Time: 2024-08-13
Helius Medical Technologies , Inc. ( Nasdaq : HSDT ) disclosed its earnings for the quarter ending June 30 , 2024 . The company achieved several milestones , including securing third - party reimbursement for the PoNS device and receiving a preliminary payment determination from CMS . The completion of the U.S. registrational program in stroke positions Helius for an FDA submission in 2025 . The company also finalized contract pricing with the VA and DoD for the PoNS device . Financially , revenue for Q2 2024 increased by 35 % compared to Q1 2024 , with a total revenue of 82 thousand.
Helius successfully secured its first third - party reimbursement for the PoNS device , marking a significant step in increasing accessibility . The company also completed site enrollment for its U.S. stroke program and established nationwide sales representation at VA sites . Financially , revenue for Q2 2024 saw a 35 % increase from Q1 2024 , totaling 82 thousand . Despite a decrease from Q2 2023 , the company closed a .4 million public offering , raising approximately .5 million in net proceeds.
Helius President and CEO , Dane Andreeff , highlighted the progress made in getting PoNS into the hands of MS patients and the upcoming milestones for the company . The financial results for Q2 2024 showed a decrease in revenue compared to the previous year but a significant increase from the first quarter of 2024 . Total operating expenses remained flat , and the net loss for the quarter was .6 million.
Cash used in operating activities remained steady at .9 million for the first half of 2024 , with a cash balance of .4 million as of June 30 , 2024 . The company has no outstanding debt and projects a cash runway into 2025 . Helius looks forward to key milestones in the third quarter of 2024 , including the results of the PoNSTEP study and final reimbursement determination by CMS . The company remains optimistic about its future despite the challenges faced in the current financial landscape.
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