NeuroOne Medical Technologies (Nasdaq:NMTC) shares took a hit today on fourth-quarter results that fell shy of the consensus sales forecast.
Shares of NMTC fell 8.2% at $1.58 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — dipped 0.2%.
The Eden Prairie, Minnesota-based company posted losses of $3.1 million for the three months ended Sept. 30, 2023. That marked a more than two-fold bottom-line slide from losses of $1.4 million a year ago. However, the company brought in more than 10 times the revenue it did for the same period a year ago, reporting $742,000 in sales.
NeuroOne reported $1.952 million in sales for the full year, compared to just $171,000 in 2022.
Still, the $742,000 fell $58,000 short of Wall Street’s projections for $800,000 in revenue for the fourth quarter.
Recent highlights include FDA clearance for the company’s OneRF neuroablation system just this week. CEO Dave Rosa believes the technology could create a paradigm shift in neurosurgical procedures. NeuroOne also announced its intention to pursue drug delivery with neural probe technology last month.
The company also raised $6 million in the summer and announced the first cases with its Evo sEEG in robotic neurosurgery in May. It marked the first procedure to utilize Evo sEEG with Zimmer Biomet’s Rosa One Brain, as Zimmer Biomet has exclusive marketing rights to the system. Dave Rosa noted that Zimmer Biomet continues to expand the commercial launch of the system.
“During and subsequent to our fiscal fourth quarter, the company continued to execute at a high level on our strategic plan,” Rosa said in a news release. “The company has made great strides in all areas, and I look forward to continuing to lead the company as we execute our strategic plan.”
