Motus GI Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Corporate Update
FORT LAUDERDALE, Fla., March 31, 2023 (GLOBE NEWSWIRE) -- Motus GI Holdings, Inc., (NASDAQ: MOTS) (“Motus GI” or the “Company”), a medical technology company providing endoscopy solutions that improve clinical outcomes and enhance the cost-efficiency associated with the diagnosis and management of gastrointestinal conditions, today reported its financial results for the fourth quarter and year ended December 31, 2022, and provided a corporate update.
“As previously announced, we initiated the ongoing evaluation of strategic and financing alternatives with the goal of identifying opportunities to accelerate our commercialization of the Pure-Vu System while also maximizing shareholder value. In the meantime, we have also implemented a restructuring process to further reduce our costs, while maintaining the ability to support our customers and targeted commercial activities,” commented Tim Moran, Chief Executive Officer.
“We remain on track to achieve our previously communicated timeline for submission of our Pure-Vu Gastro Upper GI product to the FDA in the second half of 2023. New enhancements in this device will be incorporated into the current Pure-Vu colon device, which will reduce our overall cost-of-goods by approximately 50%,” concluded Mr. Moran.
Fourth Quarter and Recent Business Highlights
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Financial Results for the Quarter and Year Ended December 31, 2022
The Company reported revenue of $109,000 for the fourth quarter 2022, compared to $99,000 for the fourth quarter of 2021. Revenues for the full year 2022 were $592,000 compared to $391,000 for the full year 2021. Revenues were primarily derived from reorders and new customer orders of disposable sleeves.
For the three months ended December 31, 2022, the Company reported a net loss attributable to common shareholders of $3.7 million, or $0.79 per basic and diluted share, compared to a net loss attributable to common shareholders of $4.8 million, or $1.99 per basic and diluted share, for the three months ended December 31, 2021.
For the year ended December 31, 2022, the Company reported a net loss attributable to common shareholders of $18.6 million , or $5.74 per basic and diluted share, compared to a net loss attributable to common shareholders of $25.2 million, or $10.74 per basic and diluted share, for the year ended December 31, 2021, which included a one-time non-cash deemed dividend from warrant issuance, totaling $6.1 million, associated with the warrant exchange agreement from the first quarter 2021.
During the fourth quarter of 2022, net cash used in operating activities and for the purchase of fixed assets was $4.0 million as compared to $3.9 million for the same period of 2021.
Net cash used in operating activities and for the purchase of fixed assets during the year ended December 31, 2022 totaled $17.7 million as compared to $14.9 million for year ended December 31, 2021.
The Company reported $14.0 million in cash and cash equivalents as of December 31, 2022. This balance included the fully funded credit facility with Kreos Capital, which has approximately $11.5 million due and outstanding.
About Motus GI
Motus GI Holdings, Inc. is a medical technology company, with subsidiaries in the U.S. and Israel, providing endoscopy solutions that improve clinical outcomes and enhance the cost-efficiency associated with the diagnosis and management of gastrointestinal conditions.
For more information, visit www.motusgi.com and connect with the Company on Twitter, LinkedIn and Facebook.
This press release contains certain forward-looking statements. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms, including without limitation, risks related to the continued impact of the COVID-19 pandemic, risks inherent in the development and commercialization of potential products, possible or assumed future results of operations, business strategies, potential grow opportunities, uncertainty in the timing and results of clinical trials or regulatory approvals, maintenance of intellectual property rights or other risks discussed in the Company’s quarterly and annual reports filed with the Securities and Exchange Commission, and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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