Mon, 27 Sep 2021

Sigma Labs Reports Second Quarter 2021 Financial Results

ACCESSWIRE
23 Jul 2021, 06:05 GMT+10

Management to Host Conference Call Today at 4:30 p.m. ET

SANTA FE, NM / ACCESSWIRE / July 22, 2021 / Sigma Labs, Inc. (NASDAQ:SGLB) ('Sigma Labs'), a leading developer of quality assurance software for the commercial 3D metal printing industry, has reported its financial and operational results for the second quarter ended June 30, 2021.

Key Second Quarter Highlights

Announced several key developments, including:

  • Released PrintRite3D Version 7.0, an industry-leading system for in-process quality assurance for industrial 3D manufacturers, with breakthroughs in quality and economics driven by temperature calibration. Developed after extensive input from existing customers, 3D metal printing manufacturers, universities and standards organizations, the next generation PrintRite3D 7.0 contains upgrades to existing features, as well as significant new functionality that meets industry demands driving enhanced quality and better economics for end-users.
  • Recognized at the American Society of Mechanical Engineers' AM Tech Forum as the winner of the Best-in-Class Innovation Award for Additive Manufacturing Measurement and Analysis, chosen based on multiple criteria including impact on speed, cost, and quality; range of potential use across applications and industries; level of innovation-from an improvement to a game changer; and how likely they would purchase.
  • Added to the Russell Microcap Index enabling greater access and visibility to institutional investors and investment managers.

Management Commentary

'Despite the ongoing unpredictability and delays in the market due to the international effects of the pandemic, users in current and new markets in aerospace, space exploration and defense are showing strong interest, engagement and activity level with us,' said Mark K. Ruport, President and CEO of Sigma Labs. 'We also continue to see validation from our clients and from our prospective clients who are testing our solution, and from industry associations with our Best-in-Class Innovation Award from the American Society of Mechanical Engineers. We believe our solutions remain a crucial ingredient to help accelerate the adoption of additive manufacturing and increase the success of the 3D metal printing industry.

'During the quarter we released PrintRite3D version 7.0, with key features such as Temperature Monitoring and Calibration, including a cooling rate metric and units/traceability for TEP ('Thermal Emission Planck') to Celsius/Kelvin conversion, and Neural Net Machine Learning Recoater Interaction Detection that allows users to automatically spot recoater interaction detection with higher diagnostic accuracy. Taken together, we believe the unique benefits of the update provide a competitive advantage for our customers and believe positions us to help accelerate the growth of the additive manufacturing industry.

'Looking ahead, our team remains confident in our technology and strategy, industry growth, and our ability to capture market share with our first mover advantage, significant barriers to entry, and leveraged business model. The Industry outlook is positive, however, given the stage of the industry, timing of our contracts can have an impact on any particular quarter, especially with the delays resulting from Covid-19 in the reopening of Europe and Asia.

'With our recently strengthened balance sheet, we now have over $14.7 million in cash to support growth, direct sales and marketing. For the second half of the year, we are focusing on seeking to expand sales through our partnerships with DMG MORI and Additive Industries, and increased direct sales to global end-user manufacturers, universities and R&D organizations. We also continue to seek new and expanded strategic partnerships with 3D printer OEMs, software companies, and integrators. We look forward to sharing additional updates as the year progresses,' concluded Ruport.

Second Quarter 2021 Financial Results

Revenue for the second quarter of 2021 totaled $144,148. This compares to revenues of $167,688 for the second quarter of 2020. The decrease in revenue was primarily due a decrease of $29,864 in revenue from our Rapid Test and Evaluation program from the second quarter of 2020.

Gross profit for the second quarter of 2021 was $27,751 as compared to $110,004 in the second quarter of 2020.

Total operating expenses for the second quarter of 2021 were $2.2 million as compared to total operating expenses of $1.5 million for the same period in 2020. The increase was mainly attributable additional employee headcount, R&D expenses and organizational costs.

Cash used in operating activities for the six months ended June 30, 2021, totaled $3.3 million compared to $2.4 million in the second quarter of 2020, an increase of $0.8 million.

Net loss for the second quarter of 2021 was $1.9 million, or $(0.18) per share, as compared to a net loss of $1.6 million, or $(0.49) per share, in the second quarter of 2020.

Cash totaled $14.7 million at June 30, 2021, as compared to $3.7 million at December 31, 2020. The increase in cash during the period was a result of a $5.1 million public offering of common stock and a follow-on $9.7 million registered direct offering of common stock and short-term warrants. In addition, warrant exercises during the first quarter of 2021 have contributed an additional $1.1 million in cash proceeds.

Second Quarter 2021 Results Conference Call

Sigma Labs President and CEO Mark Ruport and CFO Frank Orzechowski will host the conference call, followed by a question-and-answer period.

To access the call, please use the following information:

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=145807 and via the investor relations section of the Company's website at www.sigmalabsinc.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time through August 5, 2021.

About Sigma Labs

Sigma Labs Inc. is a leading provider of in-process quality assurance (IPQA®) software to the additive manufacturing industry. Sigma Labs specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D® for 3D metal advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process, enabling significant cost-savings and production efficiencies. Sigma Labs believes its software product will be a major catalyst for the acceleration and adoption of 3D metal printing. For more information, please visit www.sigmalabsinc.com.

Forward-Looking Statements

This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words 'believe,' 'anticipate,' 'estimate,' 'expect,' 'intend,' 'plan,' 'project,' 'prospects,' 'outlook,' and similar words or expressions, or future or conditional verbs such as 'will,' 'should,' 'would,' 'may,' and 'could' are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, market and other conditions, Sigma Labs' business and financial condition, the extent of the market's acceptance of PrintRite3D version 7.0, Sigma Labs' ability to satisfy its capital needs through increasing its revenue and obtaining additional financing, and the impact of COVID-19, general economic, industry or political conditions in the United States or internationally. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see disclosures contained in Sigma Labs' public filings with the SEC, including the 'Risk Factors' in Sigma Labs' Annual Report on Form 10-K, and which may be viewed at www.sec.gov.

Contacts:

Investor Contact:

Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
SGLB@mzgroup.us
www.mzgroup.us

Company Contact:

Steven Gersten
Sigma Internal IR
813-334-9745
investors@sigmalabsinc.com

Sigma Labs, Inc.
Condensed Balance Sheets
(Unaudited)

See accompanying notes to condensed financial statements.

Sigma Labs, Inc.
Condensed Statements of Operations
(Unaudited)

Sigma Labs, Inc.
Condensed Statements of Cash Flows
(Unaudited)

SOURCE: Sigma Labs, Inc.



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https://www.accesswire.com/656686/Sigma-Labs-Reports-Second-Quarter-2021-Financial-Results

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