Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced total revenue of $270,284 for the year ended 12/31/14. This compares to $100,754 in total revenue during 2013. This represents a 168.3% increase in revenue.
Net loss for the year was $979,315 or .02 EPS versus a net loss of $960,459 or .02 during 2013.
Gross Margins continue to increase and assets increased 59.4%, primarily as a result of an increase in accounts receivable. This increase is primarily related to our work with a medical device company, Haemoband Surgical, LTD.
During 2015, the company readies for the commercial launch of its "smart" shoe product and colonscope, both anticipated by mid-year.
"Our revenue increase was primarily from design and development engineering, prototype products and our fully integrated products. Management anticipates that revenue will increase as we continue to provide engineering services and our customers continue to order more frequently and in larger quantities. As we continued to mature into a manufacturing company, our engineering design and production revenues increased as a percent of our total revenue during the year ending December 31, 2014. As we expand and sell our existing suite of products and as we grow the relationship with our customers, we expect this trend to continue in the future," stated Flexpoint CEO, Clark Mower.
While recent announcements have shown that the company continues to build strong relationships in a variety of industries, the company continues to better execute its business plan. Flexpoint accomplishes this by concentrating its marketing resources on a limited number of customers that have the greatest potential to generate the most short-run revenue, while still building relationships with larger customers. During late 2014 and early 2015, Flexpoint modified both its colonscope and shoe product to increase functionality and decrease space and power required.
"Now that these product modifications are completed, we ready for the commercial launch. Investors can anticipate significant updates on the advancements and progress of both these products in the very near future as milestones are achieved," continued Mower.
For a full earnings report, please view our entire filing at www.sec.gov