Ra Medical Systems, Inc. (RMED) saw a push of 3.33% in the premarket. However, the last trading session closed at $0.40 with an increase of 3.21%.
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U.S. Patent for a Support Catheter – What’s New?
On 10th February 2022, RMED announced that the business was awarded a patent for a support catheter through the use of a tiny extensible liquid core device for laser ablation of arterial plaque obstructions to restore blood flow by the US Patent and Trademark Office. This is Ra Medical’s tenth US patent, bolstering protection for the company’s innovative liquid core ablation catheters.
The company has a patent on a support catheter that potentially broadens the range of options available to physicians who want to use the DABRA liquid core ablation catheters in difficult anatomies. Furthermore, the company hopes that this invention will help in growing the strong intellectual property portfolio when RMED brings the DABRA excimer laser system back to full commercialization.
Third Quarter 2021 Financial Results – What’s up?
RMED announced third quarter 2021 financial results on 15th November 2021. The company experienced a cost of net revenue of around $0.2 million. Moreover, the selling, general and administrative expenses came out to be around $4.2 million and adjusted EBITDA totaled negative $6.9 million. Last but not the least, loss from continuing operations was $7.4 million.
RMED is happy to complete the sale of the dermatological practice successfully. Not only this but the company believes that concentrating the resources on the huge and rapidly growing market for medical devices to treat PAD is the most effective way to increase shareholder value. Furthermore, PAD affects an estimated 19 million to 21 million people in the United States, with revenue expected to top $900 million this year in the market segments.
In addition, the company also made progress in the engineering efforts to build more durable, deliverable DABRA catheters. Lastly, RMED remains enthusiastic about the research findings demonstrating that the DABRA laser system can be used to generate large enough shockwaves to fracture calcium in arteries.