The medical technology firm Surgalign Holdings Inc (NASDAQ:SRGA) was in the news this past Friday after the company announced its financial results for the second fiscal quarter of the year. Investors did not seem to have been particularly impressed with the company’s performance and the stock actually suffered from a selloff as it declined by as much as 14.50%.
The company managed to bring total revenues of as much as $24.80 million for the quarter and that reflected a considerable improvement from the $20.5 million in revenues that it generated in the prior year period.
On the other hand, the company suffered a net loss of as much as $10.6 million from its operations. It worked out to losses of $.09 per share. The loss on an adjusted EBITDA basis came in at $8.5 million but at the same time it is also necessary to note that the company suffered an adjusted EBITDA loss of as much as $21.4 million in the prior year period.
Surgalign also noted that during the second quarter it managed to conclude a registered direct offering that helped it in raising as much as $50 million in the form of gross proceeds.