WESTPORT, CT / ACCESSWIRE / February 27, 2020 / Solos Endoscopy, Inc. (OTCPK:SNDY) is pleased to announce its results of operations for the year ended December 31, 2019.
The financial results reported represent a year-over-year comparison of 2019 to 2018. Total revenues increased over 5% for the year to $194,000 compared to $184.000 for 2018. Gross Profit increased to $132,000 compared to $93,000 for the previous year. Operating expense remained equal to that of 2018.
"We are pleased with the progress we made last year towards restructuring our business and operations. While we are satisfied with our financial results overall, we believe future results will be stronger as we move forward into 2020", stated Dominick Gatto, Chief Executive Officer.
"In 2019, we grew total revenue, improved our operating income and gross profit," said Gatto. "While we are satisfied that our total revenue, gross profit and operating results are moving in the right direction and that our total cost of goods were down compared to the previous year, we know we have the ability to deliver much stronger financial results in the future."
Solos recognizes that it will need to raise additional capital in order to grow its revenues and improve its financial performance and results of operations.
About Solos Endoscopy, Inc.: Solos Endoscopy Inc. has long provided quality healthcare instruments to Hospitals across the United States. For more than 30 Years, from medical schools to hospitals, surgeons have relied on Solos Endoscopy to develop medical devices, and procedural techniques for the screening, diagnosis, treatment and management of disease and medical conditions. Additional information on its line of products is available on the Company's website at: www.solosendoscopy.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding the potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report filing and other filings with the OTC Markets Group (available at www.otcmarkets.com). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
CONTACT:
Solos Endoscopy, Inc.
Investor Relations
(617) 360-9700
SOURCE: Solos Endoscopy, Inc.