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
The Company’s gross profit for the first half of 2023 was approximately
About Medigus
Based in
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
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
Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Investor Relations Contact:
Investor Relations,
+972-(0)52-3044404
michal@efraty.com
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
2023 | ||||||||||
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 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
2023 | ||||||||||
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 - | - | - | ||||||||
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 | 31,763 | 39,141 | ||||||||
Non-controlling interests | 12,684 | 15,548 | ||||||||
44,447 | 54,689 | |||||||||
TOTAL LIABILITIES AND EQUITY | 85,667 | 97,651 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS
AND OTHER COMPREHENSIVE LOSS
Six months ended | ||||||||||
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 | (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 | (8,061 | ) | (4,275 | ) | ||||||
Non-controlling interests | (1,169 | ) | (1,434 | ) | ||||||
(9,230 | ) | (5,709 | ) | |||||||
Loss per ordinary share attributed to | ||||||||||
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 |
Source:
2023 GlobeNewswire, Inc., source