Ra Medical Systems (RMED) Misses Q4 EPS by 111c

March 16, 2021 4:14 PM EDT

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Ra Medical Systems (NYSE: RMED) reported Q4 EPS of ($3.61), $1.11 worse than the analyst estimate of ($2.50). Revenue for the quarter came in at $1.2 million versus the consensus estimate of $1.26 million.

Fourth Quarter Financial Highlights

  • Net revenue for the fourth quarter of 2020 was $1.2 million, which consisted of product sales of $0.5 million and service and other revenue of $0.7 million. This compares with net revenue of $1.4 million for the fourth quarter of 2019, which consisted of product sales of $0.6 million and service and other revenue of $0.8 million.
  • Net revenue from the vascular segment for the fourth quarter of 2020 was de minimis, compared with $0.2 million for the fourth quarter of 2019. Net revenue from the dermatology segment was unchanged at $1.2 million for the fourth quarters of 2020 and 2019.
  • Total cost of revenue for the fourth quarter of 2020 was $1.3 million, compared with $1.8 million for the fourth quarter of 2019.
  • Selling, general and administrative expenses for the fourth quarter of 2020 were $6.9 million, which included $0.8 million in stock-based compensation, compared with $8.6 million for the fourth quarter of 2019, which included $1.1 million in stock-based compensation. Research and development expenses for the fourth quarter of 2020 were $3.4 million, compared with $0.8 million for the fourth quarter of 2019. The 2020 quarter included an increase of $2.3 million in personnel, supplies and consulting expenses related to efforts to remedy the inconsistencies in the company’s DABRA catheter performance and expand efforts on the next generation of products. Research and development expenses for the fourth quarters of 2020 and 2019 both included $0.1 million in stock-based compensation.
  • The net loss for the fourth quarter of 2020 was $10.4 million, or $3.61 per share on 2.9 million weighted average common shares outstanding. This compares with a net loss for the fourth quarter of 2019 of $9.7 million, or $18.04 per share on 0.5 million weighted average common shares outstanding. The outstanding share count reflects the 1-for-25 reverse split of common stock effected in November 2020.
  • Adjusted EBITDA for the fourth quarter of 2020 was negative $8.8 million, compared with negative $8.0 million for the fourth quarter of 2019. Adjusted EBITDA is a non-GAAP measure presented as net loss before depreciation and amortization expense, interest income, interest expense, income taxes and stock-based compensation. For additional information regarding the non-GAAP financial measures discussed in this news release, please see "Non-GAAP Reconciliations" below.
  • Ra Medical reported cash and cash equivalents of $23.9 million as of December 31, 2020.

“I’m encouraged by our progress in recent months, in particular the uptick in patient enrollment in our atherectomy pivotal trial and our progress on improvements and enhancements to the DABRA catheter,” said Will McGuire, Ra Medical Systems CEO. “We are executing well on our engineering, clinical and quality initiatives, and I am confident that we will continue delivering on our timelines and milestones.”

For earnings history and earnings-related data on Ra Medical Systems (RMED) click here.



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