Ra Medical Systems, Inc. (RMED) is a leading provider of medical devices and is engaged in the development, manufacturing, and commercialization of excimer lasers for curing vascular and dermatological inflammatory disorders. Its product candidate is DABRA, which is utilized for endovascular treatment of vascular diseases.
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RMED stock price during the regular trading session of March 23, 2022, gained momentum by 0.02% to be $0.51. Its price plunged deep as of the writing in the aftermarket session by 11.4%.
RMED: Key Financials
RMED issued its Q4 2021 unaudited financial results on March 23, 2022, for the three months ended December 31, 2021. Some of the noteworthy highlights are mentioned below.
The company posted net revenues of $5,000 in Q4 2021 versus the same period of 2020 when no revenue was recorded. The company’s net revenue increased 100% over the year.
Net loss (basic and diluted) in Q4 2021 was $8.28 million or $1.23 per share in comparison to the corresponding quarter of 2020 when it was $10.4 million or $3.62 per share. Its net income inclined over the year.
RMED: Events and Happenings
On February 28, 2022, RMED updated on filing 510(k) application with the FDA for its next-gen braided overjacket DABRA catheter and half-yearly shelf life as a device for reaching chronic total occlusions in symptomatic infrainguinal lower extremity vascular disease patients and with a planned use for deleting a pathway in occlusive peripheral vascular disease. The design of the overjacket improves the general catheter vigorousness for enhanced kink resistance and trackability to navigate the tortuous anatomy in a better way.
On February 18, 2022, RMED reported that the patient enrollment had reached 95 in the clinical trials to assess the safety and efficacy of the DABRA excimer laser platform as an atherectomy system for treating peripheral arterial disease. The company also announced the approval for an increase in patient enrollment from 100 to 125 by the FDA.
RMED stock performed poorly in the past six months as indicated by the decline in its stock price. Its stock dropped by up to 83% in the last half-year. The current aftermarket fall in the stock price is the impact of the fourth quarter financial statement issued recently as the company did not meet the experts’ estimations.