SINTX TECHNOLOGIES SHARES SELECT PRELIMINARY Q4 2023 AND FULL YEAR 2023 REVENUE UPDATE
January 23 2024 - 9:00AM
SINTX Technologies, Inc. (www.sintx.com) (NASDAQ: SINT) (“SINTX” or
the “Company”), an original equipment manufacturer of advanced
ceramics, announced that its estimated unaudited revenues were
approximately $902k in Q4 2023, and $2.6 million for the year ended
December 31, 2023. These preliminary results are subject to the
Company’s standard year-end financial reporting processes, reviews,
and audits.
SINTX acquired Maryland-based Technology
Assessment and Transfer (TA&T) in June 2022. Since that time,
the Company has experienced an 18% increase in Q4 2023 revenue
versus Q4 2022, and a 68% increase in 2023 revenue compared to 2022
revenue. Notably, 2023 revenue figures reflect a 333% increase in
revenues for the year that ended December 31, 2021.
Commercial revenues of $582K in Q4 2023 and $1.2
million for the full year 2023 were achieved primarily by the sale
of products in the aerospace, biomedical, and energy markets.
Government contracts in these markets made up $320K in Q4 and $1.4
million for the full year. Customer adoption of new product
offerings led to commercial revenue exceeding government contracts
in Q4 2023 - for the first time since acquisition of TA&T. The
Company continued its successful restructuring and expansion into
the defense, aerospace, and industrial markets for advanced ceramic
materials and related technologies.
SINTX anticipates continued revenue growth in
2024 driven primarily by new commercial product adoption,
innovative technology development, and government contract
opportunities. Given the underlying growth in the aerospace,
biomedical, and energy markets, these represent significant target
opportunities for SINTX - both for commercial and government
contract revenue streams. The Company also expects to re-engage the
ballistic and body armor market during 2024, as armor operations
come back online, and demand for these products remains strong.
About SINTX Technologies,
Inc.
SINTX Technologies is an advanced ceramics
company that develops and commercializes materials, components, and
technologies for medical and technical applications. SINTX is a
global leader in the research, development, and manufacturing of
silicon nitride, and its products have been implanted in humans
since 2008. Over the past two years, SINTX has utilized strategic
acquisitions and alliances to enter into new markets. The Company
has manufacturing facilities in Utah and Maryland.
For more information on SINTX Technologies or
its silicon nitride material platform, please visit
www.sintx.com.
Preliminary and Unaudited Nature of
Reported Results
We have not yet completed the preparation of our
financial statements for the fourth quarter and full year ended
2023. Our revenue expectations for the fourth quarter and full year
ended 2023, are preliminary, unaudited and are subject to change
based on the completion of ongoing internal control, review, and
audit procedures. As a result, these amounts may differ materially
from the amounts that will be reflected in the Company’s
consolidated financial statements for the year ended December 31,
2023. Accordingly, you should not place undue reliance on this
preliminary estimate.
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, including statements relating to revenue growth
from new commercial product adoption, innovative technology
development, and government contract opportunities, new revenue
sources in 2024 via continued growth in the aerospace and energy
markets, and the Company’s expectation that it will re-engage the
ballistic and body armor market during 2024. These risks and
uncertainties, many of which are beyond our control, include, among
other things: our products may not prove to be as effective as
other products currently being commercialized or to be
commercialized in the future by competitors; risks inherent in
manufacturing and scaling up to commercial quantities while
maintaining quality controls; volatility in the price of SINTX’s
common stock; the uncertainties inherent in new product
development, including the cost and time required to commercialize
such product(s); market acceptance of our products once
commercialized; SINTX’s ability to raise funding and other
competitive developments. 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. 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 29, 2023, and in SINTX’s other
filings with the SEC. 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.
Business or Media Inquiries for
SINTX
SINTX Technologies 801.839.3502IR@sintx.com
Source: SINTX Technologies, Inc.
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