Motus GI shared its fourth-quarter and full-year 2020 financial results, posting a $19.3 million net loss for the year, or a $0.60 loss per diluted share.
Here's what you should know:
1. In the fourth quarter of 2020, Motus GI reported a $4.4 million net loss, or a $0.12 loss per diluted share, up from a $5.9 million net loss during the same period in 2019.
2. The company reported about $20.8 million in cash and cash equivalents as of Dec. 31, 2020. That's a 27.5 percent decrease compared to December 31, 2019.
3. The company saw fourth-quarter revenue of $36,000, which is a 63 percent decrease from the same period in 2019.
4. Motus GI attributed sales growth to disposable sleeve sales for its Pure-Vu System. The company also implemented a strategy to pursue reimbursement for the colonoscopy device.
5. Austin-based Dell Seton Medical Center at The University of Texas and New York City-based NYU Langone signed contracts with Motus GI for disposable sleeve purchase orders, effective for 2021.
6. Motus GI CEO Tim Moran said: "We reported a steady increase in commercial momentum during the second half of 2020 compared to the first half of the year. This momentum continued in the fourth quarter despite a resurgence of COVID-19 hospitalizations across much of the United States."