Pear Therapeutics posts massive Q4 revenue uptick as product sales increase

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Pear Therapeutics (Nasdaq:PEAR) missed Wall Street’s fourth-quarter revenue projections regardless of a significant calendar year-around-calendar year raise in revenue.

The Boston-dependent prescription electronic therapeutic (PDT) developer posted revenue of $18.8 million, or 13¢ for each share, on profits of $1.2 million for the 3 months finished Dec. 31, 2021, for a large bottom-line attain from losses of nearly $48 million this time very last 12 months as revenues grew from just $34,000 in that time period.

Pear Therapeutics’ earnings for every share of 13¢ came in 54¢ ahead of projections on Wall Avenue, where by analysts had been wanting for profits of $1.5 million.

The firm attributed its uptick in profits as opposed to the fourth quarter of 2020 principally thanks to merchandise sales of Pear’s 3 Fda-approved products.

“We showed solid execution in 2021, with the corporation achieving its initial professional inflection issue, highlighted by our rapid development on company adoption and payor obtain for our 3 industrial PDTs,” Pear Therapeutics President and CEO Dr. Corey McCann explained in a news launch. “In 2022, we will create worth for our shareholders by continuing to bring our PDTs to a lot more and extra individuals and suppliers, maximize access to our PDTs to assistance boost the lives of the people we serve, publish wellness financial data created in the genuine environment, advance our pipeline, build our business system called PearConnect and our growth platform termed PearCreate.”

Pear reported it jobs complete-calendar year revenues to full $22 million in 2022.

The enterprise produced its earnings benefits after the current market closed on Monday, so PEAR shares were down 3.2% at $4.24 for every share but could see a change when the market place reopens. MassDevice’s MedTech 100 Index — which contains stocks of the world’s greatest health care machine firms — was up 1%.

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