Los Angeles, CA, May 04, 2020 (GLOBE NEWSWIRE) -- Endonovo Therapeutics, Inc. (OTCQB: ENDV) ("Endonovo" or the "Company") today reported financial results for fiscal year ended December 31, 2019.
Key Financial Highlights:
- Revenues for the year ended December 31, 2019 increased by 273% to $310,164, as compared to $83,263 in the fiscal year for 2018.
- Gross Profit increased 208% to $216,779 in 2019, as compared to $70,333 in the fiscal year for 2018.
Alan Collier, Chief Executive Officer of Endonovo, commented, “During 2019, we launched SofPulse®’s, a FDA cleared medical device, national marketing and distribution roll out. The results we experienced from our efforts resulted in positive gains in revenue and distribution in our first year of commercialization. Through our marketing efforts, we have been able to effectively identify and understand the needs for reducing opioid use in the postoperative market. We believe we can expand the use of SofPulse® for reducing postoperative pain and edema in the surgical market exponentially in 2020 and beyond. It is our belief, that as more hospitals and surgeons approve the use of SofPulse® devices in their facilities, it is just a matter of time before SofPulse® becomes an essential medical device for most surgeries done in the US.”
Key Business Highlights:
- Conducted a National rollout and distribution effort of SofPulse® to hospitals and surgeons to reduce the use of Opioids in the postoperative surgical market
- Provided SofPulse® devices to all National Football League teams.
- Expanded our Scientific Advisory Board
- Appointed a Chief Medical Officer
- Appointed VP of Sales and a VP of Marketing
- Launched www.sofpulse.com
Mr. Collier continued, “The opioid epidemic that is gripping our country has become catastrophic and SofPulse® offers a true solution to fighting and overcoming unnecessary opioid use in management of postoperative surgical pain and edema. We remain committed to developing long-term distribution relationships with hospitals and surgeons that will provide patients the best possible care and an alternative to opioid use in the US surgical markets. With the recent addition of 8 hospitals through our distribution channel we have seen enhanced results of our marketing and sales efforts. With SofPulse® being one of the few drug-free, non-pharmacologic alternatives to opioids, we believe that our US hospital and surgical markets will continue to expand. The Endonovo team remains committed to building SofPulse® into a brand name synonymous with reduction of pain and edema helping to reduce and eliminate unnecessary opioid use postoperatively.”
About Endonovo Therapeutics
Endonovo Therapeutics, Inc. is a commercial-stage developer of non-invasive wearable Electroceuticals™ therapeutic devices. The Company's current portfolio of commercial and clinical-stage wearable Electroceuticals™ therapeutic devices addresses wound healing, pain, post-surgical pain and edema, cardiovascular disease, chronic kidney disease, and Central Nervous System (CNS) Disorders, including traumatic brain injury (TBI), acute concussions, post-concussion syndrome and multiple sclerosis. The Company's non-invasive Electroceutical™ therapeutic device, SofPulse®, using pulsed short-wave radiofrequency at 27.12 MHz has been FDA-Cleared and CE Marked for the palliative treatment of soft tissue injuries and post-operative pain and edema, and has CMS National Coverage for the treatment of chronic wounds. The Company's current portfolio of pre-clinical stage Electroceuticals™ therapeutic devices address chronic kidney disease, liver disease non-alcoholic steatohepatitis (NASH), cardiovascular and peripheral artery disease (PAD), and ischemic stroke. The Company's non-invasive, wearable Electroceuticals™ therapeutic devices work by restoring key electrochemical processes that initiate anti-inflammatory and growth factor cascades necessary for healing to occur. www.endonovo.com
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Investor Relations Contact:
Mr. Andrew Barwicki
516-662-9461
Andrew@barwicki.com
www.endonovo.com