#Tech Stock News: Nxt-ID,
Inc. (NASDAQ: $NXTD) Confirms Results for the Year Ended December 31, 2018
Management to Host Investor Webcast to Discuss
Fourth Quarter and Full Year 2018 Results and Provide Update on Previously
Announced Spin-off
SEBASTIAN, Florida - April 2, 2019 - Nxt-ID, Inc. (NASDAQ: NXTD), a provider of healthcare devices as well as payment, credential
management, and authentication platform services, announces the filing of its
financial results for the year ended December 31, 2018. Management will host an
investor webcast on Thursday, April 4th at 4:10 PM EST to discuss fourth
quarter and full year 2018 results and to provide an update on the previously
announced spin-off of its payments and credential management business.
As released previously on March 14, 2019, the 2018
year-end highlights include the following:
·
Revenue from continuing operations for year ended
December 31, 2018 was approximately $17.1 million compared to approximately
$16.0 million for the same period in 2017.
·
Year over year revenue growth was approximately 7%.
·
Gross profit from continuing operations for year
ended December 31, 2018 was approximately $12.3 million compared to
approximately $11.0 million for the same period in 2017.
·
Year over year gross profit growth was
approximately 12%.
·
Operating expenses from continuing operations were
approximately $11.7 million for year ended December 31, 2018 compared to
approximately $13.1 million for the same period in 2017.
·
Operating income from continuing operations for
year ended December 31, 2018 was approximately $0.6 million compared to an
operating loss of approximately $(2.2) million for the same period in 2017.
"Our year-end 2018 filing confirmed our
previously released results, which showed continued strong performance from
LogicMark and our healthcare business," said Gino Pereira, Chief Executive
Officer of Nxt-ID. "We have made significant progress toward improving the
profitability of our continuing operations by reducing our cost structure,
maintaining our core VA business and expanding the channels for our personal
emergency response system product offerings. As we move forward with the
planned spin-off of our payments business, we continue build on the strengths
of both healthcare and payments businesses to maximize value for our shareholders."
The management team will host an investor webcast
to discuss fourth quarter 2018 and full year financial results and the proposed
spin-off. The webcast will commence April 4th at 4:10 PM EST. The webcast
format will feature an overview from key management, followed by a Q&A
session with analysts.
Shareholders, investors and interested parties
wanting to participate in the webcast must use this link to register prior to
the event:
Title: NXT-ID (NXTD) IR Update Webcast
An archived replay of the webcast will be available
following the conclusion of the call for a limited time and on the company's
website following the event.
Full financial results and Management's Discussion
and Analysis can be found in the Company's Form 10-K for the year ended
December 31, 2018, which was filed with the Securities and Exchange Commission
("SEC") on April 2, 2019 and can be found at http://investors.nxt-id.com/financial-information/sec-filings.
About NXT- ID, Inc.
NXT-ID, Inc. (NXTD) provides a comprehensive
platform of technology products and services that enable the Internet of Things
(IoT). With extensive experience in access control, biometric and
behavior-metric identity verification, security and privacy, encryption and
data protection, payments, miniaturization and sensor technologies, Nxt-ID
develops and markets groundbreaking solutions for payment and IoT applications.
Its industry-leading technology products and solutions include MobileBio®, a
suite of biometric solutions that secure consumers' mobile platforms, the Wocket™, a next-generation smart wallet
and the Flye, a digital credit
card developed in collaboration with WorldVentures.
Nxt-ID includes three mobile and IoT-related
subsidiaries: LogicMark,
LLC, a manufacturer and distributor of non-monitored
and monitored personal emergency response systems ("PERS") sold
through dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end
solutions to device manufacturers for contactless payment capabilities,
credential management, authentication and other secure services within the IoT
ecosystem, and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about Nxt-ID at http://www.nxt-id.com. FitPay and the FitPay
Payment Platform are the sole property of Fit Pay, Inc. For Nxt-ID Inc.
corporate information contact: info@nxt-id.com
Forward-Looking Statements for Nxt-ID: This press
release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements reflect
management's current expectations, as of the date of this press release, and
involve certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the Company's
business strategy. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result of various
factors. Such risks and uncertainties include, among other things, our ability
to establish and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from others patents
and patent applications necessary to develop products; the availability of
financing; the Company's ability to implement its long range business plan for
various applications of its technology; the Company's ability to enter into
agreements with any necessary marketing and/or distribution partners; the
impact of competition, the obtaining and maintenance of any necessary
regulatory clearances applicable to applications of the Company's technology;
and management of growth and other risks and uncertainties that may be detailed
from time to time in the Company's reports filed with the Securities and
Exchange Commission.
Media Contacts:
SOURCE: NXT-ID, Inc.
More info on NXTD at Investorideas.com Visit:
This news is published on the Investorideas.com Newswire - a
global digital news source for investors and business leaders
Sign up for free news alerts
Disclaimer/Disclosure:
Investorideas.com
is a digital publisher of third party sourced news, articles and equity
research as well as creates original content, including video, interviews and
articles. Original content created by investorideas is protected by copyright
laws other than syndication rights. Our site does not make recommendations for
purchases or sale of stocks, services or products. Nothing on our sites should
be construed as an offer or solicitation to buy or sell products or securities.
All investment involves risk and possible loss of investment. This site is
currently compensated for news publication and distribution, social media and
marketing, content creation and more. Contact each company directly regarding
content and press release questions. Disclosure is posted for each compensated
news release, content published /created if required but otherwise the news was
not compensated for and was published for the sole interest of our readers and
followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp. Disclosure:
Nxt-ID, Inc. (NXTD) is a long term paid news publication and PR client of
Investorideas.com. Details at https://www.investorideas.com/About/News/Clientspecifics.asp
Please
read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
No comments:
Post a Comment