Surgalign Holdings Inc (NASDAQ:SRGA) jumped 15% on Friday and 25% last week after announcing its Q2 2021 operating results. The company reported $24.8 million in total global spine revenue relative to $20.5 million in Q2 2020. Surgalign’s continuing operations net loss was $10.6 million or $0.09 per share.
During the quarter, the company completed a $50 million registered direct offering. The company also collaborated with Inteneural Networks, a top AI developer for clinical neurosciences.
CEO Terry Rich said that in Q2 2021, the company made considerable progress toward developing the Holo digital platform, which included submission of the initial 510(k) to the FDA. Rich explained that despite some headwinds in the company’s legacy business due to the OEM business divesture and COVID-19 impacts, they are on track to have the first procedures performed through the Holo platform by the end of this year. So, in the coming months, SRGA is worth keeping an eye on.
Market Reaction:
On Friday, SRGA stock soared 14.66% at $1.33 with more than 11.23 million shares, compared to its average volume of 4.75 million shares. The stock has moved within a range of $1.1600 – 1.3500 after opening the trade at $1.19.
