MYOS RENS Technology: Reports Fourth Quarter as well as Fiscal 2018 Results
CEDAR KNOLLS, N.J., March 28, 2019/ PRNewswire/– MYOS RENS Technology Inc. (‘MYOS’ or ‘the Company’) (NASDAQ: MYOS), an innovative nourishment firm as well as the owner of Fortetropin ®, a proprietary bioactive structure originated from fed egg yolk that helps construct lean muscle mass, revealed today its results for the 4th quarter and ended December 31, 2018.
MANAGEMENT COMMENTARY:
Joseph Mannello, Chief Executive Officer of MYOS, commented, ‘Our total efficiency in financial year 2018 showed much of the transformation of our business that I described in my letter to investors in January 2019.
‘I discussed our near-term efforts for positioning our Fortetropin-based item brand names to expand our sales. We reached several essential landmarks on this front in 2018, including the launch of our NSF ‘Certified for Sport ®’ sports nutrition brand name, Yolked ®, along with our pet product MYOS Canine Muscle Formula ® (‘MYOS Canine’). In much less than a year’s time, we have expanded our sales possibilities for both brand names, and also we expect to deliver increased sales in 2019 for these items.
‘For our Yolked brand, we’ve expanded our advertising partnership with IMG in order to introduce Yolked to universities throughout the nation. Furthermore, our sales partnership with The Vitamin Shoppe ® began in earnest in very early 2019 to get our Yolked brand on the shelves of their 700+ shops throughout the country. With our revamped site (www.yolked.com) and also our internal sales and advertising initiatives, I’m thrilled concerning the possibility of Yolked.
‘We launched MYOS Canine in June 2018. Because then, we introduced our very first circulation contract which will bring greater direct exposure to vet health centers.
‘Our long-lasting campaigns are rooted in our ability to research the clinical uses of Fortetropin to totally utilize its prospective as well as determine our entry-point into the medical nourishment market. We believe these researches and research study initiatives will certainly support our ability to develop as well as improve our license portfolio and to enhance our existing product offering with the advancement of new products. We presently have one clinical and also one pre-clinical research study underway and also expect introducing added professional studies over the following several months. With the engaging arise from our Kansas State University study, we really feel certain to progress with a human clinical research pertaining to muscle mass degeneration after total knee substitute surgical procedure.
‘We recently launched our second Kansas State University research study, which increases the extent of potential people from our earlier research study to include senior citizen pet dogs experiencing weak point, weight management, slow wheelchair, and also exercise intolerance. The outcomes of this research study will help us to expand our company in the animal wellness market.
‘I expect 2019 will certainly be a active and vital year for MYOS. We continually examine ways to increase our cash path by regulating expenditures as well as producing cash money from raised sales, prospective licensing and/or funding transactions. I see a tremendous possibility for MYOS to maximize our attractively located brand names to produce extra extensive adoption of our products. We will function diligently to refine our strategic approach to profit from chances in front of us today, while leading a course in the direction of sustainable success over the long-term,’ concluded Mr. Mannello.
CLINICAL RESEARCH HIGHLIGHTS:
On February 27, 2019, MYOS revealed the launch of a new research study with Kansas State University College of Veterinary Medicine to examine the impact of Fortetropin on lifestyle and task in senior citizen pets. The study will certainly be performed under the supervision of Kenneth R. Harkin, DVM, DACVIM (SAIM), Professor and also Section Head, Small Animal Internal Medicine. Forty (40) geriatric pet dogs that struggle with three of the following conditions will be hired to join the study: weakness, weight-loss, slowed down or altered flexibility, or workout intolerance. Twenty (20) of these pets will be appointed to get Fortetropin as well as 20 will be assigned to get a macronutrient-matched sugar pill. Every one of the canines joining the research will be fitted with a task collar. After two weeks of first activity monitoring, the pets will get either Fortetropin or sugar pill for 12 weeks. The Quality of Life (QOL) assessment will certainly be based on the Liverpool Osteoarthritis in Dogs (LOAD) Questionnaire. On January 15, 2019 MYOS introduced favorable top-line results from a randomized, double-blind, placebo-controlled research by Kansas State University assessing the impact of Fortetropin on attenuating muscular tissue degeneration complying with a common procedure referred to as tibial-plateau leveling osteotomy (‘TPLO’) in 100 canines. Key searchings for of the study included: Fortetropin stopped the loss of muscle mass in these canines as measured by the upper leg area in their affected and unaffected limbs. Fortetropin-supplemented pet dogs had an extra substantial improvement in percent of weight supported by the influenced limb as determined by force plate position evaluation (more rapid return to typical stance pressure circulation) than the sugar pill team. Fortetropin stopped a rise in product myostatin degrees (myostatin is a healthy protein that protects against muscular tissue growth). Dr. Kenneth R. Harkin, DVM, DACVIM (SAIM), Professor and also Section Head, College of Veterinary Medicine, Kansas State University, as well as principal private investigator of the research study, offered an oral summary of the study results at the North American Veterinary Community (NAVC)/ VMX Conference on January 20, 2019 in Orlando, Florida. The presentation was qualified, ‘The Impact of Fortetropin ® Supplementation on Dogs Recovering from Tibial-Plateau Leveling Osteotomy (TPLO) Surgery.’ COMPANY & OPERATIONAL HIGHLIGHTS:
On February 7, 2019 MYOS announced an endorsement collaboration with NBA superstar Aaron Gordon of the Orlando Magic. Gordon will certainly function as an endorser of Yolked, our ‘NSF Certified for Sport’ well-known sporting activities nutrition product. In addition: Yolked expanded its nationwide college athletics marketing project through collaborations with 9 (9) extra colleges. Because the beginning of 2019, Yolked has had a famous presence in university basketball via TV-visible courtside LED signs seen on across the country aired games, presenting the brand name to millions of fans across the nation. Beyond the TV-visible signs, Yolked is included on each sports division’s main web site as well as official social media sites networks and is a staple at basketball home games as sponsor of nighttime on-court follower contests as well as t-shirt toss promotions. In the fall, Yolked will certainly be prominently featured throughout the university football period with in-stadium signage, on-site experiential tasks, digital properties, social media, as well as much more. On January 1, 2019, MYOS obtained the United States Patent # 10,165,785 titled, ‘Process for Producing Composition for Increasing Muscle Mass’ from the United States Patent and also Trademark Office (USPTO). This brand-new patent dramatically enhances MYOS’ current copyright profile, allowing MYOS to protect its innovative technologies for the advancement of innovative nutrition items to address bone and joint health and wellness. On December 11, 2018, MYOS introduced that The Vitamin Shoppe will disperse ‘Yolked’ developed with Fortetropin, MYOS’ muscle-enhancing sporting activities nourishment item line. The Vitamin Shoppe is the first merchant to carry Yolked at its 775 store locations throughout the U.S. and also online at vitaminshoppe.com. On December 6, 2018, MYOS received approval from the New Jersey Economic Development Authority (‘NJEDA’) to receive about $1.1 million in non-dilutive financing for basic capital objectives by moving its tax benefits through the NJEDA New Jersey Technology Business Tax Certificate Transfer Program, which provides a mechanism for accepted New Jersey modern technology as well as biotechnology firms to offer their unused web operating loss carryovers and study as well as growth tax obligation debts for money. On November 8, 2018, MYOS revealed that it signed a circulation arrangement with Miller Veterinary Supply East (‘Miller’), which will certainly enable MYOS to offer its MYOS Canine Muscle Formula to veterinary medical facilities on the east coastline. MYOS Canine has been well obtained by all, consisting of alternative vets, that were thrilled with the ‘single-ingredient’ product. On October 2, 2018, MYOS announced that MYOS Enteral Nutrition Formula ™, created with Fortetropin, came to be qualified for Medicare and also Medicaid compensation, as it was approved as an HCPCS B4150 Product after testimonial by the Pricing, Data Analysis, and also Coding Contractor for the Centers for Medicare and also Medicaid Services. This HCPCS B4150 code is utilized to describe enteral solutions which are nutritionally full with undamaged nutrients, including healthy proteins, fats, minerals, vitamins, and also carbs. Securing Medicare and also Medicaid repayment widens the range of individuals that can get to this item, and also our team believe such repayment will certainly motivate clinicians to utilize this product in their techniques. FINANCIAL HIGHLIGHTS (Amounts in thousands other than where kept in mind.):
Fourth Quarter 2018:
Net sales for the quarter finished December 31, 2018 were $149, a reduction of $8, or 5%, contrasted to $157 for the quarter ended December 31, 2017.
Price of sales for the quarter ended December 31, 2018 boosted 33% to $97, compared to set you back of sales of $64 for the quarter ended December 31, 2017.
Gross earnings for the quarter finished December 31, 2018 reduced 45% to $51, contrasted to $93 for the quarter ended December 31, 2017. Gross revenue margin for the quarter ended December 31, 2018 was 34%, contrasted to 59% for the quarter ended December 31, 2017.
Operating budget were $1,224 in the quarter finished December 31, 2018, an increase of 5% contrasted to overhead of $1,173 for the quarter ended December 31, 2017.
Web loss reduced 96% to $62 for the quarter finished December 31, 2018 contrasted to $1,082 for the quarter finished December 31, 2017.
Year Ended December 31, 2018
Internet sales for the year finished December 31, 2018 were $360, a reduction of $166, or 32%, compared to $526 for the year ended December 31, 2017 primarily as a result of web sales of $327 in 2017 of our previous line of product, countered by a boost in sales of $161 in all of our existing product, consisting of Yolked ® and also MYOS Canine Muscle Formula ®.
Expense of sales for the year ended December 31, 2018 were $248, a reduction of $60 or 19%, contrasted to cost of sales of $308 for the year finished December 31, 2017, mainly due to lower expenses related to a decrease in direct sales to customers.
Gross earnings for the year ended December 31, 2018 reduced 49% to $112, contrasted to $218 for the year ended December 31, 2017.
Operating costs were $4,441 for the year ended December 31, 2018, a rise of 4% compared to general expenses of $4,286 for the year finished December 31, 2018. This was because of a $72 boost in sales as well as advertising and marketing expenditures, primarily for advertising and also marketing prices connected with the advancement and also launch of new items in 2018, a $267 increase in benefits and workers prices, mostly for the hiring of extra sales staff to support the new product launch, as well as a $183 decline in basic as well as administrative expenses, because of a decline in expenses connected with legal procedures.
Bottom line decreased $835 or 21% to $3,223 for the year ended December 31, 2018 contrasted to $4,058 for the year finished December 31, 2017.
Liquidity
As of December 31, 2018, the Company had cash money of $15 as well as complete properties of $4,455, as well as $1,269 in working resources. Net cash money utilized in running activities for the year ended December 31, 2018 was $3,250, a reduction of $533 contrasted to $3,783 for the year ended December 31, 2017.
At-the-Market Offering
Succeeding to year end, on January 15, 2019, the Company sold 32,489 shares of common stock for $2.00 per share for gross proceeds of $65, as well as on March 19, 2019, the Company sold 73,560 shares of common stock for $1.86 per share for gross earnings of $138.
TELECONFERENCE
MYOS will certainly organize a teleconference on Thursday, March 28, 2019 at 11:00 AM ET, at which time MYOS’ Chief Executive Officer Joseph Mannello will certainly offer commentary on revenues results and also offer an update on the organisation.
Conference Call Details:
Dial In: 877-407-4019 from the U.S.; global callers may telephone 201-689-8337, around 15 mins prior to the telephone call An electronic replay will certainly be available by telephone approximately two hrs after the conclusion of the telephone call until June 30, 2019 and might be accessed by calling 877-660-6853 from the U.S. or 201-612-7415 for worldwide callers, making use of the Conference ID # 13689169.
This phone call will certainly be at the same time webcast. The webcast will be readily available on the MYOS site, www.myosrens.com, in the ‘Investor Relations’ section. The webcast will be archived and offered at the exact same web address for two weeks following the telephone call.
MYOS RENS Technology Inc. (MYOS), ‘The Muscle Company ® ‘, is a Cedar Knolls, NJ-based innovative nourishment firm that creates as well as markets products that improve muscle health and also performance. MYOS is the proprietor of Fortetropin ®, a fed egg yolk-based product made through an exclusive procedure to preserve and also maximize its organic activity. MYOS believes Fortetropin has the prospective to redefine existing requirements of physical wellness as well as health.
Progressive Statements
Any type of declarations in this launch that are not historical facts are positive declarations. Real outcomes may vary materially from those forecasted or implied in any forward-looking statements. Such declarations involve risks and also unpredictabilities, including but not limited to those connecting to item and also client need, market acceptance of our items, the ability to create new products with research as well as advancement, the effective outcomes of strategic campaigns, the success of our products, consisting of Qurr ®, Yolked ®, MYOS Enteral Nutrition Formula ™ as well as MYOS Canine Muscle Formula ® products, the success of our study and also growth, the outcomes of the professional assessment of Fortetropin ® and also its results including the medical study defined herein, the capability to participate in new collaboration opportunities and also the success of our existing partnerships, the capacity to create revenue and also cash money circulation from sales of our products, the capacity to enhance our revenue and also gross revenue margins, the capacity to achieve a sustainable, lucrative service, the impact of financial conditions, the capacity to protect our copyright legal rights, competition from other suppliers and products, the ongoing listing of our protections on the Nasdaq Stock Market, dangers in product growth, our capability to elevate capital to fund continuing operations, and various other variables talked about periodically in our filings with the Securities as well as Exchange Commission. We undertake no responsibility to update or modify any forward-looking declaration for occasions or conditions after the date on which such statement is made other than as required by legislation.
These declarations have actually not been evaluated by the Food as well as Drug Administration. Our products are not planned to identify, deal with, heal or prevent any disease.
The adhering to tables should be checked out combined with the afterthoughts going along with the combined financial declarations included within the Annual Report on Form 10-K submitted by the Company on March 27, 2019.
MYOS RENS TECHNOLOGY INC. AND SUBSIDIARY
Consolidated Balance Sheets
(in thousands, except share amounts)
December 31,
December 31,
2018
2017
ASSETS
Present possessions:
Cash
$
15
$
923
Accounts receivable, internet
78
4
Various other current property
1,124
–
Supplies, web
1,676
1,779
Prepaid expenditures
10
113
Total current assets
2,903
2,819
Other asset
50
50
Deferred offering costs
108
102
Set properties, web
149
184
Intangible possessions, internet
1,245
1,640
Overall possessions
$
4,455
$
4,795
STOCKHOLDERS and also liabilities’
EQUITY
Present liabilities:
Accounts payable
$
236
$
176
Built up expenses and other present
responsibilities
383
255
Related event cosigned promissory note payable and
accumulated interest
1,015
–
Overall present obligations
1,634
431
Complete obligations
1,634
431
Commitments and also contingencies
Investors’ equity:
Preferred stock, $.001 the same level value; 500,000
shares authorized; no shares issued and
superior
–
–
Ordinary shares, $.001 par value;
12,000,000 shares licensed at
December 31, 2018 and 2017; 7,481,723
and also 6,340,604 shares provided and also
outstanding at December 31, 2018 and also
2017, respectively
8
6
Extra paid-in funding
37,880
36,202
Collected shortage
(35,067)
(31,844)
Total investors’ equity
2,821
4,364
Overall responsibilities and shareholders’ equity
$
4,455
$
4,795
MYOS RENS TECHNOLOGY INC. AND SUBSIDIARY
Consolidated Statements of Operations
(in thousands, except per share quantities)
Years Ended
December 31,
2018
2017
Net incomes
$
360
$
526
Price of sales
248
308
Gross revenue
112
218
General expenses:
Selling, advertising as well as research study
894
822
Employee and also benefits
1,718
1,450
General and also management
1,829
2,014
Complete general expenses
4,441
4,286
Running loss
(4,329)
(4,068)
Other (expenditure) income:
Other (expenditure) earnings
( 2 )
12
Rate of interest expenditure
( 16 )
( 2 )
Total various other (cost) income
( 18 )
10
Loss before revenue taxes
(4,347)
(4,058)
Income tax benefit
1,124
–
Internet loss
$
(3,223)
$
(4,058)
Net loss per share attributable to typical
shareholders:
Diluted and also fundamental
$
( 0.45 )
$
( 0.69 )
Weighted ordinary variety of typical shares
impressive:
Diluted as well as basic
7,139,312
5,875,239
MYOS RENS TECHNOLOGY INC. As Well As SUBSIDIARY
Consolidated Statements of Cash Flows
(in thousands)
Years Ended
December 31,
2018
2017
Cash Flows From Operating Activities:
Net loss
$
(3,223)
$
(4,058)
Adjustments to fix up bottom line to internet money utilized in
running tasks:
Depreciation
35
51
Amortization
395
267
Stipulation for stock book
25
2
Uncollectable loan expenditure
–
59
Share-based settlement
235
160
Deferred offering prices
97
–
Modifications in operating possessions and responsibilities:
Increase in receivables
( 74 )
( 55 )
Increase in various other current asset
(1,124)
–
Decline in stocks
78
81
Decrease (rise) in prepaid costs
103
( 78 )
Decrease in deferred profits
–
( 56 )
Decrease in accounts payable and built up expenses
203
( 156 )
Net cash money made use of in operating tasks
(3,250)
(3,783)
Cash Flows From Investing Activities:
Purchases of set properties
–
( 2 )
Net cash made use of in investing tasks
–
( 2 )
Cash Flows From Financing Activities:
Proceeds from registered direct offering of usual supply,
internet of prices
1,450
2,944
Deferred offering prices from at-the-market deal
( 108 )
( 102 )
Proceeds from relevant event cosigned promissory note payable
1,000
–
Internet money provided by financing tasks
2,342
2,842
Web reduction in cash money
( 908 )
( 943 )
Cash at start of year
923
1,866
Cash at end of year
$
15
$
923
Supplemental disclosure of capital information:
Cash paid throughout the year for:
Interest
$
1
$
2
Supplemental schedule of non-cash investing and
financing tasks:
Recognition of deferred offering expenses as a decrease of
equity in link with the at-the-market offering
$
6
$
23
Capitalist Relations:
Porter LeVay & Rose
Michael Porter, President
Phone: 212-564-4700
MYOS RENS Technology Inc. released this web content on 28 March 2019 as well as is
solely only accountable the information contained consisted ofHere