The following is a summary of the Helius Medical Technologies, Inc. (HSDT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Helius reported a Q1 2024 total revenue of $135,000, up from $111,000 in Q1 2023.

• Cost of revenue remained similar to the previous year at $123,000.

• Selling, general, and administrative expenses declined to $2.6 million mainly due to a decrease in professional fees and payroll-related overheads.

• Research and development expenses decreased to $0.8 million as the company shifted focus to U.S. commercialization activities.

• The operating loss was down to $3.4 million, with a net loss of $2.5 million.

• Closed a $6.4 million public offering in May 2024 to extend the company's cash runway.

Business Progress:

• Focus on securing widespread reimbursement for PoNS and achieving FDA approval for stroke.

• CMS established HCPCS codes for the PoNS, facilitating negotiations with third-party payers.

• Partnering with Global Government Services to widen accessibility to PoNS within federal healthcare systems.

• Establishing sites in five separate Canadian regions to validate PoNS therapy for stroke patients.

• Anticipating a positive impact on revenues and cash flow from the final determination of payment rates, effective October 1, 2024.

More details: Helius Medical Technologies IR

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