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CEDAR KNOLLS,— MYOS RENS Technology Inc. (“MYOS” or “the Company”) (NASDAQ: MYOS), an advanced nutrition company and the owner of Fortetropin®, an innovative proprietary bioactive composition made from fertilized egg yolks that helps build lean muscle, today announced its financial results for the three and nine months ended September 30, 2019.
Financial Highlights: (Amounts in thousands except where noted)
Third Quarter – Three Months Ended September 30, 2019:
Nine Months Ended September 30, 2019:
As of September 30, 2019, the Company had cash of $396 and total current assets of $2,163 less current liabilities of $1,048. Working capital increased $154 to $1,115 at September 30, 2019 compared to $1,269 at December 31, 2018.
During the third quarter, cash increased $381 primarily due to net proceeds provided by financing activities of $2,285 offset by net cash used in operating activities of $1,904.
Business & Operational Highlights:
Joseph Mannello, Chief Executive Officer of MYOS, commented, “We are very pleased with our strong financial results for the third quarter 2019, with revenues during this quarter exceeding our revenues during the first half of 2019. As stated in previous communications, we are extremely focused on growing sales for our two key products, Myos Canine Muscle Formula® and Yolked®. Our various commercial initiatives are focused on increasing Fortetropin’s reach and presence, and growing our revenues substantially.
“We are extremely encouraged by the promising results from multiple human and canine clinical studies to date and are delighted to work with the respected research group of Professor Phillips at McMaster University. Completing this study is an important part of our commercial strategy to increase our business in this growing market of tremendous opportunity.
“Moving forward, we expect continued growth in our veterinary segment as the positive results from our clinical study at Kansas State University become more widely known, which will be supported by an aggressive marketing campaign.
“We are truly excited about the course ahead for the remainder of 2019 and beyond. We firmly believe that this quarter has been a major turning point for our company and that the future looks exceedingly positive. We believe that we are well positioned to drive future growth in multiple market segments, which will enable us to build upon our business and deliver value for our shareholders,” concluded Mr. Mannello.
The Company will hold a conference call on Friday, November 8, 2019 at 10am (ET), at which time Mr. Mannello will provide commentary on the Company’s financial results and provide an update on the Company’s ongoing clinical studies and commercial efforts.
Call Date/Time: Friday, November 8, 2019 at 10 AM (ET)
Dial In: 877-407-4019 from the U.S.; international callers may telephone 201-689-8337 approximately 15 minutes before the call.
A digital replay will be available by telephone approximately two hours after the completion of the call until February 7, 2020 and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers, using the Conference ID# 13696237.
This call will be simultaneously webcast. The webcast will be available on the MYOS website, www.myosrens.com, in the “Investor Relations” section. The webcast will be archived and available at the same web address for two weeks following the call.
About MYOS RENS Technology Inc.
MYOS RENS Technology Inc. (MYOS), “The Muscle Company®“, is a Cedar Knolls, NJ-based advanced nutrition company that develops and markets products that improve muscle health and performance. MYOS is the owner of Fortetropin®, a fertilized egg yolk-based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin has been clinically shown to increase muscle size and lean body mass in conjunction with resistance training. MYOS believes Fortetropin has the potential to redefine existing standards of physical health and wellness. For more information, please visit www.myosrens.com.
About Myos Canine Muscle Formula®
Myos Canine Muscle Formula is an advanced veterinary health supplement to support muscle health in dogs, featuring Fortetropin as the active ingredient. Fortetropin is made through a patented process that maintains the vital nutrients of fertilized egg yolks to help build more lean muscle and decrease muscle loss. For more information, please visit www.myospet.com.
Yolked is an NSF Certified for Sport® all-natural sports nutrition product designed to work in conjunction with your protein of choice to help your body utilize that protein more efficiently. Its key ingredient, Fortetropin, is made through a patented process that maintains the vital nutrients of fertilized egg yolks to help build more lean muscle and decrease muscle loss. For more information, please visit www.yolked.com.
Any statements in this release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the ability to create new products through research and development, the successful results of strategic initiatives, the success of our products, including Qurr®, Yolked®, MYOS Canine Muscle Formula®, and MYOS Enteral Nutrition Formula™, the success of our research and development, the results of the clinical evaluation of Fortetropin® and its effects, the ability to enter into new partnership opportunities and the success of our existing partnerships, the ability to generate revenue and cash flow from sales of our products, the ability to increase our revenue and gross profit margins, the ability to achieve a sustainable, profitable business, the effect of economic conditions, the ability to protect our intellectual property rights, competition from other providers and products, the continued listing of our securities on the Nasdaq Stock Market, risks in product development, our ability to raise capital to fund continuing operations, and other factors discussed from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
The following tables should be read in conjunction with the footnotes accompanying the condensed consolidated financial statements contained in the Quarterly Report on Form 10-Q previously filed by the Company with the Securities and Exchange Commission.