Pulse Biosciences Inc. (PLSE) experienced a significant stock plummet of 5.42% on October 31, 2024, despite reporting positive developments in its Q3 2024 financial results and business updates.
The company's financial performance during the third quarter was marked by an increase in net loss and expenses compared to the prior year period. The GAAP net loss for Q3 2024 was $12.7 million, up from $10.6 million in the same period of the previous year. Additionally, non-GAAP costs and expenses also rose, increasing by $1.2 million to $10.4 million.
Despite these financial challenges, Pulse Biosciences achieved several notable milestones. The company received FDA 510-K clearance for their CellFX percutaneous electrode system for soft tissue ablation, allowing for its market launch in the United States. Furthermore, the company's Nano PFA cardiac surgery system received breakthrough device designation from the FDA for the treatment of Atrial Fibrillation (AF), providing an accelerated pathway for regulatory approval.
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