Medigus: Viewbix Reports its Condensed Consolidated Financial Results for the First Half and the Second Quarter of 2023 with Revenues Totaling $48 Million for the First Half of 2023
16 August 2023 - 10:47PM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions, innovative internet technologies and
electric vehicle and charging solutions, announced today that
Viewbix Inc. (henceforth “Viewbix”) (OTC: VBIX), 76% owned by
Medigus’ subsidiary Gix Internet, (henceforth “Gix”) (42.25% owned
by Medigus) (TASE: GIX), a global marketing technology (MarTech)
solutions company for online performance-based-marketing, reported
its interim consolidated financial results for the first half and
the second quarter of 2023, highlighted by $48 million in revenue
for the first half of 2023.
Viewbix’s second quarter results of 2023
underscore Viewbix’s continued growth, demonstrated by an 18.5%
increase in revenues as compared to its second quarter in 2022.
Other key highlights for the first half and the
second quarter of 2023 include:
-
Revenues for the first half of 2023 reached
$48,016 thousand as compared to $43,337 thousand for the same
period last year. The increase of 10.8% in revenues was driven by
$37,064 thousand from Viewbix’s digital content platform and
$10,952 thousand from Viewbix’s search platform. In the second
quarter of 2023, revenues amounted to $27,154 thousand, an increase
of 18.5% as compared to the second quarter of 2022.
-
Operating Income for the first half of 2023 was
$174 thousand as compared to $980 thousand in the first half of
2022. In the second quarter of 2023, operating income amounted to
$250 thousand as compared to operating income of $761 thousand in
the second quarter of 2022.
The reasons for the
decrease in operating income are mainly due to: (1) an increase in
general and administrative expenses following the reorganization
transaction with Gix Media Ltd. on September 19, 2022 in the amount
of approximately $600 thousand in the first half of 2023 and $300
thousand in the second quarter of 2023, as compared to the same
periods in 2023; (2) during the second quarter of 2023, there was a
decrease in the operational profit of the digital content platform,
which is mainly a result of an increase in the traffic-acquisition
costs in relation to revenues, and an increase of selling and
marketing expenses during the first half of 2023, mainly due to
expenses incurred in connection with the increase in the content
displayed in the digital content platform; and (3) the decrease in
operational profit of the digital content platform was offset by an
increase in the operational profit of the search platform,
amounting to a total of $766 thousand in the first half of 2023, as
compared to a total of $169 thousand in the corresponding half of
the previous year.
-
EBITDA (Earnings Before Interest, Taxes,
Depreciation, Amortizations) for the first half of 2023 amounted to
$1,642 thousand as compared to $2,295 thousand for the
corresponding period in 2022. For the second quarter of 2023,
EBITDA amounted to $984 thousand as compared to $1,490 thousand for
the corresponding period in 2022.
-
Net cash from operating activities for the first
half of 2023 amounted to $1,015 thousand compared to $598 thousand
in the first half of 2022.
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is
a technology company focused on innovative growth partnerships,
mainly in advanced medical solutions, digital commerce and electric
vehicle markets. Medigus' affiliations in the medical solutions
arena include ownership in Polyrizon Ltd.. The Company’s affiliates
in digital commerce include Gix Internet Ltd., Jeffs' Brands Ltd.
and Eventer Technologies Ltd. In the electric vehicle market,
Charging Robotics Ltd. and Revoltz Ltd. by way of Fuel Doctor
Holdings, Inc., are also part of the Company’s portfolio of
technology solution providers. Medigus is traded on the Nasdaq
Capital Market. To learn more about Medigus’ advanced technologies,
please visit http://www.medigus.com/.
Cautionary Note Regarding Forward Looking
Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. Because such statements deal with
future events and are based on Medigus’ current expectations, they
are subject to various risks and uncertainties, and actual results,
performance or achievements of Medigus could differ materially from
those described in or implied by the statements in this press
release.
The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed in any filings with the
SEC. Except as otherwise required by law, Medigus undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Medigus is not
responsible for the contents of third-party websites.th
Company Contact:Tali DinarChief Financial
Officer+972-8-6466-880ir@medigus.com
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