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Pulse Biosciences, Inc. (PLSE) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Pulse Biosciences, Inc.

CIK: 1625101 Ticker: PLSE

Pulse Biosciences Reports Fourth Quarter & Full Year 2021 Financial Results



HAYWARD, Calif. [Business Wire] – March 31, 2022

– Pulse Biosciences, Inc. (Nasdaq: PLSE), a novel bioelectric medicine company commercializing the CellFX® System powered by Nano-Pulse Stimulation™ (NPS™) technology, today announced financial results for the fourth quarter and full year of 2021.



Company Updates

·

Implemented changes to commercial leadership, salesforce and strategy, to focus on increasing commercial clinic utilization and over near-term reducing emphasis on new system sales.

·

Appointed two medical technology industry veterans to commercial leadership positions; Kevin Danahy to the newly created role of Chief Commercial Officer and Joe Talarico as Vice-President of North American Sales. 

·

Initiated operating expense reduction programs, including workforce reductions, expected to lower costs by approximately 20% from the current run rate, resulting in expected 2022 operating expenses in line with 2021.

·

Achieved fourth quarter 2021 revenue of $844 thousand and full year 2021 revenue of $1.4 million.

·

Completed the first three commercial sales of CellFX Systems, two in the fourth quarter of 2021 and one in the first quarter of 2022.

·

Transitioned 17 Controlled Launch Program participants to commercial use in the fourth quarter and expect an additional 10 participants to transition in the first quarter, resulting in 39 total commercial conversions at the end of the first quarter. 

·

20 clinics remain in the Controlled Launch program after a total of 11 clinics have opted out at the end of Q1.

·

FDA meeting expected in Q2 2022 to discuss Additional Information letter regarding the sebaceous hyperplasia 510(k).



“2021 included a number of milestones for Pulse Biosciences, including regulatory approvals in the U.S., Europe, Canada and Australia, onboarding 70 Controlled Launch Program participants, the transition of 29 clinics to commercial use, and sales of our first two commercial CellFX Systems,” said Darrin Uecker, President and CEO of Pulse Biosciences. “In 2022, our focus is on increasing utilization at commercial clinics to develop CellFX reference centers for the benign lesion market under new commercial leadership. At the same time, we will remain focused on expanding the CellFX System’s indications for use in dermatology and beyond.”



Fourth Quarter 2021 Results

Revenue for the three months ended December 31, 2021 was $844 thousand. System revenue for the three months ended December 31, 2021 was $699 thousand, with approximately $600 thousand recognized on a non-cash basis resulting from the Controlled Launch Participants opting to acquire CellFX Systems. Cycle units revenue for the three months ended December 31, 2021 was $145 thousand resulting from the purchase of cycle units to be used with commercial systems.



Total GAAP gross loss* for the three months ended December 31, 2021 was ($0.4) million. Excluding non-cash expenses for stock-based compensation and depreciation and amortization, non-GAAP gross loss for the three months ended December 31, 2021 was ($0.3) million. Following the transition to commercial operations in the third quarter of 2021, all uncapitalized manufacturing operations costs are now recorded in cost of revenue. Prior to commercialization, these costs were recorded in research and development expenses.



 


The following information was filed by Pulse Biosciences, Inc. (PLSE) on Thursday, March 31, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pulse Biosciences, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Condensed Consolidated Statements Of Stockholders' Equity
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical)
Balance Sheet Components
Balance Sheet Components (Narrative) (Details)
Balance Sheet Components (Schedule Of Accrued Expenses) (Details)
Balance Sheet Components (Schedule Of Amortization Of Intangible Assets) (Details)
Balance Sheet Components (Schedule Of Intangible Assets, Net) (Details)
Balance Sheet Components (Schedule Of Inventory) (Details)
Balance Sheet Components (Schedule Of Property And Equipment, Net) (Details)
Balance Sheet Components (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Maturity Lease Payments) (Details)
Commitments And Contingencies (Schedule Of Supplemental Lease Information) (Details)
Commitments And Contingencies (Tables)
Controlled Launch
Controlled Launch (Narrative) (Details)
Description Of The Business
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Fair Value Of Financial Assets Measured On A Recurring Basis) (Details)
Fair Value Of Financial Instruments (Narrative) (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill
Goodwill (Narrative) (Details)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Research Grants And Agreements
Research Grants And Agreements (Narrative) (Details)
Restructuring Charges
Restructuring Charges (Narrative) (Details)
Revenue
Revenue (Narrative) (Details)
Segment Reporting
Segment Reporting (Schedule Of Revenue By Product And Geographic Location) (Details)
Segment Reporting (Tables)
Stockholders' Equity And Stock-Based Compensation
Stockholders' Equity And Stock-Based Compensation (Narrative) (Details)
Stockholders' Equity And Stock-Based Compensation (Schedule Of Fair Value Of Employee Stock Options) (Details)
Stockholders' Equity And Stock-Based Compensation (Schedule Of Stock-Based Compensation Expense) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Performance Option Activity) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Stock Option Activity) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Stock-Based Compensation Expense By Type) (Details)
Stockholders' Equity And Stock-Based Compensation (Summary Of Time-Based Stock Option Activity) (Details)
Stockholders' Equity And Stock-Based Compensation (Tables)
Subsequent Events
Subsequent Events (Narrative) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Anti-Dilutive Shares Excluded From Computation Of Diluted Net Loss Per Share) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Schedule Of Warranty Accrual Activity) (Details)
Summary Of Significant Accounting Policies (Tables)

Material Contracts, Statements, Certifications & more

Pulse Biosciences, Inc. provided additional information to their SEC Filing as exhibits

Ticker: PLSE
CIK: 1625101
Form Type: 10-Q Quarterly Report
Accession Number: 0001625101-22-000033
Submitted to the SEC: Wed May 11 2022 4:32:43 PM EST
Accepted by the SEC: Wed May 11 2022
Period: Thursday, March 31, 2022
Industry: Surgical And Medical Instruments And Apparatus

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