Ra Medical Systems, Inc. (RMED) is down 5.69% in the after-market trading session at the price of $2.82 after the release of the second-quarter 2021 financial report.
RMED Reported Q2 2021 Financial Results
On 16th August 2021, RMED announced an earnings report for the three and six months ended 30th June 2021 and presented a business update. Net revenue for Q2 2021 was $1.0 million, which consisted of product sales of $0.3 million and other revenues of $0.7 million. Net revenues of $0.9 million were reported for the second quarter of 2020. It consisted of product sales of $0.2 million and other revenues of $0.7 million. The net loss for the second quarter of 2021 was $5.2 million or $1.28 per share on 4.1 million. Net loss of $10.1 million or $10.71 per share on 0.9 million, reported for the same quarter of 2020.
Net revenue of RMED for the first six months of 2021 was $2.1 million, which consisted of product sales of $0.7 million and other revenues of $1.4 million. Net revenues for the first six months of 2020 were $2.3 million, which consisted of product sales of $0.7 million and other revenues of $1.5 million. The net loss for the first six months of 2021 was $12.5 million or $3.56 per share on 3.5 million. Net loss of $17.8 million or $23.83 per share on 0.7 million, reported for the first six months of 2020.
CEO Will McGuire remarked that they had published the sale of their Pharos dermatology business following a thorough review and evaluation of strategic alternatives. They believe this decision will give the safest pathway to building shareholder value by enabling RMED to continue to focus its resources on the large and growing market to treat PAD. An estimated 19 million to 21 million people in the U.S. have PAD. The market segments would project to exceed $900 million in revenue this year, he added.
RMED Announced Sales of Pharos Dermatology
On 16th August 2021, RMED disclosed the sales of its Pharos dermatology business to STRATA Skin Sciences for $3.7 million. The Pharos excimer laser is FDA-verified to treat psoriasis, vitiligo, atopic dermatitis, and leukoderma.
CEO Will McGuire of RMED remarked that they believe this transaction is in the best interest of Ra Medical and their shareholders. They planned to focus all of their resources on the achievement of valuable milestones associated with their DABRA catheter products, he added. STRATA focused on the therapeutic dermatology market with a dedication to treat chronic skin conditions. They have valued their relationships with dermatology customers over the years. They are confident to maintain a high degree of customer service and support in the future, he concluded.
Updates About Catheter Design
On 29th July 2021, RMED reported progress about the finalization of its next-generation guidewire-compatible DABRA catheter design. DABRA is the company’s minimally invasive excimer laser system to treat vascular blockages emerging from lower extremity vascular disease, peripheral artery disease. The company has published the enrollment of its pivotal atherectomy clinical trial with the DABRA excimer laser system. It is now at 62 subjects, including 42 subjects registered since the beginning of 2021. This trial anticipated to enroll up to 100 subjects.
