MISGAV, Israel and SINGAPORE, February 22, 2017 /PRNewswire/ --
The Trendlines GroupLtd. (the "Company" and together with its subsidiaries and associated companies, "Trendlines" or the "Group") an Israeli company focused on developing technology-based companies in the medical and agricultural fields, announced its
(Logo: http://mma.prnewswire.com/media/467300/The_Trendlines_Group_Logo.jpg )
FY2016 Financial Results:
For FY2016, Total Income was US$0.1 million, compared to US$9.9 million in FY2015. The decrease in Total Income primarily reflects the US$8.0 million loss from the change in the fair value ("Portfolio Value") of Trendlines' portfolio companies, which compares to a net gain of approximately US$5.0 million in FY2015. The loss was partly offset by a US$2.1 million gain from the sale of ETView held by Trendlines under the equity method, and a strong rise in revenues from Trendlines Labs, which rose to US$1.14 million from US$0.4 million in the financial year ended 31 December 2015 ("FY2015").
Operating, general and administrative expenses were US$8.7 million in FY2016, compared to US$6.7 million in FY2015. Operating, general and administrative expenses were US$2.0 million higher in FY2016, mainly due to an increase in employment costs due to recruitment of new high level employees as part of the Company expansion, and listing expenses as a public company. Net loss for FY2016 was approximately US$6.6 million, compared to a loss of US$3.6 million in FY2015.
Current assets were US$17.3 million as at 31 December 2016, compared to US$24.0 million as at 31 December 2015. The fair value of portfolio companies was US$83.7 million as at 31 December 2016. This compares with a portfolio value of approximately US$84.4 million as at 31 December 2015.
Commenting on corporate developments during 2016, Chairman and CEO Steve Rhodes said, "In 2016, Trendlines succeeded in achieving significant goals that we set for ourselves and our investors. The accomplishment of these objectives has set the stage for strong portfolio expansion in 2017 and beyond. Early in the year, the Israel Innovation Authority renewed our incubator license for an additional eight years and approved our request to include both medical and agricultural technology investments in the renewed license. We started 10 new companies, bringing the total number of portfolio companies, net of write-offs, to 46. Seventeen of our portfolio companies raised a total of US$20 million in follow-on capital in 2016. We have successfully grown Trendlines Labs from a unit producing revenues of $0.4 million in 2015, to a unit working with multinationals in Europe, Asia and North America, producing 2016 revenues of $1.14 million.
Regarding the Group's international expansion and Trendlines' growing partnership network, Chairman and CEO Todd Dollinger said "2016 was a year of meaningful milestones for Trendlines. Most obvious among our 2016 achievements was the establishment of Trendlines Medical Singapore, our first incubator outside of Israel. We are very pleased with the support we have received both from B. Braun in its role as an active minority shareholder and from SPRING Singapore, the enterprise development agency of the Singapore Ministry of Trade and Industry, which awarded a S$2.2 million grant to the new incubator.
Mr. Dollinger continued, "Partnering with multinational corporations has been a key element of the Trendlines success at many levels and our partnerships with multinational corporations deepened significantly during 2016. In addition to the investment by B. Braun in Trendlines Medical Singapore, B. Braun also invested in two of our portfolio companies, ApiFix and Gordian Surgical and is now working actively with our team at Trendlines Labs. Another major European partner, Bayer AG, joined with Trendlines in April 2016 to form and invest US$10 million in the Bayer Trendlines Ag Innovation Fund to invest in Trendlines portfolio companies.
In addition to Bayer and B. Braun, we have agreements in place with other multinationals in Asia and the U.S., including one for which our Labs' division developed a device which is one of the leading products for that industry giant."
We look forward to growing our work with our partners and international investors in 2017. We invite the investment community to our Company Showcase in Israel on March 29, 2017, where there will be an opportunity to hear presentations from nine of our portfolio companies and visit with the Trendlines' team."
For full financial information, please see our announcement: Unaudited Financial Statement and Dividend Announcement for the Financial Year Ended 31 December 2016
About The Trendlines Group Ltd.
Trendlines is an innovation commercialization company that invents, discovers, invests in, and incubates innovation-based medical and agricultural technologies to fulfill its mission to improve the human condition. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development to business building. Trendlines' shares are traded on the Singapore Stock Exchange (SGX: 42T) and in the United States as an American Depositary Receipt (ADR) on the OTCQX International (OTCQX: TRNLY).
Forward Looking Statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.
Investor Contact Information: Israel Judith Kleinman Director, Investor Relations & Corporate Communications firstname.lastname@example.org +972.72.260.7000
SOURCE The Trendlines Group Ltd.
Subscribe to our Free Newsletters!
Rosacea is a chronic skin condition marked by facial redness and swelling especially around the ...
Immunotherapy is a type of treatment method that works by using certain components of a person's ...
Elderberry and its other plant parts provide an array of health benefits. Know how this fruit helps ...View All