Motus Gi Hldgs Inc Stock Price, News & Analysis

Motus GI Holdings, Inc. (NASDAQ: MOTS) announced key executive changes, with Tim Moran transitioning from CEO to Chairman and Mark Pomeranz appointed as the new CEO. The company has implemented a restructuring plan that aims to reduce operating expenses by approximately 25%, thereby extending its cash runway to support FDA submissions for its Pure-Vu Upper GI and fourth-generation Lower GI products before the end of 2023.

These changes follow a commitment to maintain vital R&D efforts while navigating challenging financial conditions. The company also anticipates incurring non-recurring charges of less than $400,000 in Q2 2023 associated with these cost-cutting measures. Pomeranz, who has extensive experience in the medical device industry, emphasized a focus on the upcoming regulatory milestones which could significantly enhance the company's growth and partnerships.

Motus GI Holdings, Inc. (NASDAQ: MOTS) reported its Q4 and 2022 financial results, highlighting a revenue increase to $109,000 in Q4 2022, up from $99,000 in Q4 2021. Full-year revenues reached $592,000, a rise from $391,000 in 2021. The net loss for Q4 2022 was $3.7 million ($0.79 per share), an improvement from a $4.8 million loss a year prior. For the full year, net loss was $18.6 million ($5.74 per share) compared to $25.2 million in 2021. The company continues to develop its Pure-Vu EVS Gastro device, expecting FDA submission by year-end 2023. A strategic restructuring is in progress, aiming for a 35% reduction in quarterly operating costs and exploring financing alternatives to maximize shareholder value.

Motus GI Holdings (NASDAQ: MOTS) announced a strategic restructuring program aimed at preserving capital and reducing operating costs by approximately 35%. To facilitate this, the company plans to lay off about 45% of its workforce, expecting a non-recurring charge of $1.0 to $2.0 million in Q1 2023. Additionally, Motus GI has engaged Lake Street Capital Markets as an advisor to explore strategic alternatives, including potential mergers or acquisitions. The company will continue supporting existing Pure-Vu EVS customers and advancing the Pure-Vu EVS Gastro development for regulatory approval in late 2023.

Motus GI Holdings (NASDAQ: MOTS) has reported promising results from pre-clinical tests on its Pure-Vu EVS system designed for upper GI bleeding procedures. The tests demonstrated enhanced functionality in removing blood and clots, improving visualization for physicians. The company plans additional tests in 1H 2023, aiming to submit a 510(K) application to the FDA in 2H 2023. Motus GI is also exploring strategic partnerships for distribution and licensing, capitalizing on the significant upper GI bleed market, which saw approximately 400,000 cases annually in the U.S.

Motus GI Holdings reported record third-quarter revenue of $278,000, a 50% increase from Q2 2022, following the approval of Pure-Vu EVS at 25 hospitals. The company has been designated as a Sole Source Supplier by the Department of Veteran’s Affairs, bolstering contracts for Pure-Vu systems. Despite this success, a net loss of $5 million was reported, slightly up from $4.8 million in the previous year. The company aims to enhance utilization in existing hospitals while preparing to launch an upper GI device in 2023. Cash reserves stand at $13.3 million, projected to cover expenses until Q2 2023.