CHF Solutions Inc. (CHFS) Misses Q3 EPS by 82c, Revenues Beat
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CHF Solutions Inc. (NASDAQ: CHFS) reported Q3 EPS of ($2.08), $0.82 worse than the analyst estimate of ($1.26). Revenue for the quarter came in at $1.9 million versus the consensus estimate of $1.3 million.
Recent Highlights
- Revenue for the third quarter of 2020 was $1.9 million, an increase of 52% compared to the prior year period
- Increased Aquadex™ therapy utilization in existing pediatric hospital accounts; opened 6 new pediatric hospital accounts
- Partnered with Acute Kidney Injury Critical Care Research Foundation and Watermark Research Partners to initiate a pediatric registry to collect real-world evidence for the use of Aquadex SmartFlow™
- Announced the Aquadex product line was added to the Federal Supply Schedule, expanding access to all federal agencies and eliminating months of fulfillment process time
- Hosted two webinars during the quarter, led by:- Dr. David Askenazi, M.D. MSPH on treatment of fluid overload on pediatric patients and clinical benefits of Aquadex therapy- Dr. John Jefferies, M.D. on the use of precision medicine for the treatment of fluid overload in heart failure patients utilizing the Aquadex SmartFlow system
- A 355-patient retrospective study was presented at the Annual Scientific Meeting of Heart Failure Society of America, which showed substantial mean fluid removal with no negative changes in renal function and reduced rehospitalization rates in patients treated with Aquadex therapy
- On November 3, 2020, received notification from Nasdaq that the company had regained compliance with NASDAQ’s minimum bid price requirement, after effecting a 1-for-30 reverse stock split to remain in compliance
- Cash and cash equivalents totaled $17.9 million with no debt as of September 30, 2020
“CHF Solutions achieved very solid performance in the third quarter, most notably within pediatric accounts,” said John Erb, chairman and CEO of CHF Solutions. “The pediatric opportunity is growing, as more children’s hospitals acquire our Aquadex SmartFlow product and complete training. In the third quarter, we had twelve children’s hospitals purchase product, reinforcing our strategic focus in this area.”
For earnings history and earnings-related data on CHF Solutions Inc. (CHFS) click here.
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