Home Equities Score RA Medical Systems Inc (RMED) stock surged after the recent announcement in...

RA Medical Systems Inc (RMED) stock surged after the recent announcement in the after-hours on Tuesday.

RA Medical Systems Inc (RMED) stock started the Tuesday, May 11, 2021 session by going down 8.29% and closed at $3.32 per share. Later, in the after-markets, RMED stock jumped 14.46% and closed at $3.80 per share.

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RMED shares have plunged 87.11% over the last 12 months, and they have moved down 10.75% in the past week. Over the past three months, the stock has lost 59.81%, while over the past six months, it has shed 27.31%.

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Let’s see if there any latest developments which flipped RMED on Tuesday

Recent financial results announcement

On May 11, 2021, RA Medical Systems Inc (RMED)released financial results for the three months ended March 31, 2021.

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Q1 2021 financial highlights

  • RA Medical Systems earned net revenue of $1.1 million in Q1 2021 compared to net revenue of $1.4 million for the first quarter of 2020.
  • In Q1 2021, the total cost of revenue was $1.4 million, compared with $1.6 million for the first quarter of 2020.
  • Selling, general and administrative expenses were 4.1 million in Q1 2021 compared to $6.3 million for the first quarter of 2020.
  • Research and development expenses were $2.8 million in Q1 2021, compared with $1.3 million for the first quarter of 2020.
  • RA Medical Systems suffered a net loss of $7.2 million, or $2.48 per share in Q1 2021 compared to a net loss of $7.7 million, or $13.98 per share in Q1 2020.
  • Adjusted EBITDA for the first quarter of 2021 was -$6.1 million, compared with -$6.2 million for the first quarter of 2020.
  • On March 31, 2021, Ra Medical had cash and cash equivalents of $16.0 million.

Enrollment Update about the clinical trial of DABRA

On April 20, 2021, RA Medical Systems Inc reported an increase in enrollment in its pivotal clinical trial to assess the safety and effectiveness of the DABRA excimer laser system. As of April 19, 2021, a total of 42 patients have been enrolled.

The DABRA excimer laser system received U.S. FDA 510(k) clearance in May 2017 for crossing chronic total occlusions.

Q4 and FY-2020 financial results

The company filed its audited financial statements for the fiscal year ended December 31, 2020, on Form 10-K with the Securities and Exchange Commission on March 17, 2021.

Q4 2020 Financial highlights

  • Q4 2020 net revenue was $1.2 million, compared with net revenue of $1.4 million for the fourth quarter of 2019.
  • Selling, general and administrative expenses were $6.9 million in Q4 2020 compared with $8.6 million for the fourth quarter of 2019.
  • Research and development expenses for the fourth quarter of 2020 were $3.4 million compared with $0.8 million for the fourth quarter of 2019.
  • RA Medical Systems suffered a net loss of 4 million, or $3.61 per share in Q4 2020 compared to a net loss of $9.7 million, or $18.04 per share in Q4 2019.
  • Adjusted EBITDA was -$8.8 million for the reported quarter, compared with negative $8.0 million for the fourth quarter of 2019.
  • As of December 31, 2020, Ra Medical had cash and cash equivalents of $23.9 million.

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Conclusion

The company reported improved Q1 2021 financial results which were the reason behind its surge in the after-markets on Tuesday. RMED stock price can further go up in the coming days.

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