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Health Care : Pharmaceuticals | Large Cap Value
Company profile

Johnson & Johnson is a holding company, which is engaged in the research and development, manufacture and sale of a range of products in the healthcare field. It operates through three segments: Consumer, Pharmaceutical and Medical Devices. Its primary focus is products related to human health and well-being. The Consumer segment includes a range of products used in the baby care, oral care, skin care, over-the-counter pharmaceutical, women's health and wound care markets. The Pharmaceutical segment is focused on five therapeutic areas, including immunology, infectious diseases, neuroscience, oncology, and cardiovascular and metabolic diseases. The Medical Devices segment includes a range of products used in the orthopedic, surgery, cardiovascular, diabetes care and vision care fields. Its research facilities are located in the United States, Belgium, Brazil, Canada, China, France, Germany, India, Israel, Japan, the Netherlands, Singapore, Switzerland and the United Kingdom.

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Closing Price
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Volume:
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7,947,581

ENDRA Life Sciences Provides Business Update and Reports First Quarter 2020 Financial Results

4:00 pm ET May 14, 2020 (Accesswire) Print

ANN ARBOR, MI / ACCESSWIRE / May 14, 2020 / ENDRA Life Sciences Inc. ("ENDRA") (NASDAQ:NDRA), the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUST), today provided a business update and reported first quarter 2020 financial results.

"I could not be more pleased with the progress we've made during these challenging times to keep the company on track to receive critical regulatory approvals and advance commercialization activities on schedule in Europe and the United States," said Francois Michelon, Chairman and Chief Executive Officer. "The receipt of the CE Mark for our TAEUS liver system ahead of schedule in the first quarter positions the company to be one of the first to start positively impacting the lives of more than one billion people globally affected by Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH), where there is an acute need for a practical tool to assess and monitor liver fat before it progresses to fibrosis, cirrhosis and cancer."

Q1 2020 and Recent Business Highlights

  • Received CE Mark Approval for TAEUS FLIP (Fatty Liver Imaging Probe) System targeting NAFLD and NASH.
  • Renewed collaboration agreement with the GE Healthcare unit of General Electric Company, extending the agreement's term to January 2021.
  • Increased intellectual property portfolio to 68 assets defined, filed, issued and licensed patents and pending patent applications, including a key patent to expand into a future clinical market - monitoring tissue temperature during thermal ablation and cryotherapy procedures, for which there are also currently no practical clinical tools.
  • Expanded Scientific Advisory Board with the addition of Raza Malik, M.D., Director of Hepatology and Associate Chief of the Division of Gastroenterology at Tufts Medical Center in Boston.
  • Remain on track for key milestones to establish clinical evaluation reference sites and initiate sales in Europe in the second half of 2020, as well as to submit a 510(k) regulatory package to the Food and Drug Administration (FDA) in the second quarter of 2020.

Financial Results for Q1, 2020

  • Operating expenses increased to $3.1 million in the first quarter of 2020, up from $2.7 million in the first quarter of 2019. The increase in operating expenses was primarily due to employment related costs including non-cash expenses for stock compensation, costs associated with being a publicly traded company including investor relations, and increased costs for insurance.
  • Net loss in Q1 2020 totaled $3.3 million, or ($0.29) per basic and diluted share, as compared to a net loss of $2.7 million, or ($0.37) per basic and diluted share in Q1 2019.
  • Cash at March 31, 2020 totaled $3.1 million, as compared to $6.2 million at December 31, 2019, with no long-term debt outstanding.

Conference Call and Webcast Access

Management will host a conference call and webcast today at 4:30 p.m. ET to discuss the results and provide an update on recent corporate developments.

Dial-in Number

U.S./Canada Dial-in Number: 844-369-8774

International Dial-in Number: 862-298-0844

Replay Dial-in Number: 877-481-4010

Replay International Dial-in Number: 919-882-2331

Replay Passcode: 34662

A telephone replay will be available May 14, 2020 through 4:30 p.m. ET on May 21, 2020.

A live audio webcast will be available through the Events and Presentations page of the Investors section of the company's website at www.endrainc.com. A replay of the webcast will be available on the website for 90 days.

About ENDRA Life Sciences Inc.

ENDRA Life Sciences Inc. is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUST), a ground-breaking technology that mirrors some applications similar to CT or MRI, but at 50Xlower cost, at the point of patient care. TAEUS is designed to work in concert with one million ultrasound systems in global use today. TAEUS is initially focused on the measurement of fat in the liver, as a means to assess and monitor NAFLD and NASH, chronic liver conditions that affect over 1 billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, ENDRA is exploring several other clinical applications of TAEUS, including visualization of tissue temperature during energy-based surgical procedures.www.endrainc.com

Forward-Looking Statements

All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. Examples of forward-looking statements include, among others, estimates of the timing of future events and achievements, such as the expectations regarding milestones and future sales; the timing of; making our 510(k) submission with the FDA and commercializing the TAEUS device; and expectations concerning ENDRA's business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, our ability to develop a commercially feasible technology; receipt of necessary regulatory approvals; the impact of COVID-19 on our business plans; our ability to find and maintain development partners, market acceptance of our technology, the amount and nature of competition in our industry; our ability to protect our intellectual property; and the other risks and uncertainties described in ENDRA's filings with the Securities and Exchange Commission. The forward-looking statements made in this release speak only as of the date of this release, and ENDRA assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Company Contact:

David Wells

Chief Financial Officer

(734) 997-0464

investors@endrainc.com

www.endrainc.com

Media Relations Contact:

Denise DiMeglio

(610) 228-2102

denise@gregoryfca.com

Investor Relations Contact:

Joe Hassett

(484) 686-6600

joeh@gregoryfca.com

ENDRA Life Sciences Inc.

Condensed Consolidated Balance Sheets

March 31,December 31,
Assets
20202019
Assets
(unaudited)
Cash
$3,102,728$6,174,207
Prepaid expenses
373,254116,749
Inventory
174,935113,442
Other current assets
121,951130,701
Total Current Assets
3,772,8686,535,099
Other Assets
Fixed assets, net
237,015236,251
Right of use assets
389,004404,919
Total Assets
$4,398,887$7,176,269
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued liabilities
$1,444,035$1,708,525
Convertible notes payable, net of discount
38,402298,069
Lease liabilities, current portion
68,60866,193
Total Current Liabilities
1,551,0452,072,787
Long Term Debt
Lease liabilities
325,804342,812
Total Long Term Debt
325,804342,812
Total Liabilities
1,876,8492,415,599
Stockholders' Equity
Preferred stock series A, $0.0001 par value; 10,000 shares authorized; 2,441.92 shares issued and outstanding
11
Preferred stock series B, $0.0001 par value; 1,000 shares authorized; 121.58 shares issued and outstanding
--
Common stock, $0.0001 par value; 50,000,000 shares authorized; 13,553,005 and 8,421,401shares issued and outstanding
1,355842
Additional paid in capital
50,982,08049,933,736
Stock payable
78,83643,528
Accumulated deficit
(48,540,234)(45,217,437)
Total Stockholders' Equity
2,522,0384,760,670
Total Liabilities and Stockholders' Equity
$4,398,887$7,176,269

ENDRA Life Sciences Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

Three Months EndedThree Months Ended
March 31,March 31,
20202019
Operating Expenses
Research and development
$1,518,146$1,773,498
Sales and marketing
114,95556,818
General and administrative
1,467,745916,903
Total operating expenses
3,100,8462,747,219
Operating loss
(3,100,846)(2,747,219)
Other Expenses
Amortization of debt discount
(228,568)-
Other income (expense)
6,617(1,517)
Total other expenses
(221,951)(1,517)
Loss from operations before income taxes
(3,322,797)(2,748,736)
Provision for income taxes
--
Net Loss
$(3,322,797)$(2,748,736)
Net loss per share - basic and diluted
$(0.29)$(0.37)
Weighted average common shares - basic and diluted
11,508,8437,422,642

ENDRA Life Sciences Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months EndedThree Months Ended
March 31,March 31,
20202019
Cash Flows from Operating Activities
Net loss
$(3,322,797)$(2,748,736)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
21,58619,632
Common stock, options and warrants issued for services
511,080302,268
Amortization of debt discount
228,568-
Amortization of right of use assets
15,915-
Stock payable for investor relations
40,000-
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses
(256,505)40,354
Decrease in lease liability
(14,593)-
Increase in inventory
(61,493)(14,831)
Increase in other asset
8,750-
Increase in accounts payable and accrued liabilities
(256,878)(139,349)
Net cash used in operating activities
(3,088,367)(2,540,662)
Cash Flows from Investing Activities
Purchases of fixed assets
(22,350)(5,239)
Net cash used in investing activities
(22,350)(5,239)
Cash Flows from Financing Activities
Proceeds from warrant exercise
39,238-
Net cash provided by financing activities
39,238-
Net decrease in cash
(3,071,479)(2,545,901)
Cash, beginning of period
6,174,2076,471,375
Cash, end of period
$3,102,728$3,925,474
Supplemental disclosures of cash items
Interest paid
$1,920$-
Income tax paid
$-$-
Supplemental disclosures of non-cash items
Conversion of convertible notes and accrued interest
$493,814$-
Conversion of Series A Convertible Preferred Stock
$(452)$-
Conversion of Series B Convertible Preferred Stock
$(23)$-
Stock dividend payable
$34,066$-
Right of use asset
$389,004$-
Lease liability
$394,412$-

SOURCE: ENDRA Life Sciences Inc.





View source version on accesswire.com:

https://www.accesswire.com/589802/ENDRA-Life-Sciences-Provides-Business-Update-and-Reports-First-Quarter-2020-Financial-Results



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