Medigus’ financial results for the first half of 2022 will include the consolidation of financial data from Gix Internet for the first time
Tel Aviv, Israel, Aug. 30, 2022 (GLOBE NEWSWIRE) — Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced today that its subsidiary Gix Internet (“Gix”), in which Medigus owns 42.69% of its outstanding shares (49.11% on a fully diluted basis) (TASE: GIX), a global marketing technology (MarTech) solutions company for performance-based online marketing, reported its financial results for the first six months ended June 30, 2022.
Gix reported revenues for the first half of 2022 were approximately $43.4 million (NIS141.8 million), an increase of 166% compared to revenue of approximately $16.3 million (NIS 53.3 million) in the same period of 2021.
Gix operating income for the six months ended June 30, 2022 was approximately $0.6 million (NIS 2.2 million) compared to an operating loss of approximately $0.37 million (1, 2 million NIS) in the same period of 2021.
“Increasing our holding in Gix has been a key focus of ours over the past year, largely due to our confidence in Gix’s ability to grow. We are excited with Gix’s financial results and believe in its future and continued growth,” commented Liron Carmel , CEO of Medigus.
Medigus is expected to consolidate Gix’s financial results (from February 28, 2022) in its financial reporting for the first half of 2022.
Medigus Ltd. (Nasdaq: MDGS), based in Israel, is a technology company focused on innovative growth partnerships primarily in the areas of advanced medical solutions, digital trading platforms for electric vehicles, image-based platforms, energy efficiency technology and security systems for commercial drones. Medigus The company’s medical solutions affiliations include an interest in Polyrizon Ltd. The Company’s imaging platform subsidiaries include ScoutCam Inc. The Company’s digital commerce subsidiaries include Gix Internet Ltd., Jeffs’ Brands Ltd. and Eventer Technologies Ltd Vehicle Market, Charging Robotics Ltd. and Revoltz Ltd. are also part of the company’s portfolio of technology solution providers. The Company’s subsidiary in the energy sector includes Laminera Ltd. The Company’s subsidiary in the drone sector includes Parazero technologies Ltd. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain statements that are “forward-looking statements” that are based on the current estimates, assumptions and expectations of Medigus management and its knowledge of the relevant market. The Company has attempted to minimize such information and statements by using words such as “anticipate”, “believe”, “envision”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict” where possible ‘, ‘forecast’, ‘target’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘should’, ‘continue’, ‘consider’ and other similar expressions and derivatives thereof in connection with any discussion of future events, trends or prospects or future operational or financial performance, although not all forward-looking statements contain these identifying words. These forward-looking statements represent Medigus’ expectations or beliefs regarding future events and it is possible that the results described in this press release will not be achieved. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause future results of Medigus or Gix’s activities to differ materially from the content and effects of such statements. Other risk factors affecting Medigus are discussed in detail in Medigus’ filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and Medigus undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Neither Medigus nor its shareholders, officers and employees shall be liable for any actions or the results of actions taken by any person based on the information contained herein, including without limitation the purchase or sale of any Medigus securities.
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