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Motus GI reports first quarter 2024 financial results

Motus GI Holdings, Inc. reported its financial results for the first quarter ended March 31, 2024, and provided a corporate update.

“We are excited by the initial traction made in the limited U.S. commercial launch of our Pure-Vu® EVS Gastro and Gen 4 Colon system, which was kicked off at the end of 2023. The market acceptance of these two systems has been positive, which is evident by our doubling the number of active customers, reignited interest among several customer accounts that were inactive over the past year, as well as a growing sales pipeline of potential new customers. The most fulfilling aspect of the new system is seeing the device support emergent cases in GI bleeding and seeing how sites can adopt the technology with no onsite support. This enhanced end-user experience has resulted in 100% of fully onboarded customers now using the Pure-Vu system independently, as compared to only 25% of customers using the previous generation system. These types of engagements further show how we are now able to deliver on the potential that we always knew the Pure-Vu system could offer physicians, hospitals, and patients,” commented Mark Pomeranz, Chief Executive Officer.

Financial results for the quarter ended March 31, 2024
The Company reported revenue of $64,000 for the first quarter of 2024, compared to $56,000 for the same period last year. Revenues were primarily derived from reorders and new customer orders of disposable sleeves.

For the three months ended March 31, 2024, the Company reported a net loss attributable to common shareholders of $7.6 million, or $0.88 per basic and diluted share, compared to a net loss attributable to common shareholders of $4.4 million, or $13.81 per basic and diluted share, for the same period last year.

During the first quarter of 2024, net cash used in operating activities and for the purchase of fixed assets was $2.0 million as compared to $4.8 million for the same period of 2023.

The Company reported $4.9 million in cash and cash equivalents as of March 31, 2024. This balance includes the fully funded credit facility with Kreos Capital, which has approximately $2.3 million due and outstanding as of March 31, 2024.
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