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  • WNDM Files Q1 Results; Company Reports Record Revenue; Cash Position at All-Time High

    Written by: Dana Salvo

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    May 18, 2011 — Wound Management Technologies, Inc., (OTCQB: WNDM | WNDM.PK) a leader in advanced wound care solutions, announced financial results for its first quarter of 2011. For the three-month period ending March 31, 2011, revenue was $935,412, a 1,303% increase over first quarter 2010 net revenue of $66,960. The increase in revenue was primarily attributable to enhanced sales efforts in 2010, which continued into the first quarter of 2011. The Company had a loss of $2,743,921 for the first quarter of 2011, as compared to a loss of $1,244,507 for the first quarter of 2010. The loss in the first quarter of 2011 included a non-cash loss of $1,950,882 related to the conversion of certain debt of the Company into equity. Cash flow from operations at 3/31/11 was positive for the first time in the Company’s history, $124,278 as compared to a negative cash flow from operations of $284,810 at 3/31/10.

    Key Financial Comparisons between Q1 2011 & Q1 2010:

    Gross profit rose 1717% to $840,994 versus $46,293.
    Current assets rose 169% to $2,288,521 versus $850,092.
    Current liabilities dropped 29% to $2,468,869 versus $3,479,189.
    Weighted-average number of common shares rose 37% to 46,423,395 from 33,948,681
    Stockholders’ equity rose 87% to $5,377,356.
    Cash on hand as of March 31, 2011, was $1,021,507 versus cash of $50,835 in the prior comparable period.

    Scott Haire, Wound Management Technologies CEO, commented, ” We are very pleased with our first quarter results as well as with the Company’s outlook. During the first quarter, Wound Management achieved several key milestones: a record high in quarterly revenues equal to roughly all of the Company’s 2010 revenues, a significantly improved balance sheet, our first positive cash flow from operations, and the completion of financing that left the company with more than $1M in cash.”

    “The Company is executing extremely well. We expect revenues to continue to increase throughout the remainder of 2011 driven primarily by sales from our existing distributors as well as the opening of new markets for CellerateRx® worldwide.”

    Deborah Jenkins Hutchinson, President of Wound Management Technologies, stated, “We have met the initial goals of our 2011 business plan. The Company has reached milestone revenue targets, rolled out direct-to-consumer sales, and closed an agreement with a major channel partner in Juventus. In Q2, the Company should continue to execute on the business initiatives stated in the Letter to the Shareholders dated April 20, 2011. Some of the progress investors can anticipate includes increasing sales, an agreement for CellerateRx® to go on formulary at a major healthcare system, and entry into the government healthcare market.”

    May 18, 2011 @ 2:23 pm Trackback URL Posted in Industry News and tagged with , , , .