Q2 2024 Helius Medical Technologies Inc Earnings Call Transcript
Key Points
- Helius Medical Technologies Inc (HSDT) has partnered with Lovell Government Services to make PoNS therapy accessible to MS patients treated at the VA and other federal agencies.
- PoNS was approved for inclusion in Lovell’s VA federal supply schedule and the General Services Administration Advantage contracts, establishing market pricing for the device.
- The company received its first third-party reimbursement from a major insurance carrier for a PoNS device.
- Helius Medical Technologies Inc (HSDT) is actively pursuing stroke authorization in the US, with significant progress in clinical trials and enrollment.
- The company has extended its cash runway into 2025 with a $6.4 million public offering and potential additional proceeds from warrants.
- Total revenue for the second quarter of 2024 decreased by $74,000 compared to the same period in 2023.
- Operating loss for the second quarter of 2024 remained flat at $3.2 million, indicating no improvement from the prior year period.
- The company’s cash burn from operations was flat at $5.9 million for the first half of 2024, showing no reduction in operational expenses.
- PoNS sales have been muted due to primarily being on a cash pay basis, which is not feasible for the majority of patients.
- The company is still investigating the expansion into TBI (Traumatic Brain Injury) and has not yet initiated new studies in this area.
Good day, and thank you for standing by, and welcome to the Helius Medical Technologies second-quarter 2024 earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Michelle Bilski, Investor Relations for Helius Medical. Please go ahead.
Thank you, operator. Welcome to the second-quarter 2024 earnings conference call for Helius Medical Technologies. This is Michelle Bilski of Insight Communications, Investor Relations for Helius. With me on today's 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 investor section of the Hleius website at www
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