PTE - PolarityTE plans to wind down SkinTE commercial sales; shares fall 11%

PolarityTE (PTE) reports financial results for the first quarter ended March 31, 2021.Q1 total revenues increased by 405% to $4.71M compared to $0.93M for the same period in 2020 and, up 31% QoQ.The increase in net revenues for sale of products was the result of a sales strategy adopted in May 2020 to focus on regions and facilities where we had repeat users of SkinTE.SkinTE revenues were $1.73M vs. $0.43M in prior year.Contract services revenues were $2.98M, up from $0.51M in same period 2020. The rise in revenues was the result of new COVID-19 testing services.Non-GAAP net loss of $8.2M, or ($0.12) per share compared to loss of $17.57M or, ($0.53) per share.Net loss was $17.14M , or ($0.24) per share compared to $13.04M or ($0.39) in prior year.Operational cash burn for Q1 was $6.61M representing a 52% reduction from Q1 2020.PolarityTE plans to wind down commercial sales of SkinTE

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PolarityTE plans to wind down SkinTE commercial sales; shares fall 11%