TEL AVIV, Israel, Sept. 28, 2023 (GLOBE NEWSWIRE) -- 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
[email protected]
Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
[email protected]
MEDIGUS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
2023December 31, 2022 UnauditedAudited 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
2023December 31, 2022 UnauditedAudited 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
