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Surgalign Holdings, Inc. (NASDAQ: SRGA) announced on April 10, 2023, that it received a notification from Nasdaq indicating it is no longer in compliance with the $10 million minimum stockholders’ equity requirement for continued listing. The notification does not immediately affect the trading of its common stock. The company has 45 days to submit a plan for compliance, which may include transferring its listing to the NASDAQ Capital Market. If accepted, Surgalign could be granted up to 180 days to demonstrate compliance. The company plans to submit this plan by May 25, 2023.
Surgalign focuses on digital health and innovative solutions for surgical care and operates in over 40 countries.
Surgalign Holdings, Inc. (NASDAQ: SRGA) reported Q4 and full-year 2022 results, highlighting a revenue decline to $20.6 million from $21.8 million year-over-year. GAAP gross margin was -13.6%, down from 56.5% in Q4 2021 due to inventory write-downs related to restructuring. Nonetheless, total operating expenses decreased significantly to $45.3 million from $105 million a year prior. The company successfully closed a $12 million offering and sold its Coflex product line for $17 million, boosting its cash position. Surgalign aims to achieve $30-$35 million in cash savings in 2023 and believes it can maintain liquidity through Q4 2023.
Surgalign Holdings, Inc. (NASDAQ: SRGA) announced plans to release its financial results for Q4 and full year 2022 after market close on March 30, 2023. A conference call will follow at 4:30 p.m. ET, accessible via phone or webcast. The company focuses on advancing digital health in the surgical landscape, with operations in the U.S. and approximately 50 countries. Surgalign aims to deliver superior clinical outcomes and has faced various forward-looking risks including financial stability, litigation, and integration challenges from recent acquisitions. Investor relations details are provided for further inquiries.