The medical device company CHF Solutions, Inc. (Nasdaq: CHFS) started today’s trading on a positive note. As of 10:51 a.m. EST, the stock was buoying at $9.44 rising +24.21%. The surge came following news of stronger revenues generated by the company.
How did the company perform over the last quarter?
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CHF Solutions takes a scientific approach, collaborates with partners and invents with the aim of changing the lives of patients suffering from chronic fluid overload. Aquadex SmartFlow is the company’s primary product for producing, manufacturing, and marketing ultrafiltration therapy. Clinically proven, the Aquadex SmartFlow system is an effective way to remove excess fluid from patients suffering from hypervolemia (fluid overload). CHF Solutions is headquartered in Minneapolis, Minnesota. It works internationally, with subsidiaries in Australia and Ireland.
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The company today released its Q4 2020 results with strong revenue figures lesser-than-before losses. Financial highlights of the report are as follows:
- During the fourth quarter, revenue totaled $2.0 million, which represents a 49.5% increase from just $1.4 million during the same period in the previous year.
- In the fourth quarter, the Company achieved sequential revenue growth for the fifth consecutive quarter, with revenues increasing 7.4% sequentially over the third quarter.
- Increased usage by established pediatric customers, new pediatric accounts acquired, and performance in critical care accounts drove revenue growth in the quarter.
- It realized a gain of $1.2 million relating to the dissolution of a foreign company in Australia.
- Losses for the reported quarter were $3.1 million, versus a loss of $4 million during the same period of the prior year.
- Amounts available within the cash and cash equivalents were $14.4 million by December 31, 2020, with no outstanding debt.