- The stock price of CHF Solutions Inc (NASDAQ: CHFS) is trading at over 15% pre-market. This is why it happened.
The stock price of CHF Solutions Inc (NASDAQ: CHFS) is trading at over 15% pre-market. Investors appear to be responding to the company announcing today its results for the fourth quarter ended December 31, 2020.
These are the highlights:
– Revenue for the fourth quarter of 2020 was $2 million, an increase of 49.5% compared to the prior year period
– Gross margin was 56.1% for the fourth quarter 2020, up from 50.8% in the corresponding period in 2019 and up from 46.1% in the third quarter of 2020
– Critical Care revenue benefited in the quarter from increased utilization from hospitals treating COVID-19 patients with the Aquadex System.
– Continued to see strong momentum in pediatric accounts, adding 5 new locations including Children’s Hospitals in Philadelphia, Houston, and the San Francisco Bay Area
– Presented a 355 consecutive patient retrospective study at the Annual Scientific Meeting of Heart Failure Society of America, which showed substantial mean fluid removal with no negative changes in renal function and reduced rehospitalization rates in patients treated with Aquadex therapy
– Successfully submitted CPT code application for ultrafiltration using Aquadex SmartFlow, which will provide access to heart failure patients in the outpatient setting
– Cash and cash equivalents totaled $14.4 million with no debt as of December 31, 2020
“CHF Solutions built on its momentum over the last few quarters, having delivered solid fourth quarter results, most notably within critical care and pediatric accounts. We anticipate that when healthcare systems return to some level of the new normal, we are strongly positioned to see accelerating sales growth as a leading and primary provider of ultrafiltration therapy to cardiologists, nephrologists, hospitalists, intensivists, cardiac surgeons, and pediatricians who treat fluid overload.”
— Nestor Jaramillo, CEO of CHF Solutions
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.