Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Nine and Three Months Ended September 30, 20...
November 15 2019 - 8:30AM
Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company”), a provider
of healthcare devices and services, announces results for the
quarter ended September 30, 2019.
Financial Highlights from the third quarter
results included:
- Revenue from continuing operations for the nine and three
months ended September 30, 2019 was approximately $13.1 million and
$4.4 million, respectively, up slightly in both periods as compared
to the same 2018 periods.
- Gross profit from continuing operations for nine and three
months ended September 30, 2019 was approximately $9.9 million and
$3.3 million, respectively compared to approximately $9.5 million
and $3.2 million for the same 2018 periods.
- Operating expenses from continuing operations for the nine and
three months ended September 30, 2019 were approximately $8.1
million and $2.6 million, respectively compared to $8.6 million and
$3.0 million for the same 2018 periods.
- Operating income from continuing operations for the nine and
three months ended September 30, 2019 was $1.8 million and $0.7
million, respectively, compared to operating income of $0.9 million
and $0.2 million for the same 2018 periods.
- Non GAAP Operating income from continuing operations for the
nine and three months ended September 30, 2019, adjusted for
depreciation, amortization and non-cash charges was approximately
$2.9 million and $1.1 million, respectively, compared to $2.3
million and $0.6 million for the same 2018 periods.
- Net Cash provided by operating activities of continuing
operations in the nine months ended September 30, 2019 was $1.5
million as compared to net cash used of $0.8 million in the nine
months ended September 30, 2018.
- Repaid approximately $3.3 million in debt through September 30,
2019; assuming current interest rates, annualized interest expense
savings should approximate $380K.
"Our third quarter 2019 operating results from continuing
operations show continued strength from our LogicMark healthcare
business as well as the cost saving initiatives implemented by the
Company,” said Vin Miceli, Chief Executive Officer of Nxt-ID. “We
are also very optimistic about the remainder of 2019 as we continue
to further evaluate and reduce operating expenses and focus on
expanding our core healthcare business.”
“This was clearly an evolutionary quarter for our Company,”
continued Miceli. “Although we have had to take non-cash charges
associated with our sale of Fit-Pay, we are well positioned with a
more focused business to begin delivering the results that our
shareholders expect.”
Concluded Miceli: “I look forward to explaining the quarter's
results, updating our shareholders and providing some 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 nine and three months ended September 30, 2019, which was filed
with the Securities and Exchange Commission ("SEC")
on November 14, 2019, and can be found at
https://www.sec.gov/Archives/edgar/data/1566826/000121390019023538/f10q0919_nxtidinc.htm.
The management team will host an investor
webcast to discuss the third quarter 2019 financial results and
update shareholders on general corporate developments. The webcast
will commence on Tuesday, November 19, 2019 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/ydzd548y
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.
Media Contacts:
Vincent S. Miceliinvestors@nxt-id.com
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