Engaged in advancing innovative solutions for large-scale market applications
TEL AVIV, Israel, May 02, 2022 (GLOBE NEWSWIRE) — Medigus Ltd. (Nasdaq: MDGS) (“Medigus”), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle (“EV”) and charging solutions, today reported financial results for the fiscal year ended December 31, 2021.
Generated record revenues of $10.1 million for the full year 2021, representing an increase of $9.6 million, or 1,805%, compared to $0.5 million revenues in 2020
Net income reached a record $4 million in 2021, up from a net loss of $6.9 million in 2020
Cash and cash equivalents as of December 31, 2021 were $24 million, up from $22.4 million at year-end 2020
Shareholders’ equity attributed to Medigus improved 114% to $49 million in 2021, up from $23 million at year-end 2020
During 2022 the company expects to consolidate Gix Internet’s financial results. Gix Internet Revenues for 2021 amounted to approx. $45 million
“Our record 2021 financial results demonstrate the value in our approach to engage in early-stage technology companies with high upside potential,” said Liron Carmel, CEO of Medigus. “With key engagements and partnerships in healthcare solutions, E-commerce and electric vehicles, Medigus is positioned to benefit from the rapid growth of three of the world’s most important technology sectors. The 2021 fiscal year was largely shaped by the coronavirus pandemic and climate change, and the technologies in which Medigus operates in offer viable long-term solutions for the challenges posed by these major, market-shifting trends with the potential for sustainable high growth in a post pandemic world.”
“We achieved several key milestones in 2021, including filing a draft registration statement for a planned IPO of Jeffs’ Brands, our 50.03%-owned E-commerce subsidiary, as well as activities that added tremendous value to other companies throughout our group, including Eventer and Charging Robotics,” continued Carmel. “Additionally, as announced earlier this month, Gix Group, a company offering high-performance marketing technology solutions, reported $45 million in revenue for 2021. With our plans to increase ownership in Gix, we expect to consolidate it during 2022.”
“Looking ahead, our team remains dedicated to creating new value for our shareholders. Through a combination of high-revenue subsidiaries, well-considered investments in companies we may take public, as well as new mergers and spin-offs of our group companies, we expect to increase our performance and further demonstrate why we believe Medigus represents an exceptional growth opportunity for our investors,” concluded Carmel.
2021 Business Highlights
EV & Micro Mobility
Revoltz (19.9% owned by Medigus through its wholly owned subsidiary, Charging Robotics Ltd.) completed the design and commenced prototype manufacturing of its micro-mobility vehicle for last mile logistics and food delivery.
Medigus’ wholly owned subsidiary Charging Robotics successfully completed a proof-of-concept that demonstrated the capabilities of its EV wireless charging robot.
Charging Robotics signed a definitive agreement with Automax Motors Ltd. for exclusive distribution of its wireless robotic charging pad in Israel and Greece for a period of five years, with an option to extend for an additional five years.
Polyrizon (37.03% owned by Medigus) began in-vitro tests of its innovative product candidate for protection against the Omicron variant of the coronavirus during the fourth quarter. Data from this study, reported in March 2022, demonstrated the potential of Polyrizon’s PL-15 to reduce the infection rates of the highly transmissible coronavirus Omicron variant BA.1 in Cell Culture Assay. In addition, Polyrizon’s pre-clinical data demonstrated potential to prevent allergic reaction induced by house dust mites (HDM) and Timothy grass pollen allergens and may also prevent respiratory tract allergy reactions caused by other allergens.
Gix Internet (TASE: GIX) (41.56% owned by Medigus on a fully diluted basis), reported revenues for 2021 amounted to $45.2 million (NIS 144.8 million), an increase of 19% compared to the revenues of $38.1 million (NIS 131.1 million) in 2020, mainly following the acquisition of Cortex Media Group.
Jeffs’ Brands (50.03% owned by Medigus), a data-driven e-commerce company operating on the Amazon Marketplace, submitted a registration statement on Form F-1 to the U.S. Securities and Exchange Commission for the potential initial public offering of its ordinary shares in the US. The timing, number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined.
Eventer Technologies (47.69% owned by Medigus), a smart ticketing platform enabling producers and venues to create virtual conferences and events, signed a memorandum of understanding with Safee. Under the terms of the MOU, Eventer customers can create and sell NFTs related to digital events on Safee’s platform, with Eventer and Safee operating through a revenue share model based on commissions from NFT sales.
Fiscal Year 2021 Financial Results
The Company generated record revenues of $10.1 million for fiscal year 2021, up $9.6 million, or 1,805%, compared to $0.5 million for the year ended December 31, 2020. This increase was mainly attributed to revenues from Jeffs’ Brands, Eventer and revenues received from Golden Grand as part of the technology licensing agreement for the Ultrasonic Surgical Endostapler (MUSE™).
Net income totaled approximately $4 million in 2021, compared to a net loss of $6.9 million in 2020. The increase was primarily due to an increase in our revenues, in a gain from the loss of control in our former subsidiary ScoutCam and a gain from a sale of our investment in Automax.
Cash and Cash equivalents totaled $24 million as of December 31, 2021, compared to $22.4 million on December 31, 2020. The increase was primarily due to net cash generated from financing activities for the year ended December 31, 2021 amounting to $19.1 million off-set by investment activities of $12.4 million.