Eargo Reports Third Quarter 2020 Financial Results

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Third Quarter and Recent Highlights:Net revenues of $18.2 million, up 135.3% year-over-yearGross systems shipped of 10,077, up 91.7% year-over-yearReturn accrual rate of 25.2%, a 10.1 percentage point improvement year-over-yearGross margin of 70.1%, up 16.5 percentage points year-over-yearSales and marketing expense as a percent of net revenues of 67.9%, a 52.3 percentage point improvement year-over-yearLoss from operations of ($7.6) million, compared to ($12.0) million in the third quarter of 2019Completed initial public offering of 9,029,629 shares of common stock on October 20, 2020, raising approximately $148 million in net proceedsSAN JOSE, Calif., Nov. 19, 2020 (GLOBE NEWSWIRE) — Eargo, Inc. (Nasdaq: EAR), a medical device company on a mission to improve the quality of life of people with hearing loss, today reported its financial results for the third quarter ended September 30, 2020.Christian Gormsen, President and CEO, said, “By all financial and operational measures, our performance in the third quarter of 2020 was very strong. Most importantly, we are helping more people hear better by offering both a revolutionary product and customer experience. Consumers continued to rapidly adopt our virtually invisible, rechargeable, completely-in-canal solution for hearing loss and our differentiated telecare model, which provides education, purchase and clinical support from the comfort and safety of home.”“During the third quarter, we executed our strategy of efficient revenue growth through multi-channel …

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