Nxt-ID, Inc. Announces Investor Webcast to Discuss the Financial Results for the Six and Three Months Ended June 30, 2020 and...
August 14 2020 - 5:45PM
Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company”), a provider
of healthcare devices and services, announces results for the six
and three months ended June 30, 2020.
Financial Highlights and results from the second quarter
included:
- Revenue for the six and three months ended June 30, 2020 was
approximately $6.2 million and $2.5 million, respectively, down
significantly in both periods as compared to the same 2019
periods.
- Gross profit for the six and three months ended June 30, 2020
was approximately $4.6 million and $1.8 million, respectively
compared to approximately $6.6 million and $3.4 million for the
same 2019 periods.
- Operating expenses for the six and three months ended June 30,
2020 were approximately $3.7 million and $1.9 million, respectively
compared to $5.5 million and $2.8 million for the same 2019
periods.
- Operating income for the six months ended June 30, 2020 was
$936K and for the three months ended June 30, 2020, we had an
operating loss of $103K, compared to operating income of $1.1
million and $0.6 million for the same 2019 periods.
- Non GAAP Operating income for the six and three months ended
June 30, 2020, adjusted for depreciation, amortization and non-cash
charges was approximately $1.4 million and $0.1 million,
respectively, compared to $1.9 million and $1.0 million for the
same 2019 periods.
- Net Cash provided by operating activities in the six months
ended June 30, 2020 was $0.6 million as compared to $0.7 million in
the six months ended June 30, 2019.
- Repaid approximately $1.2 million in term debt during the six
months ended June 30, 2020.
"2020 thus far has been very challenging and dynamic for the
Company as it has been for the rest of the world. We had made
significant progress in terms of right sizing our business and
paying down our term debt facility and then COVID-19 struck the
world. Like many other companies, our second quarter 2020 operating
results were significantly impacted by COVID-19. In spite of the
reduction in our revenues, we were very close to breakeven for the
first six months ended June 30, 2020” said Vin Miceli, Chief
Executive Officer of Nxt-ID. “We continue to make significant
progress with regards to our new product development efforts and we
remain very optimistic about our future prospects in a post
COVID-19 environment.”
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 six and three
months ended June 30, 2020, which was filed with
the Securities and Exchange Commission ("SEC")
on August 14, 2020, and can be found
at https://www.sec.gov/Archives/edgar/data/1566826/000121390020022304/f10q0620_nxtidinc.htm
The management team will host an investor webcast to discuss the
financial results for the six and three months ended June 30, 2020
and update shareholders on general corporate developments. The
webcast will commence on Tuesday, August 18, 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/fr9bi5gb.
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: 5298956
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.
“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 investors@nxt-id.com
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