Medigus Bounces Back From Difficult 2020 To Record Almost 2,000% Revenue Growth In 2021

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Israel-based technology firm Medigus Ltd. MDGS bounced back from a difficult 2020.

The company went from huge losses to recording impressive financial results for 2021.

The company, which engages in advanced medical solutions, innovative internet technologies and electric vehicle (EV) and charging solutions, saw its revenue soar almost 2,000% for the fiscal year ending Dec. 31, according to financial results released April 28.

Fiscal 2021 Financial Results

The company generated record revenue of $10.1 million in 2021, up $9.6 million — 1,805% — compared to $500,000 for the year ended Dec. 31, 2020.

The increase was mainly attributed to revenue from Jeffs’ Brands, Eventer and Golden Grand as part of the technology licensing agreement for the Ultrasonic Surgical Endostapler (MUSE™).

Net income totaled approximately $4 million in 2021, compared to a net loss of $6.9 million in 2020. The increase was primarily the result of a rise in revenue, a gain from the loss of control in the company’s former subsidiary ScoutCam Inc. SCTC and a gain from the sale of its investment in Matomy Media Group Ltd. MTMY.

Medigus’ cash and cash equivalents totaled $24 million as of Dec. 31, compared to $22.4 million on Dec. 31, 2020, thanks to net cash generated from financing activities amounting to $19.1 million offset by investment activities of $12.4 million.

“With key engagements and partnerships in healthcare solutions, e-commerce and electric vehicles, Medigus is positioned to benefit from the rapid growth of three of the world’s most important technology sectors,” CEO Liron Carmel said.

“The 2021 fiscal year was largely shaped by the coronavirus pandemic and climate change, and the technologies in which Medigus operates in offer viable long-term solutions for the challenges posed by these major, market-shifting trends with the potential for sustainable high growth in a post-pandemic world,” he added.

Carmel said his team remains dedicated to creating new value for shareholders through high-revenue subsidiaries and well-considered investments in companies it may take public.

“As well as new mergers and spinoffs of our group companies, we expect to increase our performance and further demonstrate why we believe Medigus represents an exceptional growth opportunity for our investors,” he concluded.

2021 Business Highlights

EV And Micro Mobility 

• Revoltz completed the design and commenced prototype manufacturing of its micro-mobility vehicle for last-mile logistics and food delivery.
• Charging Robotics completed a proof-of-concept that demonstrated the capabilities of its EV wireless charging robot.
• Charging Robotics signed a definitive agreement with Automax Motors Ltd. for exclusive distribution of its wireless robotic charging pad in Israel and Greece for a period of five years, with an option to extend for an additional five years.

Healthcare 

• Polyrizon began in-vitro tests of its innovative product candidate for protection against the Omicron variant of the coronavirus during the fourth quarter. 

Data from this study, reported in March, demonstrates the potential of Polyrizon’s PL-15 to reduce the infection rates of the highly transmissible coronavirus Omicron variant BA.1 in Cell Culture Assay. 

In addition, Polyrizon’s preclinical data demonstrates the potential to prevent allergic reactions induced by house dust mites, and Timothy grass pollen allergens and may also prevent respiratory tract allergy reactions caused by other allergens.

Online Technologies 

• Gix Internet GIX reported revenue for 2021 amounted to $45.2 million, an increase of 19% compared to the revenue of $38.1 million in 2020, mainly following the acquisition of Cortex Media Group.
• Jeffs’ Brands submitted a registration statement on Form F-1 to the U.S. Securities and Exchange Commission for the potential initial public offering of its ordinary shares in the U.S. 
• Eventer Technologies signed a memorandum of understanding with Safee.

Read more about Medigus and its financial results at medigus.com/financial-reports.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

Photos: Medigus Ltd.