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Medigus Announces $53.3 million in Revenues for the First Six Months of 2023

TEL AVIV, Israel, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS) (“Medigus”), a technology company engaged in innovative internet technologies, electric vehicle and charging solutions and advanced medical solutions, today announced financial results for the six-month periods ended June 30, 2023.

H1 2023 and recent highlights:

We are thrilled to report a great first half of 2023 for Medigus. Our revenue growth, reaching $53.3 million, showcases a substantial 52% increase compared to the same period last year, reflecting our team’s unwavering commitment to excellence and strategic foresight,” said Liron Carmel, Chief Executive Officer of Medigus. “The successful IPO of ParaZero, exciting merger of our subsidiary, Charging Robotics, with a US public company and the sale of our Odysight.ai Inc stake are all testaments to our strategic moves to optimize shareholder value.”

Mr. Carmel added, “We’re also pleased with Viewbix’s commendable performance. As we move forward, the expiration of all our listed warrants ensures a simplified capital structure in addition to our cash boost as a result of the sale of Odysight.ai Inc. At Medigus, we are always striving to pioneer, innovate, and grow, and we remain excited for what the future holds for our company and our stakeholders.”

The Company’s gross profit for the first half of 2023 was approximately $8.2 million, compared to a gross profit of approx. $6.1 million in the first half of 2022. Operating loss for the six months ended on June 30, 2023, was $9.8 million, compared to operating loss for the six months ended on June 30, 2022, of approx. $6.3 million.

About Medigus

Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, engaged in innovative internet technologies, electric vehicle and charging solutions and advanced medical solutions. 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/.

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.

Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com

Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com


MEDIGUS LTD.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

    June 30,
2023
  December 31, 2022 
    Unaudited  Audited 
    USD in thousands 
         
ASSETS        
         
CURRENT ASSETS:        
Cash and cash equivalents    12,359   20,065 
Short term deposits    11   859 
Restricted cash    182   185 
Trade accounts receivable    18,981   21,449 
Receivable from sale of shares    5,774   - 
Other receivables    2,015   1,928 
Inventory    2,543   1,791 
Loans to associates    1,181   546 
Loans to others    1,017   1,011 
Related parties    238   298 
Financial assets at fair value through profit or loss    2,243   4,126 
     46,544   52,258 
           
NON-CURRENT ASSETS:          
Property and equipment, net    384   408 
Right-of-use assets, net    598   591 
Investments accounted for using the equity method    5,454   11,892 
Intangible assets, net    31,036   30,862 
Deferred tax asset    458   397 
Financial assets at fair value through profit or loss    1,193   1,243 
     39,123   45,393 
           
TOTAL ASSETS    85,667   97,651 



MEDIGUS LTD.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

    June 30,
2023
  December 31, 2022 
    Unaudited  Audited 
    USD in thousands 
         
LIABILITIES AND EQUITY          
           
CURRENT LIABILITIES:          
Trade accounts payable    18,587   20,421 
Short term loans    5,973   5,111 
Current portion of long-term loans    1,879   1,500 
Lease liabilities    165   131 
Warrants at fair value    158   396 
Liability to event producers    1,526   1,654 
Warrants at fair value issued by a subsidiary    3,142   4,159 
Related parties    811   1,055 
Accrued expenses and other current liabilities    3,638   3,200 
     35,879   37,627 
           
NON-CURRENT LIABILITIES:          
Lease liabilities    447   512 
Long-term loans    3,128   2,881 
Deferred tax liability    1,747   1,817 
Accrued severance pay, net    19   125 
     5,341   5,335 
           
TOTAL LIABILITIES    41,220   42,962 
           
EQUITY:          
Share capital - ordinary shares with no par value:  authorized - June 30,2023 - 200,000,000 and December 31, 2022 - 200,000,000 shares; issued and outstanding - June 30, 2023 - 25,524,570 shares December 31, 2022 - 24,661,470 shares    -   - 
Share premium    111,589   111,322 
Other capital reserves    13,763   13,208 
Warrants    197   197 
Accumulated deficit    (93,786)  (85,586)
Equity attributable to owners of Medigus Ltd.    31,763   39,141 
Non-controlling interests    12,684   15,548 
     44,447   54,689 
           
TOTAL LIABILITIES AND EQUITY    85,667   97,651 



MEDIGUS LTD.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS
AND OTHER COMPREHENSIVE LOSS

    Six months ended June 30, 
    2023  2022 
    Unaudited 
    USD in thousands 
Revenues          
Products    3,871   2,343 
Services    49,514   32,616 
     53,385   34,959 
           
Cost of revenues:          
Products    3,497   1,933 
Services    41,688   26,834 
     45,185   28,767 
           
Gross profit    8,200   6,192 
Research and development expenses    2,632   2,500 
Sales and marketing expenses    1,868   2,240 
General and administrative expenses    8,274   5,057 
Net change in fair value of financial assets at fair value through profit or loss    3,978   813 
Equity losses    1,238   1,910 
Operating loss    (9,790)  (6,328)
           
Gain from initial recognition of assets and liabilities upon consolidation of Gix Internet    -   (2,300)
Loss from sale of investments    -   (68)
Other income    (154)  (176)
Changes in fair value of warrants issued to investors    (238)  99 
Changes in fair value of warrants issued to third party investors by a consolidated subsidiary    (1,017)  63 
Financial loss, net    978   793 
Loss before taxes on income    (9,359)  (4,739)
Tax expenses    (177)  (9)
Net loss for the period    (9,536)  (4,748)
           
Other comprehensive income (loss)          
Items that may be reclassified to profit or loss          
Share of other comprehensive income (loss) of consolidated subsidiaries and associates accounted for using the equity method    306   (961)
Other comprehensive income (loss) for the period    306   (961)
Total comprehensive loss for the period    (9,230)  (5,709)
           
Net loss for the period is attributable to:          
Owners of Medigus    (8,200)  (3,590)
Non-controlling interests    (1,336)  (1,158)
     (9,536)  (4,748)
Total comprehensive loss for the period is attributable to:          
Owners of Medigus    (8,061)  (4,275)
Non-controlling interests    (1,169)  (1,434)
     (9,230)  (5,709)
Loss per ordinary share attributed to Medigus ltd          
Basic    (0.33)  (0.15)
Diluted    (0.33)  (0.15)
           
Weighted average ordinary shares outstanding (in thousands)          
Basic    24,490   24,109 
Diluted    24,490   24,109 

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