Pulse Biosciences Inc (PLSE) Reports Decrease in Q3 Losses and Advances in Cardiac Device ...
Pulse Biosciences Inc (NASDAQ:PLSE) announced a reduced GAAP net loss of $10.6 million in Q3 2023 compared to $18.0 million in Q3 2022.
Total GAAP cost and expenses decreased to $11.3 million from $18.0 million year-over-year, reflecting prior restructuring efforts.
Cash and cash equivalents stood at $50.4 million as of September 30, 2023, down from $69.2 million the previous year.
PLSE is preparing for a 510(k) submission for its cardiac ablation clamp and plans to initiate a first-in-human study for its cardiac ablation catheter.
On November 13, 2023, Pulse Biosciences Inc (NASDAQ:PLSE) released its 8-K filing, detailing the company's financial results for the third quarter ended September 30, 2023. The company, known for its novel CellFX Nanosecond Pulsed Field Ablation (nsPFA) technology, reported a significant reduction in net losses and continued progress in its cardiac device development.
Performance and Financial Highlights
PLSE's GAAP net loss for Q3 2023 was $10.6 million, a notable improvement from the $18.0 million loss in the same period last year. This reduction is primarily attributed to a decrease in total GAAP cost and expenses, which fell to $11.3 million from $18.0 million year-over-year. The company's non-GAAP net loss also decreased to $8.5 million from $16.8 million in Q3 2022. These improvements reflect the impact of prior headcount reductions, restructuring, and a $7.2 million inventory reserve related to the dermatology business recorded in Q3 2022.
Operational Progress
Kevin Danahy, President and CEO of Pulse Biosciences, highlighted the company's advancements, stating,
We made tremendous progress advancing our cardiac device development in the third quarter. In the lab, our CellFX nsPFA technology continues to demonstrate the potential to revolutionize the treatment of atrial fibrillation."
The company also completed the treatment of 21 subjects in a thyroid clinical feasibility study and is preparing for a 510(k) submission for its cardiac ablation clamp, with a first-in-human study for its cardiac ablation catheter expected between December 2023 and the end of Q1 2024.
Financial Position and Cash Flow
As of September 30, 2023, PLSE's cash and cash equivalents totaled $50.4 million, a decrease from $69.2 million on the same date in 2022. The cash used in Q3 2023 was $8.7 million, which is lower than the $10.6 million used in Q3 2022 and the $10.0 million used in Q2 2023.
Non-GAAP Financial Measures
PLSE provided non-GAAP financial measures to supplement the GAAP figures, adjusting for stock-based compensation, depreciation and amortization, and restructuring charges. The company believes these non-GAAP measures offer a more representative understanding of ongoing operations and aid in financial and operational decision-making.
Looking Forward
PLSE is actively pursuing the development of its CellFX nsPFA technology for the treatment of atrial fibrillation and other medical conditions. The company's management remains focused on monitoring financial performance and making strategic decisions to advance its technology and market position.
In conclusion, Pulse Biosciences Inc (NASDAQ:PLSE) has reported a decrease in net losses for Q3 2023 compared to the previous year, reflecting the impact of cost-saving measures and a focus on advancing its cardiac device development. With a solid cash position and strategic plans in place, PLSE is poised to continue its progress in the bioelectric medicine field.
Explore the complete 8-K earnings release (here) from Pulse Biosciences Inc for further details.
This article first appeared on GuruFocus.
