SEBASTIAN, Florida,
April 2, 2019 /PRNewswire/ -- Nxt-ID,
Inc. (NASDAQ: NXTD), a provider of healthcare devices as well
as payment, credential management, and authentication platform
services, announces the filing of its financial results for the
year ended December 31, 2018. Management will host an investor
webcast on Thursday, April 4th at
4:10 PM EST to discuss fourth quarter
and full year 2018 results and to provide an update on the
previously announced spin-off of its payments and credential
management business.
As released previously on March 14,
2019, the 2018 year-end highlights include the
following:
- Revenue from continuing operations for year ended December
31, 2018 was approximately $17.1 million compared to
approximately $16.0 million for the same period in
2017.
- Year over year revenue growth was approximately 7%.
- Gross profit from continuing operations for year
ended December 31, 2018 was approximately $12.3
million compared to approximately $11.0 million for
the same period in 2017.
- Year over year gross profit growth was approximately
12%.
- Operating expenses from continuing operations were
approximately $11.7 million for year ended December
31, 2018 compared to approximately $13.1 million for
the same period in 2017.
- Operating income from continuing operations for year
ended December 31, 2018 was approximately $0.6
million compared to an operating loss of
approximately $(2.2) million for the same period in
2017.
"Our year-end 2018 filing confirmed our previously released
results, which showed continued strong performance from LogicMark
and our healthcare business," said Gino
Pereira, Chief Executive Officer of Nxt-ID. "We have
made significant progress toward improving the profitability of our
continuing operations by reducing our cost structure, maintaining
our core VA business and expanding the channels for our personal
emergency response system product offerings. As we move forward
with the planned spin-off of our payments business, we continue
build on the strengths of both healthcare and payments businesses
to maximize value for our shareholders."
The management team will host an investor webcast to discuss
fourth quarter 2018 and full year financial results and the
proposed spin-off. The webcast will commence April 4th at 4:10 PM
EST. The webcast format will feature an overview from key
management, followed by a Q&A session with analysts.
Shareholders, investors and interested parties wanting to
participate in the webcast must use this link to register prior to
the event:
Title: NXT-ID (NXTD) IR Update Webcast
Webcast Link: https://edge.media-server.com/m6/p/msqc7wpa
An archived replay of the webcast will be available following
the conclusion of the call for a limited time and on the company's
website following the event.
Full financial results and Management's Discussion and Analysis
can be found in the Company's Form 10-K for the year
ended December 31, 2018, which was filed with
the Securities and Exchange Commission ("SEC")
on April 2, 2019 and can be found at
http://investors.nxt-id.com/financial-information/sec-filings.
About Nxt- ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive
platform of technology products and services that enable the
Internet of Things (IoT). With extensive experience in access
control, biometric and behavior-metric identity verification,
security and privacy, encryption and data protection, payments,
miniaturization and sensor technologies, Nxt-ID develops and
markets groundbreaking solutions for payment and IoT applications.
Its industry-leading technology products and solutions include
MobileBio®, a suite of biometric solutions that secure consumers'
mobile platforms, the Wocket™, a next-generation smart wallet and
the Flye, a digital credit card developed in collaboration with
WorldVentures.
Nxt-ID includes three mobile and IoT-related subsidiaries:
LogicMark, LLC, a manufacturer and distributor of non-monitored and
monitored personal emergency response systems ("PERS") sold through
dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that
delivers end-to-end solutions to device manufacturers for
contactless payment capabilities, credential management,
authentication and other secure services within the IoT ecosystem,
and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about Nxt-ID at www.nxt-id.com. Fit
Pay and the Fit Pay Payment Platform are the sole property of Fit
Pay, Inc. For Nxt-ID Inc. corporate information contact:
info@nxt-id.com
Forward-Looking Statements for Nxt-ID: This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of the Company's business
strategy. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; the Company's ability to implement its long range
business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition,
the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology;
and management of growth and other risks and uncertainties that may
be detailed from time to time in the Company's reports filed with
the Securities and Exchange Commission.
Media Contacts:
Chris Orlando
chris.orlando@nxt-id.com
+1-760-468-7273
D. Van Zant
+1-800-665-0411
press@nxt-id.com
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SOURCE NXT-ID, Inc.