DRAPER, Utah, April 24, 2018 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) recently announced 2017 Year End Financials. Highlights included:
- Full Year 2017 revenue increased 8.3% to $340,604 versus 2016 revenue of $314,494. The 2017 revenue growth was primarily from the manufacturing of sensors for the wearable industry – especially Medical and Virtual Reality/Augmented Reality (VR/AR), design and development engineering as well as sales of fully integrated products. Management anticipates that revenue will increase as they continue to provide engineering services and customers continue to expand in their target markets; ordering more frequently and in larger quantities.
- Full Year 2017 Net Losses were $1,083,642 or (.01) EPS compared to 2016 Net Loss of $2,093,184, a decrease of 48.2%. These losses include many non-cash expenditures.
- Cash used in Operations decreased to $410,897 in 2017 from $506,131 in 2016, a 19% decrease. Based on current purchase orders and anticipated orders during 2018, projected revenues for 2018 are anticipated to more than cover operating expenses.
"Last year was an important year as we established new customer relationships, developed reseller channels and continued to strengthen existing relationships across a number of strategic market segments. We work with many research universities globally and, most notably, established two major research relationships with universities that are leaders in our consumer electronics industry space. We expect a significant jump in revenue during the 2nd half of 2018 and should close the year above $1 million in revenue, with the possibility of substantially more," stated Paul Sexauer, Flexpoint VP Sales & Marketing.
The company will host a conference call on Thursday, April 26, 2018 at 4:05 EDT.
The dial in number will be 530-881-1212 with the ID pin 615-253-385#
For more information about the company filings please visit 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 consumer electronics, 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 continually setting new standards for sensing solutions in the "smart" age of technology.
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.
Flexpoint Sensor Systems
Clark Mower, President
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