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Tag: SRGA STOCK

  • Surgalign Holdings, Inc. (SRGA) plunged in the After-Hours; here is why?

    Surgalign Holdings, Inc. (SRGA) plunged in the After-Hours; here is why?

    Surgalign Holdings, Inc. (SRGA) declined in the after-hours market after announcing its fourth quarter and fiscal 2022 results. SRGA values at $0.33, losing more than 17% compared to yesterday’s closing price. The stock closed at $0.31 at the end of the last trading session. The stock volume traded in the previous trading session was around 4.29 million shares. The current market cap of the company is about $65.59 million.

    SRGA: Q4 and Fiscal 2021 Key Financials

    • Surgalign Holdings, Inc.’s revenue in Q4 2021 was $21.8 million, compared to the revenue of $26.1 million in Q4 2020.
    • Fiscal 2021 revenue was $90.5 million, more than the revenue of $101.75 million in fiscal 2020.
    • The company’s net loss in Q4 2021 was around $45.3 million, less than compared to the net loss of $100.04 million in Q4 2020.
    • SRGA’s net loss in fiscal 2021 was around $84.65 million, and profitability declined compared to the net loss of $33.79 million in fiscal 2020.
    • The Q4 2021 loss per share was $0.33, compared to a net loss of $1.28 in Q4 2020.
    • For fiscal 2021, the loss per share was $0.69, compared to $0.45 in fiscal 2020.

    SRGA President and CEO’s Remarks

    Terry Rich, President, and CEO of Surgalign Holdings said that despite the continued challenges, the company is pleased with its accomplishments in 2021 and early 2022. I want to congratulate all of our workers for their dedication to our customers while creating HOLO, which we think will revolutionize surgical processes and patient care. Aside from COVID-related procedural limits and hospital staffing difficulties, which remained in the first two months of 2022, the fourth quarter performance met our expectations.

    SRGA 2022 Revenue Outlook

    Shedding light on its revenue expectations for the whole fiscal 2022, the company said that they expect revenue between $83 million to $87 million.

    Conclusion

    The company’s performance was severely affected by Covid-19, but the company stated that the results were not unexpected for them. The results matched their forecasted estimation. The company has now provided its revenue guidance for 2022, which they expect would be achievable.

  • Proposed Public Offering: Surgalign Holdings Inc. (SRGA) stock Plunges Deep After Hours

    On February 10, Surgalign Holdings Inc. (SRGA) announced a proposed public offering of shares of its common stock. As a result, the stock took a hit in the after-hours to plunge further down.

    During the regular trading session, the stock fluctuated between a high of $0.6500 and a low of $0.5903. SGRA closed the session in the red with a loss of 4.99% at $0.5954 with over 3.2 million shares exchanging. Following the announcement, the stock plunged further by 29.91% at 2.07 million shares in the after hours. Hence, in the after-hours session on Thursday, SRGA had a value of $0.4173 per share. The stock not only plunged to its 52-week low during the regular session but went further below the value in the after-hours. Thus, the opening of the next market session would probably mark its 2nd consecutive 52-week low.

    The medical technology company, Surgalign Holdings Inc. has a market capitalization of $88.2 million.

    SRGA: Public Offering

    As per Thursday’s announcement, the company intends to put up shares of its common stock along with warrants in an underwritten public offering. Moreover, SRGA also plans on offering a 30-day option for buying additional common stock shares to the underwriter.

    The sole book-running manager for the offering is H.C. Wainwright & Co. Further, the net proceeds from the offering are intended for general corporate purposes including the ongoing development of its digital health offerings and related issues.

    No details of the actual size, price, or closing of the offering were provided in the release. Therefore, another release with the pricing and details of the offering can be expected from the company in a day or two.

    Inducement Grants

    On February 03, the company announced awarding inducement grants to certain employees under its own Inducement Plan and Nasdaq Listing Rules. The company granted restricted stock unit awards to nine non-executive employees as inducement material. The aggregate amount of up to 257,695 common stock shares were awarded on February 01, 2022. Furthermore, the awards were approved by SRGA Board’s independent Compensation Committee.

    SRGA: Q3 Financials

    In the third quarter of 2021, the company had total global spine revenue of $20.5 million, against $27.9 million in Q3 2020.

    SRGA suffered a net loss of $8.3 million from continuing operations in the third quarter of 2021. Resultantly, the company had a net loss per basic and diluted share of $0.06 in the quarter.

  • Surgaline Holdings, Inc. (SRGA) Stock Exhibits Continued Volatility Ahead of Collaboration with Inteneural

    Surgaline Holdings, Inc. (SRGA) stock prices were down by a marginal 2.92% as of the market closing on June 22nd, 2021, bringing the price per share down to USD$1.33 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock climb 4.51%, bringing it up to USD$1.39.

    Registered Direct Offering

    June 14th, 2021 saw the company announce the closing of its ongoing registered direct offering, wherein the company issued and sold a total aggregate of 28,985,508 million shares of its common stock at a purchase price of USD$1.725.. In addition to the shares, warrants were issued for the sale of the same number of shares of common stock, with the warrants also being priced the same as the shares. The warrants are exercisable immediately and will expire three years from the date they are issued. As pr Nasdaq rules, the registered direct offering was priced at-the-market.

    Purpose of Offering

    The gross proceeds generated from the offering came out to almost USD$50 million before the deduction of expenses related to the offering, such as placement agent fees. The company plans to allocate the capital from the offering towards working needs and general corporate purposes. This includes preparation for the approval, utilization, and ongoing development of its digital surgical guidance system.

    Collaboration with Inteneural

    Earlier on June 7th, 2021, the company had announced its strategic collaboration agreement with Inteneural Networks Inc. As per the agreement, the company would gain access to Inteneural’s proprietary technology, allowing for the evaluation of eventual integration within the Surgaline digital surgery portfolio. With the application of digital surgery in spine procedures being the company’s initial focus, it has a much broader vision of the potential it hopes to untap.

    Scope of Partnership

    The collaboration is built on a foundation of overwhelmingly positive feedback the company has garnered from spine surgeons, many of whom also specialize in neurosurgery. The feedback was based on SRGA’s demonstrations of its proprietary Holosurgical platform. The agreement has a period during which SRGA will evaluate its partner’s technology on an exclusive basis. The two will also discuss the feasibility of a more comprehensive collaboration.

    Future Outlook for SRGA

    Armed with the extra capital from its registered direct offering and a partnership that will significantly expand the company’s scope, SRGA is poised to continue its trajectory of success. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • Surgalign Holdings Inc. (SRGA) stock plummeted more after poor financial results announced

    Surgalign Holdings Inc. (SRGA) stock plummeted more after poor financial results announced

    Surgalign Holdings Inc. (SRGA) stock plummeted on Tuesday, March 16, 2021. SRGA lost 3.83% in the normal trading session and it further went down by 13.94% in the after-hours trading. SRGA stock announced its financial results for the fourth quarter and full-year 2020, yesterday March 16 which push the stock towards negativity.

    Financial Highlights for the fourth quarter of 2020

    • SRGA revenue was $26.2 million for the quarter ended December 31, 2020, compared to $31.6 million for the prior-year period.
    • SRGA’s Gross profit for the fourth quarter of 2020 was $12.8 million.
    • Surgalign Holdings spent $27.3 million in Marketing, general and administrative expenses in the reported quarter compared to $39.9 million same quarter in 2019.
    • R&D expense for the fourth quarter of 2020 was $2.2 million compared to $4.4 million in the prior-year period.
    • Adjusted EBITDA was a $7.7 million loss for the reported quarter compared to a $14.3 million loss in the prior-year period.
    • SRGA suffered a Net loss of $118.1 million from continuing operations for the fourth quarter of 2020 compared to $199.6 million for the fourth quarter of 2019.
    • SRGA had approximately $44 million in cash as of December 31, 2020.

    Commercial Launch of ViBone® Moldable and the First Clinical Implantation

    On January 12, 2021, SRGA announced the commercial launch and the completion of the first surgery of ViBone Moldable in the US. Dr. Adam Crowl completed the first implantation at OrthoVirgina in Midlothian, VA.ViBone Moldable is a next-generation viable cell bone matrix optimized to protect and preserve the health of native bone cells to potentially enhance new bone formation.

    Conclusion

    If we see in the past, SRGA is facing tough times, and over three years, the share price is down 53%. In the recent past, it dropped 34% in the last year. According to analyst predictions, SRGA needs at least 3 years more to turn things around and to make a profit.