Ra Medical Systems Reports 2021 Fourth Quarter and Full Year Financial Results
Conference call begins at
Recent Operational Highlights
- Filed 510(k) application with the FDA for our next-generation DABRA catheter that incorporates a braided overjacket designed to improve robustness and includes data supporting a six-month shelf life
-
Enrolled 13 subjects in the company’s atherectomy pivotal clinical study since
mid-November 2021 , for a total of 98 subjects enrolled, and received approval from the FDA to increase study enrollment from 100 to 125 subjects - Preliminarily demonstrated the ability of our technology to generate shockwaves that can fracture arterial medial calcium, a procedure commonly referred to as intravascular lithotripsy, in benchtop models
“I am pleased with the progress we are making on all key initiatives,” said
“Finally, I want to commend the
Fourth Quarter Financial Highlights
Net revenue for the fourth quarter of 2021 consisted of product sales of
Total cost of revenue for the fourth quarter of 2021 was
Selling, general and administrative expenses for the fourth quarter of 2021 were
The net operating loss for the fourth quarter of 2021 was
Adjusted EBITDA for the fourth quarter of 2021 was negative
2021 Financial Highlights
Continuing Operations
Net revenue for 2021 consisted of product sales of
Total cost of revenue for 2021 was
Selling, general and administrative expenses for 2021 were
Net operating loss for 2021 was
Adjusted EBITDA for 2021 was negative
2021 Financial Highlights
Discontinued Operations
Net revenue for 2021 was
Total cost of revenue for 2021 was
Selling, general and administrative expenses for 2021 were
The loss from discontinued operations for 2021 was
The gain on sale of the dermatology business for 2021 was
The income/loss from discontinued operations, including the gain on sale of the dermatology business, for 2021 was income of
Conference Call and Webcast
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Non-GAAP Financial Measures
Investors are encouraged to review the related
About
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Ra Medical’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Ra Medical’s future expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding Ra Medical’s business strategy, the potential of the DABRA system for new applications of use, the market opportunity and growth of current and potential markets and its ability to continue to manage expenses and cash burn rate at sustainable levels. Ra Medical’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied by such forward-looking statements. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, challenges inherent in developing, manufacturing, launching, marketing, and selling new products or new applications of use; risks associated with acceptance of DABRA devices for current and potential applications of use and procedures performed using such devices by physicians, payors, and other third parties; development and acceptance of new products, product enhancements or applications of use; clinical and statistical verification of the benefits achieved via the use of Ra Medical’s products; the results from our clinical trials, which may not support intended indications or may require
Condensed Balance Sheets (Unaudited) (in thousands) |
||||||
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|
|
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ASSETS |
|
|
|
|
||
Current Assets |
|
|
|
|
||
Cash and cash equivalents |
$ |
15,045 |
$ |
23,906 |
||
Accounts receivable, net |
|
21 |
|
24 |
||
Inventories |
|
986 |
|
877 |
||
Prepaid expenses and other current assets |
|
1,037 |
|
1,100 |
||
Current assets of discontinued operations |
|
— |
|
1,713 |
||
Total current assets |
|
17,089 |
|
27,620 |
||
Property and equipment, net |
|
1,809 |
|
2,527 |
||
Operating lease right-of-use-assets |
|
2,110 |
|
2,484 |
||
Other long-term assets |
|
36 |
|
45 |
||
Long-term assets of discontinued operations |
|
— |
|
762 |
||
TOTAL ASSETS |
$ |
21,044 |
$ |
33,438 |
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||
Current Liabilities |
|
|
|
|
||
Accounts payable |
$ |
988 |
$ |
471 |
||
Accrued expenses |
|
4,119 |
|
4,147 |
||
Current portion of operating lease liabilities |
|
283 |
|
356 |
||
Current portion of PPP promissory note |
|
— |
|
421 |
||
Current portion of equipment financing |
|
— |
|
265 |
||
Current liabilities of discontinued operations |
|
— |
|
2,102 |
||
Total current liabilities |
|
5,390 |
|
7,762 |
||
Operating lease liabilities |
|
1,981 |
|
2,264 |
||
PPP promissory note |
|
— |
|
1,579 |
||
Long-term liabilities of discontinued operations |
|
— |
|
686 |
||
Total liabilities |
|
7,371 |
|
12,291 |
||
Total stockholders’ equity |
|
13,673 |
|
21,147 |
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
21,044 |
$ |
33,438 |
Condensed Statements of Operations (Unaudited) (in thousands, except per share data) |
||||||||||||||||
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|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
|
$ |
5 |
|
|
$ |
— |
|
|
$ |
22 |
|
|
$ |
254 |
|
Service and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Total net revenues |
|
|
5 |
|
|
|
— |
|
|
|
22 |
|
|
|
259 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
|
|
156 |
|
|
|
238 |
|
|
|
832 |
|
|
|
1,369 |
|
Service and other |
|
|
191 |
|
|
|
188 |
|
|
|
728 |
|
|
|
803 |
|
Total cost of revenues |
|
|
347 |
|
|
|
426 |
|
|
|
1,560 |
|
|
|
2,172 |
|
Gross loss |
|
|
(342 |
) |
|
|
(426 |
) |
|
|
(1,538 |
) |
|
|
(1,913 |
) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
4,190 |
|
|
|
6,379 |
|
|
|
15,475 |
|
|
|
24,533 |
|
Research and development |
|
|
3,732 |
|
|
|
3,421 |
|
|
|
12,253 |
|
|
|
8,955 |
|
Total operating expenses |
|
|
7,922 |
|
|
|
9,800 |
|
|
|
27,728 |
|
|
|
33,488 |
|
Operating loss |
|
|
(8,264 |
) |
|
|
(10,226 |
) |
|
|
(29,266 |
) |
|
|
(35,401 |
) |
Other income (expense), net |
|
|
(19 |
) |
|
|
(9 |
) |
|
|
2,009 |
|
|
|
88 |
|
Loss from continuing operations before income taxes |
|
|
(8,283 |
) |
|
|
(10,235 |
) |
|
|
(27,257 |
) |
|
|
(35,313 |
) |
Income taxes |
|
|
4 |
|
|
|
7 |
|
|
|
4 |
|
|
|
7 |
|
Loss from continuing operations |
|
|
(8,287 |
) |
|
|
(10,242 |
) |
|
|
(27,261 |
) |
|
|
(35,320 |
) |
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) income from discontinued operations (including gain on sale of |
|
|
— |
|
|
|
(226 |
) |
|
|
2,191 |
|
|
|
(725 |
) |
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Loss) Income from discontinued operations |
|
|
— |
|
|
|
(226 |
) |
|
|
2,191 |
|
|
|
(725 |
) |
Net loss |
|
$ |
(8,287 |
) |
|
$ |
(10,468 |
) |
|
$ |
(25,070 |
) |
|
$ |
(36,045 |
) |
Net (loss) income per share, basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Continuing operations |
|
$ |
(1.23 |
) |
|
$ |
(3.54 |
) |
|
$ |
(5.39 |
) |
|
$ |
(20.79 |
) |
Discontinued operations |
|
|
— |
|
|
|
(0.08 |
) |
|
|
0.43 |
|
|
|
(0.43 |
) |
Total net loss per share, basic and diluted |
|
$ |
(1.23 |
) |
|
$ |
(3.62 |
) |
|
$ |
(4.96 |
) |
|
$ |
(21.22 |
) |
Basic and diluted weighted average common shares outstanding |
|
|
6,742 |
|
|
|
2,895 |
|
|
|
5,055 |
|
|
|
1,699 |
|
Non-GAAP Reconciliations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Statement of Operations Data: | ||||||||||||||||
Loss from continuing operations | $ |
(8,287 |
) |
|
$ |
(10,242 |
) |
|
$ |
(27,261 |
) |
|
$ |
(35,320 |
) |
|
Depreciation and amortization |
|
315 |
|
|
|
417 |
|
|
|
1,289 |
|
|
|
1,947 |
|
|
Interest income |
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(129 |
) |
|
Interest expense |
|
— |
|
|
|
10 |
|
|
|
12 |
|
|
|
41 |
|
|
Income tax expense |
|
4 |
|
|
|
7 |
|
|
|
4 |
|
|
|
7 |
|
|
EBITDA |
|
(7,969 |
) |
|
|
(9,809 |
) |
|
|
(25,959 |
) |
|
|
(33,454 |
) |
|
Stock-based compensation |
|
252 |
|
|
|
941 |
|
|
|
2,054 |
|
|
|
3,682 |
|
|
Gain on extinguishment of PPP promissory note |
|
— |
|
|
|
— |
|
|
|
(2,023 |
) |
|
|
— |
|
|
(Gain) Loss on sales and disposals of property and equipment |
|
(61 |
) |
|
|
99 |
|
|
|
(550 |
) |
|
|
99 |
|
|
Adjusted EBITDA | $ |
(7,778 |
) |
|
$ |
(8,769 |
) |
|
$ |
(26,478 |
) |
|
$ |
(29,673 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220323005873/en/
At the Company:
Chief Financial Officer,
760-496-9540
ajackson@ramed.com
Investors:
LHA Investor Relations
310-691-7100
jcain@lhai.com
Source: