Brain Scientific (OTCMKTS: BRSF) is moving in a range after the medical technology market focusing company reported its Q4 and FY 2021 financial results and business highlights. During the fourth quarter, the company finalized a merger with Piezo Motion and appointed Hassan Kotob as the CEO of the merged company.
Market Reaction
On Friday, BRSF stock ended flat at $0.30 with more than 3K shares, compared to its average volume of 4.8K shares. The stock moved within a range of $0.3000 – 0.3000 after opening trade at $0.2950.
Brain Scientific Announces Fourth Quarter and Full Year 2021 Results
Also, Donald MacKenzie, Thomas Olivier, and Daniel Cloutier were announced as independent directors of the Brain Scientific board. Brain Scientific also announced two senior executives to spearhead its revenue generation initiatives and entered a global collaboration with a master agent working on neurodiagnostic devices.
For the year ended December 31, 2021, the company reported net revenues of $265,747 relative to $93,664 for the previous year. Brain Scientific posted a net loss of $9.1 million relative to $2.8 million a year before. At the end of the year, cash was $785,363 compared to $68,943 a year ago. CEO Hassan Kotob said that last year was a transformative year for the company, which ended with a merger with Piezo. So investors should watch BRSF.
Key Quote
“2021 was a transformative year, culminating in the merger of Brain Scientific and Piezo Motion,“ said Hassan Kotob, chairman and CEO of Brain Scientific. “The merger resulted in the creation of a MedTech company with two cutting-edge product lines: neurology devices and precision motors, and includes two 510(k) FDA-cleared EEG products. We continue executing an aggressive go-to-market strategy that includes an active channel program with 15 recently signed partners and a global distribution agreement, to gain access to potentially thousands of medical device distributors around the world.”
Traders Review
BRSF stock is trading below the 20-Day and 50-Day Moving averages of $0.30 and $0.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.33.
