Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions, innovative internet technologies and
electric vehicle and charging solutions, announced today its
financial results for the first six months ended June 30, 2021.
- Revenues for the
six-month period ended June 30, 2021, reached a record high, and
totaled $2,393,000, an increase of $2,320,000 compared to $73,000
in the six-month period ended June 30, 2020
- Net income for
the period reached a record of $7,927,000 compared to a net loss of
$3,599,000 in the six-month period ended June 30, 2020
- Shareholders’
equity totaled $53,904,000 as of June 30, 2021
- Cash and cash
equivalents totaled $29,642,000 as of June 30, 2021
Liron Carmel, Medigus' Chief Executive
Officer, said "We are excited that our financial results
reflect the extensive steps we have taken in the past two years.
Our main objectives remain to identify attractive technology
operations and guide them to noticeable achievements. Since the
beginning of 2021, our operations have shown great growth and
progress with our advanced innovations, products, and overall
value."
For the first six months ended June 30, 2021,
the Company reported revenues from products (derived mainly from
Jeff Brands) and commissions (derived from Eventer) of
approximately $2,393,000, an increase of approx. 3,178% compared to
approx. $73,000 in the six-month period ended June 30, 2020.
Medigus' relative stake in ScoutCam as of June
30, 2021 was 27.76% and its equity investment as of June 30, 2021
totaled to $11,851,000. Together with the results of Jeff Brands',
Eventer's and ScoutCam's, as well as income from the sale of part
of Matomy’s shares, Medigus generated a net income of $7,927,000
compared to a net loss of $3,599,000 in the six-month period ended
June 30, 2020.
Recent Operational
Highlights:
Medigus
- Medigus board of directors
authorized the Company to take action to promote a $2 million share
buyback program
- Signed a non-binding LOI to acquire
the controlling interest in a B2B/B2C electronics wholesale
distributor
- Commenced manufacturing of
Revoltz’s ModelOne prototype
- Polyrizon submits additional patent
application for prevention of pathogens such as coronavirus and
allergens from affecting nasal tissue
- Jeff Brands acquires additional
online store brands for Amazon Marketplace
- Gix Internet acquires 70% stake in
Cortex Group for $11 million
Electric Vehicles Activity
Overview
Charging Robotics Ltd. (100%) is a robotic
solution for wireless charging of electric vehicles- Charging
Robotics successfully completes a proof of concept for its electric
vehicle wireless charging robot. Charging Robotics also signed a
definitive distribution agreement with Automax Motors Ltd for an
exclusive distribution of its wireless robotic charging pad in
Israel and Greece for a period of five years.
Revoltz Ltd. (19.99%) is a joint venture formed
through its wholly owned subsidiary, Charging Robotics Ltd., has
completed the preliminary design and functional prototype of Model
One, its micro mobility vehicle for the last mile and food
delivery. The technology is designed to facilitate efficient
delivery of smaller items in urban environments while maintaining
low and immediate transportation costs. Manufacturing has commenced
on the Model One prototype.
Medical Activity Overview
Polyrizon Ltd. (35.86%) is a developer of
biological gels for the purpose of protecting patients against
biological threats, and preventing intrusion of allergens and
viruses through the upper airways and eye cavities. Polyrizon’s
innovative proprietary technology was found to be effective against
coronavirus in a pre-clinical study. Polyrizon commenced additional
testing of its product for the COVID-19 Delta variant, and
Influenza Virus H1N1, and has submitted an additional patent
application to the United States Patent and Trademark Office for
its innovative technology.
ScoutCam Inc. (OTCQB:SCTC) (27.76%) is a leading
developer and manufacturer of customized micro visual solutions and
supplementary technologies, announced a private placement of
$20,000,000 from first tier Israeli institutional investors in
March of 2021.
e-Commerce Activity
Overview
Jeff Brands Ltd. (50.03%), which operates online
stores for the sale of various consumer products on the Amazon
Marketplace, has finished H1 2021 with $1,910,000 in revenues. Jeff
Brands also signed a non-binding agreement to purchase as
additional consumer product brands in its category on Amazon
Marketplace. The target company is engaged in the design,
manufacturing, and marketing of original branded consumer products,
which are mainly sold at leading North American mass retailers,
including Walmart USA, Walmart Canada, Target, Staples, Kroger and
more. The target company finished 2020 profitable with $8 million
in revenues.
Internet Activity Overview
Gix Internet Ltd. (TASE: GIX) (33.17%) is a
global marketing technology (MarTech) solutions company for online
performance-based marketing, signed a definitive agreement to
acquire 70% of Cortex Group, a leading innovative media tech
company, for approximately $11 million. Gix finished the first six
months of 2021 with revenues of approximately$16.4 million.
Eventer Technologies Ltd. (47.69%) is a
technology company engaged in the development of unique tools for
online event management with the ability for automatic creation,
management, promotion, and billing of events and ticketing sales.
On April 8, 2021, Eventer completed a share purchase agreement in
the amount of $2.25 million at a post money valuation of
approximately $15 million.
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is
a technologies company that is focused on innovative growth
partnerships, mainly in advanced medical solutions, digital
commerce, and electric vehicle markets. Medigus' affiliations in
the medical solutions arena consist of ownership in ScoutCam
(OTCQB: SCTC) Inc., and Polyzion Ltd. The Company’s affiliates in
digital commerce include Gix Internet Ltd. (TASE:GIX), Jeff's
Brands and Eventer Technologies Ltd. In the electric vehicle
market, Charging Robotics Ltd. and Revoltz are also part of the
Company’s portfolio of technology solution providers. Medigus is
traded on the Nasdaq Capital Market. To learn more about Medigus’
advanced technologies, please
visit http://www.medigus.com/investor-relations.
Cautionary Note Regarding Forward Looking
Statements
This press relese may contain statements that
are “Forward-Looking Statements,” which are based upon the current
estimates, assumptions and expectations of Medigus’ management and
its knowledge of the relevant market. Medigus has tried, where
possible, to identify such information and statements by using
words such as “anticipate,” “believe,” “envision,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,”
“contemplate” and other similar expressions and derivations thereof
in connection with any discussion of future events, trends or
prospects or future operating or financial performance, although
not all forward-looking statements contain these identifying words.
These forward-looking statements represent Medigus’ expectations or
beliefs concerning future events, and it is possible that the
results described in this press release will not be achieved. By
their nature, Forward-Looking Statements involve known and unknown
risks, uncertainties and other factors which may cause future
results to differ significantly from the content and implications
of such statements. Other risk factors affecting Medigus are
discussed in detail in Medigus’ filings with the Securities and
Exchange Commission. Forward-Looking Statements are pertinent only
as of the date on which they are made, and Medigus undertakes no
obligation to update or revise any Forward-Looking Statements,
whether as a result of new information, future developments or
otherwise. Neither Medigus nor its shareholders, officers and
employees, shall be liable for any action and the results of any
action taken by any person based on the information contained
herein, including without limitation the purchase or sale of
Medigus’ securities. Nothing in this press release should be deemed
to be medical or other advice of any kind.
Contact
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Medigus (NASDAQ:MDGS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Medigus (NASDAQ:MDGS)
Historical Stock Chart
From Apr 2023 to Apr 2024