SINTX Technologies reshapes board for medical market growth

SALT LAKE CITY - SINTX Technologies, Inc. (NASDAQ: SINT), a company specializing in advanced ceramics for medical device applications, announced today a significant reorganization of its Board of Directors to align with its strategic focus on the medical technology sector. The company, currently valued at $6.5 million, faces significant challenges with InvestingPro data showing rapid cash burn and a 43.7% decline in stock value over the past year. The restructuring includes the retirement of Dr. B. Sonny Bal as Chairman and the appointment of Eric Olson, the current President and CEO, as the new Chairman of the Board. This leadership change comes at a critical time, as the company maintains a moderate debt level with a current ratio of 2.41, indicating sufficient liquid assets to meet short-term obligations.

Dr. Bal, who has been a member of the Board since 2012 and served as Executive Chairman and President and CEO at various times, is credited with guiding SINTX through its developmental stages in orthopedic and spinal applications. Eric Olson, who has been integral to the company’s pivot into the medical device market, will now hold dual roles as Chairman and CEO.

Jay Moyes, with a history as CFO of Amedica and experience in strategic finance and corporate governance, has been appointed as the Lead Independent Director.

The company has also welcomed five new directors, each bringing decades of experience across various sectors of the medical device industry. Chris Lyons, with a background in musculoskeletal and spine markets, Robert Mitchell, known for his leadership in global medical device organizations, Mark Anderson, a veteran executive from Boston Scientific, and Gregg Honigblum, a long-time supporter and Chief Strategy Officer of SINTX, all join the Board, bringing a diverse set of skills to the table.

These appointments come at a time when SINTX is positioning itself for long-term growth in the medical device markets. The new Board members’ collective expertise in orthopedics, spine, interventional pain, cardiovascular, medical device business development, and global commercialization is expected to be instrumental in executing the company’s strategic vision. Despite recent revenue growth of 9.9%, InvestingPro analysis indicates analysts expect sales to decline in the current year, highlighting the importance of the board’s strategic oversight. For comprehensive analysis of SINTX’s financial health and growth prospects, investors can access additional insights and metrics through InvestingPro’s advanced analytics platform.

SINTX Technologies has been recognized as a leader in the development and manufacturing of silicon nitride for medical applications, with its products being used in human implants since 2008. The company has expanded its reach through strategic acquisitions and alliances, targeting new market opportunities.

This announcement is based on a press release statement and reflects the company’s confidence in its ability to create value for shareholders through its transformation and strategic initiatives in the medical technology landscape.

In other recent news, SINTX Technologies has completed a private placement of shares and warrants, raising approximately $5 million in gross proceeds. The company plans to use the funds for working capital purposes. Additionally, SINTX announced a leadership change with Eric Olson being appointed as the new Chairman of the Board, succeeding Dr. Sonny Bal, who will remain on the board. This leadership transition is part of SINTX’s strategy to focus on the commercialization of silicon nitride in medical and industrial applications. A peer-reviewed study was also published, highlighting the biomechanical benefits of silicon nitride in spinal surgeries, which could enhance patient outcomes and reduce surgical complications. The study found silicon nitride to be superior to traditional spinal implant materials like PEEK and titanium. SINTX is actively seeking strategic partnerships to integrate silicon nitride into commercial spinal implant systems. These developments reflect SINTX’s ongoing efforts to innovate and expand its market presence in the medical device sector.

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