Ra Medical Systems, Inc. (RMED), a commercial-stage medical device company, has increased 11.30% in aftermarket trading session. Consequently, RMED stock was trading at $3.25 when last checked. The reason for the surge seems to be the company’s presentation at the virtual H.C. Wainwright 23rd Annual Global Investment Conference being held September 13-15, 2021. On Friday, RMED stock closed the day at $2.92 after declining 3.63% in the regular trading session.
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Q2 2021 financial result
On 16th August, RMED reported financial results for the second quarter of the fiscal year 2021, which ended 30th June 2021. The company had cash and cash equivalents of $20.22 million on 30th June. The total assets in possession of the company were $29.15 million, while total liabilities were $7.89 million. The total net revenue for three month period was $1 million against $0.9 million for the same period of 2020. The total cost of revenue for three month period was $1.48 million against $1.16 million for the same period of 2020. The gross loss for the quarter was $0.48 million against $0.26 million for the same three month period of 2020. The operating loss for the quarter was $7.24 million against $10.11 million for the same quarter of 2020. The net loss for three month period was $5.24 million against $10.12 million for the same period of 2020. The net loss per basic and diluted share for the period was $1.28 against $10.71 for the same period of 2020. Commenting on the results, Will McGuire, Ra Medical CEO, said that the company has improved its financial position as a result of net proceeds from numerous of the transactions.
Sale of RMED Pharos business
On the same day, i.e. 16th August, RMED announced the sale of its Pharos dermatology business to STRATA Skin Sciences for $3.7 million in cash. Pharos Excimer Laser was cleared by FDA for treatment of psoriasis, vitiligo, atopic dermatitis and leukoderma. Will McGuire said that the transaction is in the best interest of the company and its shareholders. Besides, he said that the company intends to maximize its value with a strategy that would continue to focus on the large and growing PAD market.
What’s ahead for RMED stock?
Recent past statistics have not been very excellent for RMED stock. The stock has declined 27% during last one quarter. The prominent reasons for the decline are financial results for the second quarter of 2021 and investigations against the company for a potential breach of Fiduciary duty. But analysts believe that the recent patent approval and sale of Pharos business could serve the cause of RMED stock shortly.