Skyline Medical Reports 2017 First Quarter Financial Results

MINNEAPOLIS, May 15, 2017 (GLOBE NEWSWIRE) -- Skyline Medical Inc. (NASDAQ:SKLN) (“Skyline” or “the Company”), developer of the innovative STREAMWAY® waste fluid disposal system for medical applications, reports financial results for the three months ended March 31, 2017 and provides a business update.

Highlights of the first quarter of 2017 and recent weeks include:

• Increased revenue by 81.5% to $175,166 from $96,505 for the first quarter of 2016
• Sold three STREAMWAY Systems during the quarter including the first sale in Canada, bringing the total number of units installed to 103
• Completed the hiring and training of four regional sales managers to lead a revamped U.S. sales approach
• Significantly increased the number of outstanding STREAMWAY System quotes
• Began implementing a CRM (Customer Relationship Management) software system to manage customers, prospects and global market expansion more effectively
• Continued STREAMWAY sales and marketing focus on the radiology marketplace, with booths at the American Healthcare Radiology Administrators (AHRA): Association for Medical Imaging Management Spring Conference in Savannah, GA, the upcoming AHRA local meeting in San Antonio, TX, and the CleanMed Conference in Minneapolis, MN focusing on environmental sustainability in the health sector
• Prepared for the AHRA’s 45^th Annual Meeting and Exposition in July in Anaheim, Calif.
• Awarded a contract to sell the STREAMWAY System to customers of Vizient, Inc., the nation’s largest member-driven healthcare performance improvement company
• Completed migration of STREAMWAY marketing to a highly efficient electronic and digital strategy
• Improved customer use of disposable filters and cleaning products as part of an ongoing awareness campaign

Management Commentary

“We are encouraged by our strengthened financial and operational performance during the first quarter, and by the momentum we are creating in broadening awareness of the STREAMWAY System, generating sales leads and increasing quotes,” said Dr. Carl Schwartz, Skyline’s chief executive officer.  “We owe this improvement in part to the hiring of four new sales representatives to start the year, and to a thoughtful and impactful sales and marketing strategy directed mainly to radiology suites.  We had a successful presence this past March at the Association for Medical Imaging Management Spring Conference.  This week we are exhibiting at the AHRA local meeting in San Antonio and at the CleanMed conference.