Motus GI Holdings (MOTS) Reports In-Line Q4 EPS

Motus GI Holdings (NASDAQ: MOTS) reported Q4 EPS of ($0.21), in-line with the analyst estimate of ($0.21).

• Commercial launch on track, including the Pure-Vu® System placed in more than 15 major U.S. hospitals since Q4 2019
• More than 50 GI physicians trained on the new Pure-Vu® System technology since launch
• Key regulatory milestone achieved as GEN2 Pure-Vu® System awarded CE mark approval
• Announced cost reduction plan due to unprecedented market conditions related to Covid-19 pandemic

“I am pleased with our commercial progress since launching the Pure-Vu® System just last quarter. Our team is executing upon the key directives we set out at the start of this program in October. As a result, the Pure-Vu® System is now being utilized at several of the top ranked GI hospitals in the US, all of which were in our original targeting plan,” stated Tim Moran, Chief Executive Officer of Motus GI. “To date, we’ve received positive feedback from early-adopter hospitals and garnered increased industry attention for the Pure-Vu® System. Establishing an early foothold among key institutions and prominent physicians in the GI space is in line with our go-to-market strategy, which we expect, over time, will allow for broader utilization and adoption of the Pure-Vu® System.”

“Our team has already trained over 50 GIs at more than 15 major hospitals on the Pure-Vu® System, with the earliest hospitals ramping from two or three physicians to upwards of ten physicians over the past several months. We believe this is just one metric to convey the strong interest in the capabilities of our system and the growing positive word-of-mouth among physicians,” said Mr. Moran.

“Setting aside our solid early progress for a moment, we are taking decisive action based on the assumption that the current market environment and unprecedented circumstances taking place in hospitals across the US will impact our business plans. As a result, we are announcing a significant cost reduction program that will allow us to continue to execute on our commercial objectives while materially reducing our cash burn. We believe taking this proactive and immediate action will enable us to efficiently manage our cash burn while continuing to build the necessary foundation of accounts and validation of our technology in the market,” concluded Mr. Moran.

For earnings history and earnings-related data on Motus GI Holdings (MOTS) click here.

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