Brief: Eargo Provides Business Update

Eargo

29/04/2022 22:26

April 29 (Reuters) - Eargo Inc  EAR.O :
    * 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.O 

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