STRATA Skin Sciences Reports Preliminary Fourth Quarter and Fiscal 2021 Financial Results
HORSHAM, Pa., Jan. 10, 2022 (GLOBE NEWSWIRE) – STRATA Skin Sciences, Inc. (NASDAQ: SSKN), a medical technology company dedicated to the development, commercialization and commercialization of innovative products for the treatment of skin conditions , today announced preliminary unaudited financial results for the fourth quarter of 2021.
Fourth Quarter and Fiscal 2021 Financial Highlights
Preliminary unaudited total revenues are expected to be between $ 8.8 and $ 9.2 million, up from $ 6.7 million in the fourth quarter of 2020
Preliminary unaudited total revenue for full year 2021 is expected to be between $ 29.7 million and $ 30.1 million, compared to $ 23.1 million for the full year. year 2020
Cash and cash equivalents, including restricted cash, were $ 12.5 million as at December 31, 2021, compared to $ 18.1 million as at December 31, 2020
Fourth Quarter 2021 Operational Highlights
Placement of 34 domestic XTRAC systems, resulting in netting systems placed in 890 US dermatologist offices, 18 of which are returns from former owners of excimer devices.
Increase in the number of international partner XTRAC clinics to 54, compared to 28 in 2020 and 10 in 2019
Conversion of 17 Pharos systems acquired from Ra Medical’s US dermatology business into STRATA’s recurring revenue model
Recruitment of Christopher Lesovitz as CFO
“We are pleased with our team’s strong results in the fourth quarter of 2021, which were bolstered by favorable year-end insurance claims and strong business execution by the entire STRATA team. Despite the headwinds of the Delta and Omicron variants, STRATA continued to make significant progress on our strategic initiatives, which was reflected in the quality of our preliminary financial results, ”said Robert Moccia, President and CEO of STRATA Skin Sciences. “After the end of the year, we were also pleased to complete the acquisition of the acne treatment device assets of Theravant Corporation, allowing us to enter the acne care market of 5, $ 5 billion in the United States. The acquisition represents the second purchase of STRATA’s strategic assets in six months, both executed under new management and reinforces STRATA’s position as a global leader in clinical dermatology devices, ”concluded Moccia.
The preliminary unaudited results described in this press release are estimates and are subject to revision until the company releases its complete financial results for the year ended December 2021, which is expected in mid-March.
About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a dermatology medical technology company dedicated to the development, commercialization and commercialization of innovative products for the in-office treatment of dermatological conditions. Its products include XTRAC® and Pharos® excimer lasers and VTRAC® lamp systems used in the treatment of psoriasis, vitiligo and various other skin conditions.
The company’s proprietary XTRAC and newly acquired Pharos excimer lasers deliver a highly targeted therapeutic beam of UVB light to treat psoriasis, vitiligo, eczema, atopic dermatitis and leukoderma, diseases that affect more than 31 million patients in the United States only. The technology is covered by several patents.
STRATA’s unique business model in the US leverages targeted direct-to-consumer (DTC) advertising to drive awareness and uses its in-house call center and insurance advocacy teams to increase clinic volume dermatological partners of the Company.
This press release includes “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. Such statements include, without limitation, the plans, objectives, expectations and intentions of the company and may contain words such as ” will, ”“ ”may,” “seek” and “expects,” which suggest future events or trends. These statements, the ability of the Company to launch and sell an acne treatment device and to integrate this device into its product offerings, the ability of the Company to develop, launch and sell products to be developed at the future, the Company’s ability to develop social media marketing campaigns, and the Company’s ability to build a leading franchise in dermatology and aesthetics, are based on the Company’s current expectations and are inherently subject important uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business, competitive, market, regulatory, adverse market conditions or supply chain disruptions resulting from the coronavirus and political factors or conditions. affecting the Company and the medical device industry in general, future responses and effects of the COVID-19 pandemic and its variants, including the distribution and efficacy of COVID-19 vaccines, as well as the risks and More specific uncertainties set out in the Company’s SEC reports on Forms 10-Q and 10-K. In view of these uncertainties, some or all of these forward-looking statements may prove to be incorrect or unreliable. Statements contained in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. The Company urges investors to carefully review its SEC information available at www.sec.gov and www.strataskinsciences.com.