Medigus Announces Record 2022 First Half Financial Results

Record Revenues of $34.95 million, up over 1,300% Y-o-Y

TEL AVIV, Israel, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS) (“Medigus”), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, today reported financial results for the six months ended June 30, 2022.

Key Highlights

  • Generated record revenues of $34.95 million in the first half of 2022, compared to $2.39 million revenues in the first half of 2021
  • Gross profit reached a record $6.19 million in the first half of 2022, up from a gross profit of $0.6 million in the first half of 2021
  • Cash and cash equivalents as of June 30, 2022 were $22.1 million
  • Shareholders’ equity improved to $53.19 million as of June 30, 2022, up from $51.43 million at December 31, 2021

“Our record first half of 2022 financial results are a direct result of our work over the past two years and clearly demonstrate the value in our approach to engage in innovative technology companies with high upside potential,” said Liron Carmel, CEO of Medigus. “As we continue to execute on our diversified business model and add value to our operating segments, we believe Medigus is in a great position to further grow shareholder value with multiple near-term catalysts.”

Recent Highlights:

  • Medigus files a motion to approve an up to $1.6 million dividend distribution
  • Jeffs’ Brands (35.27%) Ltd. announced the closing of its $15.5 million initial public offering
  • Gix Internet (42.25%) reported revenues increase of 166% year-over-year to approximately $43.4 million in the first half of 2022

H1 2022 Highlights:

  • Eventer, in which Medigus has a 46.21% ownership stake, achieved record revenues, which increased by 221% year-over-year to approximately $1.4 million in the first half of 2022. Eventer targets the high potential sports events market, and since the beginning of 2022 has entered into agreements with two teams from the Israeli Basketball Premier League and the Israeli National Basketball League and the Israel Gymnastics Federation and the Table Tennis Associations of Israel.
  • ParaZero, in which Medigus has a 40.35% ownership stake, signed a non-binding MOU to provide Autonomous Safety Systems for Bon V Heavy Lift Cargo Drones. In addition, a leading global drone manufacturer ordered customized SafeAirTM system from ParaZero and signed an agreement to develop custom safety solution for a leading global automotive manufacturer’s drone program.
  • ScoutCam, in which Medigus has a 27.02% ownership stake, completed verification & validation for miniature camera solution with a Fortune 500 customer. ScoutCam also signed a joint development agreement to equip aerial platforms of a top global defense and aviation manufacturer with in-flight monitoring solutions.
  • Polyrizon’s PL-15 found effective against highly transmissible SARS-CoV-2 Omicron variant in cell culture assays. Medigus has a 37.03% ownership stake in Polyrizon.
  • Medigus announced details of planned spin-off and subsequent merger of its electric vehicles wireless charging business, Charging Robotics. At the beginning of 2022, Charging Robotics, owned by Medigus, and Ben-Gurion University entered the development of the next generation of wireless charging system for electric vehicles
  • Medigus’ joint venture, Revoltz (19.9% owned by Medigus through its wholly owned subsidiary, Charging Robotics Ltd.), received first order for micro mobility vehicles from a global distributor. Revoltz also launched a pilot program at a new autonomous supermarket.

About Medigus

Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technologies company that is focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce, and electric vehicle markets. Medigus’ affiliations in the medical solutions arena include the ownership in Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd. (TASE: GIX), Jeffs’ Brands and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics, Ltd. and Revoltz are also part of the Company’s portfolio of technology solution providers. Other affiliations of the Company include ScoutCam Inc. (OTCQB: SCTC). Parazero TechnologiesLtd. , Laminera Flow Optimization Ltd. Medigus is traded on the Nasdaq Capital Market. To learn more about Medigus’ advanced technologies, please visit

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Medigus could differ materially from those described in or implied by the statements in this press release. For example, Medigus uses forward looking statements when describing its plans to increase its ownership in Gix and consolidate its and when describing potential activates and restructures in connection with other investments.

The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.

Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498

 June 30  December 31 
 2022  2021 
 Unaudited  Audited 
 USD in thousands 
Cash and cash equivalents 22,141   24,025 
Pledged deposit 219   - 
Trade accounts receivable 16,562   408 
Other receivables and prepaid expenses 1,863   415 
Inventory 1,831   1,227 
Loan to an associate -   1,265 
Related party prepaid expenses 728   999 
Financial assets at fair value through profit or loss 2,614   3,315 
  45,958   31,654 
Property and equipment, net 407   77 
Right-of-use assets, net 667   - 
Investments accounted for using the equity method 13,407   17,240 
Intangible assets 29,376   8,321 
Deferred offering costs 863   836 
Deferred tax asset 119   - 
Financial assets at fair value through profit or loss 3,517   1,602 
  48,356   28,076 
TOTAL ASSETS 94,314   59,730 

 June 30  December 31 
 2022  2021 
 Unaudited  Audited 
 USD in thousands 
Liabilities and equity     
Trade accounts payable 10,450   702 
Short term loans 9,248   816 
Short term related party loan 56   111 
Current portion of long-term related party payable 520   506 
Lease liabilities 158   - 
Warrants at fair value 854   692 
Contract liability 108   108 
Liability to event producers 2,385   1,556 
Related parties 474   616 
Accrued expenses and other current liabilities 8,924   1,532 
  33,177   6,639 
Lease liabilities 536   - 
Long-term loans 4,083   - 
Loans from related parties 479   689 
Long-term related party payable 580   711 
Deferred tax liability 2,105   236 
Retirement benefit obligation, net 165   22 
  7,948   1,658 
TOTAL LIABILITIES 41,125   8,297 
Share capital – ordinary shares with no par value: authorized – June 30, 2022 and December 31, 2021 – 200,000,000 shares; issued and outstanding – June 30, 2022 – 24,591,470 shares December 31, 2021 – 23,850,128 shares * -   - 
Share premium 111,322   110,562 
Other capital reserves 11,401   12,619 
Warrants 197   197 
Accumulated deficit (77,778)  (74,188)
Equity attributable to owners of Medigus Ltd. 45,142   49,190 
Non-controlling interests 8,047   2,243 

* Restated to reflect the reverse split at a ratio of 20:1 occurred on July 8, 2022 – see also note 8 to our Interim Condensed Consolidated Financial Statements (unaudited) as of June 30, 2022.

 Six months ended  Year ended 
 June 30,  December 31 
 2022  2021  2021 
 Unaudited  Audited 
 USD in thousands 
Products 2,343   1,934   8,933 
Revenue from services 32,616   459   1,185 
  34,959   2,393   10,118 
Cost of revenues:           
Products 1,933   1,587   4,938 
Revenue from services 26,834   202   379 
  28,767   1,789   5,317 
Gross Profit 6,192   604   4,801 
Research and development expenses 2,047   755   1,045 
Sales and marketing expenses 2,112   624   1,988 
General and administrative expenses 5,638   4,417   9,964 
Net change in fair value of financial assets at fair value through profit or loss 813   (583)  (713)
Share of net loss of associates accounted for using the equity method 1,910   419   2,149 
Amortization of excess purchase price of an associate -   -   263 
Operating loss (6,328)  (5,028)  (9,895)
Gain upon loss of control in a subsidiary -   (11,502)  11,465)
Gain from initial recognition of assets and liabilities upon control obtained in an associate (2,300)  -   - 
Gain from sale of investments (68)  (2,025)  2,025)
Other income (176)  (299)  494)
Changes in fair value of warrants issued to investors 99   474   (484)
Changes in fair value of commitment to issue shares 63   -   75 
Financial loss, net 793   403   347 
Profit (Loss) before taxes on income (4,739)  7,921   4,151 
Tax benefit (expense) (9)  6   (105)
Net profit (loss) for the period (4,748)  7,927   4,046 
Other comprehensive income (loss)           
Items that may be reclassified to profit or loss           
Share of other comprehensive income (loss) of associates accounted for using the equity method (125)  (104)  191 
Share of other comprehensive loss of currency translation of subsidiaries (836)  -   - 
Items that will not be reclassified to profit or loss           
Share of other comprehensive income (loss)  of associates accounted for using the equity method -   37   (29)
Other comprehensive income (loss) for the period (961)  (67)  162 
Total comprehensive income (loss) for the period (5,709)  7,860   4,208 
Net profit (loss) for the period is attributable to:           
Owners of Medigus (3,590)  9,785   6,794 
Non-controlling interest (1,158)  (1,858)  (2,748)
  (4,748)  7,927   4,046 
Total comprehensive income (loss) for the period is attributable to:           
Owners of Medigus (4,275)  9,746   6,881 
Non-controlling interest (1,434)  (1,886)  (2,673)
  (5,709)  7,860   4,208 
Earning (Loss) per ordinary share attributed to Medigus ltd           
Basic (0.15)  0.02   0.01 
Diluted (0.15)  0.04   0.01 
Weighted average ordinary shares outstanding (In thousands)           
Basic 24,109   *22,212   *23,035 
Diluted 24,109   *22,212   *23,035 

* Restated to reflect the reverse split at a ratio of 20:1 occurred effected on July 8, 2022 – see also note 8 to our Interim Condensed Consolidated Financial Statements (unaudited) as of June 30, 2022.


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