Motus GI reported an increase in revenue and a decrease in net loss during the first quarter of 2021 compared to the same period last year.
Four takeaways:
1. The company reported $51,000 in revenue compared to $28,000 in the first quarter of 2020, according to results posted May 13.
2. Net loss was $4.6 million, compared to $6.5 million in the first quarter last year.
3. The company marked its FDA clearance of its Pure-Vu sleeve for upper endoscopies. It also signaled two more commitment agreements for disposable sleeve purchase orders by prominent medical centers.
4. Motus GI put a focus on its reimbursement strategy for inpatient and outpatient colonoscopies.
"Reimbursement may provide an incentive for physicians and facilities to adopt our innovative technology due to favorable additional payments that may enhance the potential economic advantages and savings that Pure-Vu can drive for hospitals," CEO Tim Moran said. "Financial and health economic drivers, of course, complement the superior patient outcomes that we believe the Pure-Vu system delivers today."