Helius Medical Technologies Inc, a neurotech company focused on neurological wellness, reported financial results for the quarter ended March 31, 2022.

First Quarter and Recent Business Updates

  • U.S. commercial launch of PoNS for multiple sclerosis (“MS”) commenced with 23 prescriptions written and 2 filled.
  • Finalizing activities for participation of several clinical trial sites for the Company-sponsored Therapeutic Experience Program (“TEP”), an open label observational interventional trial designed to evaluate the impact of subjects’ adherence on PoNS Therapy outcomes in patients with MS.
  • Increased to 41 clinic locations in Canada.
  • Q1 2022 revenue increased by 126% to $190 thousand compared to $84 thousand in Q1 2021.
  • Projected cash flow positive operations by Q4 2023

“The U.S. commercial launch of PoNS for multiple sclerosis is officially under way. PoNS is an important therapy, and we are energized by the strong reception in the marketplace, with 23 prescriptions written as of today and therapy actively being scheduled. Regarding our TEP program, we plan to soon provide PoNS devices to NYU-Langone Health and we are completing setup activities to enroll several highly regarded centers of excellence, which we expect to announce soon. In Canada, our authorized sites grew to 41 clinic locations under our commercial expansion plan. It’s a busy and exciting time at Helius, and we are confident there is much more to come,” said Dane Andreeff, President and Chief Executive Officer of Helius.

First Quarter 2022 Financial Results

Total revenue for the first quarter of 2022 was $190 thousand, an increase of 126% compared to $84 thousand in the first quarter of 2021 and was comprised primarily of product sales in both periods.

Gross profit for the first quarter of 2022 was $66 thousand, compared to gross profit of $69 thousand in the first quarter of 2021, reflecting increased fixed costs in the current year period in preparation for our anticipated revenue growth.

Operating expenses for the first quarter of 2022 increased to $4.6 million, compared to $3.6 million in the first quarter of 2021. The planned increase was primarily due to increased compensation expenses related to personnel additions in late 2021 and the first quarter 2022 to support the U.S. commercial launch.

Operating loss for the first quarter of 2022 increased $1.1 million to a loss of $4.6 million, compared to an operating loss of $3.5 million in the first quarter of 2021.

Net loss was $4.3 million for the first quarter of 2022, compared to a net loss of $3.4 million in the corresponding prior year period. The basic and diluted net loss per share for the first quarter was $1.15 per share, compared to a net loss of $1.65 per share for the first quarter of 2021.

[Source(s): Helius Medical Technologies Inc, GlobeNewswire]