Helius Medical Technologies, Inc. Sees Record-Breaking Results for Fourth Quarter and Full Year 2022

Helius Medical Technologies, Inc., a neurotech company with a mission to promote neurological wellness, is pleased to announce preliminary, unaudited results for the quarter and full year ended December 31, 2022, and provide an update on their progress. With a focus on innovation and advancement, the company is excited to share their latest accomplishments in the pursuit of bettering the lives of those living with neurological conditions.

Business Highlights and Preliminary, Unaudited 2022 Financial Results

As we move into the fourth quarter of 2022, we anticipate a sequential increase of approximately 40% over the third quarter of 2022, with revenues ranging from $275,000 to $285,000. This reflects the successful U.S. launch of PoNS® for multiple sclerosis (MS) in the second quarter and increased sales of PoNS in Canada, providing a promising outlook for the quarter ahead.

Full year 2022 is set to be a huge year for us, with revenue expected to skyrocket to between $780,000 and $790,000 – that’s an incredible 50% increase on 2021!

At the end of 2022, the Company expects its cash, cash equivalents, and restricted cash balance to be $14.5 million, a decrease of $2.2 million from the balance of $16.7 million as of September 30, 2022. This decrease demonstrates the Company’s commitment to managing its cash burn carefully.

Introducing UpScript, the revolutionary new Telehealth e-commerce site designed to make it easier for Americans with MS to access online health evaluations, fulfill PoNS Therapy prescriptions, and obtain PoNS through convenient home delivery. Get your PoNS Therapy treatments shipped right to your doorstep starting in January 2023 – no more waiting rooms or long lines!

We have released an innovative online module to help physical therapists quickly and effectively treat gait deficits in adults with MS. This module streamlines the process and reduces training time, allowing patients to experience faster relief from their symptoms.

We are thrilled with our fourth quarter performance, which was driven by the successful launch of PoNS Therapy in the US. PoNS Therapy is a revolutionary technology designed to help those suffering from gait and balance impairments. To ensure that access to this therapy is available to all, we have developed an online training curriculum for physical therapists and launched an e-commerce site for patients. With these accomplishments, we are confident that we will be able to expand access to PoNS Therapy across North America and beyond in 2023.

As we approach the end of our fiscal year, the Company looks forward to providing a comprehensive review of our operations and financial standing in March 2023 during our fourth quarter and full-year 2022 earnings call. That said, the preliminary financial information presented in this press release is based on estimates based on information available as of the date of this press release, and may be subject to change depending on the completion of our financial and operating closing procedures, customary audit procedures, and other developments that may occur before all of these procedures are complete. Therefore, we urge you to take caution when considering this preliminary financial information, as it may differ from actual results.

About Helius Medical Technologies, Inc.

Helius Medical Technologies is revolutionizing the medical device field with its innovative focus on neurologic deficits and non-implantable platform technologies. Their groundbreaking product, the Portable Neuromodulation Stimulator (PoNS), amplifies the brain’s ability to compensate and promotes neuroplasticity, empowering people with neurologic diseases to live more fulfilling lives.

About the PoNS Device and PoNS Therapy

The revolutionary Portable Neuromodulation Stimulator (PoNS) is a non-surgical medical device that provides a revolutionary way to improve balance and gait. Its controller and mouthpiece deliver electrical stimulation to the tongue to help those with mild-to-moderate multiple sclerosis (MS) symptoms. Approved for use in the United States, the PoNS device can be prescribed to those 22 years of age and over as a short-term treatment when used in combination with a supervised exercise program.

PoNS has been authorized for sale in Canada and Australia for two indications: in Canada, it is approved for use as a short-term treatment (14 weeks) of chronic balance deficit due to mild-to-moderate traumatic brain injury (“mmTBI”) and gait deficit due to mild and moderate symptoms from MS, both in conjunction with physical therapy; and in Australia, it is approved for short term use by healthcare professionals as an adjunct to a therapeutic exercise program to improve balance and gait.

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