Shares of Ra Medical Systems Inc. (RMED) have been in a downtrend for the past few days. The downtrend further escalated in the after-hours as RMED stock went down to $1.27, suffering a loss of a further $0.11.
During regular trading, the stock lost a value of 2.48% at $1.38 on Friday. This downfall continued into the after-hours, making the stock lose a further 7.64%. No official news seems to be causing this downtrend in the stock.
The excimer lasers developer for the treatment of dermatologic and cardiovascular diseases. Ra Medical Systems Inc. was founded in 2002. Currently, the company has a market capitalization of $9.67 million with its 7.03 million shares outstanding.
RMED Stock Movements
In the past five days alone, the RMED stock has lost 8.94% and 16.67% last month. Currently, the stock stands at a year-to-date loss of 11.86%, while it lost 80.27% last year.
The stock seems to be in a downtrend for the past few days, while no official news is driving its downfall. Hence, it seems other external factors like stock sentiment, social websites, etc. are at play here.
On Friday, the stock fell down to its 52-week low of $1.35 in regular trading. Furthermore, its fall to $1.27 in the after-hours has thus given it a new 52-week low. Given the steep fall, one could expect the stock to recover soon as this situation presents a good buying opportunity. Only, the opening of the next market session will tell whether or not the stock will recover.
Recent Developments
In the month of September 2021, the company participated in the virtual H.C. Wainwright 23rd Annual Global Investment Conference. Further, the conference took place from September 13 to 15, 2021, in which RMED’s management presented.
RMED’s Financial Analysis
On November 15, the company declared its financial results for the third quarter of 2021. These results included:
Financials from Continuing Operations
For the Q3 of 2021, the net revenue comprised of product sales of $5000. Comparatively, the net revenue was $68,000 in Q3 of 2020, including product sales of $66,000.
Furthermore, the loss in the third quarter of 2021, was $7.4 million ($1.15/share on 6.4M outstanding shares), against $7.5 million ($3.15/share on 2.4M outstanding shares) in Q3 of 2020.
From Discontinued Operations
In Q3 of 2021, net product revenue was $0.5 million, against $0.8 million in the year-ago quarter.
Moreover, the loss from discontinued operations was $0.4 and $0.3 million in the third quarter of 2021 and 2020, respectively.
