Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Three Months Ended March 31, 2020 and to Pro...
Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company”), a provider of
healthcare devices and services, announces results for the three
months ended March 31, 2020.
Financial Highlights and results from the first quarter
- Revenue for the three months ended March 31, 2020 was
approximately $3.7 million compared to approximately $4.2 million
for the three months ended March 31, 2019. The decline in revenue
was directly attributable to the COVID-19 pandemic and its impact
on sales at the end of March.
- Gross profit for the three months ended March 31, 2020 was
approximately $2.8 million compared to approximately $3.2 million
for the same 2019 period.
- Operating expenses for the three months ended March 31, 2020
were approximately $1.8 million compared to approximately $2.7
million for the same 2019 period. The decrease in operating
expenses is the result of the Company’s cost cutting efforts
implemented in the latter part of 2019.
- Operating income for the three months ended March 31, 2020 was
approximately $1.0 million compared to operating income of
approximately $0.5 million for the same 2019 period.
- Non GAAP Operating income for the three months ended March 31,
2020, adjusted for depreciation, amortization and other non-cash
charges was approximately $1.3 million compared to approximately
$0.9 million for the same 2019 period.
- Net Cash provided by operating activities for the three months
ended March 31, 2020 was approximately $0.5 million compared to
approximately $0.8 million for the same 2019 period.
- Repaid approximately $0.7 million in term debt through March
31, 2020; which also included a prepayment of $150K with the strong
cash flow generated.
"Our first quarter 2020 operating results reflected net income
of approximately $438K which resulted primarily from the strong
gross profit generated by our LogicMark healthcare business coupled
with the cost saving initiatives implemented by the Company,” said
Vin Miceli, Chief Executive Officer of Nxt-ID. I’m pleased with the
Company’s overall performance in the first quarter of 2020
including positive earnings per share in spite of the softness in
revenues we began to experience in the latter part of March as a
result of COVID-19.
Concluded Miceli: “I look forward to providing additional
commentary on the quarter's results, updating our shareholders
and providing some additional context regarding our Company's path
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, 2020, which was filed with the Securities and
Exchange Commission ("SEC") on May 15, 2020, and can be
The management team will host an investor webcast to discuss the
financial results for the three months ended March 31, 2020 and
update shareholders on general corporate developments. The webcast
will commence on Tuesday, May 19, 2020 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/hb7vbqv9.
For those wishing to participate by telephone, please use the
following dial-in credentials:
US/CANADA Participant Toll-Free Dial-In Number: (877)
644-5287US/CANADA Participant International Dial-In Number: (281)
973-6282Conference ID: 8320839
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
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
“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
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