Business
Helius Medical Technologies, Inc. Reports Third Quarter 2022 Financial Results
-- Total Q3 revenue up 80% over prior year ---- Cash on hand expected to fund operations through 2023 ---- Company to host call at 8:30am today -- NEWTOWN,
About this update from Solana Company
[{"type":"text","content":"-- Total Q3 revenue up 80% over prior year ---- Cash on hand expected to fund operations through 2023 ---- Company to host call at 8:30am today -- NEWTOWN, Pa., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq:HSDT) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today reported financial results for the quarter ended September 30, 2022. Third Quarter and Recent Business Updates First full quarter of commercial availability of PoNS® in the U.S.Introduced online, on-demand training module to standardize and streamline the training of physical therapists who wish to use PoNS Therapy to treat patients suffering gait impairment due to multiple sclerosis (MS).Added MGH Institute of Health Professions (“Mass General”) and Oregon Health & Science University (“OHSU”) as Therapeutic Experience Program (TEP) centers of excellence joining Shepard Center in Atlanta and NYU Langone, who are already enrolling patients.Closed an $18 million public offering, raising net proceeds of approximately $16.3 million.Q3 2022 revenue increased by 80% to $196 thousand compared to $109 thousand in Q3 2021, and by 65% compared to Q2 2022.$16.7 million of cash on hand to fund operations through 2023. “It was the first full quarter of commercial sales and the market response to PoNS Therapy remains strong, as demonstrated by the quarter over quarter increase in US sales. The Patient Therapy Access Program we introduced in June has been well received, and a significant percentage of patients have used PTAP to access on-label PoNS Therapy at a reduced price. We also addressed another major impediment to access with our online training module which has allowed us to greatly accelerate the training of physical therapists. In the US, we have gone from less than half a dozen to close to 100 PTs trained over the past three months, with the large majority occurring since we kicked off the program. Because physical therapists can now receive PoNS Therapy training on-demand in three hours or less, instead of through an in-person, multi-day course, patients can have readily available access to PoNS trained therapists,” said Dane Andreeff, President and Chief Executive Officer of Helius. “We also made progress with TEP, an important program that will help us gather information about the effectiveness of PoNS T...