Ra Medical Systems, Inc. (RMED) inclines to 11.3% in the aftermarket. However, the last trading session concluded at $2.92 with decrease of 3.63%.
RMED reported Second Quarter 2021 Financial results
RMED announced second quarter 2021 financial results on 16th August 2021. Product sales were $0.3 million and service and other revenue came up to be $0.7 million. In the second quarter of 2020, net revenue was $0.9 million, while the net revenue from the vascular section was zero. The dermatological segment’s net revenue in the second quarter of 2021 was $1.0 million.
Total revenue cost was $1.5 million in the second quarter of 2021, compared to $1.2 million in the second quarter of 2020. The selling, general, and administrative expenditures were $3.7 million, which included $0.8 million in stock-based compensation. Lastly, on 4.1 million weighted-average shares issued, the net loss for the second quarter of 2021 was $5.2 million.
Sale of Pharos Dermatology Business
On 16th August 2021, RMED reported that STRATA Skin Sciences has acquired the Pharos dermatology company for $3.7 million in cash. Psoriasis, vitiligo, atopic dermatitis, and leukoderma are all treated with the Pharos excimer laser, which is FDA-approved. The company thinks that this deal is in RMED’s best interests since they plan to maximize value with a strategy. This strategy will continue to focus on the big and expanding PAD market.
RMED’s strategy is to devote all of its efforts to achieving value-creating milestones for its next-generation DABRA catheter devices, as well as completing the clinical trial to secure an FDA atherectomy indication. Hence, the deal provides RMED with immediate liquidity to support these efforts while also reducing their future cash burn.
Guidewire-Compatible Catheter Design and Update on Atherectomy Trial Enrollment
On 29th June 2021, RMED reported progress in finalizing the next-generation guidewire-compatible DABRA catheter design. DABRA is the company’s minimally invasive excimer laser technology for treating arterial blockages. The firm also reports that enrolment in its key atherectomy clinical study using the DABRA excimer laser system has reached 62 participants. Almost 100 people took part in this study. Finally, RMED has managed to make substantial progress to bring a guidewire-compatible platform of their next-generation catheter to market.