Today I want to bring you an update on the progress that each of our business units has made in the past few months, and share with you why we remain confident that our progress will translate to growth in the near- and long-term. Each of our businesses faces challenges in their road to commercial success, and it’s important to highlight when those challenges are overcome, because those moments underline the innovation, tenacity, and perseverance of the BioLargo team that drives this business forward. Of course, we encourage you to review our SEC filings for the most complete view of our business and outlook (link ), and remind you that our third quarter results will be filed by November 14, 2018.
Let’s dig in. We’ll examine our business units one-by-one and focus on the important progress that has been made in each one. I encourage you to reach out to me if you have any specific questions on anything you read here.
Odor-No-More is on track to exceed $1 million in revenue for 2018, and we should break this record soon. This is an important milestone! Looking back, in 2017 we were at just over a half million, and in 2016 just over a quarter million dollars in revenue. As you can imagine, we’re excited to pass this threshold, and we believe it bodes well for our future. What accounts for the improvement? Hard work and perseverance. And, it helps to be selling the number one performer in the marketplace. CupriDyne Clean has been a big hit in the waste handling industry, and orders from the US military for our products developed for the US Military keep coming in. Let’s review:
BioLargo Engineering, Science & Technologies (BLEST) is our team of veteran environmental engineers based in Oak Ridge, TN who began working for us one year ago. They are hard at work supporting our Canadian research team and Odor-No-More, and also doing work for outside clients in traditional engineering roles. Their next milestone is profitability – that is to say their revenue from outside clients exceeding expenses.
Clyra Medical Technologies
Our medical subsidiary, Clyra, was formed to develop advanced wound care products featuring our BioLargo technologies. Recently, we acquired a stem cell therapy technology for the treatment of chronic wounds (). We believe this product has the potential to create enormous value for our company and our shareholders, and also to provide superior advanced wound care for patients all around the world. (See more details below.)
Our antimicrobial advanced wound care products have a bright future ahead of them, and the market potential for them is huge, especially given the synergy with our new stem cell technology. That being said, as with any medical product, there are significant hurdles that innovators in this space must overcome before reaching commercial success with Clyra wound care products. I’d like to take the time to address one of these hurdles – the regulatory process:
BioLargo Water’s Advanced Oxidation System (AOS) is a technological breakthrough in water and wastewater treatment and has the potential to provide effective and cost-efficient elimination of pathogens and hard-to-treat organics in countless water treatment markets and applications. Like all water treatment technologies, the AOS is complex, and with complexity comes technical barrier-to-entry that must be overcome. We have overcome innumerable challenges in the development of the AOS, and we’re proud to say this product is nearing commercialization and is even currently part of several pre-commercial pilot projects in real world industrial settings – a major milestone. Let’s review some of the highlights on the AOS’ progress:
Behind the scenes, BioLargo’s corporate office is advancing the company’s varied business interests tirelessly. We’ve accomplished some important work recently:
Given our recent commercial wins and scientific advances, this is the most exciting time in our company’s history. Yet, because everyone (including me) would love to have arrived at these breakthrough moments faster, it can also seem like the most challenging time. With limited capital resources, we have labored tirelessly to fully develop and prove out our innovations and the disruptive nature of our products.
We are poised for significant commercial success as resources and strategic relationships will continue to expand in our favor. The next step in our journey will depend on proper capital, having the right people, precise execution, and most importantly – patience.
Thank you for your continued support, and feel free to contact me at any time!
Dennis P. Calvert
President and CEO
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.