DRAPER, Utah, March 31, 2015 /PRNewswire/ -- Flexpoint
Sensor Systems, Inc. (OTCBB: FLXT) today announced total revenue of
$270,284 for the year ended 12/31/14.
This compares to $100,754 in total
revenue during 2013. This represents a 168.3% increase in
revenue.
Net loss for the year was $979,315
or .02 EPS versus a net loss of $960,459 or .02 during 2013.
Gross Margins continue to increase and assets increased 59.4%,
primarily as a result of an increase in accounts receivable. This
increase is primarily related to our work with a medical device
company, Haemoband Surgical, LTD.
During 2015, the company readies for the commercial launch of
its "smart" shoe product and colonscope, both anticipated by
mid-year.
"Our revenue increase was primarily from design and development
engineering, prototype products and our fully integrated products.
Management anticipates that revenue will increase as we continue to
provide engineering services and our customers continue to order
more frequently and in larger quantities. As we continued to mature
into a manufacturing company, our engineering design and production
revenues increased as a percent of our total revenue during the
year ending December 31, 2014. As we
expand and sell our existing suite of products and as we grow the
relationship with our customers, we expect this trend to continue
in the future," stated Flexpoint CEO, Clark
Mower.
While recent announcements have shown that the company continues
to build strong relationships in a variety of industries, the
company continues to better execute its business plan. Flexpoint
accomplishes this by concentrating its marketing resources on a
limited number of customers that have the greatest potential to
generate the most short-run revenue, while still building
relationships with larger customers. During late 2014 and early
2015, Flexpoint modified both its colonscope and shoe product to
increase functionality and decrease space and power required.
"Now that these product modifications are completed, we ready
for the commercial launch. Investors can anticipate significant
updates on the advancements and progress of both these products in
the very near future as milestones are achieved," continued
Mower.
For a full earnings report, please view our entire filing at
www.sec.gov
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative
technology firm specializing in developing products that feature
the Company's patented Bend Sensor® and related technology.
The Bend Sensor® is a groundbreaking sensing solution that is
revolutionizing applications in the automotive, safety, medical and
industrial industries. The Bend Sensor's single-layer, thin film
construction cuts costs and mechanical bulk while introducing a
range of functions and stylistic design possibilities that have
never before been available in sensing technology. Flexpoint's
technology and expertise have been recognized by the world's elite
business and academic innovators for over 17 years. The company is
setting a new standard for sensing solutions in the "smart" age of
technology.
Forward-Looking Statements
This press release contains certain forward-looking statements.
Investors are cautioned that certain statements in this release are
"forward-looking statements" and involve both known and unknown
risks, uncertainties and other factors. Such uncertainties include,
among others, certain risks associated with the operation of the
company described above. The Company's actual results could differ
materially from expected results.
Contact Information:
Flexpoint Sensor
Systems
Clark Mower,
President
801-568-5111
Brokers and
Analysts:
Chesapeake
Group
410-825-3930
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SOURCE Flexpoint Sensor Systems, Inc.