GTX Corp First Quarter 2018 Summary: Revenues increased 76%, Subscribers increased 79%, G&A decreased 17%
16 Maio 2018 - 9:30AM
InvestorsHub NewsWire
GTX Corp First Quarter 2018 Summary:
Revenues increased 76%, Subscribers increased 79%, G&A
decreased 17%
LOS ANGELES, CA
-- May 16, 2018 -- InvestorsHub NewsWire -- GTX Corp.
(OTCQB: GTXO), an IoT platform and leading provider of
personal location GPS wearable technology and wandering assistive
technology, announced a summary for the first quarter ended March
31, 2018.
First Quarter Financial
Highlights
- Overall revenue increase 76%
over 2017 comparable period.
- Product revenue increase 181%
over 2017 comparable period.
- Deferred revenue increase 130%
over 2017comparable period
- Total Subscribers increase 79%
over 2017 comparable period.
- Domestic Subscribers increase
41% over 2017comparable period
- Net Profit increase 143% over
2017 comparable period.
- Gross margins increase 30% over
2017 comparable period.
- Net loss decrease 44% over 2017
comparable period
- Loss from Operations decrease
46% over 2017 comparable period
- Professional services decrease
27%
- G&A decrease 17%
- Total operating expenses
decrease 7%
First Quarter
Highlights
- Completed shipment to
Edwards Air Force Base
- Expanded collaboration
agreement with Veristride
- Showcased new Bio metric
insoles at CES and SB52
- Successfully tested new
kids SmartSoles
- Placed first production
order of new kids SmartSoles (expected delivery
Q2)
- Issued
patent (9,910,862)
- GPS SmartSoles featured
on the Kardashians
- GPS SmartSoles became
available for sale on Amazon
- GPS SmartSoles won
another award in the UK
Management commentary: Patrick
Bertagna, GTX Corp CEO.
As highlighted above,we had an
overall good quarter, with double digit increases or decreases in
all the major metrics - revenues were up, subscribers were up,
margins and profits were up, while decreasing our cost of
operations, professional services, G&A and net losses. We
successfully completed the delivery of our first large scale
military contract and have subsequently submitted another proposal
to Edwards which we are waiting for budget confirmation on a second
contract. We have also begun conversations and submitted proposals
to other military bases both in the U.S. and internationally. It
takes time to develop military channels but we have put a lot of
work into this business unit and will continue to pursue and expand
these opportunities.
As stated in our
recent 10K filing, we received final preproduction samples of The
SmartSole lite, which are being developed for kids, lower
disposable income markets and more of general population use. In
February we placed our first production order and expect delivery
in Q2 2018. We have already receivedseveral preorders and expect to
receive more orders over the following weeks and will begin
shipping end of Q2 early Q3.
The Company also
expanded its collaboration agreement with Veristride, Inc., a
company that specializes in technology to analyze gait movement
using custom sensors at the foot and biomechanical analytics to
provide feedback on how people walk, run and move. Under phase 2 of
the agreement GTX has completed the R&D and will begin piloting
the new biometric insoles, named BioStride this quarter. The business value
of analyzing gait is significant in fall risk detection and
prevention. Despite extensive preventive efforts, falling continues
to be a major problem for seniors both at home and in community
living facilities. Being able to accurately predict falls, strokes
or early onset of dementia by wearing a smart non-intrusive
footwear device can offer significant advancements in senior care
and wellness. We expect to begin pilot programs in Q2 and go into
production by Q3.
- 2.8
million Seniorsare treated in emergency rooms for fall injuries
every year in the U.S.
- Over 800,000 patients a year are hospitalized
because of a fall injury
- Adjusted for inflation, the annual medical costs
for fall injuries are $31
billion.
Management
believes fall prevention is a big opportunity based on the stats
above which are not limited to the U.S., seniors across the globe
face the possibility of a life altering fall, and the
patented
BioStride is the first wearable fall prediction solution designed for
affordability, accuracy, ease of use, andis non disruptive to life
style. BioStride eliminates the need to go to a doctor’s office or
physical therapist in order to monitor ones walking
patterns.
On the IP front, the
Company was issued another patent (9,910,862) which is internally
called ‘the middle box’. This additional patent is a strong
addition to the existing GTX IP portfolio because it applies to
server side processes, connecting all 3 aspects of the Company’s
business – device, communication and backend
server. This new server side patent has 68 claims, adding
to our portfolio’s existing 1,000 plus patent claims and open
continuation which broadens the influence of the existing GTX IP
portfolio. As a pioneer in the wearable tech industry and watching
many of the tech giants such as Apple, Samsung, Google and
Microsoft strategically navigate their IP, GTX believes in its
continued IP investment. Additionally, we continue to solicit
licensing agreements in the GPS industry. This is a slow and
methodical process, however the GTX patent portfolio keeps on
getting larger and stronger through its ongoing continuation
filings and we expect to start seeing some monetization results in
2018.
During Q1 2018, the
company also received a significant amount of publicity as its
flagship GPS SmartSole was featured on the
Kardashians, won another award in the UK and
became available for sale on Amazon. The Company also attended CES
and was a Silver Sponsor of SB52 (Super Bowl LII) All of this has
created an increase in consumer sales and product
awareness.
Lastly worth noting is
the expansion of our product line and revenue streams. Even though
we are very much known for our flagship GPS
SmartSoles,
this past quarter highlighted how our revenues are spread out
beyond the SmartSoles and its subscribers. We now derive revenues
from the military, IP licensing, our track my
work force app, and soon from our BioStride line
and other products we have in development, including Invisabelt and
our weapons tracker. As always we want to thank all our
stakeholders which continue to support us on our
journey.
GTX Corp is a For-Profit with Purpose Company
which owns and licenses more than 85 patents, is a
U.S. military contractor, manufactures many of its products in the
USA and has multiple consumer products in the market place, all
available on its online store, Amazon and authorized resellers and
distributors across the globe.
Track
what you love video
Autism Awareness Month
Consumer Purchase of GPS
SmartSoles
About GTX
Corp
GTX Corp (GTXO)
is a pioneer in smart, mobile and wearable GPS tracking and
recovery location based products, supported through a proprietary IoT enterprise monitoring
platform. GTX offers a global end-to-end solution of hardware,
software and connectivity. GTX Corp develops 2 way GPS
tracking technologies which seamlessly integrate with consumer
products and enterprise applications. GTX Corp utilizes the
latest in miniaturized, low power consumption GPS, Cellular,
RF and BLE technology enabling subscribers to track in real time
the whereabouts of people or high value assets through
a complete end to end - customizable transceiver module,
wireless connectivity gateway, smart phone Apps, middleware, and
IoT portal. Headquartered in Los
Angeles, California, GTX is known for its award-winning
patented GPS
SmartSole® - Think Dr.
Scholl’s meets LoJack, the world’s first invisible wearable
technology tracking device created for those at risk of
wandering due to Alzheimer’s, dementia, autism and traumatic brain
injury. GTX Corp’s business model is built around technology
innovation and holds over 85 patents with many issued patents in
the area of GPS tracking. The company has international
distributors servicing customers in over 35 countries and is a US
Military Government contractor. Other customers include public
health authorities and municipalities, emergency and police
authorities, private companies, public and private senior care
homes, and consumers.
GTX Corp is an equal opportunity employer with a history of
employing a diverse workforce and US veterans; makes many of its
products in the USA, is a member of the United Nations Global
Compact and Trust 2 Protect partnership. The Company doesn’t just make and sell the
best GPS tracking products, they deliver innovative, miniaturized,
low power consumption wearable tech that provides safety,
security and peace of mind at the touch of a button.GTX puts
the "Where" in Wearable
Tech.
Online:www.gtxcorp.com
Track My Workforce |
GTX
Corp
www.gpssmartsole.com
Social media - #withyou
#smartsole #connectedandprotected
#trackwhatyoulove
GTX Blog http://gpsinsole.com/
https://www.facebook.com/gtxcorpcom
http://www.twitter.com/gtxcorp
www.linkedin.com/in/gtxcorp
http://www.pinterest.com/GTXCorp/
http://instagram.com/gtxcorp
General information, investor relations, wholesale
licensing, consumer purchase:
213.489.3019
info@gtxcorp.com
ir@gtxcorp.com
http://gtxcorp.com/contact-us/
GTX Corp United
Kingdom
In the UK, GTX Corp operates from its London office. For more
information, please contact: Nelson Skip Riddle
Email: nsriddle@gtxcorp.com
Tel: +44 7785 364100
Disclaimer:
GTX Corp does not warrant or represent that the unauthorized use of
materials drawn from the content of this document will not infringe
rights of third parties who are not owned or affiliated by GTX
Corp. Further GTX Corp cannot be held responsible or liable for the
unauthorized use of this document’s content by third parties
unknown to the company.
Forward Looking
Statements
This
news release contains forward-looking statements. The terms and
phrases “expects,” “would,” “will,” “believes,” and similar terms
and phrases are intended to identify these forward-looking
statements. Forward-looking statements are based on estimates and
assumptions made by GTX in light of its experience and its
perception of current conditions and expected future developments,
as well as other factors that GTX believes are appropriate in the
circumstances. Many factors could cause
GTX’s
actual results, performance or achievements to differ materially
from those expressed or implied by the forward-looking statements.
Certain risk factors that may cause actual results to differ are
set forth in GTX’s Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (which may be obtained on
the SEC
Website). These factors should be considered carefully,
and readers should not place undue reliance on GTX’s
forward-looking statements. GTX has no intention and undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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