Skyline Medical, Inc. (NASDAQ: SKLN, SKLNU) is a medical device company engaged in the production and commercialization of an innovative, environmentally-friendly tool targeted at improving the safety of one of the most dangerous jobs in the medical field. The company’s proprietary STREAMWAY® system is a cost-effective, canister-free platform that eliminates the frequent and potentially hazardous interruptions commonly associated with surgical waste handling. Utilizing a direct-to-drain installation, Skyline’s technology greatly reduces the risk of hospital staff being exposed to biohazard fluids while simultaneously promoting improved patient-focused care and significant time savings.
The immense benefits of the STREAMWAY system have helped the company make considerable strides toward achieving sustainable market growth in recent years. Originally released in 2009, Skyline has sold 89 units to date, and the company expects this figure to rapidly expand as it looks to bolster sales and production efforts. As new hospitals continue to approve the use of the groundbreaking STREAMWAY system for additional applications, Skyline expects to significantly improve its financial results.
In the first quarter of 2015, Skyline successfully leveraged the marketability of its innovative system to promote strong financial growth. In addition to selling and shipping five STREAMWAY units, the company realized a 115 percent year-over-year increase in total revenues, recording $151,274 for the period. Likewise, Skyline’s net loss and total expenses were reduced by more than $1.3 million during the quarter, as compared to the previous year.
“Our sales increased year-over-year as we continue to make sales to large and diverse medical centers across a broader geographical area,” Josh Kornberg, chief executive officer of Skyline, stated in a news release. “We are optimistic about our business opportunities as we execute on our sales strategy.”
In recent weeks, Skyline has turned its attention toward increasing its market visibility and securing the capital necessary to continue progressing with its strategic business plan. The company recently announced a public offering that’s expected to raise approximately $15 million to fund its ongoing sales efforts while allowing Skyline to increase its product inventory in the future. These actions will be a key part of Skyline’s progress toward market growth, particularly as the company targets achieving profitability as early as next year.
For prospective shareholders, the increasingly widespread adoption of Skyline’s proprietary STREAMWAY technology could provide a platform for ongoing growth. Look for the company to benefit from an improved cash position following the completion of its upcoming public offering as it continues to build upon it recent progress in the future.
For more information, visit www.skylinemedical.com