Canaccord Genuity Remains Bullish On EnteroMedics Following Q4 Earnings
TipRanks | Feb 19, 2015 10:16AM ET
Healthcare company NASDAQ: EnteroMedics Inc (NASDAQ:ETRM) reported its fourth quarter 2014 earnings result on Wednesday, February 18th after market close, coming in slightly ahead of analysts’ expectations.
Highlights from the report include a net loss of $6.2 million, or $0.09 per share. The profit loss was due to Operating expenses for clinical trials and commercialization of VBLOC, the company’s treatment for weight loss.
On January 14th, Enteromedics announced it was granted FDA approval for VBLOC, delivered via the Maestro® System, for patients 18 and older. This is the first treatment to cater to obesity that has been approved by the FDA in over a decade.
By December 31, 2014, the Company raised $11.6 million through cash, cash equivalents and short-term investments. So far this year, Enteromedics has raised about $6.4 million.
Greg S. Lea, Chief Financial Officer and Chief Operating Officer of Enteromedics said of the company’s Q4 results, "Execution of our commercial strategy is well underway following the FDA approval that was received earlier this year…We believe that our current resources will permit us to start to build the necessary infrastructure, invest in inventory, fund product improvements and implement process changes to support our commercial strategy. As we achieve our early commercial objectives, we will continue to review actions required to strengthen our balance sheet to support the growth requirements of our strategy into 2016."
Canaccord Genuity analyst William Plovanic ’s latest recommendation based on his financial advice history?
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