Business
Helius Medical Technologies, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
-- Full year 2022 revenue of $0.8 million, an increase of 51% over 2021 -- -- Year-end cash balance of $14.5 million -- -- Company to host call at 4:30pm
About this update from Solana Company
[{"type":"text","content":"-- Full year 2022 revenue of $0.8 million, an increase of 51% over 2021 -- -- Year-end cash balance of $14.5 million -- -- Company to host call at 4:30pm today -- NEWTOWN, Pa., March 09, 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 and full year ended December 31, 2022. Fourth Quarter and Recent Business Updates Q4 2022 revenue increased 9% to $282 thousand compared to Q4 2021, and increased 44% compared to Q3 2022Full year 2022 revenue increased 51% to $787 thousand compared to 2021Introduced UpScript Telehealth e-commerce site, allowing Americans with balance and gait deficits to access online health evaluations, fulfill Portable Neuromodulation Stimulator (PoNS®) Therapy prescriptions through a network of licensed providers, and order home delivery of PoNS devicesShipped first e-commerce orders in January 2023Extended Patient Therapy Access Program (PTAP) through June 30, 2023, giving more qualifying patients access to PoNS Therapy at a significantly reduced priceAdded three Centers of Excellence in Company’s Therapeutic Experience Program (PoNSTEP), a multi-center, company-sponsored, open label observational interventional trial to evaluate the impact of subjects’ adherence to PoNS TherapyAuthorization from Health Canada to market PoNS for the treatment of gait deficit due to mild and moderate symptoms from stroke “We finished our launch year strong, with 44% sequential quarterly revenue growth and the introduction of several programs to increase access to PoNS Therapy for patients suffering from balance and gait impairment. Earlier in the year, we implemented an online training module to standardize the training process and enable faster onboarding of physical therapists. More recently, we launched the ponstherapy.com e-commerce site and also expanded our PTAP program, which provides qualifying MS patients access to PoNS Therapy at a nearly 85% discount to list price. These efforts are already beginning to pay off, and it’s gratifying to see patients who are suffering from MS more quickly receive the relief that they need,” said Dane Andreeff, President and Chief Executive Officer of Helius. “We are also thrilled...