Solana Company Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Helius Medical Technologies Q3 2022 Earnings Summary

  • Quarter Context: This was the first full quarter of commercial sales in the U.S. for the Portable Neuromodulation Stimulator (PoNS) device, which treats gait deficit in MS patients.
  • Revenue: Q3 2022 revenue was $196,000, an increase of 80% from $109,000 in Q3 2021. U.S. product sales of $139,000 more than doubled compared to Q2 2022.
  • Gross Profit: $95,000 in Q3 2022, up from $23,000 in Q3 2021 due to increased sales helping cover fixed overhead costs.
  • Operating Expenses: $4.9 million, up from $4.4 million in Q3 2021, primarily due to noncash stock-based compensation, including a one-time $1.2 million expense. There was a one-time $757,000 noncash goodwill impairment charge.
  • Net Loss: $1 million (or $0.12 per share), improved from $4.7 million (or $2.01 per share) in Q3 2021, largely due to a $5.5 million gain from revaluation of derivative instruments.
  • Cash Position: $16.7 million in cash as of September 30, 2022, with no debt. Company expects these reserves to fund operations through 2023.

Operational Highlights

  • Strong reception of PoNS in U.S. contributed to 65% quarter-over-quarter revenue growth.

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Operator: Good day, and thank you for standing by. Welcome to the Helius Medical Technologies Q3 2022 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Lisa Wilson, Investor Relations. Please go ahead. Lisa Wilson: Thank you, Latonia. Welcome to the third quarter 2022 earnings conference call for Helius Medical Technologies. This is Lisa Wilson of In-Site Communications, Investor Relations for Helius. With me on the call are Dane Andreeff, Helius Medical's President and Chief Executive Officer; and Jeff Mathiesen, Chief Financial Officer. At this time, all participants have been placed in a listen-only mode. Please note that this call is being recorded and access to the webcast can be obtained through the Investors section of the Helius website at heliusmedical.com. 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 current expectations of management. These forward-looking statements involve inherent risks and uncertainties and that could cause actual results to differ materially from those indicated, including those identified in the Risk Factors section of our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Such factors may be updated from time to time in our other filings with the SEC, which are available on our website. All statements made d

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