Full Press Release Details
TECHNOLOGIES RELEASES PRELIMINARY 2019 YEAR END EARNINGS REPORT AND A BUSINESS UPDATE
LAKE CITY, UT March 4, 2020 (GLOBE NEWSWIRE) - SINTX Technologies, Inc. (NASDAQ: SINT) (the "Company"), an original
equipment manufacturer (OEM) ceramics company that develops and commercializes silicon nitride, today announced preliminary financial
results for the year ended December 31, 2019 and provided a business update.
END 2019 FINANCIAL RESULTS
reported revenue of $0.7 million for the year ended December 31, 2019 as compared to $0.1 million for the year ended December
31, 2018. Further, the Company reported generally accepted accounting principles (GAAP) basic net loss from continuing operations
for the year ended December 31, 2019 of $3.08 per share, compared to a basic net loss from continuing operations of $26.57 per
share for the year ended December 31, 2018. The Company's cash and cash equivalents were $1.8 million as of December 31,
2019, a decrease of $3.7 million from December 31, 2018.
Company also announced that as of the end of February 2020, there were 7,563,549 shares of common stock outstanding.
B. Sonny Bal, Chairman and CEO provided the following update.
2019, SINTX transitioned from a spine implant manufacturer and seller to a technical ceramic materials company, with the goal
of identifying new markets for its silicon nitride. We were well-positioned to do so because of our established knowledge equity,
and because of the superior quality of our material platform.
continues to supply our spine implants retail partner, CTL-Amedica. Sales of silicon nitride implants increased in the 4th quarter.
SINTX is helping CTL-Amedica develop new implants and designs to drive future sales, and new markets.
130 scientific papers in peer-reviewed journals back up our technology. Recently published multi-center clinical studies have
shown superb outcomes in lumbar and cervical fusion, respectively. We are wrapping up several other clinical studies, including
one showing favorable lumbar fusion outcomes from the European SNAP clinical trial.
peers in the medical and industrial markets acknowledge that SINTX has an advanced technology platform that is thoroughly validated.
Our focus is now on top line growth through new customers, and/or through strategic opportunities.
VP of Business Development, Don Bray, is an industry veteran charged with finding industrial opportunities, such as in cutting
tools and machine parts. SINTX recently became ITAR-compliant (International Treaty on Arms Reduction) and completed the Stage
1 audit for AS9100 certification; both are predicate steps toward seeking defense orders. We took these steps because the market
for advanced ceramics is expected to grow, driven by defense needs in ballistics, and in hypersonic projectiles.
addition to defense, both the transportation and energy sectors will require high-performance materials to meet future standards.
To address these new markets, SINTX has hired an investment bank to identify strategic targets that will broaden our materials
and customer profile.
dental implant program is far enough along that we have an investment bank seeking partners for this product line. SINTX has developed
both zirconia and silicon nitride dental implants, and our metals coating technology is close to the commercial stage. The combination
of enhanced bone growth with bacterial resistance is unique to our material and ideal for dental implants.
orthopaedic space is a significant opportunity for SINTX. Recognizing this, we added Dr. Mark Froimson, an industry leader, to
our Board. Our recent capital raise will be invested back into the business, specifically to bring new technologies to commercialization,
and expand our customer base. We have an active collaboration to develop silicon nitride coatings and anti-bacterial composite
spacers and expect to move several other discussions toward formal development projects.
products in the general hygiene space, such as anti-bacterial surfaces and products, are another opening for SINTX. Like industrial
products, market entry is easier with less regulatory burden than implantable devices. We will collaborate with Nissin Manufacturing
Company and with other similar partners to explore these opportunities.
our knowledge and skill toward addressing customer needs is the overarching goal for 2020. Several key technologies are at near-commercialization
stage. These include 3-D printing of silicon nitride, metals-coating, polymer- and PMMA-ceramic composites, and dental implants.
Our particular silicon nitride composition is some of the strongest and toughest available.
the transition from a silicon nitride R&D powerhouse toward commercial opportunities, we expect modest revenue growth in 2020.
We have enough science to back up our claims. During 2019, several independent and international papers replicated our work, suggesting
new entrants into the silicon nitride biomaterials space. This potential competition, in our view, is both healthy and entirely
welcome. We have trimmed up and targeted our R&D accordingly, to ensure our leading position in silicon nitride, with new
technologies and intellectual property filings.
to medical devices, industrial parts are easier to develop, with fewer regulatory barriers. We have already received two small
orders to build prototypes of industrial parts for third party manufacturers. We are hopeful that these early orders, though small,
will result in high-volume opportunities that are essential for near-term revenue growth. Fortunately, silicon nitride is used
in diverse applications all over our planet, and even beyond, such that the range of opportunities is immense.
the first time, outside companies are scrutinizing SINTX as an interesting and differentiated technology play that is coming into
the limelight. We have well-established investment banking relationships, a broad technology portfolio, several new technologies
at near-commercial stage, and a seasoned team that can execute. We believe that SINTX Technologies has an exciting and promising
Technologies is an OEM ceramics company that develops and commercializes silicon nitride for medical and non-medical applications.
The core strength of SINTX Technologies is the manufacturing, research, and development of silicon nitride ceramics for external
partners. The Company presently manufactures silicon nitride spinal implants in its ISO 13485 certified manufacturing facility
for CTL-Amedica, the exclusive retail channel for silicon nitride spinal implants.
more information on SINTX Technologies or its silicon nitride material platform, please visit www.sintx.com.
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA)
that are subject to a number of risks and uncertainties. Readers are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made and reflect management's current estimates, projections,
expectations and beliefs. Such forward looking statements include our statements regarding: acceleration of the pace of innovation,
executing a strategic event, transitioning our metals coating technology from the development to the commercial stage, our expectation
to move other discussions into formal projects, development of new products with CTL-Amedica, our OEM Strategy and statements
in the Future Outlook section, including the development of new applications and new products, and that we expect to build recent
orders into high-volume opportunities that are essential for near-term revenue growth. There can be no assurance that any of the
anticipated results will occur on a timely basis or at all due to certain risks and uncertainties, a discussion of which can be
found in SINTX's Risk Factors disclosure in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission
(SEC) on March 11, 2019, and in SINTX's other filings with the SEC. SINTX disclaims any obligation to update any forward-looking
statements. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances
that arise after the date of this report.