Business
Helius Medical Technologies, Inc. Reports First Quarter 2024 Financial Results
Company to host call at 4:30pm today NEWTOWN, Pa., May 13, 2024 (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\nNEWTOWN, Pa., May 13, 2024 (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, 2024. First Quarter and Recent Business Updates Received Healthcare Common Procedure Coding System (“HCPCS”) codes and preliminary determination for reimbursement for the Portable Neuromodulation Stimulator (“PoNS®”) mouthpiece and controller from the Centers for Medicare & Medicaid Services (“CMS”), paving the way toward final price determination on October 1, 2024.Added six more sites to the stroke registrational program in the U.S. and Canada; reached alignment with the U.S. Food and Drug Administration (“FDA”) on optimizing the stroke development plan.Announced partnership with Lovell® Government Services to make PoNS available to federal healthcare systems, including the U.S. Department of Veterans Affairs (“VA”) and Department of Defense (“DoD”).Q1 2024 revenue of $135 thousand, compared to $111 thousand in Q1 2023, reflecting increased product sales in both the U.S. and Canada.Closed on $6.4 million public offering, raising net proceeds of approximately $5.6 million. “We marched one step closer to an important milestone when CMS released its preliminary Medicare payment determinations for the PoNS Controller and Mouthpiece earlier this month. This was a significant achievement for Helius, and at the HCPCS public meeting later this month, we will present arguments to support higher reimbursement rates than those established in the preliminary determinations. Once the reimbursement amount is finalized, the payment rates are expected to be effective October 1,” stated Helius’ President and Chief Executive Officer, Dane Andreeff. “We believe the establishment of Medicare payment rates will make it easier to expand reimbursement across third-party payers, creating a pathway to positive cash flow as we continue pursuing stroke authorization in the U.S. We remain on track for an early 2025 regulatory submission for stroke, and we added several new sites to our registrational program during the quarter to advance this objective. It’s an exciting time at Helius with the achievement of two monumental g...