SEBASTIAN, Florida, April 2, 2019 /PRNewswire/ -- Nxt-ID, Inc. (NASDAQ: NXTD), a provider of healthcare devices as well as payment, credential management, and authentication platform services, announces the filing of its financial results for the year ended December 31, 2018. Management will host an investor webcast on Thursday, April 4th at 4:10 PM EST to discuss fourth quarter and full year 2018 results and to provide an update on the previously announced spin-off of its payments and credential management business.
As released previously on March 14, 2019, the 2018 year-end highlights include the following:
- Revenue from continuing operations for year ended December 31, 2018 was approximately $17.1 million compared to approximately $16.0 million for the same period in 2017.
- Year over year revenue growth was approximately 7%.
- Gross profit from continuing operations for year ended December 31, 2018 was approximately $12.3 million compared to approximately $11.0 million for the same period in 2017.
- Year over year gross profit growth was approximately 12%.
- Operating expenses from continuing operations were approximately $11.7 million for year ended December 31, 2018 compared to approximately $13.1 million for the same period in 2017.
- Operating income from continuing operations for year ended December 31, 2018 was approximately $0.6 million compared to an operating loss of approximately $(2.2) million for the same period in 2017.
"Our year-end 2018 filing confirmed our previously released results, which showed continued strong performance from LogicMark and our healthcare business," said Gino Pereira, Chief Executive Officer of Nxt-ID. "We have made significant progress toward improving the profitability of our continuing operations by reducing our cost structure, maintaining our core VA business and expanding the channels for our personal emergency response system product offerings. As we move forward with the planned spin-off of our payments business, we continue build on the strengths of both healthcare and payments businesses to maximize value for our shareholders."
The management team will host an investor webcast to discuss fourth quarter 2018 and full year financial results and the proposed spin-off. The webcast will commence April 4th at 4:10 PM EST. The webcast format will feature an overview from key management, followed by a Q&A session with analysts.
Shareholders, investors and interested parties wanting to participate in the webcast must use this link to register prior to the event:
Title: NXT-ID (NXTD) IR Update Webcast
Webcast Link: https://edge.media-server.com/m6/p/msqc7wpa
An archived replay of the webcast will be available following the conclusion of the call for a limited time and on the company's website following the event.
Full financial results and Management's Discussion and Analysis can be found in the Company's Form 10-K for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission ("SEC") on April 2, 2019 and can be found at http://investors.nxt-id.com/financial-information/sec-filings.
About Nxt- ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, Nxt-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio®, a suite of biometric solutions that secure consumers' mobile platforms, the Wocket™, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures.
Nxt-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems ("PERS") sold through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication. Learn more about Nxt-ID at www.nxt-id.com. Fit Pay and the Fit Pay Payment Platform are the sole property of Fit Pay, Inc. For Nxt-ID Inc. corporate information contact: [email protected]
Forward-Looking Statements for Nxt-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
D. Van Zant
SOURCE NXT-ID, Inc.