Medigus Announces $53.3 million in Revenues for the First Six Months of 2023
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 .
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
Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
MEDIGUS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| June 30, 2023 | December 31, 2022 | |||||||||
| Unaudited | Audited | |||||||||
| 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
| June 30, 2023 | December 31, 2022 | |||||||||
| Unaudited | Audited | |||||||||
| 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
| Six months ended June 30, | ||||||||||
| 2023 | 2022 | |||||||||
| Unaudited | ||||||||||
| USD in thousands | ||||||||||
| Revenues | ||||||||||
| Products | 3,871 | 2,343 | ||||||||
| Services | 49,514 | 32,616 | ||||||||
| 53,385 | 34,959 | |||||||||
| Cost of revenues: | ||||||||||
| Products | 3,497 | 1,933 | ||||||||
| Services | 41,688 | 26,834 | ||||||||
| 45,185 | 28,767 | |||||||||
| Gross profit | 8,200 | 6,192 | ||||||||
| Research and development expenses | 2,632 | 2,500 | ||||||||
| Sales and marketing expenses | 1,868 | 2,240 | ||||||||
| General and administrative expenses | 8,274 | 5,057 | ||||||||
| Net change in fair value of financial assets at fair value through profit or loss | 3,978 | 813 | ||||||||
| Equity losses | 1,238 | 1,910 | ||||||||
| Operating loss | (9,790 | ) | (6,328 | ) | ||||||
| Gain from initial recognition of assets and liabilities upon consolidation of Gix Internet | - | (2,300 | ) | |||||||
| Loss from sale of investments | - | (68 | ) | |||||||
| Other income | (154 | ) | (176 | ) | ||||||
| Changes in fair value of warrants issued to investors | (238 | ) | 99 | |||||||
| Changes in fair value of warrants issued to third party investors by a consolidated subsidiary | (1,017 | ) | 63 | |||||||
| Financial loss, net | 978 | 793 | ||||||||
| Loss before taxes on income | (9,359 | ) | (4,739 | ) | ||||||
| Tax expenses | (177 | ) | (9 | ) | ||||||
| Net loss for the period | (9,536 | ) | (4,748 | ) | ||||||
| Other comprehensive income (loss) | ||||||||||
| Items that may be reclassified to profit or loss | ||||||||||
| Share of other comprehensive income (loss) of consolidated subsidiaries and associates accounted for using the equity method | 306 | (961 | ) | |||||||
| Other comprehensive income (loss) for the period | 306 | (961 | ) | |||||||
| Total comprehensive loss for the period | (9,230 | ) | (5,709 | ) | ||||||
| Net loss for the period is attributable to: | ||||||||||
| Owners of Medigus | (8,200 | ) | (3,590 | ) | ||||||
| Non-controlling interests | (1,336 | ) | (1,158 | ) | ||||||
| (9,536 | ) | (4,748 | ) | |||||||
| Total comprehensive loss for the period is attributable to: | ||||||||||
| Owners of Medigus | (8,061 | ) | (4,275 | ) | ||||||
| Non-controlling interests | (1,169 | ) | (1,434 | ) | ||||||
| (9,230 | ) | (5,709 | ) | |||||||
| Loss per ordinary share attributed to Medigus ltd | ||||||||||
| Basic | (0.33 | ) | (0.15 | ) | ||||||
| Diluted | (0.33 | ) | (0.15 | ) | ||||||
| Weighted average ordinary shares outstanding (in thousands) | ||||||||||
| Basic | 24,490 | 24,109 | ||||||||
| Diluted | 24,490 | 24,109 | ||||||||
