Ra Medical Systems, Inc. (NYSE: RMED), a medical device company focusing on commercializing excimer laser systems to treat vascular and dermatological diseases, reported certain preliminary results for the quarter ended June 30, 2019, as well as a leadership transition. Ra Medical also announced that it will delay its earnings release and investor conference call for the second quarter of 2019 and the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. Leadership Transition Ra Medical announced that Dean Irwin was terminated without cause from his position as Ra Medical’s Chief Executive Officer, Co-President, and Chief Technology Officer, and as Chairman of Ra Medical’s Board of Directors. Andrew Jackson, currently serving as Chief Financial Officer, has been appointed to serve as Interim Chief Executive Officer while the Company continues its search for a permanent Chief Executive Officer.
“On behalf of the entire Ra Medical Board, I want to thank Dean for his contributions and for his years of service to Ra Medical. The Board is focused on finding a CEO who can guide us through the next phase of commercialization and growth,” said newly-appointed Chairman Martin Colombatto. Recent Operational Highlights Received approval for an Investigational Device Exemption (IDE) by the U.S. Food and Drug Administration (FDA) to initiate a clinical trial to evaluate the safety and efficacy of the DABRA excimer laser system in atherectomy procedures.
Commenced strategic shift to service existing accounts and target key new accounts with a smaller sales and marketing team, with expected cost savings of $1 million per quarter once these changes are complete.
Continued efforts to upgrade manufacturing process to improve product consistency. Preliminary Results for Second Quarter 2019 Ra Medical anticipates revenue of between $2.02 million and $2.2 million for the second quarter of 2019, including vascular revenue of between $0.4 million and $0.5 million and an aggregate balance of approximately $48.4 million in cash and cash equivalents and short-term investments.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.