Electromedical
Update:
Strong
Q3 Sales Momentum, New Financing , Improved Supply Chain, Expanding
Product Development and Production.
SCOTTSDALE, AZ -- October 6,
2022 -- InvestorsHub NewsWire -- Electromedical Technologies, Inc.
(OTCQB:
EMED)
("Electromedical" or the "Company"), a pioneer in the development
and production of bioelectronic devices designed to relieve
chronic, intractable, and acute pain through frequency and
electro-modulation, is pleased to provide the following shareholder
update.
Note:
Performance data presented below represents provisional unaudited
information subject to revision.
Electromedical Founder and
CEO, Matthew Wolfson, remarked, "Overall we saw around
24% stronger topline performance on a sequential quarterly basis in
Q3, with additional orders in the pipeline for Q4.
It
was our strongest quarter of the year and the second strongest
quarter of sales since the pandemic started."
Highlights
for the three months ended Sep 30, 2022
(Q3)
-
Strong
overall sales totaling approximately $280K, beating both Q1 and Q2
2022 sales. Third quarter sales increased 24% over Q2
2022.
-
Recorded second
highest quarterly revenue figure since Q1 2020. Same period sales
for Q3 2021 totaled approximately $301K.
-
Closed
approximately $900K in financing to expedite development of the new
unit.
-
Increased
distributors and clinics to drive wider market footprint and
bolster sales volume.
-
Finalized fixed
cost investment to secure key components and avoid supply chain
bottlenecks.
-
Settled
negotiations, factory ready for expanded production and negotiated
more favorable pricing and terms from suppliers.
-
Participated in
exhibiting its flagship product (WellnessPro Plus) at the world
renowned pain
conference in the US (PAINWeek).
Management heads into Q4
with a confident outlook driven by strong sales momentum. Key
factors include:
-
Continue onboarding
new sales representatives and clinics to expand and expedite
Wellness Pro market penetration.
-
Trade
shows paying off, exposure and increased interest.
-
New/Major
product development milestones of Wellness Pro (to be announced in
upcoming communication).
-
Presale
of Wellness Pro unit to existing customers of the original legacy
unit is expected to start next year in Q2 to expedite cash flow
from existing customers.
"Q3 was solid, but we are
scaling the business right now and we know the real meat of the
process is still in front of us," continued Wolfson. "The OPIOID
overdose crisis continues to grow, people are increasingly
understanding the importance of seeking alternatives to OPIOIDS for
treating Pain. This is why our foucus is to continue to work on fundamentals and
invest in massively expanding our sales and distribution footprint
and maintain our market leading position in proprietary tech and
innovation in the non invasive, drug-free, pain-free
marketplace.
About
Electromedical Technologies
Headquartered in Scottsdale, Arizona, Electromedical Technologies,
Inc. is a commercial stage, FDA cleared, bioelectronic medical
device manufacturing company initially focused on the treatment of
various chronic, acute, intractable, and post-operative pain
conditions. Through University collaboration agreements, the
Company is working to develop a comprehensive research program in
defining the effects of electro-modulation on the human body. By
studying the impacts of electrical fields in cell signaling and
effects on virus assembly and immune responses, the Company's goal
is to reduce pain and improve overall human wellbeing. The
Company's current FDA cleared product indications are for chronic
acute post traumatic and post-operative, intractable pain
relief.
For more information, please
visit
www.electromedtech.com.
Note: Nonhuman preliminary
studies that we are planning to start in the near future and their
applications are not related to our current product in any way and
are currently not cleared in the US.
Safe
Harbor Statement
This
release contains forward-looking statements that are based upon
current expectations or beliefs, as well as a number of assumptions
about future events. Although we believe that the expectations
reflected in the forward-looking statements and the assumptions
upon which they are based are reasonable, we can give no assurance
or guarantee that such expectations and assumptions will prove to
have been correct. Forward-looking statements are generally
identifiable by the use of words like "may," "will," "should,"
"could," "expect," "anticipate," "estimate," "believe," "intend,"
or "project" or the negative of these words or other variations on
these words or comparable terminology. The reader is cautioned not
to put undue reliance on these forward-looking statements, as these
statements are subject to numerous factors and uncertainties,
including but not limited to: adverse economic conditions,
competition, adverse federal, state and local government
regulation, international governmental regulation, inadequate
capital, inability to carry out research, development and
commercialization plans, loss or retirement of key executives and
other specific risks. To the extent that statements in this press
release are not strictly historical, including statements as to
revenue projections, business strategy, outlook, objectives, future
milestones, plans, intentions, goals, future financial conditions,
events conditioned on stockholder or other approval, or otherwise
as to future events, such statements are forward-looking, and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements contained in this release are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the statements made.
Corporate
Contact:
Electromedical Technologies,
Inc.
Tel:
1.888.880.7888
Email:
ir@electromedtech.com
https://electromedtech.com
Public Relations:
EDM Media, LLC
https://edm.media