BIEL BioElectronics Corporation Reports Double
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Posted On: 04/19/2021 9:11:07 AM
BIEL
BioElectronics Corporation Reports Double Digit Quarterly Sales Growth, KT Health and DJO Launches Outpacing Forecasts
Press Release | 04/19/2021
FREDERICK, MD, April 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioElectronics Corporation (https://www.bielcorp.com/ OTC PINK: BIEL) is pleased to report Q1 2021 revenue figures, the progress on three different product launches into the OTC and medical markets, ongoing efforts to expand international distribution, and finally, new initiatives into strengthening R&D/manufacturing capabilities.
First quarter sales were $605,675 which is 18% higher than Q4 2020 sales, and an impressive 73% of total 2020 revenue; these percentage increases not only document the Company’s strong growth, but also serve as objective evidence of effectiveness for the Company’s strategic repositioning as an OEM manufacturer. The Q1 2021 sales figure is robust, as there is over $306,000 of deferred sales incoming from signed contracts, for products that have yet to be shipped.
Looking ahead, the Company is now working with their three major channel partners, i.e., KT Health and Scott Specialties in the OTC space, and Medi-Launch in the prescription medical market, to solidify new orders after strong initial product launches that took place in Q1 2021. Kelly Whelan, President & CEO, expressed enthusiasm, “Initial OTC feedback has been very positive, as witnessed by strong consumer reviews (averaging over 4.5 out of 5 on Amazon.com and their company websites) for both the KT Recovery+ Wave™ and DonJoy® EME products. The launch into the medical channel was slowed by the pandemic but has recently accelerated as hospitals are resuming non-emergency surgical procedures.”
The Company is also pushing forward on the international sales front. In addition to re-acquiring their CE mark (which allows the Company to sell in most international countries) in late 2020, it also obtained MDSAP certification in Q1 2021, which now allows for product distribution in Canada, Australia, and New Zealand. Ms. Whelan also said, “We are now exploring expanding our OTC sales into more countries in the EU using the same strategy of identifying firms with strong retail experience selling their branded products into the retail market. We hope to be able to announce the results of these conversations in the near future. In addition, through Medi-Launch, we have signed four new international distributorships contracts for our RecoveryRx line.”
Mr. Richard Staelin, Chairman of the Board, commented, “We believe it is important to keep investing in one of our core capabilities, i.e., designing and manufacturing Pulsed Short Wave Therapy medical devices. With this in mind, we are in active talks to conduct new clinical trials both with our RecoveryRx product and extensions of our OTC devices. We are also working with our contract manufacturer to strengthen our manufacturing capabilities to accommodate for increased production, amid international volatility in raw material costs.”
BioElectronics Corporation Reports Double Digit Quarterly Sales Growth, KT Health and DJO Launches Outpacing Forecasts
Press Release | 04/19/2021
FREDERICK, MD, April 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioElectronics Corporation (https://www.bielcorp.com/ OTC PINK: BIEL) is pleased to report Q1 2021 revenue figures, the progress on three different product launches into the OTC and medical markets, ongoing efforts to expand international distribution, and finally, new initiatives into strengthening R&D/manufacturing capabilities.
First quarter sales were $605,675 which is 18% higher than Q4 2020 sales, and an impressive 73% of total 2020 revenue; these percentage increases not only document the Company’s strong growth, but also serve as objective evidence of effectiveness for the Company’s strategic repositioning as an OEM manufacturer. The Q1 2021 sales figure is robust, as there is over $306,000 of deferred sales incoming from signed contracts, for products that have yet to be shipped.
Looking ahead, the Company is now working with their three major channel partners, i.e., KT Health and Scott Specialties in the OTC space, and Medi-Launch in the prescription medical market, to solidify new orders after strong initial product launches that took place in Q1 2021. Kelly Whelan, President & CEO, expressed enthusiasm, “Initial OTC feedback has been very positive, as witnessed by strong consumer reviews (averaging over 4.5 out of 5 on Amazon.com and their company websites) for both the KT Recovery+ Wave™ and DonJoy® EME products. The launch into the medical channel was slowed by the pandemic but has recently accelerated as hospitals are resuming non-emergency surgical procedures.”
The Company is also pushing forward on the international sales front. In addition to re-acquiring their CE mark (which allows the Company to sell in most international countries) in late 2020, it also obtained MDSAP certification in Q1 2021, which now allows for product distribution in Canada, Australia, and New Zealand. Ms. Whelan also said, “We are now exploring expanding our OTC sales into more countries in the EU using the same strategy of identifying firms with strong retail experience selling their branded products into the retail market. We hope to be able to announce the results of these conversations in the near future. In addition, through Medi-Launch, we have signed four new international distributorships contracts for our RecoveryRx line.”
Mr. Richard Staelin, Chairman of the Board, commented, “We believe it is important to keep investing in one of our core capabilities, i.e., designing and manufacturing Pulsed Short Wave Therapy medical devices. With this in mind, we are in active talks to conduct new clinical trials both with our RecoveryRx product and extensions of our OTC devices. We are also working with our contract manufacturer to strengthen our manufacturing capabilities to accommodate for increased production, amid international volatility in raw material costs.”
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