SINTX Technologies Shares Q3 Business Update and Identifies Growth Opportunities for 2021

SALT LAKE CITY, Nov. 16, 2020 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (www.sintx.com) (NASDAQ: SINT) (“SINTX” or the “Company”), an original equipment manufacturer of silicon nitride ceramic for medical and non-medical applications, shared details on its Q3 business update and new business opportunities ahead.

Throughout the pandemic, SINTX has continued to address the impact of COVID-19 on its business operations. The Company has avoided layoffs and invested in the safety of its employees through new protocols and work from home policies. As such, SINTX has been able to maintain business operations as usual in Q3, except for the reduction in spine sales which we discuss below.

“Despite an unpredictable year, we feel fortunate that our business has been able to minimize the impact of COVID-19,” said Dr. Sonny Bal, President, and CEO, SINTX Technologies. “Our business has been able to hire new employees, expand necessary research and development, and engage with new customers to create a variety of applications using our silicon nitride. As one example, we manufactured and shipped industrial prototype parts for the first time in our history. We’re looking forward to additional growth in 2021 and aggressively pursuing the opportunities in front of us.”

Third Quarter Financial Results

SINTX reported revenue of $0.1 million for the three months ended September 30, 2020, and $0.5 million for the nine months ended September 30, 2020. Generally accepted accounting principles (GAAP) basic net loss for the three months ended September 30, 2020, was $0.11 per share, compared to a basic net loss of $0.68 per share for the three months ended September 30, 2019. For the nine months ended September 30, 2020, the Company reported a GAAP basic net loss of $0.39 per share, compared to a basic net loss of $3.00 per share for the nine months ended September 30, 2019. The Company’s cash and cash equivalents were $27.1 million as of September 30, 2020, an increase of $25.3 million from December 31, 2019.

The Company shipped one aerospace prototype order in the quarter. The balance of the revenue came from sales of production and prototype components to CTL Amedica.

SINTX reported a significant reduction in the number of remaining unconverted preferred shares from the May 2018 and February 2020 offerings as well as in the number of unexchanged warrants. The details can be found in the 10-Q.