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Sep 30, 2022
Pulse Biosciences Q3 2022 Earnings Report
Pulse Biosciences reported no revenue and a net loss for Q3 2022, while tightening strategic focus and securing a $65 million term loan.
Key Takeaways
Pulse Biosciences reported no revenue for the third quarter of 2022. The company is focusing on cardiac cellular/tissue ablation for atrial fibrillation treatment and secured a $65 million term loan. They anticipate a quarterly cash burn rate of approximately $8 million commencing in Q1 2023.
No revenue was recognized in Q3 2022.
GAAP net loss for Q3 2022 was $18.0 million, compared to $14.3 million for Q3 2021.
Non-GAAP net loss for Q3 2022 was $16.8 million, compared to $12.4 million for Q3 2021.
Cash and cash equivalents totaled $69.2 million as of September 30, 2022.
Pulse Biosciences
Pulse Biosciences
Forward Guidance
Pulse Biosciences anticipates a quarterly cash burn rate of approximately $8 million, commencing in the first quarter of 2023, under current circumstances resulting from the tightened strategic corporate focus.
Positive Outlook
- Focusing on cardiac cellular/tissue ablation for atrial fibrillation.
- CellFX System is capable of rendering electrical pulse field stimulation ranging in duration of time from a millionth to up to a billionth of a second.
- Entered into a $65 million term loan agreement with Mr. Duggan to support product development initiatives.
- Appointed Kevin Danahy as President and Chief Executive Officer.
- Appointed Darrin Uecker to the newly created role of Chief Technology Officer.
Challenges Ahead
- Anticipates quarterly cash burn rate of approximately $8 million, commencing in the first quarter of 2023.
- No revenue was recognized in the third quarter of 2022.
- GAAP net loss for the three months ended September 30, 2022 was ($18.0) million.
- Non-GAAP net loss for the three months ended September 30, 2022 was ($16.8) million.
- Optimizing headcount relating to our strategic focus change.