Technology-based Company.
Engaged in advancing innovative solutions for large-scale market applications
- September 23, 2022
TEL AVIV, Israel, Sept. 23, 2022 – Medigus Ltd. (Nasdaq: MDGS) (“Medigus”), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, today reported financial results for the six months ended June 30, 2022.
Key Highlights
- Generated record revenues of $34.95 million in the first half of 2022, compared to $2.39 million revenues in the first half of 2021
- Gross profit reached a record $6.19 million in the first half of 2022, up from a gross profit of $0.6 million in the first half of 2021
- Cash and cash equivalents as of June 30, 2022 were $22.1 million
- Shareholders’ equity improved to $53.19 million as of June 30, 2022, up from $51.43 million at December 31, 2021
“Our record first half of 2022 financial results are a direct result of our work over the past two years and clearly demonstrate the value in our approach to engage in innovative technology companies with high upside potential,” said Liron Carmel, CEO of Medigus. “As we continue to execute on our diversified business model and add value to our operating segments, we believe Medigus is in a great position to further grow shareholder value with multiple near-term catalysts.”
Recent Highlights:
- Medigus files a motion to approve an up to $1.6 million dividend distribution
- Jeffs’ Brands (35.27%) Ltd. announced the closing of its $15.5 million initial public offering
- Gix Internet (42.25%) reported revenues increase of 166% year-over-year to approximately $43.4 million in the first half of 2022
H1 2022 Highlights:
- Eventer, in which Medigus has a 46.21% ownership stake, achieved record revenues, which increased by 221% year-over-year to approximately $1.4 million in the first half of 2022. Eventer targets the high potential sports events market, and since the beginning of 2022 has entered into agreements with two teams from the Israeli Basketball Premier League and the Israeli National Basketball League and the Israel Gymnastics Federation and the Table Tennis Associations of Israel.
- ParaZero, in which Medigus has a 40.35% ownership stake, signed a non-binding MOU to provide Autonomous Safety Systems for Bon V Heavy Lift Cargo Drones. In addition, a leading global drone manufacturer ordered customized SafeAirTM system from ParaZero and signed an agreement to develop custom safety solution for a leading global automotive manufacturer’s drone program.
- ScoutCam, in which Medigus has a 27.02% ownership stake, completed verification & validation for miniature camera solution with a Fortune 500 customer. ScoutCam also signed a joint development agreement to equip aerial platforms of a top global defense and aviation manufacturer with in-flight monitoring solutions.
- Polyrizon’s PL-15 found effective against highly transmissible SARS-CoV-2 Omicron variant in cell culture assays. Medigus has a 37.03% ownership stake in Polyrizon.
- Medigus announced details of planned spin-off and subsequent merger of its electric vehicles wireless charging business, Charging Robotics. At the beginning of 2022, Charging Robotics, owned by Medigus, and Ben-Gurion University entered the development of the next generation of wireless charging system for electric vehicles
- Medigus’ joint venture, Revoltz (19.9% owned by Medigus through its wholly owned subsidiary, Charging Robotics Ltd.), received first order for micro mobility vehicles from a global distributor. Revoltz also launched a pilot program at a new autonomous supermarket.