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BRIEF-Eargo Provides Business Update

reuters.com · 04/29/2022 17:26
BRIEF-Eargo Provides Business Update

- Eargo Inc EAR:

  • EARGO PROVIDES BUSINESS UPDATE

  • EARGO - SEES CASH BURN IN 2022 TO BE ABOUT $20 MILLION TO $25 MILLION PER QUARTER AND ANTICIPATES THAT IT WILL NEED TO RAISE CAPITAL OVER COURSE OF 2022

  • EARGO INC - DOES NOT EXPECT TO SEEK ANY ADDITIONAL PAYMENT FROM CUSTOMERS WHOSE CLAIMS HAVE ALREADY BEEN SUBMITTED

  • EARGO INC - AS PART OF ASSESSING IMPACT OF DOJ INVESTIGATION, ALSO ANTICIPATES A CHANGE IN ITS ESTIMATE OF SALES RETURNS RECORDED IN Q3 OF 2021

  • EARGO INC - PRELIMINARY Q1 2022 GROSS SYSTEMS SHIPPED ARE EXPECTED TO BE APPROXIMATELY 5,770, DOWN APPROXIMATELY 51% YEAR-OVER-YEAR

  • EARGO INC - PRELIMINARY CASH AND CASH EQUIVALENTS WERE APPROXIMATELY $89 MILLION AS OF MARCH 31, 2022

  • EARGO - DETERMINED TRANSACTIONS USING INSURANCE BENEFITS AS DIRECT PAYMENT METHOD SUBMITTED AFTER SEPT 21,2021 DID NOT MEET REVENUE RECOGNITION CRITERIA

Source text for Eikon: ID:nGNX92vrSP

Further company coverage: EAR


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