CEDAR KNOLLS, N.J.,
Nov. 6, 2020 /PRNewswire/ -- MYOS
RENS Technology Inc. ("MYOS" or the "Company") (NASDAQ:
MYOS), an advanced nutrition company and the owner of
Fortetropin®, a proprietary bioactive composition that
helps build lean muscle, announced today its results for the three
and nine months ended September 30,
2020.
"Q3 results have shown that Myos met the challenges of the new
and uncertain "normal" with sensitivity, creativity and
smarter, more aggressive marketing which helped us build deeper
business relationships with our customers. This resulted in a
significant increase in revenues while decreasing expenses during
the quarter," said Joseph Mannello,
CEO of MYOS. "These challenges have brought out the best in
our staff and set the bar for even greater future results."
FINANCIAL HIGHLIGHTS
Three Months Ended September 30,
2020 Compared to September 30,
2019
Net revenues for the three months ended September 30, 2020 increased by $135 or 39% to $485
compared to net revenues of $350 for
the three months ended September 30,
2019. This increase is primarily due to an increase of
$243 of Myos Canine Muscle Formula
offset by a decrease of $72 in White
Label, $36 in Yolked, and
$1 for our longevity products.
Cost of revenues for the three months ended September 30, 2020 increased by $74 or 42% to $248
compared to cost of revenues of $174 for the three months ended September 30, 2019. The increase is primarily due
to costs related to an increase in our product sales of Canine
Muscle Formula.
Gross profit increased $61
or 35% to $237 for the three months
ended September 30, 2020 compared to
$176 for the three months ended
September 30, 2019.
Operating expenses for the three months ended
September 30, 2020 decreased by
$42 or 4% to $1,045, when compared to operating expenses of
$1,087 for the three months ended
September 30, 2019. The decrease
primarily relates to a 31% decrease in selling, marketing and
research expenses of $106 and a 3%
decrease in personnel and benefits of $13, offset by an 18% increase in general and
administrative of $77 relating
primarily to an increase in professional fees of $140 relating to the reverse merger costs offset
by a decrease in other business related costs of $63.
|
(amounts in
thousands)
|
|
Three Months
Ended
September 30,
|
|
|
Change
|
|
|
|
2020
|
|
|
2019
|
|
|
Dollars
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
485
|
|
|
$
|
350
|
|
|
$
|
135
|
|
|
|
39
|
%
|
|
Cost of
revenues
|
|
|
248
|
|
|
|
174
|
|
|
|
74
|
|
|
|
42
|
%
|
|
Gross
profit
|
|
|
237
|
|
|
|
176
|
|
|
|
61
|
|
|
|
35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, marketing
and research
|
|
|
233
|
|
|
|
339
|
|
|
|
(106)
|
|
|
|
-31
|
%
|
|
Personnel and
benefits
|
|
|
393
|
|
|
|
406
|
|
|
|
(13)
|
|
|
|
-3
|
%
|
|
General and
administrative
|
|
|
419
|
|
|
|
342
|
|
|
|
77
|
|
|
|
18
|
%
|
|
Total operating
expenses
|
|
|
1,045
|
|
|
|
1,087
|
|
|
|
(42)
|
|
|
|
-4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(808)
|
|
|
|
(911)
|
|
|
|
103
|
|
|
|
-21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(7)
|
|
|
|
(10)
|
|
|
|
3
|
|
|
|
-30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(815)
|
|
|
$
|
(921)
|
|
|
$
|
106
|
|
|
|
-12
|
%
|
Nine Months Ended September 30,
2020 Compared to September 30,
2019
Net revenues for the nine months ended September 30, 2020 increased by $451 or 69% to $1,104 compared to net revenues of $653 for the nine months ended September 30, 2019. This increase is primarily
due to an increase of $570 of Myos
Canine Muscle Formula offset by a decrease of $72 for White Label, $36 for Yolked and $1 for our longevity products.
Cost of revenues for the nine months ended September 30, 2020 increased by $262 or 83% to $578
compared to cost of revenues of $316 for the nine months ended September 30, 2019. The increase is primarily due
to costs related to our product sales of Myos Canine Muscle
Formula.
Gross profit increased $189
or 56% to $526 for the nine months
ended September 30, 2020 compared to
$337 for the nine months ended
September 30, 2019.
Operating expenses for the nine months ended September 30, 2020 decreased by $426 or 13% to $2,951, compared to operating expenses of
$3,377 for the nine months ended
September 30, 2019. The decrease is
primarily due to a 30% decrease in selling, marketing and research
expenses of $289 and an 11% decrease
in general and administrative of $137.
|
(amounts in
thousands)
|
|
Nine Months
Ended
September 30,
|
|
|
Change
|
|
|
|
2020
|
|
|
2019
|
|
|
Dollars
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
1,104
|
|
|
$
|
653
|
|
|
$
|
451
|
|
|
|
69
|
%
|
|
Cost of
revenues
|
|
|
578
|
|
|
|
316
|
|
|
|
262
|
|
|
|
83
|
%
|
|
Gross
profit
|
|
|
526
|
|
|
|
337
|
|
|
|
189
|
|
|
|
56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, marketing
and research
|
|
|
662
|
|
|
|
951
|
|
|
|
(289)
|
|
|
|
-30
|
%
|
|
Personnel and
benefits
|
|
|
1,226
|
|
|
|
1,226
|
|
|
|
-
|
|
|
|
-
|
|
|
General and
administrative
|
|
|
1,063
|
|
|
|
1,200
|
|
|
|
(137)
|
|
|
|
-11
|
%
|
|
Total operating
expenses
|
|
|
2,951
|
|
|
|
3,377
|
|
|
|
(426)
|
|
|
|
-13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(2,425)
|
|
|
|
(3,040)
|
|
|
|
615
|
|
|
|
-26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(27)
|
|
|
|
(31)
|
|
|
|
4
|
|
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(2,452)
|
|
|
$
|
(3,071)
|
|
|
$
|
619
|
|
|
|
-20
|
%
|
BUSINESS
HIGHLIGHTS:
"It was a great quarter for Myos," said Mr. Mannello. "Our
team was able to grow revenues in each vertical while decreasing
unnecessary expenses. There is an art to leveraging spend to
get the most ROI, and we hit the sweet spot in Q3. Our
momentum continues to build as our foundation gets
stronger.
OTHER HIGHLIGHTS:
- Appointed the S3 Agency to implement public relations and
social media efforts around the ability of Fortetropin®,
MYOS' proprietary ingredient, to improve muscle health.
- Received approval from the American Association of Veterinary
State Boards (AAVSB) to offer a Continuing Education Course to
Veterinarians titled, "Nutritional Management of Canine
Osteoarthritis" for 1 Credit Hour.
"On the corporate front, our merger with MedAvail is almost
complete with the vote taking place on November 16th. This will give
shareholders ownership in both an exciting public company,
MedAvail, and a larger piece of a private company. Myos, as a
private company, will have fewer expenses and a stronger balance
sheet. As a significant shareholder in Myos I am very excited
about the merger and what lies ahead for both companies.
"On November 16, 2020 there will
be a virtual shareholder meeting for shareholders of record of
October 2, 2020, to vote the
proposals in the Proxy Statement/Prospectus/Information Statement
filed with the U.S. Securities and Exchange Commission by MYOS on
October 15, 2020 in connection with
the merger with MedAvail.
"I want to thank all of you for your continued support and wish
you and your families continued health and safety during these
trying times," said Mr. Mannello.
|
MYOS RENS
TECHNOLOGY INC. AND SUBSIDIARY
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(in thousands,
except share and per share amounts)
|
|
|
|
September
30,
|
|
|
December 31,
|
|
|
2020
|
|
|
2019
|
|
ASSETS
|
|
(Unaudited)
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
|
|
$
|
791
|
|
|
$
|
64
|
|
Accounts receivable,
net
|
|
|
60
|
|
|
|
5
|
|
Inventories,
net
|
|
|
1,368
|
|
|
|
1,666
|
|
Prepaid
expenses
|
|
|
94
|
|
|
|
23
|
|
Total current
assets
|
|
|
2,313
|
|
|
|
1,758
|
|
|
|
|
|
|
|
|
|
Operating lease right
of use asset
|
|
|
151
|
|
|
|
192
|
|
Deferred offering
costs
|
|
|
-
|
|
|
|
95
|
|
Fixed assets,
net
|
|
|
78
|
|
|
|
97
|
|
Intangible assets,
net
|
|
|
739
|
|
|
|
896
|
|
Total
assets
|
|
$
|
3,281
|
|
|
$
|
3,038
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
127
|
|
|
$
|
277
|
|
Accrued expenses and
other current liabilities
|
|
|
4
|
|
|
|
230
|
|
Operating lease
liabilities – current portion
|
|
|
62
|
|
|
|
46
|
|
Related party
promissory note payable and accrued interest
|
|
|
661
|
|
|
|
1,159
|
|
Total current
liabilities
|
|
|
854
|
|
|
|
1,712
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Note Payable PPP
loan
|
|
|
310
|
|
|
|
-
|
|
Operating lease
liabilities – net of current portion
|
|
|
95
|
|
|
|
146
|
|
Total
liabilities
|
|
|
1,259
|
|
|
|
1,858
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value; 500,000 shares authorized; no shares issued and
outstanding
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value; 15,000,000 shares authorized; 11,846,795 and 9,176,908
shares issued and outstanding at September 30, 2020 and
December 31, 2019, respectively
|
|
|
12
|
|
|
|
9
|
|
Additional paid-in
capital
|
|
|
43,787
|
|
|
|
40,496
|
|
Accumulated
deficit
|
|
|
(41,777)
|
|
|
|
(39,325)
|
|
Total stockholders'
equity
|
|
|
2,022
|
|
|
|
1,180
|
|
Total liabilities and
stockholders' equity
|
|
$
|
3,281
|
|
|
$
|
3,038
|
|
MYOS RENS
TECHNOLOGY INC. AND SUBSIDIARY
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Unaudited; in
thousands, except share and per share amounts)
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
September
30,
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
485
|
|
|
$
|
350
|
|
|
$
|
1,104
|
|
|
|
653
|
|
Cost of
revenues
|
|
|
248
|
|
|
|
174
|
|
|
|
578
|
|
|
|
316
|
|
Gross
profit
|
|
|
237
|
|
|
|
176
|
|
|
|
526
|
|
|
|
337
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, marketing
and research
|
|
|
233
|
|
|
|
339
|
|
|
|
662
|
|
|
|
951
|
|
Personnel and
benefits
|
|
|
393
|
|
|
|
406
|
|
|
|
1,226
|
|
|
|
1,226
|
|
General and
administrative
|
|
|
419
|
|
|
|
342
|
|
|
|
1,063
|
|
|
|
1,200
|
|
Total operating
expenses
|
|
|
1,045
|
|
|
|
1,087
|
|
|
|
2,951
|
|
|
|
3,377
|
|
Operating
loss
|
|
|
(808)
|
|
|
|
(911)
|
|
|
|
(2,425)
|
|
|
|
(3,040)
|
|
Interest expense,
net
|
|
|
(7)
|
|
|
|
(10)
|
|
|
|
(27)
|
|
|
|
(31)
|
|
Net loss
|
|
$
|
(815)
|
|
|
$
|
(921)
|
|
|
$
|
(2,452)
|
|
|
$
|
(3,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.07)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.22)
|
|
|
$
|
(0.35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
11,846,795
|
|
|
|
9,173,851
|
|
|
|
10,996,891
|
|
|
|
8,675,666
|
|
MYOS RENS
TECHNOLOGY INC. AND SUBSIDIARY
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited; in
thousands)
|
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
2020
|
|
|
2019
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,452)
|
|
|
$
|
(3,071)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
19
|
|
|
|
20
|
|
Amortization
|
|
|
157
|
|
|
|
262
|
|
Stock-based
compensation
|
|
|
236
|
|
|
|
93
|
|
Non-cash lease
expense
|
|
|
41
|
|
|
|
-
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
(Increase) decrease in
accounts receivable
|
|
|
(55)
|
|
|
|
34
|
|
Decrease in other
current asset
|
|
|
-
|
|
|
|
1,124
|
|
Decrease in
inventories
|
|
|
298
|
|
|
|
51
|
|
Increase in prepaid
expenses and other assets
|
|
|
(71)
|
|
|
|
(88)
|
|
Decrease in operating
lease liabilities
|
|
|
(35)
|
|
|
|
-
|
|
Decrease in other
asset bond deposit
|
|
|
-
|
|
|
|
50
|
|
Increase in deferred
revenue
|
|
|
-
|
|
|
|
20
|
|
Increase in accrued
interest on promissory note payable
|
|
|
27
|
|
|
|
29
|
|
Decrease in accounts
payable and accrued expenses
|
|
|
(376)
|
|
|
|
(428)
|
|
Net cash used in
operating activities
|
|
|
(2,211)
|
|
|
|
(1,904)
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from
registered direct offering of common stock, net
|
|
|
1,298
|
|
|
|
438
|
|
Proceeds from related
party promissory note
|
|
|
300
|
|
|
|
-
|
|
Proceeds from note
payable PPP loan
|
|
|
310
|
|
|
|
-
|
|
Deferred offering
costs from at-the market transaction
|
|
|
-
|
|
|
|
(3)
|
|
Proceeds from
issuance of common stock in private placement
|
|
|
1,030
|
|
|
|
1,850
|
|
Net cash provided by
financing activities
|
|
|
2,938
|
|
|
|
2,285
|
|
|
|
|
|
|
|
|
|
Net increase in
cash
|
|
|
727
|
|
|
|
381
|
|
Cash at beginning of
period
|
|
|
64
|
|
|
|
15
|
|
Cash at end of
period
|
|
$
|
791
|
|
|
$
|
396
|
|
|
|
|
|
|
|
|
|
Supplemental
schedule of non-cash investing and financing
activities:
|
|
|
|
|
|
|
|
|
Conversion of related
party promissory note payable into shares of common
stock
|
|
|
825
|
|
|
|
250
|
|
Reclassification of
deferred offering costs to additional paid in capital
|
|
|
95
|
|
|
|
16
|
|
MYOS RENS
TECHNOLOGY INC. AND SUBSIDIARY
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
EQUITY
|
|
(in thousands,
except share amounts)
|
|
|
|
Nine Months Ended
September 30, 2020
|
|
|
|
Common
Stock
|
|
|
Additional
paid-in
|
|
|
Accumulated
|
|
|
Total
stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
deficit
|
|
|
equity
|
|
|
Balance at
December 31, 2019
|
|
|
9,176,908
|
|
|
$
|
9
|
|
|
$
|
40,496
|
|
|
$
|
(39,325)
|
|
|
$
|
1,180
|
|
|
Proceeds from sale of
common stock, net
|
|
|
964,102
|
|
|
|
1
|
|
|
|
1,202
|
|
|
|
-
|
|
|
|
1,203
|
|
|
Proceeds from private
placement of common stock
|
|
|
851,240
|
|
|
|
1
|
|
|
|
1,029
|
|
|
|
-
|
|
|
|
1,030
|
|
|
Issuance of common
stock upon exchange of related party promissory note
payable
|
|
|
681,818
|
|
|
|
1
|
|
|
|
824
|
|
|
|
-
|
|
|
|
825
|
|
|
Stock-based
compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
27
|
|
|
|
-
|
|
|
|
27
|
|
|
Issuance of
restricted common stock
|
|
|
172,727
|
|
|
|
-
|
|
|
|
209
|
|
|
|
-
|
|
|
|
209
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,452)
|
|
|
|
(2,452)
|
|
|
Balance at
September 30, 2020
|
|
|
11,846,795
|
|
|
$
|
12
|
|
|
$
|
43,787
|
|
|
$
|
(41,777)
|
|
|
$
|
2,022
|
|
|
|
|
|
Nine Months Ended
September 30, 2019
|
|
|
|
Common
Stock
|
|
|
Additional
paid-in
|
|
|
Accumulated
|
|
|
Total
stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
deficit
|
|
|
equity
|
|
|
Balance at
December 31, 2018
|
|
|
7,481,723
|
|
|
$
|
8
|
|
|
$
|
37,880
|
|
|
$
|
(35,067)
|
|
|
$
|
2,821
|
|
|
Proceeds from sale of
common stock
|
|
|
111,129
|
|
|
|
-
|
|
|
|
211
|
|
|
|
-
|
|
|
|
211
|
|
|
Proceeds from private
placement of common stock
|
|
|
1,267,123
|
|
|
|
1
|
|
|
|
1,849
|
|
|
|
-
|
|
|
|
1,850
|
|
|
Issuance of common
stock upon exchange of related party promissory note
payable
|
|
|
171,233
|
|
|
|
-
|
|
|
|
250
|
|
|
|
-
|
|
|
|
250
|
|
|
Stock-based
compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
93
|
|
|
|
-
|
|
|
|
93
|
|
|
Issuance of
restricted common stock
|
|
|
145,700
|
|
|
|
-
|
|
|
|
211
|
|
|
|
-
|
|
|
|
211
|
|
|
Net loss
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,071)
|
|
|
|
(3,071)
|
|
|
Balance at
September 30, 2019
|
|
|
9,176,908
|
|
|
$
|
9
|
|
|
$
|
40,494
|
|
|
$
|
(38,138)
|
|
|
$
|
2,365
|
|
|
|
|
|
Three Months Ended
September 30, 2020
|
|
|
|
Common
Stock
|
|
|
Additional
paid-in
|
|
|
Accumulated
|
|
|
Total
stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
deficit
|
|
|
equity
|
|
|
Balance at June
30, 2020
|
|
|
11,846,795
|
|
|
$
|
12
|
|
|
$
|
43,778
|
|
|
$
|
(40,962)
|
|
|
$
|
2,828
|
|
|
Stock-based
compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
|
|
|
|
9
|
|
|
Net loss
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(815)
|
|
|
|
(815)
|
|
|
Balance at
September 30, 2020
|
|
|
11,846,795
|
|
|
$
|
12
|
|
|
$
|
43,787
|
|
|
$
|
(41,777)
|
|
|
$
|
2,022
|
|
|
|
|
|
Three Months Ended
September 30, 2019
|
|
|
|
Common
Stock
|
|
|
Additional
paid-in
|
|
|
Accumulated
|
|
|
Total
stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
deficit
|
|
|
equity
|
|
|
Balance at June
30, 2019
|
|
|
9,170,658
|
|
|
$
|
9
|
|
|
$
|
40,462
|
|
|
$
|
(37,217)
|
|
|
$
|
3,254
|
|
|
Stock-based
compensation expense
|
|
|
-
|
|
|
|
-
|
|
|
|
22
|
|
|
|
-
|
|
|
|
22
|
|
|
Issuance of
restricted common stock
|
|
|
6,250
|
|
|
|
-
|
|
|
|
10
|
|
|
|
-
|
|
|
|
10
|
|
About MYOS RENS Technology Inc.
MYOS RENS Technology Inc. (MYOS), "The Muscle Company®",
is a Cedar Knolls, NJ-based
advanced nutrition company that develops and markets products that
improve muscle health and performance. MYOS is the owner of
Fortetropin®, a fertilized egg yolk-based product
manufactured via a proprietary process to retain and optimize its
biological activity. Fortetropin has been clinically shown to
increase muscle size, lean body mass and reduce muscle atrophy.
MYOS believes Fortetropin has the potential to redefine existing
standards of physical health and wellness and produces muscle
health support products featuring Fortetropin under the names of
Yolked®, Physician Muscle Health
Formula®, MYOS Canine Muscle
Formula®, (Regular & Vet Strength) and
Qurr®. For more information, please visit
www.myosrens.com.
Forward-Looking Statements
Any statements in this release that are not historical facts are
forward-looking statements. Actual results may differ materially
from those projected or implied in any forward-looking statements.
Such statements involve risks and uncertainties, including but not
limited to those relating to product and customer demand, market
acceptance of our products, the ability to create new products
through research and development, the successful results of
strategic initiatives, the success of our products,
including Yolked®, Physician Muscle
Health Formula®, MYOS Canine Muscle Formula®,
Qurr®, and MYOS Enteral
Nutrition Formula™, the success of our research and
development, the results of the clinical evaluation
of Fortetropin® and its effects, the
ability to enter into new partnership opportunities and the success
of our existing partnerships, the ability to generate revenue and
cash flow from sales of our products, the ability to increase our
revenue and gross profit margins, the ability to achieve a
sustainable, profitable business, the effect of adverse economic
conditions, including as a result of the COVID-19 pandemic, the
ability to consummate the Merger Agreement with MedAvail, Inc., the
ability to protect our intellectual property rights, competition
from other providers and products, the continued listing of our
securities on the Nasdaq Stock Market, risks in product
development, our ability to raise capital to fund continuing
operations, and other factors discussed from time to time in our
filings with the Securities and Exchange Commission. We
undertake no obligation to update or revise any forward-looking
statement for events or circumstances after the date on which such
statement is made except as required by law.
These statements have not been evaluated by the Food and Drug
Administration. Our products are not intended to diagnose, treat,
cure or prevent any disease.
Investor Relations:
MYOS RENS Technology
Joanne Goodford
Phone: 973-509-0444
Email: jgoodford@myoscorp.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/myos-rens-technology-announces-net-revenues-increase-39-for-the-three-months-ended-september-30-2020-301167902.html
SOURCE MYOS RENS Technology
