Business
Helius Medical Technologies, Inc. Reports First Quarter 2023 Financial Results
-- Company to host call at 4:30pm today -- NEWTOWN, Pa., May 11, 2023 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (“Helius” or the
About this update from Solana Company
[{"type":"text","content":"-- Company to host call at 4:30pm today -- NEWTOWN, Pa., May 11, 2023 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (“Helius” or the “Company”), a neurotech company focused on delivering a novel therapeutic neuromodulation approach for balance and gait deficits, today announced results for the quarter ended March 31, 2023. First Quarter and Recent Business Updates Q1 2023 revenue of $111 thousand, compared to $190 thousand in Q1 2022, the decrease due to revenue of $120 thousand recognized in the prior year quarter resulting from a one-time delivery of Portable Neuromodulation Stimulator (PoNS®) systems under our previous Canadian distribution agreement, partially offset by an increase in product sales in the U.S., which commenced in April 2022Operating cash burn of $3.2 million during the quarter, a decrease of $1.5 million compared to Q1 2022, reflecting ongoing efforts to extend cash runway into 2024Introduced UpScriptHealth telehealth e-commerce site, allowing Americans with balance and gait deficits to access online health evaluations, fulfill PoNS Therapy™ prescriptions through a network of licensed providers, and order home delivery of PoNS devicesReceived authorization from Health Canada to market PoNS for the treatment of gait deficit due to mild and moderate symptoms from strokeSigned exclusive distribution agreement with HealthTech Connex Inc. (“HTC”), granting HTC the exclusive right to purchase, market, sell, and distribute PoNS throughout the metropolitan Vancouver and Fraser Valley regions of British Columbia, Canada “One year ago, we launched PoNS Therapy in the United States, and our innovative product continues to resonate in the marketplace. Neurologists, physical therapists, and those suffering from MS are seeing how PoNS treatment can improve balance and gait and we’ve implemented several programs to eliminate barriers and delays to access, including our ponstherapy.com e-commerce site and an online training portal for therapists,” said Dane Andreeff, President and Chief Executive Officer of Helius. “Although our quarterly revenue came in below expectations due primarily to a combination of timing differences, the transition to e-commerce, and cannibalization of sales by our Therapeutic Experience Program (PoNSTEP) at certain sites, we remain positive about our momentum both in the U.S....