The wearable medical robotics maker slashed its 2025 revenue forecast and posted a wider-than-expected quarterly loss due to weaker lead quality, slower conversions, and rising costs.
The company now sees full-year revenue of $40 million to $42 million, compared with prior guidance of $50 million to $53 million, and attributed the downward revision to lower-than-expected operating trends. It also sees third-quarter revenue of $9.5 million to $10 million.
Revenue for the three months ended June 30 rose 28% from a year earlier to $9.7 million, above the estimate of $9.15 million. However, the company’s losses widened.
More than half of Q2 revenue came from Medicare Part B patients, helped by higher unit volumes and average selling prices.
However, key forward indicators weakened: orders and insurance authorizations slipped 3% to 207 units, backlog fell 18% to 230 units, and gross margin narrowed to 62.7% from 70.8% due to higher material and overhead costs.
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