On a preliminary basis, Ra Medical Systems (NYSE:RMED) expects Q2 revenues of $2.0M – 2.2M and ~$48.4M in cash and equivalents as of June 30. Final results and the filing of its 10-Q will be delayed.
CEO Dean Irwin was terminated without cause. CFO Andrew Jackson will take over on an interim basis until a permanent successor is appointed.
Aimed at extending its cash runway, it has downsized the sales and marketing teams while it addresses production limitations and re-evaluates its marketing strategy. The production issue appears to be catheters that fail to calibrate at customer sites prior to being used.
The board’s Audit Committee has initiated an investigation into an “anonymous complaint” and has hired independent counsel to assist. No other information is provided.
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