Scodix company
Scodix
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engaged in the research, development and production of digital systems for improving printing, published its financial reports for 2022 according to which its revenues amounted to $29.2 million compared to revenues of $22.4 million in 2021 – an increase of 30.5%.
The gross profit amounted to $10.5 million (about 36% of revenues) compared to a gross profit of $7.4 million (about 33% of revenues) in 2021. The operating loss was reduced to $2.1 million compared to an operating loss of $3.8 million in 2021 .
Scodix ended 2022 with a net loss of $3.4 million compared to a net loss of $4.2 million in 2021. Equity amounted to 11.1 million dollars. Total cash and cash value as of December 31, 2022 amounted to approximately $5.3 million. Scodix utilized $1.5 million out of an $8 million credit agreement. The company has a short-term credit line in the amount of 3.5 million dollars that has not yet been used, as well as loans to ZA in the amount of 3 million dollars that have not yet been drawn.
Scodix shares fell by 15% since the beginning of the year (and before the opening of trading this morning) to a price of NIS 2.8, which represents a market value of NIS 83.5 million.
Eli Greenberg, CEO of Scodix: “We are establishing growth based on profitability and are proud of the company’s results with crossing a milestone of NIS 100 million in revenue. The high growth in the last two years has resulted in the fact that in the second half of 2022 we are approaching another major milestone – beyond operating profit. Even in 2023 our direction is clear – the goal To continue strong growth while reaching increasing profitability with positive cash flow.” Greenberg also added that, “The market for packaging manufacturers is a traditional market that has grown at a constant rate, over the years, even under challenging macro conditions, when our market segment – digital printing, has grown at a rate more than double the growth of the market. With our focus on the market for packaging manufacturers, we succeed in establishing a business model attractive, which includes the marketing of smart printing improvement machines to existing and new customers, increasing the machine base around the world and repeat sales of ink and service. Our solutions are successful because digital printing has many advantages over analog printing, in part due to short preparation times, receiving immediate results, personalization and cost Cheaper when printing batches of medium and low volume.”
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