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Skyline Medical Announces Second Quarter 2013 Results
Key Highlights:
- Revenues of
$150,856 for Q2 2013 were up more than 500% compared to Q2 2012 - More than 40 purchase orders were received in Q2 2013 for Skyline's new generation STREAMWAY FMS System, scheduled for delivery in Q3 and beyond
- Expenses decline by 36% as Skyline streamlines costs
- Technological advancements for Q3 as the new generation STREAMWAY FMS System is introduced
Second quarter revenues rose to
Net loss for the second quarter of 2013 was
"We had a successful second quarter and are looking forward to scaling new heights over the next six months as the new generation STREAMWAY enters the market. We recently instituted a top-notch medical advisory board so we can continue to give the medical community what they need: an efficient, safe and cost-effective solution for fluid waste management. The insight provided by the advisory board will not only help guide us strategically, but will also help further our outreach efforts as we add new and large hospital chains," commented Skyline Medical CEO,
Kornberg concluded, "There is an extremely large market both within
About
Skyline Medical, formerly
Skyline's STREAMWAY System is eco-friendly as it contributes to cleaning up the environment. Currently, approximately 50 million bloody, potentially disease infected canisters go to landfills annually in the
Forward-looking Statements
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, inability to raise sufficient additional capital to operate our business; approximately
Public Relations Contact:
212-896-1220
swolf@kcsa.com
Investor Relations Contacts:
212-896-1233 / 212-896-1239
skyline@kcsa.com
SKYLINE MEDICAL INC. CONDENSED STATEMENTS OF OPERATIONS (USD $) | ||
3 Months Ended | ||
2013 |
2012 | |
Revenue |
|
|
Cost of Goods Sold |
67,335 |
1,710 |
Gross Margin |
83,521 |
23,250 |
General and administrative expenses |
888,133 |
1,950,974 |
Operations expense |
204,928 |
148,563 |
Sales and marketing expense |
108,593 |
29,164 |
Interest expense |
126,654 |
89,271 |
Loss (gain) on valuation of equity-linked financial instruments |
(69,251) |
(58,947) |
Total expense |
1,259,057 |
2,159,025 |
Net loss available to common shareholders |
|
|
Loss per common share - basic and diluted (in dollars per share) |
|
|
Weighted average shares used in computation - basic and diluted (in shares) |
121,267,500 |
54,656,895 |
SKYLINE MEDICAL INC. CONDENSED BALANCE SHEETS (USD $) |
|||
|
|
||
ASSETS |
|||
Cash |
|
|
|
Accounts Receivable, net of Allowance for Doubtful Accounts of |
101,891 |
39,711 |
|
Inventories |
108,036 |
145,209 |
|
Prepaid Expense and other assets |
35,585 |
27,409 |
|
Total Current Assets |
382,578 |
225,468 |
|
Fixed Assets, net |
12,453 |
3,521 |
|
Intangibles, net |
48,545 |
140,588 |
|
Total Assets |
443,576 |
369,577 |
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|||
Current portion of convertible debt, net of discounts of |
978,843 |
1,081,187 |
|
Convertible Notes Payable - |
597,282 |
0 |
|
Accounts payable |
661,081 |
733,595 |
|
Accrued expenses |
1,143,532 |
1,599,519 |
|
Deferred Revenue |
5,000 |
0 |
|
Total Current Liabilities |
3,385,738 |
3,414,301 |
|
Long-term convertible debt |
0 |
89,300 |
|
Accrued Expenses |
468,903 |
0 |
|
Liability for equity-linked financial instruments |
80,506 |
169,179 |
|
Stockholders' Deficit: |
|||
Common stock, |
1,219,529 |
1,042,473 |
|
Additional paid-in capital |
17,857,072 |
14,945,435 |
|
Deficit accumulated during development stage |
(22,568,172) |
(19,291,111) |
|
Total Stockholders' Deficit |
(3,491,571) |
(3,303,203) |
|
Total Liabilities and Stockholders' Deficit |
|
|
|
SOURCE Skyline Medical
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