Electromedical
Technologies Announces Preliminary Unaudited Revenue for Q4 and FY
2022 and update on operations
SCOTTSDALE, AZ -- March 14,
2023 -- InvestorsHub NewsWire -- Electromedical Technologies, Inc.
(OTCQB:
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 announce preliminary unaudited
financial performance data for the three months and twelve months
ended December 31, 2022.
-
Preliminary revenue
for the twelve months ended Dec 31 was approximately
$1.15
million, which represents a total increase in sales of 26.7% on a
year-over-year basis.
-
During
the three months ended Dec 31, preliminary revenue increased 79% on
a quarterly year-over-year basis and 51% on a sequential quarterly
basis.
Matthew Wolfson, Founder and
CEO commented, "Q4 was a breakout quarter. We saw topline sales
jump in response to further expansion in our brand awareness and
sales & marketing performance. Overall, it was our best quarter
since we went public and provides strong market feedback that our
next-generation R&D and market positioning represents the start
of an exciting new chapter for Electromedical.
And the
path is only going to get more exciting as we get ready to launch
our revolutionary Infinity device."
As the Company moves closer
to production of the new next-generation flagship device,
management plans to offer a special upgrade and exchange program to
existing clients, which will be bundled with a lifetime
warranty.
The WellnessPro Infinity™
sets a new standard in the bioelectronics and electrotherapy
marketplace featuring support for all modalities:
-
Designed to
support*: TENS, Microcurrent, IF, EMS, PEMF, CES, VNS, PNS, COLD
Laser, POD Synchronization, IDNA™,
Deep
Pulse™, cloud access and much more.
-
Unprecedented
accuracy.
-
Easiest
to use electrotherapy device on the market.
-
New
Doctor-Patient Portal for updates and personalized
treatments.
Wolfson concluded,
"Last year was an
ambitious year focused on key R&D objectives that we have met
and now we are laying a strong foundation for handling business at
a far larger scale.
We accomplished everything we set out to accomplish and managed to
log impressive sales growth along the way. We are also in the
process of expanding consumer resources for purchasing
Electromedical products. We have added FSA/HSA purchasing
optionality already, and we have some more news coming that could
sharply increase customer affordability without impacting our
margins, and we look forward to discussing that in further detail
very soon."
Management notes that 2023
will see the launch of the WellnessPro Infinity™, continued
expansion in its sales team, a strong focus on value-add strategic
partnerships, research partnerships and further customer
affordability strategies as the Company monetizes its
market-leading next-generation drug-free pain therapy
technology.
The Company has
approximately 10,000 past clients. We expect that we will be
successful in encouraging a significant part of our past clients to
exchange their old units for the improved Wellness Pro Infinity
unit with lifetime warranty. Our development process is progressing
and we look forward to providing more updates very soon. We will be
in a position to start accepting advance deposits in Q2 for these
units, which will greatly enhance the Company's cash
position.
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.
*Additional modalities other than what
the current model is cleared for will require FDA
clearances.
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