SINTX Technologies, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic direction compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenue increased to $799,000, an 18% rise from $678,000 in the same period of 2023. Product revenue saw a substantial increase of 118%, reaching $367,000 compared to $168,000 in the prior year. Gross profit also improved slightly to $589,000, up from $561,000. However, total operating expenses surged by 68% to $6,997,000, leading to a loss from operations of $(6,408,000), a 77% increase from $(3,614,000) in the previous year. The net loss before income taxes for the quarter was $(6,239,000), nearly double the $(3,190,000) loss reported in 2023.

For the nine months ended September 30, 2024, total revenue rose 36% to $2,345,000, driven by a 64% increase in product revenue to $1,054,000. Gross profit for this period increased by 22% to $1,688,000. Despite these gains, the net loss for the nine months was $(9,329,000), compared to $(5,938,000) in the same period of 2023, reflecting a 57% increase in losses.

Strategically, SINTX is transitioning from industrial applications to focus on medical-grade devices, particularly in the orthopedic sector. This shift is part of a broader strategy led by newly appointed CEO Eric Olson, who aims to leverage the company's expertise in advanced ceramics and biomaterials. The company has also undergone a workforce reduction, decreasing its employee count from 40 to 23, incurring associated costs of approximately $407,000.

Additionally, SINTX announced the closure of its armor plant, which has been non-operational since October 2023, resulting in an impairment charge of approximately $4.5 million. The company is actively seeking additional equity and/or debt financing to support its strategic initiatives, although this may dilute current stockholders.

As of September 30, 2024, SINTX reported total assets of $11,303,000, down from $15,365,000 at the end of 2023, while total liabilities decreased to $5,722,000 from $6,593,000. The company's total stockholders' equity also fell to $5,581,000 from $8,772,000. Cash and cash equivalents increased to $4,814,000 from $3,340,000, reflecting a net increase in cash flows during the period.