Medigus Ltd. (Nasdaq: MDGS) (“Medigus”), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, today reported financial results for the six months ended June 30, 2022
TEL AVIV, Israel, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS) (“Medigus”), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, today reported financial results for the six months ended June 30, 2022.
“Our record first half of 2022 financial results are a direct result of our work over the past two years and clearly demonstrate the value in our approach to engage in innovative technology companies with high upside potential,” said Liron Carmel, CEO of Medigus. “As we continue to execute on our diversified business model and add value to our operating segments, we believe Medigus is in a great position to further grow shareholder value with multiple near-term catalysts.”
Jeffs’ Brands (35.27%) Ltd. announced the closing of its $15.5 million initial public offering
Gix Internet (42.25%) reported revenues increase of 166% year-over-year to approximately $43.4 million in the first half of 2022
Eventer, in which Medigus has a 46.21% ownership stake, achieved record revenues, which increased by 221% year-over-year to approximately $1.4 million in the first half of 2022. Eventer targets the high potential sports events market, and since the beginning of 2022 has entered into agreements with two teams from the Israeli Basketball Premier League and the Israeli National Basketball League and the Israel Gymnastics Federation and the Table Tennis Associations of Israel.
ParaZero, in which Medigus has a 40.35% ownership stake, signed a non-binding MOU to provide Autonomous Safety Systems for Bon V Heavy Lift Cargo Drones. In addition, a leading global drone manufacturer ordered customized SafeAirTM system from ParaZero and signed an agreement to develop custom safety solution for a leading global automotive manufacturer’s drone program.
ScoutCam, in which Medigus has a 27.02% ownership stake, completed verification & validation for miniature camera solution with a Fortune 500 customer. ScoutCam also signed a joint development agreement to equip aerial platforms of a top global defense and aviation manufacturer with in-flight monitoring solutions.
Polyrizon’s PL-15 found effective against highly transmissible SARS-CoV-2 Omicron variant in cell culture assays. Medigus has a 37.03% ownership stake in Polyrizon.
Medigus announced details of planned spin-off and subsequent merger of its electric vehicles wireless charging business, Charging Robotics. At the beginning of 2022, Charging Robotics, owned by Medigus, and Ben-Gurion University entered the development of the next generation of wireless charging system for electric vehicles
Medigus’ joint venture, Revoltz (19.9% owned by Medigus through its wholly owned subsidiary, Charging Robotics Ltd.), received first order for micro mobility vehicles from a global distributor. Revoltz also launched a pilot program at a new autonomous supermarket.
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technologies company that is focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce, and electric vehicle markets. Medigus’ affiliations in the medical solutions arena include the ownership in Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd. (TASE: GIX), Jeffs’ Brands and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics, Ltd. and Revoltz are also part of the Company’s portfolio of technology solution providers. Other affiliations of the Company include ScoutCam Inc. (OTCQB: SCTC). Parazero TechnologiesLtd. , Laminera Flow Optimization Ltd. Medigus is traded on the Nasdaq Capital Market. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/investor-relations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Medigus could differ materially from those described in or implied by the statements in this press release. For example, Medigus uses forward looking statements when describing its plans to increase its ownership in Gix and consolidate its and when describing potential activates and restructures in connection with other investments.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.
Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
MDGS@redchip.com MEDIGUS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION June 30 December 31 2022 2021 Unaudited Audited USD in thousands Assets CURRENT ASSETS: Cash and cash equivalents 22,141 24,025 Pledged deposit 219 - Trade accounts receivable 16,562 408 Other receivables and prepaid expenses 1,863 415 Inventory 1,831 1,227 Loan to an associate - 1,265 Related party prepaid expenses 728 999 Financial assets at fair value through profit or loss 2,614 3,315 45,958 31,654 NON-CURRENT ASSETS: Property and equipment, net 407 77 Right-of-use assets, net 667 - Investments accounted for using the equity method 13,407 17,240 Intangible assets 29,376 8,321 Deferred offering costs 863 836 Deferred tax asset 119 - Financial assets at fair value through profit or loss 3,517 1,602 48,356 28,076 TOTAL ASSETS 94,314 59,730 MEDIGUS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION June 30 December 31 2022 2021 Unaudited Audited USD in thousands Liabilities and equity CURRENT LIABILITIES: Trade accounts payable 10,450 702 Short term loans 9,248 816 Short term related party loan 56 111 Current portion of long-term related party payable 520 506 Lease liabilities 158 - Warrants at fair value 854 692 Contract liability 108 108 Liability to event producers 2,385 1,556 Related parties 474 616 Accrued expenses and other current liabilities 8,924 1,532 33,177 6,639 NON-CURRENT LIABILITIES: Lease liabilities 536 - Long-term loans 4,083 - Loans from related parties 479 689 Long-term related party payable 580 711 Deferred tax liability 2,105 236 Retirement benefit obligation, net 165 22 7,948 1,658 TOTAL LIABILITIES 41,125 8,297 SHAREHOLDERS’ EQUITY: Share capital – ordinary shares with no par value: authorized – June 30, 2022 and December 31, 2021 – 200,000,000 shares; issued and outstanding – June 30, 2022 – 24,591,470 shares December 31, 2021 – 23,850,128 shares * - - Share premium 111,322 110,562 Other capital reserves 11,401 12,619 Warrants 197 197 Accumulated deficit (77,778) (74,188)Equity attributable to owners of Medigus Ltd. 45,142 49,190 Non-controlling interests 8,047 2,243 TOTAL SHAREHOLDERS’ EQUITY 53,189 51,433 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 94,314 59,730 * Restated to reflect the reverse split at a ratio of 20:1 occurred on July 8, 2022 – see also note 8 to our Interim Condensed Consolidated Financial Statements (unaudited) as of June 30, 2022. MEDIGUS LTD.
INTERIM CONSOLIDATED STATEMENTS OF INCOME/LOSS AND OTHER COMPREHENSIVE INCOME/LOSS Six months ended Year ended June 30, December 31 2022 2021 2021 Unaudited Audited USD in thousands Revenues: Products 2,343 1,934 8,933 Revenue from services 32,616 459 1,185 34,959 2,393 10,118 Cost of revenues: Products 1,933 1,587 4,938 Revenue from services 26,834 202 379 28,767 1,789 5,317 Gross Profit 6,192 604 4,801 Research and development expenses 2,047 755 1,045 Sales and marketing expenses 2,112 624 1,988 General and administrative expenses 5,638 4,417 9,964 Net change in fair value of financial assets at fair value through profit or loss 813 (583) (713)Share of net loss of associates accounted for using the equity method 1,910 419 2,149 Amortization of excess purchase price of an associate - - 263 Operating loss (6,328) (5,028) (9,895) Gain upon loss of control in a subsidiary - (11,502) 11,465)Gain from initial recognition of assets and liabilities upon control obtained in an associate (2,300) - - Gain from sale of investments (68) (2,025) 2,025)Other income (176) (299) 494)Changes in fair value of warrants issued to investors 99 474 (484)Changes in fair value of commitment to issue shares 63 - 75 Financial loss, net 793 403 347 Profit (Loss) before taxes on income (4,739) 7,921 4,151 Tax benefit (expense) (9) 6 (105)Net profit (loss) for the period (4,748) 7,927 4,046 Other comprehensive income (loss) Items that may be reclassified to profit or loss Share of other comprehensive income (loss) of associates accounted for using the equity method (125) (104) 191 Share of other comprehensive loss of currency translation of subsidiaries (836) - - Items that will not be reclassified to profit or loss Share of other comprehensive income (loss) of associates accounted for using the equity method - 37 (29)Other comprehensive income (loss) for the period (961) (67) 162 Total comprehensive income (loss) for the period (5,709) 7,860 4,208 Net profit (loss) for the period is attributable to: Owners of Medigus (3,590) 9,785 6,794 Non-controlling interest (1,158) (1,858) (2,748) (4,748) 7,927 4,046 Total comprehensive income (loss) for the period is attributable to: Owners of Medigus (4,275) 9,746 6,881 Non-controlling interest (1,434) (1,886) (2,673) (5,709) 7,860 4,208 Earning (Loss) per ordinary share attributed to Medigus ltd Basic (0.15) 0.02 0.01 Diluted (0.15) 0.04 0.01 Weighted average ordinary shares outstanding (In thousands) Basic 24,109 *22,212 *23,035 Diluted 24,109 *22,212 *23,035 * Restated to reflect the reverse split at a ratio of 20:1 occurred effected on July 8, 2022 – see also note 8 to our Interim Condensed Consolidated Financial Statements (unaudited) as of June 30, 2022.
