SRGA - Surgalign guides FY22 revenue outlook below estimates

Surgalign (SRGA -0.6%) stock fell following its Q4 results, and FY22 revenue outlook which is below estimates. Q4 total revenue declined -16.64% Y/Y to $21.83M. The company said the decrease was mainly due to decreased demand as a result of COVID-19 related headwinds in the quarter. “Fourth quarter performance was in line with our expectations, but continued to be heavily impacted by macro issues, including COVID-related procedural restrictions and hospital staffing shortages, both of which persisted during the first two months of 2022," said President and CEO Terry Rich. Gross profit was $12.33M, compared to $12.77M in Q4 2020. Net loss from continuing operations was -$88.82M, compared to -$118.06M in Q4 2020. Q4 adjusted EBITDA was a loss of -$12.9M, compared to -$7.7M in the year ago period. R&D expenses increased to $4.93M, compared to $2.18M in Q4 2020. As of Dec. 31, 2021, cash and cash equivalents were ~$51.3M. Outlook 2022:

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Surgalign guides FY22 revenue outlook below estimates