Solana Company Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Company: Helius Medical Technologies
  • Reporting Period: Q1 Fiscal Year 2021
  • Date: May 2021 (based on Q1 discussion)
  • Key Milestone: U.S. FDA Marketing Authorization for PoNS device to treat gait deficit due to MS symptoms (received March 2021)
  • Primary Commercial Goal: Launch U.S. commercialization in Q1 2022

Financial Highlights (Q1 FY2021 vs Q1 FY2020)

  • Revenue: $84,000 (↓ from $207,000)
  • Gross Profit: $69,000 (↓ $37,000 or 35%)
  • Operating Expenses: $3.6 million (↓ $538,000 or 13%)
  • Operating Loss: $3.5 million (↓ from $4.0 million)
  • Net Loss: $3.4 million or -$1.65 per share (improved from $4.8 million or -$5.38 per share)
  • Cash Burn (Ops): ~$1.0M/month (↓ from ~$1.3M/month)
  • Cash Position (as of March 31, 2021): $11.4 million (↑ from $3.3 million at Dec 31, 2020)
  • Debt: None reported
  • Recent Capital Raise: $1.3M via warrant exercises and $9.6M net via public offering (Feb 2021)
  • Warrants Outstanding: approx. 594,000; total potential proceeds ~$9.7 million

Operational Highlights

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Operator: Please standby. Good evening ladies and gentlemen and welcome to the First Quarter Fiscal Year 2021 Earnings Conference Call for Helius Medical Technologies. At this time, all participants have been placed in a listen-only mode. Please note that this conference call is being recorded and that the recording will be available on the company's website for replay shortly. Before we begin, I would like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that are based on the current expectations of management. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including those identified in the risk factor section of our most recent annual report on form 10-K and quarterly report on form 10-Q. Dane Andreeff: Thank you operator. Welcome everyone to Helius Medical's first quarter 2021 earnings conference call. I'm joined on this evening by Joyce LaViscount, our Chief Financial Officer and Chief Operating Officer; and Mark Leno, Vice President and General Manager of our Canadian operations. Let me provide you with a quick agenda of what we are going to focus on today as part of our continued strategy to reposition Helius to create shareholder value. I'll begin my remarks with a brief discussion on our progress in the United States and initiatives we are focused on as we prepare for commercialization. Following this dis

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