The annual report on Form 20-F, containing audited consolidated financial statements for the year ended
Key highlights:
- Generated record revenues of
$91.8 million in the year ended onDecember 31, 2022 , compared to$10.1 million revenues in the same period of 2021 - Gross profit reached a record
$14.4 million in the year 2022, up 201% from a gross profit of$4.8 million in year ended onDecember 31, 2021 - Shareholders’ equity improved to
$54.6 million as ofDecember 31, 2022 , up from$51.4 million atDecember 31, 2021
2022 and recent highlights:
Medigus distributed cash capital of$1.6 million - IPO - Jeffs’ Brands Ltd. (34.87%) announced the closing of its
$15.5 million initial public offering Viewbix (through Gix internet (42.25%)) Reported its financial results for 2022 with a 114% growth in revenues totaling$97 million - Charging Robotics merged with Fuel Doctor, a public company in the US and commenced trading on the OTC market
- Eventer (46.21%) concluded 2022 with revenues of
$2.4million , compared to$1.1 million in 2021
“I am pleased to announce that 2022 was a remarkable year for
The Company’s loss before taxes on income for 2022 was approx.
About Medigus
Based in
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
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
Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com
Investor Relations Contact:
Investor Relations,
+972-(0)52-3044404
michal@efraty.com
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
2022 | 2021 | ||||||
USD in thousands | |||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | 20,065 | 24,025 | |||||
Short term deposit | 859 | - | |||||
Restricted cash | 185 | - | |||||
Trade accounts receivable | 21,449 | 408 | |||||
Other receivables and prepaid expenses | 1,928 | 415 | |||||
Inventory | 1,791 | 1,227 | |||||
Loans to associates | 546 | 1,265 | |||||
Loans to others | 1,011 | - | |||||
Related party prepaid expenses | - | 999 | |||||
Related parties | 298 | - | |||||
Financial assets at fair value through profit or loss | 4,126 | 3,315 | |||||
52,258 | 31,654 | ||||||
NON-CURRENT ASSETS: | |||||||
Property and equipment, net | 408 | 77 | |||||
Right-of-use assets, net | 591 | - | |||||
Investments accounted for using the equity method | 11,892 | 17,240 | |||||
Intangible assets, net | 30,862 | 8,321 | |||||
Deferred offering costs | - | 836 | |||||
Deferred tax asset | 397 | - | |||||
Financial assets at fair value through profit or loss | 1,243 | 1,602 | |||||
45,393 | 28,076 | ||||||
TOTAL ASSETS | 97,651 | 59,730 | |||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
2022 | 2021 | ||||||
USD in thousands | |||||||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Trade accounts payable | 20,421 | 702 | |||||
Short term loans | 5,111 | 816 | |||||
Short term related party loan | - | 111 | |||||
Current portion of long-term loans | 1,500 | - | |||||
Current portion of long-term related party payable | - | 506 | |||||
Lease liabilities | 131 | - | |||||
Warrants at fair value | 396 | 692 | |||||
Contract liability | 49 | 108 | |||||
Liability to event producers | 1,654 | 1,556 | |||||
Derivative liabilities | 4,159 | - | |||||
Related parties | 1,055 | 616 | |||||
Accrued expenses and other current liabilities | 3,151 | 1,532 | |||||
37,627 | 6,639 | ||||||
NON-CURRENT LIABILITIES: | |||||||
Lease liabilities | 512 | - | |||||
Long-term loans | 2,881 | - | |||||
Loans from related parties | - | 689 | |||||
Long-term related party payable | - | 711 | |||||
Deferred tax liability | 1,817 | 236 | |||||
Accrued severance pay, net | 125 | 22 | |||||
5,335 | 1,658 | ||||||
TOTAL LIABILITIES | 42,962 | 8,297 | |||||
EQUITY: | |||||||
Share capital – ordinary shares with no par value: authorized – | - | - | |||||
Share premium | 111,322 | 110,562 | |||||
Other capital reserves | 13,208 | 12,619 | |||||
Warrants | 197 | 197 | |||||
Accumulated deficit | (85,586 | ) | (74,188 | ) | |||
Equity attributable to owners of | 39,141 | 49,190 | |||||
Non-controlling interests | 15,548 | 2,243 | |||||
54,689 | 51,433 | ||||||
TOTAL LIABILITIES AND EQUITY | 97,651 | 59,730 | |||||
CONSOLIDATED STATEMENTS OF INCOME/LOSS AND OTHER COMPREHENSIVE INCOME/LOSS
Year Ended | |||||||||||
2022 | 2021 | 2020 | |||||||||
USD in thousands | |||||||||||
Revenue | |||||||||||
Products | 5,861 | 8,933 | 491 | ||||||||
Services | 85,997 | 1,185 | 40 | ||||||||
91,858 | 10,118 | 531 | |||||||||
Cost of revenues: | |||||||||||
Products | 5,059 | 4,938 | 988 | ||||||||
Services | 72,347 | 379 | 46 | ||||||||
77,406 | 5,317 | 1,034 | |||||||||
Gross profit (loss) | 14,452 | 4,801 | (503 | ) | |||||||
Research and development expenses | 4,853 | 1,045 | 997 | ||||||||
Sales and marketing expenses | 4,006 | 1,988 | 471 | ||||||||
General and administrative expenses | 14,174 | 9,964 | 5,494 | ||||||||
Net change in fair value of financial assets at fair value through profit or loss | 2,544 | (713 | ) | (797 | ) | ||||||
Share of net loss of associates accounted for using the equity method | 2,659 | 2,149 | 170 | ||||||||
Amortization of excess purchase price of associates | - | 263 | 546 | ||||||||
Operating loss | (13,784 | ) | (9,895 | ) | (7,384 | ) | |||||
Gain upon loss of control in a subsidiary | - | (11,465 | ) | - | |||||||
Gain from initial recognition of assets and liabilities upon consolidation of Gix Internet | (2,300 | ) | - | - | |||||||
Loss (gain) from sale of investments | 127 | (2,025 | ) | - | |||||||
Other income | (45 | ) | (494 | ) | - | ||||||
Changes in fair value of warrants issued to investors | (159 | ) | (484 | ) | (338 | ) | |||||
Changes in fair value of warrants issued to third party investors by a consolidated subsidiary | (3,619 | ) | 75 | - | |||||||
Financial (income) loss, net | 2,309 | 347 | (205 | ) | |||||||
Profit (loss) before taxes on income | (10,097 | ) | 4,151 | (6,841 | ) | ||||||
Tax expense | (111 | ) | (105 | ) | (9 | ) | |||||
Net profit (loss) for the year | (10,208 | ) | 4,046 | (6,850 | ) | ||||||
Other comprehensive income | |||||||||||
Items that may be reclassified to profit or loss | |||||||||||
Share of other comprehensive income of consolidated subsidiaries and associates accounted for using the equity method | 460 | 191 | 8 | ||||||||
Items that will not be reclassified to profit or loss | |||||||||||
Share of other comprehensive income (loss) of consolidated subsidiaries and associates accounted for using the equity method | - | (29 | ) | 27 | |||||||
Other comprehensive income for the year | 460 | 162 | 35 | ||||||||
Total comprehensive income (loss) for the year | (9,748 | ) | 4,208 | (6,815 | ) | ||||||
Net profit (loss) for the year is attributable to: | |||||||||||
Owners of | (9,815 | ) | 6,794 | (4,325 | ) | ||||||
Non-controlling interests | (393 | ) | (2,748 | ) | (2,525 | ) | |||||
(10,208 | ) | 4,046 | (6,850 | ||||||||
Total comprehensive income (loss) for the year is attributable to: | |||||||||||
Owners of | (9,503 | ) | 6,881 | (4,278 | |||||||
Non-controlling interests | (245 | ) | (2,673 | ) | (2,537 | ) | |||||
(9,748 | ) | 4,208 | (6,815 | ) | |||||||
Earnings (Loss) per ordinary share attributed to | |||||||||||
Basic | (0.40 | ) | 0.2 | (0.6 | ) | ||||||
Diluted | (0.40 | ) | 0.2 | (0.6 | ) | ||||||
Weighted average ordinary shares outstanding (in thousands) | |||||||||||
Basic | 24,385 | (*)23,036 | (*)6,672 | ||||||||
Diluted | 24,385 | (*)23,036 | (*)6,672 | ||||||||
(*) | Share and per share data in these financial statements have been retrospectively adjusted, for all periods presented, to reflect a number of shares that is equivalent to the number of shares of the Company post the Reverse Split |
Source:
2023 GlobeNewswire, Inc., source