MISGAV, Israel, November 12, 2018 /PRNewswire/ --
The Trendlines Group Ltd. (the "Company" and together withits subsidiaries, "Trendlines" or the "Group"), a leading Israeli-based investment and innovation commercialization company focused on early-stage, high growth medical and agricultural technologies, announced its financial results for the
Third Quarter 2018 Highlights
Post Q3 2018 Developments
Q3 2018 Financial Results
Chairman and CEO Steve Rhodes commented on Trendlines' third quarter financial results, "For the first time, the value of Trendlines' portfolio has crossed the US$100 million mark and stands at US$102.5 million (~SGD141 million). Additionally, Q3 2018 was our most profitable quarter since the Company's listing in November 2015. Trendlines continues to successfully execute on its value-building business plan.
Total net portfolio value was up US$6.3 million compared to 30 June 2018. The increase in portfolio value for the quarter was mainly due to the completion of fund-raising exercises at better terms as well as commercial and technological progress of portfolio companies."
Total income in Q3 2018 was US$6.6 million (similar to Q3 2017). Total expenses decreased by approximately US$0.4 million in Q3 2018 as compared to Q3 2017; Net income in Q3 2018 was US$3.1 million, compared to US$3 million in Q3 2017. So far, Trendlines has met its goals as set out in the cost reduction plan announced in October 2017."
Commenting on portfolio and business developments during the third quarter, Chairman and CEO Todd Dollinger said, "It is encouraging to observe the important developments of a number of our portfolio companies. ApiFix Ltd. completed over 250 surgeries and Gordian Surgical Ltd. surpassed the 500 count for surgeries with their integrated port closure system. The Stimatix GI Ltd. product launch remains on schedule for worldwide rollout.
Our '10 Companies to Watch' report, published quarterly, continues to update our investors on the most significant developments and milestones that these select companies reach. This quarter, we updated the report to include a number of new companies not previously included."
We were honored to receive the SIAS Corporate Governance Award for 'Most Improved Company' trading on the SGX. This award confirms our commitment to providing our investors with timely and transparent information on our company."
For full financial information, please see our announcement to the SGX: Unaudited Financial Statements for the three months ended 30 September 2018.
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 Shira Zimmerman, The Trendlines Group email@example.com Tel: +972-72-260-7000
Singapore Reyna MEI, Financial PR firstname.lastname@example.org Tel: +65-6438-2990
SOURCE The Trendlines Group Ltd.
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