Viewbix, together with its subsidiaries, reached EBITDA of $658 thousand
Tel Aviv, Israel, May 16, 2023 (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 Viewbix Inc (henceforth “Viewbix”) (OTC: VBIX), 76% owned by Medigus’ subsidiary Gix Internet, (henceforth “Gix”) (42.25% owned by Medigus) (TASE: GIX), a global marketing technology (MarTech) solutions company for online performance-based-marketing, reported its interim consolidated financial results for the first quarter of 2023, highlighted by consistent growth in revenues, which reached $20.9 million.
Viewbix’s consolidated financial results demonstrate the continued growth of its digital content platform, operated by its subsidiary Cortex Media Group Ltd. (“Cortex”), with strong improvement in its EBITDA, reaching $658 thousand.
The consolidated results refer to Viewbix’s interim consolidated financial statements (together with its subsidiaries Gix Media Ltd. (“Gix Media”) and Cortex) for the three months ending March 31, 2023, in comparison to the same period of 2022.
Key highlights for the first quarter ended March 31, 2023, include:
· Revenues for the first quarter of 2023 reached $20.9 million compared to $20.4 million for the same period last year. Out of this amount, the revenues from our digital content platform accounted for $15,752 thousand for the first quarter of 2023.
· Operating Loss for the first quarter of 2023 was $76 thousand compared to an operating income of $219 thousand for the corresponding period in 2022. The reason for the decrease in the operating income is mainly due to the increase in general and administrative expenses, following the reorganization transaction with Gix Media on September 19, 2022, in the amount of approximately $290 thousand in the first quarter of 2023 in comparison to the same period of 2022.
· EBITDA (Earnings Before Interest, Taxes, Depreciations, Amortizations) for the first quarter of 2023 amounted to $658 thousand, compared to $805 thousand for the corresponding period in 2022.
· Net cash from operating activities was positive for the first quarter of 2023 and amounted to $12 thousand as compared to negative net cash from operating activities in the amount of $1,950 thousand for the corresponding period in 2022.
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus’ affiliations in the medical solutions arena include ownership in Polyrizon Ltd. and ownership in industry 4.0 company, ScoutCam Inc. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs’ Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Fuel Doctor Holdings, Inc., Charging Robotics Ltd. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.
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Chief Financial Officer