Skyline Medical Inc: Momentum Flowing Into 2018
Skyline Medical Inc (NASDAQ:SKLN) is a mover and shaker out on the Street today, with investors sparking the stock on an almost 33% upturn. The reason? The medical device maker announced that it currently projects sales of approximately 100 STREAMWAY Systems in 2018. These projections, if realized would represent a 10x increase over the Company’s 2017 sales figures. This is definitely good news for investors.
In late 2017, the Company ramped up its U.S. sales and marketing campaign for the STREAMWAY system which resulted in a meaningful increase in domestic sales in the fourth quarter of 2017 and early 2018.
“Over the past several months, we have increased our sales efforts significantly, which has opened doors to new customers as well as strengthened our relationships with existing customers,” commented Dr. Carl Schwartz, Chief Executive Officer of Skyline Medical. “Our customer base includes several large hospital systems that have utilized the STREAMWAY System in their ‘Centers of Excellence’ and are using it as a model for medical waste management best practices. These customers have stated their intention to expand usage of the STREAMWAY throughout their hospital networks, across a wide range of different procedure rooms, providing us with a clear opportunity to generate significant sales growth from our existing client base. Furthermore, we are also encouraged by the new customer activity we have seen so far in 2018 and project this momentum to continue throughout the year as we progress with negotiations and grow our sales pipeline.”
The Company has also made initial investments in its international sales and marketing strategy by signing independent distribution agreements in Australia, Canada and Switzerland, opening a European Headquarters in Brussels, Belgium and by appointing a new Vice President of International Sales.
Skyline Medical engages in the manufacture of medical device for the collection and disposal of infectious fluids. It owns STREAMWAY SYSTEM, which automates the collection, measurement and disposal of waste fluids.