SINTX TECHNOLOGIES RELEASES 2019 YTD EARNINGS REPORT
August 15 2019 - 7:00AM
SINTX Technologies, Inc. (NASDAQ: SINT) (the “Company”), an OEM
ceramics company that develops and commercializes silicon nitride
for medical and non-medical applications, today announced financial
results for the three and six months ended June 30, 2019 and that
it received notice from Nasdaq Regulation that it is now compliant
with the minimum bid price requirement for continued listing on the
Nasdaq Stock Market.
SECOND QUARTER 2019 FINANCIAL
RESULTS
SINTX reported revenue of $0.2 million for the
three months ended June 30, 2019, and $0.1 million for the three
months ended March 31, 2019. GAAP basic net loss from continuing
operations for the three months ended June 30, 2019, was $0.78 per
share, compared to a basic net loss from continuing operations of
$11.19 per share for the three months ended June 30, 2018. For the
six months ended June 30, 2019, the Company reported GAAP basic net
loss from continuing operations of $2.84 per share, compared to a
basic net loss from continuing operations of $36.66 per share for
the six months ended June 30, 2018. The Company's cash and cash
equivalents were $3.2 million as of June 30, 2019, a decrease of
$2.2 million from December 31, 2018.
The Company also reported today that as of July
31, 2019, there were 1,943,879 shares of common stock outstanding
and 499 shares of Series B Convertible Preferred Stock outstanding.
Assuming conversion of all shares of Series B Convertible Preferred
Stock into common shares, the total number of shares of common
stock outstanding would be 2,561,312 shares.
NASDAQ LISTING COMPLIANCE
On August 14, 2019, the Company received
notification from Nasdaq that it has regained compliance with
Listing Rule 5550(a)(2), the minimum bid price requirement, as a
result of its common stock's closing bid price having been at or
above the minimum requirement of $1.00 per share for a minimum of
twelve consecutive trading days and the matter is now closed.
Shares of the Company will continue to trade on the Nasdaq Capital
Market under the ticker symbol "SINT."
COMMENTS FROM DR. BAL
“The transformation of SINTX from a retail spine
business into an advanced ceramics company continues at an
impressive pace”, said Dr. Sonny Bal, President & CEO of SINTX.
“In the 2nd quarter, we hired Don Bray as Vice President of
Business Development to pursue opportunities outside of medical
device, we exhibited at multiple trade shows, published additional
scientific papers, and met with a sizable number of significant
partners in both the biomedical and non-biomedical markets. In
addition, we vastly improved our capitalization structure and
renewed our lease for a five year term at a significant cost
reduction. CTL-Amedica remains our number one partner as
demonstrated by the increase in sales to CTL in the 2nd quarter.
Our factory is very busy with orders and we fully expect 3rd
quarter revenue to exceed 2nd quarter. The future for SINTX
Technologies is a very bright one.
About SINTX Corporation
SINTX Technologies is an OEM ceramics company
that develops and commercializes silicon nitride for medical and
non-medical applications. The core strength of SINTX Technologies
is the manufacturing, research, and development of silicon nitride
ceramics for external partners. The Company presently manufactures
silicon nitride spinal implants in its ISO 13485 certified
manufacturing facility for CTL-Amedica, the exclusive retail
channel for silicon nitride spinal implants.
For more information on SINTX
Technologies or its silicon nitride material platform, please visit
www.sintx.com.
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. 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. Such forward
looking statements include: development of new products with CTL,
our expectation that 3rd quarter revenue will exceed 2nd quarter
revenue, and that the future is very bright. 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 11, 2019, and in SINTX’s other
filings with the SEC. SINTX disclaims any obligation to update any
forward-looking statements. 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.
Contact:SINTX Technologies
801.839.3502IR@sintx.com
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