Brain Scientific Announces First Quarter 2022 Results
LAKEWOOD RANCH, Fla., May 13, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Brain Scientific (OTCQB:BRSF) today reports its business highlights and financial results for the first quarter ended March 31, 2022.
First Quarter and Recent Highlights
- Announced its novel neurology products will be presented to the NATO Center of Excellence for Military Medicine as an innovative and potentially life-saving tool for armed service personnel.
- Expanded its reach to Eastern Europe by partnering with CODICO GmBH – bringing the Company’s revolutionary motion control and automation solutions to Poland, Austria, Hungary, Czech Republic and Slovakia.
- Joined forces with Micro Technology Group which will deliver the Company’s motion control and automation solutions to OEM manufacturers throughout the northeastern United States.
- 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 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.
“2022 is off to a great start, as we’ve significantly expanded the distribution of our products domestically and worldwide and added highly accomplished and experienced senior personnel to lead revenue generation efforts,” said Hassan Kotob, Chairman and CEO of Brain Scientific. “We also recently announced the presentation of our neurology products to the NATO Center of Excellence for Military Medicine, further highlighting the potential of our innovative products. Looking ahead we will leverage our strong performance and momentum from Q1 to increase sales and drive shareholder value.”
Income Statement Highlights
Total revenues for the quarter ended March 31, 2022, were approximately $159,588, compared to $1,475 for the prior year period. Selling, general and administrative expenses were approximately $1,947,711 compared to $708,457 in the same period of the prior year. Research and development expenses for the year were $84,717 compared to $55,165 in the same period of the prior year.
The Company recorded a net loss for the quarter ended March 31, 2022, of $2,159,938 compared to a net loss of $654,004 for the same period in the prior year.
Balance Sheet Highlights
On March 31, 2022, we had cash totaling $346,365 as compared to cash totaling $785,363 on March 31, 2021.
During the quarters ended March 31, 2022, and March 31, 2021, the Company used $1,493,658 and $672,962, respectively, of cash in operating activities.
About Brain Scientific
Brain Scientific (brainscientific.com) is a 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 May 13, 2022