Full Press Release Details
SINTX TECHNOLOGIES SHARES SELECT PRELIMINARY Q4
2023 AND FULL YEAR 2023 REVENUE UPDATE
SALT LAKE CITY, Jan. 23, 2024 (GLOBE NEWSWIRE)
- SINTX Technologies, Inc. (www.sintx.com) (NASDAQ: SINT) ("SINTX" or the "Company"), an original
equipment manufacturer of advanced ceramics, announced that its estimated unaudited revenues were approximately $902k in Q4 2023, and
$2.6 million for the year ended December 31, 2023. These preliminary results are subject to the Company's standard year-end financial
reporting processes, reviews, and audits.
SINTX acquired Maryland-based Technology Assessment
and Transfer (TA&T) in June 2022. Since that time, the Company has experienced an 18% increase in Q4 2023 revenue versus Q4 2022,
and a 68% increase in 2023 revenue compared to 2022 revenue. Notably, 2023 revenue figures reflect a 333% increase in revenues
for the year that ended December 31, 2021.
Commercial revenues of $582K in Q4 2023 and $1.2 million for the full year 2023 were
achieved primarily by the sale of products in the aerospace, biomedical, and energy markets. Government contracts in these markets made
up $320K in Q4 and $1.4 million for the full year. Customer adoption of new product offerings led to commercial revenue exceeding government
contracts in Q4 2023 - for the first time since acquisition of TA&T. The Company continued its successful restructuring and expansion
into the defense, aerospace, and industrial markets for advanced ceramic materials and related technologies.
SINTX anticipates continued revenue growth in 2024
driven primarily by new commercial product adoption, innovative technology development, and government contract opportunities. Given
the underlying growth in the aerospace, biomedical, and energy markets, these represent significant target opportunities for SINTX
- both for commercial and government contract revenue streams. The Company also expects to re-engage the ballistic and body armor
market during 2024, as armor operations come back online, and demand for these products remains strong.
SINTX Technologies is an advanced ceramics company
that develops and commercializes materials, components, and technologies for medical and technical applications. SINTX is a global leader
in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the
past two years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing facilities
in Utah and Maryland.
For more information on SINTX Technologies or its
silicon nitride material platform, please visit www.sintx.com.
Preliminary and Unaudited Nature of Reported
We have not yet completed the preparation of our financial
statements for the fourth quarter and full year ended 2023. Our revenue expectations for the fourth quarter and full year ended 2023,
are preliminary, unaudited and are subject to change based on the completion of ongoing internal control, review, and audit procedures.
As a result, these amounts may differ materially from the amounts that will be reflected in the Company's consolidated financial
statements for the year ended December 31, 2023. Accordingly, you should not place undue reliance on this preliminary estimate.
This 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,
including statements relating to revenue growth from new commercial product adoption, innovative technology development, and government
contract opportunities, new revenue sources in 2024 via continued growth in the aerospace and energy markets, and the Company's
expectation that it will re-engage the ballistic and body armor market during 2024. These risks and uncertainties, many of which are beyond
our control, include, among other things: our products may not prove to be as effective as other products currently being commercialized
or to be commercialized in the future by competitors; risks inherent in manufacturing and scaling up to commercial quantities while maintaining
quality controls; volatility in the price of SINTX's common stock; the uncertainties inherent in new product development, including
the cost and time required to commercialize such product(s); market acceptance of our products once commercialized; SINTX's ability
to raise funding and other competitive developments. 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. 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 29, 2023, and in SINTX's other filings with the SEC. 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.
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