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01/11 05:00
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture. Strong clinical progress and FDA clearances are positive, but the financials show widening losses and increased expenses, which are concerning. The market strategy shows promise, but regulatory and competitive risks remain. The Q&A section didn't reveal additional negative sentiment. Given the balance of positive clinical developments and financial concerns, the stock price is likely to remain stable in the near term, resulting in a neutral prediction.
Total GAAP costs and expenses $18,000,000 (up $7,400,000 year-over-year from $10,600,000); increase driven by non-cash stock-based compensation of $5,700,000 (up from $1,800,000) and other compensation and administrative expenses.
Total non-GAAP costs and expenses $12,700,000 (up $4,100,000 year-over-year from $8,600,000); increase attributed to the expanding organization to support NSPFA device clinical trials and commercialization.
GAAP net loss $16,800,000 (up from $10,100,000 year-over-year); reflects increased costs associated with the company's growth and clinical trials.
Non-GAAP net loss $11,400,000 (up from $8,100,000 year-over-year); increase due to higher operational costs.
Cash and cash equivalents $119,300,000 (up from $34,900,000 year-over-year); increase attributed to $14,100,000 in proceeds from the exercise of warrants.
Cash used in operating activities $13,500,000 (up from $9,800,000 year-over-year); reflects increased operational expenditures.
Percutaneous Electrode for Soft Tissue Ablation: FDA clearance for the ablation of soft tissues such as unwanted tumors and nodules in the thyroid, liver, and breast. Initial focus on benign thyroid nodules, demonstrating an average 83% volume reduction at one year.
Cardiac Surgical Clamp: Received FDA breakthrough device designation in July 2024. First in human feasibility study progressing, with EU approval to expand patient enrollment from 30 to 60.
NSPFA Three Sixty Catheter: Designed for atrial fibrillation treatment, showing promising early clinical data with high success rates in pulmonary vein isolation and reduced procedure complexity.
Market Expansion for Soft Tissue Ablation: Expanding direct commercial resources for the launch of the percutaneous electrode in the U.S. and targeting fibroidectomy volumes.
Clinical Studies in Europe: Conducting clinical studies for the Cardiac Surgical Clamp and Three Sixty Catheter across multiple centers in Europe.
Operational Efficiency: Raised $14 million through warrant exercises to maintain cash position. Increased clinical data presentation at major medical conferences to enhance awareness.
Pilot Program for Electrode System: Over 90 patients treated in a pilot program to generate data supporting workflow and procedure protocols.
Strategic Focus for 2025: Prioritizing commercialization of the percutaneous electrode and initiating IDE pivotal studies for cardiac devices.
Regulatory Engagement: Actively engaged with FDA for IDE pivotal study design and regulatory process.
Regulatory Risks: The company is actively engaged with the FDA regarding the design of its IDE pivotal clinical study and is preparing for formal IDE submissions. Delays or challenges in the regulatory approval process could impact timelines for clinical trials and product launches.
Competitive Pressures: The company faces competitive pressures in the medical device market, particularly in the field of ablation technologies. The need for strong clinical evidence to support the adoption of their NSPFA technology is critical to differentiate from existing solutions.
Supply Chain Challenges: As the company expands its commercial infrastructure and clinical trials, it may encounter supply chain challenges that could affect the availability of necessary materials and components for their devices.
Financial Risks: The company reported a significant increase in GAAP costs and expenses, primarily due to rising stock-based compensation and administrative expenses. This trend could impact financial stability and investor confidence if losses continue to grow.
Market Adoption Risks: The success of the NSPFA technology relies on clinician acceptance and adoption. If the clinical outcomes do not meet expectations or if there is resistance from healthcare providers, market penetration may be hindered.
Economic Factors: Economic conditions could affect the company's ability to raise funds and maintain cash flow, as evidenced by the reliance on warrant exercises to support cash positions.
Commercialization of Percutaneous Electrode: Initiating commercialization of the percutaneous electrode for soft tissue ablation in benign thyroid disease.
IDE Pivotal Studies: Initiating IDE pivotal studies for the cardiac 360 catheter and cardiac surgical clamp.
Clinical Data Presentation: Clinical data on the catheter-based treatment of atrial fibrillation presented at the January AF symposium and April Heart Rhythm Society meeting.
Pilot Program for Percutaneous Electrode: Over 90 patients treated in the pilot program for the percutaneous electrode, with plans to analyze outcomes in Q2.
Expansion of Commercial Resources: Continuing to expand direct commercial resources for the launch of the soft tissue ablation product in the U.S.
Clinical Study Enrollment: Plans to finish IRB approvals and commence enrollment for the next study in Q3.
Surgical Ablation Plan: First in human feasibility study for the cardiac surgical clamp progressing as planned, with approval to treat up to 60 patients.
Three Sixty Catheter System: Expecting to initiate IDE pivotal trial for the three sixty cardiac catheter system in mid-year.
Revenue Expectations: Plans to generate revenue expected to materialize in the second half of 2025.
Cash Position: Maintained cash position at $119.3 million as of 03/31/2025.
Operating Cash Flow: Cash used in operating activities was $13.5 million in Q1 2025.
Net Loss: GAAP net loss of $16.8 million in Q1 2025.
Non-GAAP Net Loss: Non-GAAP net loss of $11.4 million in Q1 2025.
Warrants Exercise Proceeds: $14,100,000 raised through the exercise of warrants during the first quarter.
The earnings call highlights significant challenges: a GAAP net loss of $19.4 million, high cash burn, and competitive pressures. Despite initial revenue from product launches, financial sustainability is a concern. The Q&A reveals uncertainties in strategic partnerships and trial outcomes. These factors, coupled with increased costs and competitive risks, suggest a negative sentiment. Without strong guidance or partnerships, the stock is likely to face downward pressure.
The earnings call highlights strong strategic developments, including a new partnership in cardiac ablation and compatibility with major mapping systems. Despite increased expenses and net losses, the company maintains a solid cash position, indicating disciplined financial management. The positive aspects, such as the partnership and product compatibility, outweigh the negatives, suggesting a likely positive stock reaction.
The earnings call presents a mixed picture. Strong clinical progress and FDA clearances are positive, but the financials show widening losses and increased expenses, which are concerning. The market strategy shows promise, but regulatory and competitive risks remain. The Q&A section didn't reveal additional negative sentiment. Given the balance of positive clinical developments and financial concerns, the stock price is likely to remain stable in the near term, resulting in a neutral prediction.
The earnings call presents a mixed picture. While there are positive developments such as FDA clearances, strengthened financials through warrant exercises, and strategic market initiatives, there are also significant risks. These include competitive pressures, regulatory challenges, and increased financial losses. The absence of guidance and the acknowledgment of potential supply chain and economic risks further contribute to a cautious outlook. As a result, the stock price is likely to remain stable in the short term, with movements within a neutral range of -2% to 2%.
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