HENDERSON, Nev., Aug. 02, 2017 (GLOBE NEWSWIRE) -- United Health Products, Inc. (OTC:UEEC) announced financial results for the first quarter ended March 31, 2017. Revenues for the quarter totaled a record $227,129, versus $35,828 for the comparable period last year. The company reported net income of $51,993 ($0.00 per share) for the quarter ended March 31, 2017, versus a loss of $(117,888) ($0.00 per share loss) for the first quarter of 2016.The substantial increase in revenues for the quarter, as compared to the same quarter last year, was due to a significant increase in sales of HemoStyp®, the company's patented hemostatic gauze for the healthcare and wound care sectors. The company’s distributors/partners have successfully expanded their global sales efforts in the dental, veterinarian, retail, and military markets. In 2017, United Health Products has been seeking to expand its product base and as well as to expand into international markets.
"We are pleased with the significant first quarter revenue growth, and attaining profitability," said Douglas K. Beplate, CEO. “However, we have a good deal of work left in order to meet our objectives for this year and beyond, which include: obtaining FDA approval for expanded use of HemoStyp®; reaching distribution agreements in Europe, South Africa, South Korea and additional Asian markets; and, driving significant additional growth in domestic and international distribution, increasing revenues and net income for the remainder of this year and beyond.”
Corporate update:
- FDA application to expand HemoStyp’s market reach: Earlier this year United Health Products filed a 510K Class II Application with the FDA (Food and Drug Administration) to allow for expanded usage of HemoStyp® into general surgeries and internal and external procedures. If the FDA approves this application, the company will be able to enter the estimated $15 billion surgical market. United Health Products has received initial comments from the FDA and has responded. United Health Products awaits any additional comments that the FDA may have before approval.
- International markets: United Health Products has forged a number of alliances with major health products distributors covering Australia and Asia. Further, the company has submitted an application to have its flagship HemoStyp® product approved for use in South Korea. Additional strategic partnerships with distributors in South Africa and in additional Asian countries are expected in 2017.
- Expanded Manufacturing Capabilities: The Company has conducted a number of Quality Control audits at prospective contract manufacturers of its patented HemoStyp® products, following which it has decided to double the number of facilities which will be permitted to manufacture HemoStyp® for domestic and international distribution. Backup production capabilities enable the company to continue shipping products should one facility suffer from a supply disruption.
About United Health Products Inc.
United Health Products Inc. (UEEC) develops, manufactures, and markets patented hemostatic gauze, for the healthcare and wound care sectors. The product, HemoStyp®, is derived from regenerated oxidized cellulose, which is all natural, and designed to absorb exudate/drainage from superficial wounds and helps control bleeding. UEEC is focused on identifying new markets and applications for its product as well as ramping up sales in its current markets. For more on United Health Products Inc. visit: www.unitedhealthproductsinc.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information 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, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements.