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Ra Medical Systems (RMED) surges on quarterly results

Ra Medical Systems (RMED) surged on quarterly results, investors are now enjoying decent returns.

Recent Operational Highlights

  • Enrolled 20 subjects in the company’s atherectomy pivotal clinical study since mid-March for a total of 50 subjects enrolled to date
  • Completed in-house real time aging tests that support shelf life of at least six months for next-generation DABRA catheters
  • Continued dermatology segment revenue improvement as COVID-19 restrictions are lifted

Net revenue for the first quarter of 2021 was $1.1 million, which consisted of product sales of $0.4 million and service and other revenue of $0.7 million. This compares with net revenue of $1.4 million for the first quarter of 2020, 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 first quarter of 2021 was de minimis, compared with $0.1 million for the first quarter of 2020. Net revenue from the dermatology segment was $1.1 million for the first quarter of 2021 and $1.3 million for the first quarter of 2020.

Total cost of revenue for the first quarter of 2021 was $1.4 million, compared with $1.6 million for the first quarter of 2020.

Selling, general and administrative expenses for the first quarter of 2021 were $4.1 million, which included $1.0 million in stock-based compensation, compared with $6.3 million for the first quarter of 2020, which included $0.9 million in stock-based compensation. Research and development expenses for the first quarter of 2021 were $2.8 million, compared with $1.3 million for the first quarter of 2020. Research and development expenses for the first quarters of 2021 and 2020 each included $0.1 million in stock-based compensation.

The net loss for the first quarter of 2021 was $7.2 million, or $2.48 per share on 2.9 million weighted average shares outstanding, compared with a loss for the first quarter of 2020 of $7.7 million, or $13.98 per share on 0.6 million weighted average shares outstanding.