SCOTTSDALE, Ariz., Oct. 6, 2022 /PRNewswire/ -- Electromedical Technologies, Inc. (OTC-QB: EMED) ("Electromedical" or the "Company"), a pioneer in the development and production of bioelectronic devices designed to relieve chronic, intractable, and acute pain through frequency and electro-modulation, is pleased to provide the following shareholder update.
Note: Performance data presented below represents provisional unaudited information subject to revision.
Electromedical Founder and CEO, Matthew Wolfson, remarked, "Overall we saw around 24% stronger topline performance on a sequential quarterly basis in Q3, with additional orders in the pipeline for Q4. It was our strongest quarter of the year and the second strongest quarter of sales since the pandemic started."
Highlights for the three months ended Sep 30, 2022 (Q3)
- Strong overall sales totaling approximately $280K, beating both Q1 and Q2 2022 sales. Third quarter sales increased 24% over Q2 2022.
- Recorded second highest quarterly revenue figure since Q1 2020. Same period sales for Q3 2021 totaled approximately $301K.
- Closed approximately $900K in financing to expedite development of the new unit.
- Increased distributors and clinics to drive wider market footprint and bolster sales volume.
- Finalized fixed cost investment to secure key components and avoid supply chain bottlenecks.
- Settled negotiations, factory ready for expanded production and negotiated more favorable pricing and terms from suppliers.
- Participated in exhibiting its flagship product (WellnessPro Plus) at the world renowned pain conference in the US (PAINWeek).
Management heads into Q4 with a confident outlook driven by strong sales momentum. Key factors include:
- Continue onboarding new sales representatives and clinics to expand and expedite Wellness Pro market penetration.
- Trade shows paying off, exposure and increased interest.
- New/Major product development milestones of Wellness Pro (to be announced in upcoming communication).
- Presale of Wellness Pro unit to existing customers of the original legacy unit is expected to start next year in Q2 to expedite cash flow from existing customers.
"Q3 was solid, but we are scaling the business right now and we know the real meat of the process is still in front of us," continued Wolfson. "The OPIOID overdose crisis continues to grow, people are increasingly understanding the importance of seeking alternatives to OPIOIDS for treating Pain. This is why our foucus is to continue to work on fundamentals and invest in massively expanding our sales and distribution footprint and maintain our market leading position in proprietary tech and innovation in the non invasive, drug-free, pain-free marketplace.
About Electromedical Technologies
Headquartered in Scottsdale, Arizona, Electromedical Technologies, Inc. is a commercial stage, FDA cleared, bioelectronic medical device manufacturing company initially focused on the treatment of various chronic, acute, intractable, and post-operative pain conditions. Through University collaboration agreements, the Company is working to develop a comprehensive research program in defining the effects of electro-modulation on the human body. By studying the impacts of electrical fields in cell signaling and effects on virus assembly and immune responses, the Company's goal is to reduce pain and improve overall human wellbeing. The Company's current FDA cleared product indications are for chronic acute post traumatic and post-operative, intractable pain relief.
For more information, please visit www.electromedtech.com.
Note: Nonhuman preliminary studies that we are planning to start in the near future and their applications are not related to our current product in any way and are currently not cleared in the US.
Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
Corporate Contact:
Electromedical Technologies, Inc.
Tel: 1.888.880.7888
Email: ir@electromedtech.com
https://electromedtech.com
Public Relations:
EDM Media, LLC
https://edm.media
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SOURCE Electromedical Technologies, Inc.
