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Motus GI Holdings, Inc. (NASDAQ: MOTS) is a medical technology company headquartered in the United States with subsidiaries in the U.S. and Israel. The company is committed to enhancing endoscopy outcomes, reducing costs, and improving patient experiences. A primary focus of Motus GI is the development and commercialization of the Pure-Vu® System.
The Pure-Vu® System is a medical device designed to improve the colonoscopy experience by aiding in the early detection and prevention of colorectal cancer and other diseases of the colon and rectum. This innovative system, which has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) and CE Mark approval in Europe, integrates with standard colonoscopes. It facilitates cleaning of a poorly prepared colon during the colonoscopy procedure while maintaining the standard workflow and techniques.
Recent achievements of Motus GI include strengthening their market presence through strategic partnerships and ongoing projects aimed at enhancing the Pure-Vu® System’s functionality and reach. The company continues to focus on securing additional regulatory approvals, expanding its market base, and improving its financial performance.
Motus GI Holdings, Inc. (NASDAQ: MOTS) announced the release of its third quarter financial results, scheduled for November 14, 2022, after market close. The company will host a conference call and webcast at 4:30 p.m. ET to discuss the results and provide updates on corporate developments. Motus GI specializes in endoscopy solutions that enhance clinical outcomes and cost-efficiency in gastrointestinal condition management. A replay of the webcast will be available on their website for 90 days post-event.
Motus GI Holdings, Inc. (NASDAQ: MOTS) announced positive results from clinical data on its Pure-Vu EVS presented at the ACG 2022 Annual Scientific Meeting. Three abstracts highlighted the system’s effectiveness in enhancing colonoscopy visualization, particularly for patients with inadequate bowel preparation, including those in ICU settings. CEO Tim Moran noted significant commercial traction in just six months post-launch, showcasing the device's versatility and ease of use in various clinical settings. The abstracts will be available on the company's website for further insights.
Motus GI Holdings, Inc. (NASDAQ: MOTS) announces a new patent (patent # 11446428) from the USPTO for a method titled “Cleaning Method for Prepless Colonoscopy,” enhancing its Pure-Vu System. This method aims to facilitate high-quality colonoscopies with minimal prep, potentially increasing compliance with colorectal cancer screening guidelines in outpatient settings. The company highlights that 4.7 million U.S. patients struggle with prep, leading to postponed or repeat procedures, impacting both clinical outcomes and healthcare costs.
Motus GI Holdings, Inc. (NASDAQ: MOTS) has been recognized as a sole source provider by the Veterans Health Administration, enhancing its access to VA medical centers. This designation aims to improve the adoption of the Pure-Vu EVS system, which assists veterans with bowel preparation during colonoscopies. Approximately 645,000 colonoscopies were performed at ~170 VA centers in the past three years, highlighting demand. The company plans to focus on educational resources and leverage positive feedback from VA physicians to support growth in this sector.
Motus GI Holdings, Inc. (NASDAQ: MOTS) reported record quarterly revenue of $185,000 for Q2 2022, driven by the Pure-Vu EVS system now in use at 18 hospitals. The company exceeded its guidance for hospital placements and is initiating a ~1,000 patient trial to secure outpatient reimbursement. Despite a net loss of $5.1 million, cash reserves of $15.8 million are expected to support operations through Q1 2023. The launch of the Pure-Vu EVS Gastro device is anticipated in H1 2023, enhancing capabilities for upper GI procedures.
Motus GI Holdings, Inc. (NASDAQ: MOTS) announced on August 11, 2022, that it has regained compliance with the Nasdaq minimum bid price requirement. The notice received on August 9 confirmed that MOTS had a closing bid price of at least $1.00 per share for the last 10 consecutive business days. This compliance allows the company's common stock to continue being listed and traded on Nasdaq, enhancing its credibility and investor confidence.
Motus GI Holdings, Inc. (NASDAQ: MOTS) announced a 1-for-20 reverse stock split effective July 26, 2022, aimed at meeting the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. This action will reduce the number of outstanding shares from approximately 55.3 million to 2.8 million. The reverse split has been approved by shareholders and will apply uniformly to all stockholders, affecting both outstanding shares and those related to warrants and stock options.
Motus GI Holdings, Inc. (NASDAQ: MOTS) announced plans to release its second quarter financial results on August 11, 2022, after market close. Management will discuss the results during a conference call at 4:30 p.m. ET. The company focuses on enhancing gastrointestinal care through innovative endoscopy solutions aimed at improving clinical outcomes and cost efficiency. A replay of the webcast will be available for 90 days on the company's website.
Motus GI announced a significant improvement in cleansing rates using its Pure-Vu system in patients with a history of poor bowel preparation, achieving a rate of 97.7% compared to 31.8% previously. This data, presented at Digestive Disease Week 2022, demonstrates the system's efficacy and potential to avoid unnecessary cancellations of procedures. The study evaluated patients undergoing outpatient colonoscopies and showed an average procedure time of 28.1 minutes, suggesting that the Pure-Vu system could enhance patient care and operational efficiency.
Motus GI Holdings (NASDAQ: MOTS) reported Q1 2022 revenues of $20,000, down from $51,000 in the same period last year, impacted by the Omicron surge and transitioning from Pure-Vu Gen2 to Pure-Vu EVS. Despite these challenges, the company has secured FDA clearance for Pure-Vu EVS and has approved its use at 11 hospitals, exceeding initial expectations. The firm is also advancing a strategy to gain reimbursement for outpatient procedures, anticipating growth in quarterly revenues. The net loss narrowed to $4.8 million, or $0.09 per share.
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