Ra Medical Systems, Inc.

First-quarter 2022 revenue from continuing operations was $9,000, up from $4,000 in Q1 2021. Gross loss was $86,000 versus $0.4 million a year earlier. SG&A was $2.3 million, down from $3.7 million, and R&D was $3.1 million, up from $2.8 million. GAAP net loss from continuing operations was $5.5 million, or $0.27 per share, versus a loss of $6.9 million, or $2.36 per share, in Q1 2021. Adjusted EBITDA was negative $5.1 million compared with negative $6.0 million last year. The company used $8.6 million in cash from operating activities, ended the quarter with $17.7 million of cash and cash equivalents, and received $9.7 million in net proceeds from its February public offering. Management continues to target full enrollment in the atherectomy study by the end of Q3 2022, expects DABRA 2.0 510(k) clearance in Q3 2022, and plans to submit the DABRA RX 510(k) at the end of this year.

Will McGuire framed the quarter around progress on building a differentiated vascular portfolio for PAD, emphasizing the company’s atherectomy study, next-generation catheter work, and early intravascular lithotripsy development. He said enrollment is moving at a steady pace despite COVID-19 and supply-chain disruptions, and he reiterated that FDA atherectomy clearance remains a top strategic priority because it would expand the addressable market. His tone was constructive but cautious, repeatedly noting uncertainty around timing while still pointing to multiple near-term regulatory milestones.

Andrew Jackson reported very small product revenue of $9,000, a gross loss of $86,000, and a GAAP net loss from continuing operations of $5.5 million, or $0.27 per share. He said SG&A fell to $2.3 million from $3.7 million, while R&D rose to $3.1 million from $2.8 million due to next-generation catheter engineering and the atherectomy study. He added that cash used in operations was $8.6 million, which included a $600,000 securities litigation settlement and a $300,000 PAGA settlement, and that the quarter ended with $17.7 million in cash and cash equivalents after February offering proceeds of $9.7 million. He also disclosed shares outstanding of 32,301,000 at March 31.

In Q&A, analysts focused on cash use versus operating expense, current share count, and the technical roadmap for the laser platform. Jackson clarified that the quarter’s cash use included the securities litigation settlement and the PAGA settlement, while later confirming 32,301,000 shares outstanding at March 31. McGuire said the planned Q3 laser filing includes a new CPU and reliability improvements, and he noted the company believes it can increase power output if needed for lithotripsy, though further preclinical testing is required. He also said the end-of-year filing for DABRA RX would be atherectomy-only, with lithotripsy functionality requiring a later filing.