights and results from the first quarter of 2021
included:
- Revenue for the three months ended March 31, 2021 was
approximately $2.4 million, compared to approximately $3.7 million
for the same 2020 period.
- Gross profit for the three months ended March 31, 2021 was
approximately $1.6 million, compared to approximately $2.8 million
for the same 2020 period.
- Operating expenses for the three months ended March 31, 2021
were approximately $2.3 million, compared to approximately $1.8
million for the same 2020 period.
- Operating loss for the three months ended March 31, 2021 was
approximately $783,000; for the three months ended March 31, 2020,
operating income was approximately $1.0 million.
- Non-GAAP Operating income for the three months ended March 31,
2021, adjusted for depreciation, amortization and other non-cash
charges, was approximately $69,000, compared to approximately $1.3
million for the same 2020 period.
- Non-GAAP net loss for the three months ended March 31, 2021,
adjusted for depreciation, amortization and other non-cash charges
was approximately $312,000, compared to net income of approximately
$860,000 for the same 2020 period.
- Net cash used in operating activities for the three months
ended March 31, 2021 was approximately $1.0 million, as compared to
approximately $0.5 million in cash provided by operating activities
for the three months ended March 31, 2020.
- Repaid approximately $5.5 million in term debt during the three
months ended March 31, 2021.
- Cash balance at March 31, 2021 was approximately $8.5
million.
"Our first quarter 2021 operating results
reflected a positive trend and rebound in our markets as customers
that had been reluctant to commit to larger purchases during the
COVID-19 pandemic during 2020 began ordering at pre-pandemic
levels,” said Vin Miceli, Chief Executive Officer of Nxt-ID. “I’m
pleased with the Company’s overall performance in the first quarter
of 2021, which reinforces the belt-tightening we made before the
pandemic hit. I’m especially pleased with the significant term
debt repayments the Company has made thus far in 2021, which
approximate $8.8 million and which will save the Company
approximately $1.1 million in cash interest expense on an annual
basis.”
Added Mr. Miceli: “Halfway into the second
quarter of 2021, the positive business trends are continuing.
I look forward to providing additional commentary on the second
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-Q for the three months ended
March 31, 2021, which was filed with the Securities and
Exchange Commission ("SEC") on May 17, 2021, and can be
found
at https://www.sec.gov/Archives/edgar/data/1566826/000121390021027209/f10q0321_nxtidinc.htm
The management team will host an investor webcast to discuss the
financial results for the three months ended March 31, 2021 and
update shareholders on general corporate developments. The webcast
will commence on Thursday, May 20, 2021 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/7xx9xuqa.
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: 9447459
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.
“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 CEO/CFO investors@nxt-id.com
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