1Q21 Results. Helius reported first quarter 2021 revenue of $84,000, down from $207,000 in the same period last year. Net loss for the quarter was $3.4 million, or $1.65 per share, compared to a net loss of $4.8 million, or $5.38 per share in the first quarter last year. We had forecast revenue of $87,000 and a net loss of $2.8 million, or $1.22 per share.U.S. Commercialization. Following FDA approval in March, Helius is developing a plan for U.S. commercialization of the PoNS Treatment. The Company is well on it way of obtaining state approvals, currently approved in 24 states. A team is being assembled to develop and implement a "go to market strategy." Helius will initially focus on early adopters in the neurologist community and neurorehabilitation centers. Nonetheless, we do not expect any U.S. revenue until the first quarter of 2022.Liquidity. At the end of the quarter, Helius had $11.4 million of cash and no debt. While management had previously forecast this to be sufficient until the first quarter next year, increased investment in U.S. commercialization likely will force the Company to return to the capital markets sooner.Updated Projections. The environment in Canada remains very challenging. At present, only approximately 3% of the population has been fully vaccinated while lockdowns have been extended through the second quarter to-date. Given the current conditions, we are projecting second quarter 2021 revenue of $90,000, down from our prior estimate of $127,000, and a net loss of $3.6 million, or $1.53 per share, above our previous estimate of a loss of $1.19 per share. For the full year we are now at revenue of $432,000 and a net loss of $13.3 million or $5.59 per share.Maintaining Outperform Rating. We are maintaining our Outperform rating and $20.00 12-month price target on HSDT shares. Through its PoNS device and treatment program, we believe Helius has a first mover advantage in using the tongue for neurostimulation to reduce symptoms of neurological disease or trauma. Read More >>