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Ra Medical Systems, Inc. (RMED) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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RMED Quarterly Reports

Ra Medical Systems, Inc.

CIK: 1716621 Ticker: RMED

 

Exhibit 99.1

 

 

Ra Medical Systems Reports First Quarter 2022 Financial Results

 

Conference call begins at 4:30 p.m. Eastern time today

 

CARLSBAD, Calif. (May 16, 2022)

Ra Medical Systems, Inc. (NYSE American: RMED) (“Ra Medical” or “the Company”), a medical device company focusing on developing its excimer laser system to treat vascular disease, reports financial results for the three months ended March 31, 2022 and provides a business update.

 

Recent Operational Highlights

 

Business and operational highlights from the first quarter of 2022 and recent weeks include the following:

 

 

Increased enrollment to 107 subjects and opened one new clinical site in the Company’s pivotal clinical trial to obtain an atherectomy indication from the U.S. Food and Drug Administration (FDA) for its DABRA excimer laser system

 

Completed an underwritten public offering of common stock and warrants for net proceeds of approximately $9.7 million

 

Filed a 510(k) application with the FDA for a next-generation DABRA catheter with a braided overjacket and a six-month shelf life, with an intended use for ablating a channel in occlusive peripheral vascular disease

 

Constructed two working catheter prototypes designed to conduct intravascular lithotripsy with the Company’s laser technology

 

Granted a U.S. patent for a support catheter used with a small flexible liquid core catheter for laser ablation of arterial plaque blockages, and a U.S. patent for a liquid-filled laser ablation catheter with an increased ablation surface area at the distal tip, bringing to 11 the number of U.S. patents issued to the Company

 

Engaged an investment bank as part of the Company’s review of strategic alternatives

 

I’m encouraged by recent progress in our pivotal atherectomy clinical trial with 107 of the planned 125 subjects now enrolled, including 9 since our last update in late March,” said Will McGuire, Ra Medical Systems CEO. “In addition, we continue to work with the FDA to support their review of the 510(k) application we submitted in February for our next-generation DABRA 2.0 catheter. Finally, given the current economic environment, management and our board of directors are conducting a review of strategic alternatives, and we have engaged an investment bank as a part of this process with the goal of maximizing shareholder value. I look forward to providing further details about this process when appropriate.”

 

First Quarter Financial Highlights

 

Revenues for the first quarter of 2022 consisted of product sales of $9,000, compared with product sales of $4,000 for the first quarter of 2021.  

 

Total cost of revenues for the first quarter of 2022 was $0.1 million, compared with $0.4 million for the first quarter of 2021.

 

Selling, general and administrative expenses for the first quarter of 2022 were $2.3 million, which included $0.1 million in stock-based compensation, compared with $3.7 million for the first quarter of 2021, which included $0.9 million in stock-based compensation. Research and development expenses for the first quarter of 2022 were $3.1 million, which included $49,000 in stock-based compensation, compared with $2.8 million for the first quarter of 2021, which included $0.1 million in stock-based compensation.

 


The following information was filed by Ra Medical Systems, Inc. (RMED) on Monday, May 16, 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 Ra Medical Systems, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Balance Sheets (Unaudited)
Condensed Balance Sheets (Unaudited) (Parenthetical)
Condensed Statements Of Cash Flows (Unaudited)
Condensed Statements Of Operations (Unaudited)
Condensed Statements Of Stockholders' Equity (Unaudited)
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Expenses (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Discontinued Operations - Summary Of Loss From Discontinued Operations In Condensed Statements Of Operations (Details)
Equity Offerings
Equity Offerings (Tables)
Equity Offerings - Additional Information (Details)
Equity Offerings - Schedule Of Black-Scholes Option Pricing Model Based On Assumptions (Details)
Fair Value Measurements
Fair Value Measurements - Additional Information (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Maturities Of Operating Lease Liabilities (Details)
Net Loss Per Share
Net Loss Per Share - Additional Information (Details)
Organization
Organization - Additional Information (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Additional Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Options Activity (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Awards Activity (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Units Activity (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense Included In Operating Expenses (Details)
Stock-Based Compensation - Schedule Of Unrecognized Estimated Stock Based Compensation Expense By Award Type (Details)
Subsequent Event

Material Contracts, Statements, Certifications & more

Ra Medical Systems, Inc. provided additional information to their SEC Filing as exhibits

Ticker: RMED
CIK: 1716621
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-020432
Submitted to the SEC: Mon May 16 2022 4:51:34 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Surgical And Medical Instruments And Apparatus

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