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Headquartered in Richardson, Texas, Fuse Medical, Inc. operates as a U.S.-based manufacturer and supplier of medical device implants. Its product portfolio primarily encompasses a wide range of orthopedic implants. This includes specialized internal and external fixation devices for the foot and ankle, as well as plating systems and total joint reconstruction implants designed for upper and lower extremities. Additionally, Fuse Medical provides solutions for soft tissue fixation and augmentation, catering to sports medicine procedures. The company's offerings extend to comprehensive spinal…
Golf Rounds.com (OTCMKTS:FZMD - Get Free Report) and Becton, Dickinson and Company (NYSE: BDX - Get Free Report) are both medical companies, but which is the superior stock? We will compare the two companies based on the strength of their risk, profitability, earnings, analyst recommendations, institutional ownership, dividends and valuation. Analyst Recommendations This is a summary
RICHARDSON, Texas, Aug. 15, 2023 (GLOBE NEWSWIRE) -- On August 14, 2023, Fuse Medical, Inc. (OTCPINK: FZMD) (“Fuse” or the “Company”) an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace, filed its quarterly report on Form 10-Q for the quarter ended June 30, 2023 with the Securities and Exchange Commission (“SEC”).
RICHARDSON, Texas--(BUSINESS WIRE)--Fuse Medical, Inc. (OTCPINK: FZMD) (“Fuse” or the “Company”), an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace, announced the official launch of the FuseChoice™ Dermal Matrix line (“FuseChoice™ Derm”). This is the latest addition to Fuse's comprehensive biologics portfolio. Dermal matrices have a significant track record in sports medicine and wound care markets for applications such as supplement
RICHARDSON, Texas--(BUSINESS WIRE)--Fuse Medical, Inc. (OTCPINK: FZMD) (“Fuse” or the “Company”) an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace, announced the initial launch and first implantations of the Fuse Orbitum™ Compression Staple. This is the latest addition to Fuse's comprehensive orthopedic portfolio of internal fixation devices for upper and lower extremities. The patented Orbitum™ Staple System, consisting of the Orbit
RICHARDSON, Texas--(BUSINESS WIRE)--Fuse Medical, Inc. (OTCPINK: FZMD) (“Fuse” or the “Company”) an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace, announced that it has filed its quarterly report on Form 10-Q for the quarter ended June 30, 2021 with the Securities and Exchange Commission (“SEC”) on Thursday, August 12, 2021. First Quarter 2021 Financial Highlights Net revenues for the quarter ended June 30, 2021 were $5.7 million, compared to $4.0 million for the quarter ended June 30 2020 which was an increase of approximately 41%. For the quarter ended June 30, 2021, gross profit was $3.4 million, or 61% of revenues, compared to $2.2 million, or 55% of revenues, for the quarter ended June 30, 2020 which was an increase of 56%. Selling, general, administrative, and other expenses (“SG&A”) for the quarter ended June 30, 2021 was approximately $2.0 million compared to $1.1 million for the quarter ended June 30, 2020. Commissions expense for the quarter ended June 30, 2021 increased to $1.8 million from $1.4 million for the quarter ended June 30, 2020, an increase of approximately $414,133. For the quarter ended June 30, 2021, net loss was $85,481 compared to $423,431 for the quarter ended June 30, 2020, reflecting a reduction in our net loss of $337,950 or approximately 80%. Christopher C. Reeg, Chief Executive Officer of Fuse Medical, commented “We are pleased with our second quarter performance, as highlighted by a 41% increase in revenue, and a 56% increase in gross profit over the prior-year period. Our implementation and achievement of strategic initiatives, which includes increasing our portfolio of manufactured products, continued research and development of unique intellectual property for commercialization, investing in our sales team, and expansion of our national distribution footprint are reflected in our second quarter results.” “Our growth for the remainder of 2021 is focused on new product launches in the biologics, orthopedics, and spine marketplace. With the alpha launch and successful first surgical implantation of the Orbitum™ Compression Staple System in the second quarter, we expect this disruptive technology for the extremity market will drive growth in the near term, while increasing our visibility as an emerging manufacturer of relevant medical devices.” About Fuse Medical, Inc. Fuse is an emerging manufacturer and distributor of innovative medical devices for the orthopedic and spine marketplace. We provide a comprehensive portfolio of products in the orthopedic total joints, sports medicine, trauma, foot and ankle space, as well as, degenerative and deformity spine, osteobiologics, wound care, and regenerative products. For more information about the Company, or if you’re interested in becoming a distributor of any Fuse’s products, please contact us at info@fusemedical.com or visit: www.fusemedical.com. Forward Looking Statements Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” or similar expressions or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based only on information available to the Company as of the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the Securities and Exchange Commission; the failure of the Company to close the transaction; and integration issues with the consolidated company. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law. FUSE MEDICAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in dollars, except share data) June 30, 2021 December 31, 2020 (Unaudited) Assets Current assets: Cash $ 1,356,876 $ 1,187,458 Accounts receivable, net of allowance of $941,283 and $787,766, respectively 3,051,935 4,427,896 Inventories, net of allowance of $2,644,223 and $3,077,728, respectively 8,312,711 6,981,413 Prepaid expenses and other current assets 61,098 24,203 Total current assets 12,782,620 12,620,970 Property and equipment, net 10,799 17,791 Long term accounts receivable, net of allowance of $3,275,276 and $2,615,834, respectively 2,129,026 1,669,510 Intangible assets, net 1,112,814 1,138,080 Goodwill 1,972,886 1,972,886 Total assets $ 18,008,145 $ 17,419,237 Liabilities and Stockholders' Equity (Accumulated Deficit) Current liabilities: Accounts payable $ 4,304,891 $ 3,236,592 Accrued expenses 2,819,523 2,584,734 Convertible notes payable - related parties 150,000 150,000 Paycheck Protection Program Loan - 361,400 Economic Injury Disaster Loan - short term portion 4,459 2,241 Senior secured revolving credit facility 913,352 913,352 Total current liabilities 8,192,225 7,248,319 Notes payable - related parties 200,000 200,000 Economic Injury Disaster Loan - long term portion 145,541 147,759 Earn-out liability 11,936,000 11,936,000 Total liabilities 20,473,766 19,532,078 Commitments and contingencies — — Stockholders' equity (accumulated deficit) Preferred stock, $0.01 par value; 20,000,000 shares authorized, no shares issued and outstanding — — Common stock, $0.01 par value; 100,000,000 shares authorized, 73,124,458 shares issued and outstanding as of June 30, 2021 and December 31, 2020. 731,245 731,245 Additional paid-in capital 1,370,245 1,184,222 Accumulated deficit (4,567,111 ) (4,028,308 ) Total stockholders' equity (accumulated deficit) (2,465,621 ) (2,112,841 ) Total liabilities and stockholders' equity (accumulated deficit) $ 18,008,145 $ 17,419,237 FUSE MEDICAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in dollars, except share data) For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Net revenues $ 5,665,015 $ 4,010,666 $ 10,105,774 $ 8,647,169 Cost of revenues 2,219,608 1,796,663 4,073,473 3,779,559 Gross profit 3,445,407 2,214,003 6,032,301 4,867,610 Operating expenses: Selling, general, administrative and other 2,021,576 1,161,476 3,456,887 3,642,247 Commissions 1,834,372 1,420,239 3,399,125 2,811,356 Depreciation and amortization 15,465 30,752 32,258 60,735 Total operating expenses 3,871,413 2,612,467 6,888,270 6,514,338 Operating loss (426,006 ) (398,464 ) (855,969 ) (1,646,728 ) Other (income) expense: Interest expense 16,048 24,021 35,048 55,022 Gain on Payroll Protection Loan extinguishment (361,400 ) - (361,400 ) - Total other (income) expense (345,352 ) 24,021 (326,352 ) 55,022 Net loss before tax (80,654 ) (422,485 ) (529,617 ) (1,701,750 ) Income tax benefit 4,826 946 9,186 5,680 Net loss $ (85,480 ) $ (423,431 ) $ (538,803 ) $ (1,707,430 ) Net loss per common share - basic $ (0.00 ) $ (0.01 ) $ (0.01 ) $ (0.02 ) Weighted average number of common shares outstanding - basic 70,221,566 70,221,566 70,221,566 70,221,566 FUSE MEDICAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For the Six Months Ended June 30, 2021 2020 Cash flows from operating activities Net loss $ (538,803 ) $ (1,707,430 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 32,258 60,735 Stock based compensation 186,023 327,098 Provision for bad debts and discounts 153,517 186,359 Provision for long term accounts receivable 659,442 604,194 Provision for slow moving inventory (433,505 ) (621,604 ) Gain on Payroll Protection Program Loan extinguishment (361,400 ) - Changes in operating assets and liabilities: Accounts receivable 1,222,444 2,076,373 Inventories (897,793 ) 1,425,600 Prepaid expenses and other current assets (36,895 ) (47,902 ) Long term accounts receivable (1,118,958 ) (1,510,486 ) Accounts payable 1,068,299 (513,268 ) Accrued expenses 234,789 (238,198 ) Net cash provided by operating activities 169,418 41,471 Cash flows from investing activities Purchase of property and equipment - (20,757 ) Net cash (used in) investing activities - (20,757 ) Cash flows from financing activities Payments on senior secured revolving credit facility, net - (664,149 ) Proceeds from Paycheck Protection Program - 361,400 Proceeds from Economic Injury Disaster Loan - 150,000 Proceeds from related party promissory notes - 200,000 Net cash provided by (used in) financing activities - 47,251 Net increase (decrease) in cash 169,418 67,965 Cash and cash equivalents - beginning of period 1,187,458 1,099,310 Cash and cash equivalents - end of period $ 1,356,876 $ 1,167,275 Supplemental disclosure of cash flow information: Cash paid for interest $ 21,235 $ 40,018