Kelyniam Global Inc. (OTC:KLYG) Stock In Focus After 3rd Quarter 2023 Financials
Although the trading week is coming to a close amidst the festive mood, investors are still going to be on the lookout for companies that may have created some buzz in the market. A company that could be worth looking into this morning is Kelyniam Global Inc. (OTC:KLYG), the custom cranial implant maker, which announced its financial results for the third fiscal quarter that ended on September 30, 2023, on Thursday.
In the nine-month period that ended on September 30, 2023, the company managed to generate revenues of $1,741,587, which reflected a year-on-year decline of as much as 20.6% in sales revenues. In the prior-year period, the revenues had been $2,194,435. The gross margin in that period came in at $1,394,684, while in the prior-year period it had been $1,738,733. Additionally, Kelyniam Global suffered a loss of $325,493 for the period, which was a major reversal since in the prior year period the company had reported operating income of $93523.
The Chief Executive Officer of the company, Ross Bjella, spoke about the performance yesterday. He noted that although sales had slowed down in the past two quarters, the management of the company believed that the trend was temporary and there was optimism pertaining to the performance for the rest of the fiscal year. Bjella went on to state that Kelyniam Global had added new sales representatives in the past two quarters and expected those efforts to bear fruit in the fourth quarter.
He also stated that the company was taking a number of steps for the purpose of improving its financial performance. He noted that Kelyniam Global continued to explore the possibility of getting into new markets and expanding its product lines. The company remained committed to providing innovative and high-quality products directed at the neurosurgery market.
