SINTX Technologies Shares Select Preliminary Q4 2022 and Full Year 2022 Revenue Update
January 19 2023 - 9:00AM
SINTX Technologies, Inc. (www.sintx.com) (NASDAQ: SINT) (“SINTX” or
the “Company”), an original equipment manufacturer of advanced
ceramics, announced today select preliminary unaudited financial
results for the fourth quarter and full year ended December 31,
2022. These results are subject to the completion of the Company’s
year-end financial reporting processes, reviews, and audit.
Preliminary unaudited estimated revenue was
approximately $770k in Q4 2022 and $1.6 million for the year ended
December 31, 2022. The Company continued quarter-on-quarter revenue
growth throughout 2022 and exceeded the annual revenue of any prior
year since selling the spine business in 2018.
Government contracts and grants in biomedical
and technical ceramics fields made up $521k in Q4 2022 and $962k
for the full year. Sources of commercial revenue included products
for aerospace, energy, dental, and spine markets totaling $248k in
Q4 2022 and $602k for the full year. SINTX’s recent acquisition in
Maryland also made a large contribution to the overall revenue
result.
SINTX anticipates new revenue sources in 2023
via continued growth in the aerospace and energy markets. In
addition, the Company expects the Armor facility in Salt Lake City
to be fully operational in Q1.
“We are very pleased to update our shareholders
and other partners on our progress in 2022,” said Dr. Sonny Bal,
President and CEO of SINTX. “The entire SINTX team worked very hard
and executed against some significant opportunities. We are all
very excited for the future of SINTX.”
About SINTX
Technologies, Inc.
SINTX Technologies is an advanced ceramics
company that develops and commercializes materials, components, and
technologies for medical and technical applications. SINTX is a
global leader in the research, development, and manufacturing of
silicon nitride, and its products have been implanted in humans
since 2008. Over the past two years, SINTX has utilized strategic
acquisitions and alliances to enter into new markets. The Company
has manufacturing facilities in Utah and Maryland.
For more information on SINTX Technologies or
its silicon nitride material platform, please visit
www.sintx.com.
Preliminary and Unaudited Nature of
Reported Results
We have not yet completed the preparation of our
financial statements for the fourth quarter and full year ended
2022. Our revenue expectations for the fourth quarter and full year
ended 2022, are preliminary, unaudited and are subject to change
based on the completion of ongoing internal control, review, and
audit procedures. As a result, these amounts may differ materially
from the amounts that will be reflected in the Company’s
consolidated financial statements for the year ended December 31,
2022. Accordingly, you should not place undue reliance on this
preliminary estimate.
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, including the Company’s anticipation of new
revenue sources in 2023 via continued growth in the aerospace and
energy markets, and the Company’s expectation regarding when the
Armor facility in Salt Lake City will be fully operational. These
risks and uncertainties, many of which are beyond our control,
include, among other things: our products may not prove to be as
effective as other products currently being commercialized or to be
commercialized in the future by competitors; risks inherent in
manufacturing and scaling up to commercial quantities while
maintaining quality controls; volatility in the price of SINTX’s
common stock; the uncertainties inherent in new product
development, including the cost and time required to commercialize
such product(s); market acceptance of our products once
commercialized; SINTX’s ability to raise funding and other
competitive developments. 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. 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 25, 2022, and in SINTX’s other
filings with the SEC. 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.
Business or Media Inquiries for SINTXSINTX
Technologies 801.839.3502IR@sintx.com
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