Brain Scientific Announces Fourth Quarter and Full Year 2021 Results
LAKEWOOD Ranch, Fla., April 01, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – Brain Scientific (OTCQB: BRSF), an innovative company focusing on the Medical Technology market, reports its business highlights and financial results for the fourth quarter and full year ended Dec. 31, 2021.
Fourth Quarter and Recent Highlights
- Completed merger with Piezo Motion and announced Hassan Kotob as CEO of the combined company
- Appointed new independent directors Daniel Cloutier, Thomas Olivier, and Donald MacKenzie as to the Brain Scientific board
- Appointed two senior executives to lead revenue generation efforts
- Announced global partnership with a global master agent, advancing innovative neurodiagnostic devices
- Partnered with Benson Engineering to deliver affordable micro-precision motors and motion control solutions to the southern U.S.
- Hosted a webinar on March 17 discussing how its miniature precision motors can be disruptive in the market by providing affordable piezoelectric technology
- Released a whitepaper outlining the role of its RAS rotary motor in the medical device and high-tech application markets
- Collaborated with Electroline Sales, Inc. to offer disruptive motion control technology to Electroline Sales, Inc.’s diverse customer base
- Partnered with Motion & Control Sales, Ltd to unite its motion products with cost-effective automation solutions
- Entered into an agreement with Applied Mechatronics to deliver affordable micro-precision motors and motion control solutions to the West Coast
- Joined forces with STXi Motion to enter the precision motor market in Israel
- Formed a distribution partnership with Advanced Motion Systems to bring its innovative micro-precision motors to Advanced Motion’s customer base
- Partnered with CNBEST Tech to expand access to affordable piezoelectric motor solutions in the Asian markets
- Entered into distribution agreement with iMotion Inc.
- Announced a regional distribution partnership between Piezo Motion and Precise Motion to expand motion control and automation technologies
“2021 was a transformative year, culminating in the merger of Brain Scientific and Piezo Motion,“ said Hassan Kotob, chairman and CEO of Brain Scientific. “The merger resulted in the creation of a MedTech company with two cutting-edge product lines: neurology devices and precision motors, and includes two 510(k) FDA-cleared EEG products. We continue executing an aggressive go-to-market strategy that includes an active channel program with 15 recently signed partners and a global distribution agreement, to gain access to potentially thousands of medical device distributors around the world.”
“In addition, in March 2022 we added a vice president of sales for our medical devices, Felicia Maher, and a vice president of sales focusing on our precision motion technology, Todd Bertrand, to lead revenue generation efforts,” Kotob continued. “Both are seasoned executives who bring successful business generation careers spanning sales to private, public and military entities. Altogether, and to maximize shareholder value, we’ve built a strong foundation for our next generation of medical devices.”
Income Statement Highlights
Total revenues for the year ended Dec. 31, 2021, were approximately $265,747, compared to $93,664 for the prior year period. Selling, general and administrative expenses were approximately $8,739,705 compared to $2,819,390 in the prior year. Research and development expenses for the year were $329,425 compared to $210,706 in the prior year.
The Company recorded a net loss for the year ended Dec. 31, 2021, of $9,100,686 compared to a net loss of $2,803,029 for the same period in 2020.
Balance Sheet Highlights
On Dec. 31, 2021, we had cash totaling $785,363 as compared to cash totaling $68,943 on Dec. 31, 2020.
During the years ended Dec. 31, 2021, and Dec. 31, 2020, the Company used $5,794,792 and $931,664, respectively, of cash in operating activities.
About Brain Scientific
As a commercial-stage medical technology company with multiple patents and FDA-cleared products, Brain Scientific is committed to developing next-gen solutions that advance the future of neurodiagnostic and OEM medical devices. Brain Scientific has two product lines covering neurology and precision motion. The NeuroCap and NeuroEEG are smart neurological diagnostic devices that simplify administration, shorten scan time and cut costs. The Piezo Motion product line consists of ultra-efficient compact precision motors that will drive the next generation of medical devices. To learn more about Brain Scientific's corporate strategy, products, or investor relations, please visit brainscientific.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of EEG products and services and piezo motor technology, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the successful integration of Piezo Motion with and into Brain Scientific and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the failure to implement the Company's business plans or strategies, including as a result of the closing of the merger with Piezo Motion. Some of these and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements.
Released April 1, 2022