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Helius Medical Technologies, Inc. Reports First Quarter of Full Year 2020 Financial Results; Updates Full Year 2020 Outlook
NEWTOWN, Pa., May 07, 2020 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM) (“Helius” or the “Company”), a neurotech company
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[{"type":"text","content":"NEWTOWN, Pa., May 07, 2020 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today reported financial results for the quarter ended March 31, 2020.\n First Quarter 2020 Financial Summary Revenue of $0.2 million, compared to revenue of $0.7 million in first quarter of 2019. Total revenue comprised of: Product sales of $191 thousand, compared to product sales of $677 thousand in first quarter of 2019.Fee and license revenue of $16 thousand, compared to no fee and license revenue in first quarter of 2019. Operating loss of $4.0 million, compared to operating loss of $6.8 million in first quarter of 2019.Net loss of $4.8 million, compared to net income of $1.3 million in first quarter of 2019.As of March 31, 2020, the Company had cash of $4.4 million, compared to $5.5 million at December 31, 2019. The Company had no debt outstanding at March 31, 2020.Net cash provided by financing activities during the three months ended March 31, 2020 was $2.7 million, which consisted of proceeds from the issuance of common stock in connection with the Company’s At The Market Offering Agreement (“ATM”) during the first quarter of 2020, and proceeds from the issuance of common stock and unregistered warrants in connection with Helius’ registered direct offering and concurrent private placement on March 20, 2020. First Quarter and Recent Business Updates On January 10, 2020, the Company announced that it received the Pioneer Technology Development Award for its development of the PoNS™ device.On January 16, 2020, the Company announced that its fully owned subsidiary, Helius Medical Inc, entered into an agreement with the University Health Network to perform a clinical experience program to enable it, and three independent neurorehabilitation clinics in Canada, to evaluate Helius’ PoNS device, in conjunction with physical therapy, on patients with chronic balance deficit due to mmTBI in Canada.On February 7, 2020, the Company announced the authorization of Clinic Medical Centre in Nanaimo, British Columbia, the eighth clinic to be authorized as a PoNS Treatment center in Canada.On February 24, 2020, the Company announced that Helius CEO, Philippe Deschamps, had been invited to brief the U.S. Congress on the latest technologies, innovations an...