Medigus Announces $53.3 million in Revenues for the First Six Months of 2023
28 Setembro 2023 - 6:11PM
Medigus Ltd. (Nasdaq: MDGS) (“Medigus”), a technology company
engaged in innovative internet technologies, electric vehicle and
charging solutions and advanced medical solutions, today announced
financial results for the six-month periods ended June 30, 2023.
H1 2023 and recent
highlights:
-
Medigus’ revenues reached $53.3 million in the first six months of
2023, compared to $35 million in the first six months of 2022,
representing a 52% increase;
- Medigus’ subsidiary for EV Wireless Charging, Charging
Robotics, merged with a public company in the US and
commenced trading on the OTC Market (OTCMKTS: FDOC);
- Medigus sold its entire stake in Odysight.ai
Inc. (formerly known as Scoutcam Inc.) for approximately
$5.7 million in cash;
- Drone safety company, ParaZero (PRZO),
commenced trading on Nasdaq, following a $7.8 million initial
public offering (”IPO”);
- Jeffs’ Brands (JFBR) revenues for the first six months of 2023
totaled $3.9 million, compared to $2.3 million in the first six
months of 2022, representing a 65% increase;
- Viewbix (OTC: VBIX) reported its condensed
consolidated financial results for the first half of 2023 with
revenues totaling $48 million, an increase of 10% compared to the
first half of 2022; and
- Eventer’s revenues for the first six months of 2023 amounted to
approximately $1.5 million with net profit for the first time.
We are thrilled to report a great first half of
2023 for Medigus. Our revenue growth, reaching $53.3 million,
showcases a substantial 52% increase compared to the same period
last year, reflecting our team’s unwavering commitment to
excellence and strategic foresight,” said Liron Carmel, Chief
Executive Officer of Medigus. “The successful IPO of ParaZero,
exciting merger of our subsidiary, Charging Robotics, with a US
public company and the sale of our Odysight.ai Inc stake are
all testaments to our strategic moves to optimize shareholder
value.”
Mr. Carmel added, “We’re also pleased with
Viewbix’s commendable performance. As we move forward, the
expiration of all our listed warrants ensures a simplified capital
structure in addition to our cash boost as a result of the sale of
Odysight.ai Inc. At Medigus, we are always striving to pioneer,
innovate, and grow, and we remain excited for what the future holds
for our company and our stakeholders.”
The Company’s gross profit for the first half of
2023 was approximately $8.2 million, compared to a gross profit of
approx. $6.1 million in the first half of 2022. Operating loss for
the six months ended on June 30, 2023, was $9.8 million, compared
to operating loss for the six months ended on June 30, 2022, of
approx. $6.3 million.
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is
a technology company focused on innovative growth partnerships,
engaged in innovative internet technologies, electric vehicle and
charging solutions and advanced medical solutions. Medigus’
affiliations in the medical solutions arena include ownership in
Polyrizon Ltd. The Company’s affiliates in digital commerce include
Gix Internet Ltd., Jeffs’ Brands Ltd. and Eventer Technologies Ltd.
In the electric vehicle market, Charging Robotics Ltd. and Revoltz
Ltd. by way of Fuel Doctor Holdings, Inc., are also part of the
Company’s portfolio of technology solution providers. Medigus is
traded on the Nasdaq Capital Market. To learn more about Medigus’
advanced technologies, please visit http://www.medigus.com/.
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.
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.
Company Contact: Tali Dinar Chief Financial
Officer +972-8-6466-880 ir@medigus.com
Investor Relations Contact: Michal Efraty
Investor Relations, Israel +972-(0)52-3044404 michal@efraty.com
MEDIGUS LTD.INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
|
|
|
Unaudited |
|
|
Audited |
|
|
|
|
|
USD in thousands |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
12,359 |
|
|
|
20,065 |
|
Short term deposits |
|
|
|
|
11 |
|
|
|
859 |
|
Restricted cash |
|
|
|
|
182 |
|
|
|
185 |
|
Trade accounts receivable |
|
|
|
|
18,981 |
|
|
|
21,449 |
|
Receivable from sale of shares |
|
|
|
|
5,774 |
|
|
|
- |
|
Other receivables |
|
|
|
|
2,015 |
|
|
|
1,928 |
|
Inventory |
|
|
|
|
2,543 |
|
|
|
1,791 |
|
Loans to associates |
|
|
|
|
1,181 |
|
|
|
546 |
|
Loans to others |
|
|
|
|
1,017 |
|
|
|
1,011 |
|
Related parties |
|
|
|
|
238 |
|
|
|
298 |
|
Financial assets at fair value through profit or loss |
|
|
|
|
2,243 |
|
|
|
4,126 |
|
|
|
|
|
|
46,544 |
|
|
|
52,258 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
|
384 |
|
|
|
408 |
|
Right-of-use assets, net |
|
|
|
|
598 |
|
|
|
591 |
|
Investments accounted for using the equity method |
|
|
|
|
5,454 |
|
|
|
11,892 |
|
Intangible assets, net |
|
|
|
|
31,036 |
|
|
|
30,862 |
|
Deferred tax asset |
|
|
|
|
458 |
|
|
|
397 |
|
Financial assets at fair value through profit or loss |
|
|
|
|
1,193 |
|
|
|
1,243 |
|
|
|
|
|
|
39,123 |
|
|
|
45,393 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
85,667 |
|
|
|
97,651 |
|
MEDIGUS LTD.INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
|
|
|
Unaudited |
|
|
Audited |
|
|
|
|
|
USD in thousands |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Trade accounts payable |
|
|
|
|
18,587 |
|
|
|
20,421 |
|
Short term loans |
|
|
|
|
5,973 |
|
|
|
5,111 |
|
Current portion of long-term loans |
|
|
|
|
1,879 |
|
|
|
1,500 |
|
Lease liabilities |
|
|
|
|
165 |
|
|
|
131 |
|
Warrants at fair value |
|
|
|
|
158 |
|
|
|
396 |
|
Liability to event producers |
|
|
|
|
1,526 |
|
|
|
1,654 |
|
Warrants at fair value issued by a subsidiary |
|
|
|
|
3,142 |
|
|
|
4,159 |
|
Related parties |
|
|
|
|
811 |
|
|
|
1,055 |
|
Accrued expenses and other current liabilities |
|
|
|
|
3,638 |
|
|
|
3,200 |
|
|
|
|
|
|
35,879 |
|
|
|
37,627 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Lease liabilities |
|
|
|
|
447 |
|
|
|
512 |
|
Long-term loans |
|
|
|
|
3,128 |
|
|
|
2,881 |
|
Deferred tax liability |
|
|
|
|
1,747 |
|
|
|
1,817 |
|
Accrued severance pay, net |
|
|
|
|
19 |
|
|
|
125 |
|
|
|
|
|
|
5,341 |
|
|
|
5,335 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
|
|
41,220 |
|
|
|
42,962 |
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
|
|
Share capital - ordinary shares with no par value: authorized
- June 30,2023 - 200,000,000 and December 31, 2022 - 200,000,000
shares; issued and outstanding - June 30, 2023 - 25,524,570 shares
December 31, 2022 - 24,661,470 shares |
|
|
|
|
- |
|
|
|
- |
|
Share premium |
|
|
|
|
111,589 |
|
|
|
111,322 |
|
Other capital reserves |
|
|
|
|
13,763 |
|
|
|
13,208 |
|
Warrants |
|
|
|
|
197 |
|
|
|
197 |
|
Accumulated deficit |
|
|
|
|
(93,786 |
) |
|
|
(85,586 |
) |
Equity attributable to owners of Medigus Ltd. |
|
|
|
|
31,763 |
|
|
|
39,141 |
|
Non-controlling interests |
|
|
|
|
12,684 |
|
|
|
15,548 |
|
|
|
|
|
|
44,447 |
|
|
|
54,689 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
|
|
|
85,667 |
|
|
|
97,651 |
|
MEDIGUS LTD.INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE
LOSS
|
|
|
|
Six months ended June 30, |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
Unaudited |
|
|
|
|
|
USD in thousands |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Products |
|
|
|
|
3,871 |
|
|
|
2,343 |
|
Services |
|
|
|
|
49,514 |
|
|
|
32,616 |
|
|
|
|
|
|
53,385 |
|
|
|
34,959 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
Products |
|
|
|
|
3,497 |
|
|
|
1,933 |
|
Services |
|
|
|
|
41,688 |
|
|
|
26,834 |
|
|
|
|
|
|
45,185 |
|
|
|
28,767 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
8,200 |
|
|
|
6,192 |
|
Research and development expenses |
|
|
|
|
2,632 |
|
|
|
2,500 |
|
Sales and marketing expenses |
|
|
|
|
1,868 |
|
|
|
2,240 |
|
General and administrative expenses |
|
|
|
|
8,274 |
|
|
|
5,057 |
|
Net change in fair value of financial assets at fair value through
profit or loss |
|
|
|
|
3,978 |
|
|
|
813 |
|
Equity losses |
|
|
|
|
1,238 |
|
|
|
1,910 |
|
Operating loss |
|
|
|
|
(9,790 |
) |
|
|
(6,328 |
) |
|
|
|
|
|
|
|
|
|
|
|
Gain from initial recognition of assets and liabilities upon
consolidation of Gix Internet |
|
|
|
|
- |
|
|
|
(2,300 |
) |
Loss from sale of investments |
|
|
|
|
- |
|
|
|
(68 |
) |
Other income |
|
|
|
|
(154 |
) |
|
|
(176 |
) |
Changes in fair value of warrants issued to investors |
|
|
|
|
(238 |
) |
|
|
99 |
|
Changes in fair value of warrants issued to third party investors
by a consolidated subsidiary |
|
|
|
|
(1,017 |
) |
|
|
63 |
|
Financial loss, net |
|
|
|
|
978 |
|
|
|
793 |
|
Loss before taxes on income |
|
|
|
|
(9,359 |
) |
|
|
(4,739 |
) |
Tax expenses |
|
|
|
|
(177 |
) |
|
|
(9 |
) |
Net loss for the period |
|
|
|
|
(9,536 |
) |
|
|
(4,748 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified to profit or
loss |
|
|
|
|
|
|
|
|
|
|
Share of other comprehensive income (loss) of consolidated
subsidiaries and associates accounted for using the equity
method |
|
|
|
|
306 |
|
|
|
(961 |
) |
Other comprehensive income (loss) for the
period |
|
|
|
|
306 |
|
|
|
(961 |
) |
Total comprehensive loss for the period |
|
|
|
|
(9,230 |
) |
|
|
(5,709 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss for the period is attributable to: |
|
|
|
|
|
|
|
|
|
|
Owners of Medigus |
|
|
|
|
(8,200 |
) |
|
|
(3,590 |
) |
Non-controlling interests |
|
|
|
|
(1,336 |
) |
|
|
(1,158 |
) |
|
|
|
|
|
(9,536 |
) |
|
|
(4,748 |
) |
Total comprehensive loss for the period is attributable
to: |
|
|
|
|
|
|
|
|
|
|
Owners of Medigus |
|
|
|
|
(8,061 |
) |
|
|
(4,275 |
) |
Non-controlling interests |
|
|
|
|
(1,169 |
) |
|
|
(1,434 |
) |
|
|
|
|
|
(9,230 |
) |
|
|
(5,709 |
) |
Loss per ordinary share attributed to Medigus ltd |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
(0.33 |
) |
|
|
(0.15 |
) |
Diluted |
|
|
|
|
(0.33 |
) |
|
|
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding (in thousands) |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
24,490 |
|
|
|
24,109 |
|
Diluted |
|
|
|
|
24,490 |
|
|
|
24,109 |
|
Medigus (NASDAQ:MDGS)
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