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Eargo, Inc. (Nasdaq: EAR) announced its fourth quarter 2022 results, achieving net revenues of $12.9 million, up from $10.1 million a year prior. Gross systems shipped increased to 8,863 from 7,767 in Q4 2021. Despite a GAAP operating loss of $23.9 million, this represents an improvement from a loss of $45.2 million in Q4 2021. As of December 31, 2022, Eargo had cash and cash equivalents of $101.2 million, with prior debt fully extinguished. Eargo launched the Eargo 7 in February 2023, advancing their omni-channel business model.
Eargo, Inc. (Nasdaq: EAR) will release its fourth quarter 2022 financial results on March 23, 2023, after market close. The company will hold a conference call and webcast at 1:30 p.m. PT (4:30 p.m. ET) to discuss these results and recent highlights. Interested parties can join the call via telephone or the company's website, with a replay available after the event. Eargo is focused on improving hearing health with innovative, affordable, FDA-regulated hearing aids that are virtually invisible and rechargeable, addressing challenges in hearing aid adoption.
Eargo, Inc. (Nasdaq: EAR) announced on February 6, 2023, that it has cured its minimum bid price deficiency, as confirmed by a letter from Nasdaq dated February 1, 2023. The company's compliance followed a 1-for-20 reverse stock split approved by shareholders on October 12, 2022, and implemented on January 17, 2023. Post-split, Eargo's stock closed above $1.00 for ten consecutive business days ending January 31, 2023. Eargo aims to enhance hearing health with its innovative hearing aids, which are FDA-regulated and offered at competitive prices, addressing challenges related to traditional hearing aid adoption.
Eargo, Inc. (Nasdaq: EAR) announced a 1-for-20 reverse stock split effective January 18, 2023. The amendment to the Certificate of Incorporation was filed with the Delaware Secretary of State, and shares will trade under a new CUSIP number: 270087208. This split reclassifies every 20 shares into one, affecting all stockholders equally, with no fractional shares issued. Instead, fractional shareholders will receive cash payments. The reverse stock split also led to adjustments in the exercise price and the number of shares for outstanding stock options and restricted stock units. The par value and the number of authorized shares remain at $0.0001 and 450 million, respectively.
