DRAPER, Utah, Nov. 15, 2016 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announced the company's financial results for the third quarter ended September 30, 2016.
Q3 Financial Results for the three months ended September 30, 2016
- Net revenues total $104,364. This compared to net revenues of $35,812 for the same period in 2015, an increase of 191%.
- Net operating loss decreased to $181,521 from a net operating loss of $383,765 during Q3 2015.
- Net loss decreased to $445,785 or (.01) EPS versus $736,246 or (.01) EPS during the same period in 2015.
- Total outstanding shares remain constant at 71,713,464.
Highlights for nine months, ending September 30, 2016
- Net revenues total $232,569. This compared to net revenues for $116,280 for the three quarters ending in Q3 2016, an increase of 100%.
- Net operating loss decreased to $614,610 from a net operating loss of $803,955 for the same period in 2015.
- Net loss decreased to $1,329,641 or (.02) EPS. Net loss during the first nine months of 2015 was $1,660,777 or (.03) EPS.
Third quarter highlights
"Our technology is receiving recognition and attracting attention from various technology sectors. Progress continues to be made in those market sectors on which we have focused our efforts," commented Clark Mower, President of Flexpoint. These market sectors include:
Toys: Continue to receive recurring mass production orders from a global supply chain outsourced manufacturer on behalf of a Fortune 100 toy manufacturer which has incorporated the Bend Sensor® technology into an expanding line of toys.
Automotive: In addition to work with a US-based global auto manufacturer, other Tier 1 suppliers in the automotive industry continue to evaluate the Flexpoint technology, having identified applications whereby the Bend Sensor® technologies will improve product performance and quality, lower costs and help drive product innovation.
Medical: Medical devices and applications incorporating Flexpoint technologies continue to grow. Haemoband continues to move forward in their certification and commercialization efforts for the scope technology which features a unique Bend Sensor® design. Korea-based Neofect, continues to build market share with their Raphael® rehabilitation platform and is looking to launch new products to market leveraging the Bend Sensor® technologies. Utilizing Flexpoint technology in medical wearable devices presents one of the company's greatest market opportunities.
Virtual Reality/Augmented Reality: In July 2016 the company announced that Bend Sensor® had been chosen by numerous global virtual reality (VR) and augmented reality (AR) market leaders to help power their innovative platforms. Specifically, Manus VR recently has entered the VR market with a revolutionary VR glove which features the Bend Sensor®. The company believes that the Manus VR glove will revolutionize the traditional consumer gaming market as well as meet the rapidly growing demand driven by (B2B) industry adoption of VR/AR. Flexpoint management is excited to be a part of this VR/AR revolution.
"Finalizing additional long-term revenue generating production contracts with other customers remains our greatest challenge because our on-going business is dependent on the types of revenues and cash flows generated by such contracts. Cash flow and cash requirement risks are closely tied to, and are dependent upon, our ability to attract significant long-term production contracts. In the short term, we must continue to obtain funding to operate and expand our operations so that we can deliver our unique Bend Sensor® and Bend Sensor® related technologies and products to the market. Management believes that even though we have made positive strides forward with our business plan, it is likely that significant progress may not occur for the next three to six months, primarily due to the time it takes for negotiating such contracts. Accordingly, we cannot guarantee that we will realize significant revenues or that we will become profitable over the next six to nine months. However, our patented technology continues to gain recognition in various markets and industries. While developing new types of products for our Bend Sensor® technologies we continue to receive repeat production orders from existing customers," concluded Clark Mower.
For a full earnings report please view our entire filing at www.sec.gov.
Please visit http://www.flexpoint.com/ for more information.
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.
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
Brokers and Analysts
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/flexpoint-sensor-systems-announces-q3-2016-results-with-revenue-jump-of-191-300362890.html
SOURCE Flexpoint Sensor Systems, Inc.