Surgalign Holdings, Inc. (SRGA), a medical technology company, has plunged 15.15% in the premarket trading session. Consequently, the stock was trading at $0.28 when last checked. During Tuesday’s regular trading session, the stock gained an increase of 5.91 percentage points to close the day at $0.33. The decline in premarket could be attributed to the release of the financial results.
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Q4 2021 Results
On Tuesday, after the closure of the market, SRGA announced the results of the fourth quarter of the fiscal year 2021. The revenue during the quarter stood at $21.8 million compared to $26.2 million during Q4 2020. The net loss suffered during the quarter was $88.8 million versus $118.1 million it suffered during Q4 2020. The adjusted EBITDA for the quarter was $12.9 million when compared to $7.7 million during the fourth quarter of fiscal 2020.
FY 2022 Guidance
Alongside the financial results, SRGA also reported the revenue guidance for the full year 2022. The company is expected to generate revenue in the range of $83 million to $87 million during the fiscal year 2022. For the year 2022, the company also hoped to take steps to drive the long-term adoption of HOLO.
Comments from CEO of SRGA
Terry Rich, President and Chief Executive Officer of SRGA, commented that the company is proud of what it was capable to accomplish during the fiscal year 2021. The performance of the fourth quarter was in line with the earlier expectations of the company. However, the COVID-related restrictions have massively impacted the performance during the period. The company remains incredibly excited about grasping the opportunities in fiscal 2022.
What’s Next for SRGA?
Looking ahead, analysts are holding a negative evaluation of SRGA stock. The technical indicators are looking bleak for the stock; hence, it is expected to perform weakly in the next couple of months. Investors should take careful decisions regarding their investment in stock.
