Kelyniam Global (OTCMKTS:KLYG) Stock Falls After Q1 Financials Update
On May 22, 23023, Leading maker of custom cranial implants, Kelyniam Global (OTCMKTS:KLYG) announced results for the quarter ending March 31, 2023.
Ross Bjella, Kelyniam’s CEO expressed delight in announcing that the firm has expanded its licensing agreement with Bioplate for enabling it to sell Osteopore products in select markets in the U.S. The CEO added that the firm would get the opportunity to sell high-quality and novel products in high-volume hospitals in New Jersey, New York, Massachusetts, Florida, and Maryland.
Kelyniam Global Releases Q1 Financials, Announces Licensing Agreement with Bioplate for Osteopore Products
Bjella also said that Osteostrip, Osteomesh, and Osteoplughave unique osteo-integrative properties solving unmet clinical requirements. Innovative new product addition is part of the firm’s strategy to diversify the product line within the cranio-facial market.
The agreement will also expand the present agreement between Kelyniamand Bioplatefor the distribution of the Bioplate product line of screws and surgical plates. Osteopore Ltd is a Singapore-based company commercializing products for facilitating natural bone healing.
In the quarter, Kelyniam’s revenue dipped due to below-expectation January sales. The company’s sales in February and March rebounded much but could not overcome the drop measured against the prior year’s quarter. Monthly sales can vary throughout the year and can be due to conditions such as surgeon availability, weather, and patient scheduling. The firm opines that PEEK implant revenue will return to normal growth throughout 2023.
