Fuse Medical, Inc., (OTCPINK: FZMD), an emerging manufacturer and distributor of medical devices for the orthopedic and spine marketplace, announced record earnings for the fiscal year ended December 31, 2018. Fuse filed its annual report on Form 10-K with the Securities and Exchange Commission on Thursday, March 21, 2019.
2018 Financial Highlights
- Net revenue of $26.3 million
- Gross profit increase by 10% to $13 million
- Record net income of $4.0 million, or 15% of net revenues
- Earnings per share of $0.06 compared to $0.04 for 2017,on a diluted basis
- EBITDA of $4.6 million, an increase of $3.6 million over 2017(1)
- Net cash flows provided by operations, an increase of 55% to $2.5 million (1)
2018 Strategic Milestones
- Listed as “Penny Stock Exempt” by OTC Markets
- Recognized as No. 56 of the fastest growing companies in the Deloitte 2018 Technology Fast 500TM
- Ranked as the 143rd largest public company by revenue in the Dallas-Fort Worth metropolitan area by the Dallas Morning News
- Completed the acquisition and integration of CPM Medical Consultants, LLC & Palm Springs Partners, LLC d/b/a Maxim Surgical
- Established Scientific Advisory Boards with Key Opinion Leaders to assist with our product development and design input
Chief Executive Officer Christopher C. Reeg said, “2018 was an incredible year of accomplishments and financial successes for us. The year proved to be pivotal for successful transformation into the medical device manufacturing space. Repositioning Fuse into an integrated medical device manufacturer and supplier was the all-important initial step to begin realizing increased revenue growth at higher profit
margins.” Mr. Reeg added that “for 2019, our focus is the expansion of our manufactured product portfolio, as well
as our private label product offerings in the spine and the foot and ankle market.”