PTE - PolarityTE shares rise on SkinTE powered Q4 revenue beat

PolarityTE (PTE) share up more than 5% premarket after the company posts fourth-quarter revenue that beat Wall Street estimates, helped by the strength in the company's SkinTE business.Total revenue in the fourth quarter more than doubled to $3.59M compared to the same period last year. Analysts were expecting $2.9M.Net loss for the year ended December 31, 2020 was $42.85M compared with a net loss of $92.49M last year.As of December 31, 2020, the company had $25.52M in cash and cash equivalents.PolarityTE expects existing cash and cash equivalents to be sufficient to fund activities through the end of 2021 and into the third quarter of 2022.The company also highlighted that its financial numbers in the quarter benefitted from its restructuring initiatives and cost cutting measure employed last year."...We reduced our commercial operations in May 2020 and have realized a substantial reduction in our operating expenses," CEO David Seaburg said. "This cost savings coupled with our recent

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PolarityTE shares rise on SkinTE powered Q4 revenue beat