Motus GI Holdings, Inc. (MOTS), a medical technology company, has steadily increased by 2.02% in aftermarket trading session. As a result, MOTS stock is trading at $0.51 at the time of the writing. A buy signal from analysts has caused the stock price to jump up after aftermarket and is expected to rise further as the market opens. On Wednesday, MOTS closed the day at $0.50 after declining 0.75% during regular trading hours. Lets’ dive into some of the recent developments related to MOTS stock.
MOTS Q3 2021 Operational Results
In early November, MOTS released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated total revenue of $141,000 during the quarter against $33,000 for the same period of 2020. The total costs and expenses bore by the company during the quarter were $4.4 million against $3.8 million for the same period of 2020. The net loss suffered by the company during the three months stood at $4.8 million (or $0.10 per basic and diluted share) against $3.9 million (or $0.13 per basic and diluted share) for the same period of 2020.
Business Highlights of Q3 2021
Alongside the operational results, MOTS also released the business highlights of the quarter. The company increased the sales of disposable sleeves for procedures. It entered into various new customer agreements such as the completion of the capital sale of Pure-Vu System to Memorial Herman Hospital in Houston. During the quarter, about ten U.S. hospitals either purchased capital equipment and disposable sleeves or signed a 12-month committed-volume agreement with the company. The company also announced the initial pilot cases of the Pure-Vu Upper GI product.
Tim Moran, Chief Executive Officer of MOTS, while commenting on the results said that the company is pleased with its ability to drive increased utilization of Pure-Vu® in the initial set of U.S. hospital accounts as well as convert more targeted accounts to active customers. As a result of that, the company delivered revenue growth of approximately 40% during the quarter. The company also continued to report positive clinical data for the Pure-Vu System.
Future Outlook for MOTS
Statistics reveal that MOTS stock has mostly declined during the period of the last couple of months. Analysts believe the stock could endure a similar trend in near future as well. But in the longer run, the stock could provide a reward to the investors.