ReShape Lifesciences Inc (NASDAQ: RSLS) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has expanded its Balloon™ implant business, exciting investors and sending the stock on a tear for the top. Today, we’ll talk about:
- The announcement;
- what we’re seeing from RSLS as a result; and
- what we’ll be watching for ahead.
RSLS Announces Balloon™ Implant Business Expansion
As mentioned above, ReShape Lifesciences is having an incredibly strong start to the trading session this morning after the company announced the expansion of its Balloon™ implant business. In a press release issued early this morning, the company announced the successful implant of the first ReShape Balloon™ at the Brigham and Women’s Hospital in Boston, MA.
In the release, RSLS said that the implant was performed by Scott Shikora, MD, Director of the Center for Metabolic and Bariatric Surgery at Brigham and Women’s Hospital. Currently, Shikora servs as Chief Medical Officer as RSLS and is a past president of the American Society for Metabolic and Bariatric Surgery (ASMBS).
In a statement, Dan Gladney, Chairman and CEO at RSLS, had the following to offer:
We are excited to have another world-renowned hospital offering the ReShape Balloon to its patients. It is truly encouraging to see the enthusiasm of the healthcare providers at Brigham and Women’s… We believe that the weight loss achieved with our ReShape Balloon may also help reduce co-morbidities and improve quality of life for our patients.
The above statement was followed up by Dr. Shikora. Here’s what he had to offer:
My patient and I are thrilled with the ease of the procedure and the successful outcomes that are supported by solid clinical experience around the globe… The ReShape Balloon has enabled me to confidently provide an effective and safe solution to patients looking for a minimally invasive and non-anatomy altering weight loss solution. I have seen the excitement about the product amongst my colleagues and I look forward to providing the ReShape Balloon to more patients in the future.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of ReShape the news proved to be overwhelmingly positive. After all, another successful implant in a new hospital means that the hospital will likely start using the ReShape Balloon as part of their care in the future. So, it’s no surprise to see that excited investors are sending the stock on a run for the top this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:38), RSLS is trading at $2.70 per share after a gain of $0.52 per share or 23.72% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on RSLS. In particular, we’re interested in following the story surrounding the company’s continued work with regard to their Balloon™ implant. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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