DRAPER, Utah, Dec. 28, 2017 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announces Q4 2017 topline revenue is expected to show increase and position the company for a record breaking year with revenue contributions coming from multiple key market segments.
Medical Device orders were significantly up in the quarter with a sizeable contribution from Haemoband. Revenue from this group will exceed $50,000 USD. They continue market development of their Flexpoint designed/developed, and patent protected colonoscope system, Cologuide. Haemoband, again with Flexpoint as their design/development partner, has also begun a simultaneous launch of additional technologies for other medical applications. The market size for the additional technologies is exponentially larger than that of Cologuide; representing (globally) potentially millions of units annually.
Flexpoint has also had repeat, multiple order volume from medical IoT customers such as Switzerland-based Reha Stim Medtec (formerly known as YouReHab) and South Korea-based Neofect. These customers produce award winning and commercially available Bend Sensor®- based rehabilitation systems.
In the VR/AR marketspace, orders of increasing size and frequency were received in Q4 from Manus VR and Virtual Motion Labs as they strive to fulfill production orders. Flexpoint also received orders from other global VR/AR customers during the quarter.
The medical wearables application segment has produced orders from multiple companies. The most notable is Focal Wellness. Focal Wellness has entered the pre-mass commercialization phase with multiple global orthopedic product distributors of their Bend Sensor® based Carpal Tunnel Syndrome (CTS) system. Flexpoint is increasingly confident these will prove to be large revenue contributors in 2018 and beyond.
Commenting on these results and the outlook, Paul Sexauer, Flexpoint VP Sales & Marketing states "Flexpoint is executing on its strategies. We concentrated on developing a strong customer network of design, integration and distribution partners in strategically targeted market segments. In each of these segments we have competitive advantages which help to differentiate us. We have engaged with partners whose businesses are rapidly evolving, and we are very pleased that the market adoption and commercial rollout of these inventive and innovative technologies has come as swiftly as it has. Based on the foundation we set in 2017, we expect our growth rate to be even higher in 2018."
Flexpoint sees continued growth in VR/AR, Consumer Electronics and Medical in 2018. This will leverage the company's demonstrated strengths going forward.
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® 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
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