Business
Helius Medical Technologies, Inc. Reports Second Quarter 2023 Financial Results
-- Total Q2 revenue up 115% over prior year; 131% over Q1 2023 -- -- Company to host call at 4:30pm today -- NEWTOWN, Pa., Aug. 10, 2023 (GLOBE NEWSWIRE) --
About this update from Solana Company
[{"type":"text","content":"-- Total Q2 revenue up 115% over prior year; 131% over Q1 2023 -- -- Company to host call at 4:30pm today -- NEWTOWN, Pa., Aug. 10, 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 June 30, 2023. Second Quarter and Recent Business Updates Q2 2023 revenue of $256 thousand, compared to $119 thousand in Q2 2022, an increase of 115%; up $145 thousand compared to Q1 2023, or 131%. Operating cash burn of $2.7 million in Q2 2023 decreased by $0.9 million compared to Q2 2022. Expanded stroke trial at the Medical University of South Carolina (MUSC) from 12 to 60 patients. The trial is designed to evaluate the effects of cranial-nerve non-invasive neuromodulation (CN-NINM), delivered using PoNS Therapy™, on gait and dynamic balance in chronic stroke survivors and is an important step toward pursuing United States Food and Drug Administration (FDA) authorization for stroke in the U.S. Added Montefiore Medical Center to the PoNS® Therapeutic Experience Program (PoNSTEP), a multi-center, company-sponsored, open label observational interventional trial to evaluate the impact of adherence to PoNS Therapy in patients with multiple sclerosis (MS). PoNS device awarded Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS) accreditation by The Compliance Team (TCT), which is authorized by the Centers for Medicare & Medicaid Services (CMS) to accredit all DMEPOS products and services – an important milestone towards reimbursement by CMS. Patient Therapy Access Program (PTAP) concluded on June 30, 2023. PTAP enabled qualified Americans with MS to have early access to PoNS Therapy™ at a significantly reduced price, while the Company initiated efforts to pursue reimbursement by third party payers and CMS. Established an at-the-market (ATM) offering program, under which the Company may offer and sell shares having an aggregate offering price of up to $2.0 million, providing Helius the ability to access additional cash opportunistically, and on an as-needed basis. “We saw a significant increase in sales during the second quarter of 2023, with revenue up 115% over the second quarter of 2022, and up 131% compared to the first...