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Itamar Medical Ltd. (ITMR)

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Neutralpattern detected
Previous Close22.02
Open23.05
Bid23.08 x 1100
Ask0.00 x 800
Day's Range23.04 - 23.60
52 Week Range7.66 - 29.00
Volume26,717
Avg. Volume20,057
Market Cap334.955M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.60
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est24.99
  • Itamar Medical Ltd. Sponsored ADR (ITMR) Reports Q2 Loss, Tops Revenue Estimates
    Zacks

    Itamar Medical Ltd. Sponsored ADR (ITMR) Reports Q2 Loss, Tops Revenue Estimates

    Itamar Medical Ltd. Sponsored ADR (ITMR) delivered earnings and revenue surprises of 10.53% and 12.18%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Itamar Medical Reports Second Quarter 2020 Financial Results

    \- Second Quarter Revenues Increase 21% to $8.9 Million - \- U.S. WatchPATTM Revenues Increase 31% to $6.6 Million - \- Company to Host Conference Call Today at 8:00 am ET, 3:00 pm IT - CAESAREA, Israel, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Itamar Medical Ltd. (Nasdaq and TASE: ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders, today reported unaudited financial results for the second quarter of 2020.“Our second quarter results reflect encouraging growth and we have taken several steps to capitalize on this momentum. The recent traction among both new and existing customers in the context of survey results from 300 centers indicating volumes of 70% Home Sleep Apnea Tests versus volumes of 30% in-lab1 is a testament to the advantage of our home-based and digital care pathway sleep solutions and our ability to reach the large undiagnosed patient population suffering from sleep apnea,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical.“While we are pleased with our solid results, there are still many macro factors that remain fluid as the pandemic unfolds, leading to our cautious near-term outlook as we approach the second half of the year. Nonetheless, this does not change our long-term value proposition or market opportunity,” concluded Glick.Second Quarter 2020 Highlights * Revenues in the second quarter of 2020 were $8.9 million, an increase of 21% year-over-year.   * U.S WatchPAT revenues in the second quarter of 2020 were $6.6 million, an increase of 31% year-over-year.Recent Business and Production Updates * Doubled WatchPAT ONE production capacity from approximately 3,000 units per week in May to approximately 6,000 units per week in June to meet the overwhelming demand as seen in our backlog from the first quarter, which, as a result, is now normalized.   * Active centers using WatchPAT ONE reached a total of 291 after onboarding over 10 new customers per week on average throughout the second quarter.Second Quarter 2020 Financial ResultsRevenues for the second quarter of 2020 increased 21% to $8.9 million, compared to $7.4 million in the same quarter in 2019. Revenue growth was driven by an increase in WatchPAT sales in the U.S. and Japan, offset by a decrease in WatchPAT sales in Europe and in the rest of the world.WatchPAT revenues for the second quarter of 2020 increased 20% to $7.9 million, compared to $6.5 million in the same quarter in 2019.U.S. WatchPAT revenues for the second quarter of 2020 increased 31% to $6.6 million, compared to $5.0 million in the same quarter in 2019, driven primarily by WatchPAT ONE sales as well as WatchPAT Direct sales. Sales from disposables and renewable products, including WatchPAT ONE, comprised approximately 78% of WatchPAT revenues in the U.S. in the second quarter of 2020, compared to 65% in the same quarter in 2019.Gross profit for the second quarter of 2020 increased to $6.0 million, compared to $5.7 million in the same quarter in 2019. Gross profit margin for the second quarter of 2020 decreased to 68%, compared to 78% in the same quarter in 2019. Non-IFRS gross profit margin for the second quarter of 2020 decreased to 70%, compared to 79% in the same quarter in 2019) See “Use of Non-IFRS Measures” below(. Gross margin decline was manly driven by the increase in WatchPAT ONE sales.Operating loss for the second quarter of 2020 was $3.2 million, compared to $1.7 million in the same quarter in 2019. The increase in operating loss was primarily attributable to an increase in operating expenses, partially offset by the increase in revenues. Selling and marketing expenses increased 31% to $5.9 million, compared to $4.5 million in the same quarter in 2019, due to the planned expansion of the U.S. sales team into new geographical territories and verticals (32 territories and verticals as of June 30, 2020, compared to 27 territories and verticals as of June 30, 2019), as well as additional sales commissions resulting from the increase in revenues. Research and development expenses increased 22% to 1.4 million, compared to $1.1 million in the same quarter in 2019, driven by an increase in personnel to support product development (including the digital health platform).Non-IFRS operating loss for the second quarter of 2020 was $2.4 million, compared to $0.9 million in the same quarter in 2019. Non-IFRS operating loss excludes approximately $0.8 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; and expenses relating to reduction in manpower, compared to $0.8 million of similar expenses for the same quarter in 2019 (see “Use of Non-IFRS Measures” below).Net loss for the second quarter of 2020 was $3.2 million, compared to $2.0 million in the same quarter in 2019.Non-IFRS net loss for the second quarter of 2020 was $2.4 million, compared to $1.2 million in the same quarter in 2019. Non-IFRS net loss excludes approximately $0.8 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; expenses relating to reduction in manpower; and gain from reevaluation of derivatives, compared to $0.7 million of similar expenses and gains for the same quarter in 2019 (see “Use of Non-IFRS Measures” below).   As of June 30, 2020, the Company had cash, cash equivalents and a short-term bank deposit of $45.2 million.First Half 2020 Financial Results Revenues for the six months ended June 30, 2020 increased 29% to $17.3 million, compared to $13.4 million for the six months ended June 30, 2019. Revenue growth was driven by an increase in WatchPAT sales in the U.S. and Japan, offset by a decrease in WatchPAT sales in the rest of the world.WatchPAT revenues for the six months ended June 30, 2020 increased 30% to $16.1 million, compared to $12.3 million for the six months ended June 30, 2019.U.S. WatchPAT revenues for the six months ended June 30, 2020 increased 36% to $12.7 million, compared to $9.3 million for the six months ended June 30, 2019. U.S. WatchPAT revenues increase was primarily driven by the increase of WatchPAT ONE as well as WatchPAT Direct sales.Gross profit for the six months ended June 30, 2020 increased to $12.3 million, compared to $10.4 million for the six months ended June 30, 2019. Gross profit margin for the for the six months ended June 30, 2020 was 72%, compared to 77% for the six months ended June 30, 2019. Non-IFRS gross profit margin for six months ended June 30, 2020 decreased to 73%, compared to 79% for the six months ended June 30, 2019 (See “Use of Non-IFRS Measures” below(.  Gross margin decline was mainly driven by the increase in WatchPAT ONE sales.Operating loss for the six months ended June 30, 2020 was $5.2 million, compared to $3.0 million for the six months ended June 30, 2019. The increase in operating loss was primarily attributable to an increase in operating expenses, partially offset by the increase in revenues. Selling and marketing expenses increased 36% to $11.2 million, compared to $8.3 million in the first half of 2019, due to the planned expansion of the U.S. sales team into new geographical territories and verticals, as well as additional sales commissions resulting from the increase in revenues. Research and development expenses increased 29% to $2.7 million, compared to $2.1 million in the first half of 2019, driven by an increase in personnel to support product development (including the digital health platform).Non-IFRS operating loss for the six months ended June 30, 2020 was $3.8 million, compared to $1.9 million for the six months ended June 30, 2019. Non-IFRS operating loss excludes approximately $1.4 million in share-based payments; depreciation and amortization of property and equipment and intangible asset; change in provision for doubtful and bad debt; and expenses relating to reduction in manpower, compared to $1.1 million of similar expenses for the six months ended June 30, 2019 (see “Use of Non-IFRS Measures” below).Net loss for the six months ended June 30, 2020 was $5.2 million, compared to $3.1 million for the six months ended June 30, 2019.Non-IFRS net loss for the for the six months ended June 30, 2020 was $3.9 million, compared to $2.4 million for the six months ended June 30, 2019. Non-IFRS net loss excludes approximately $1.3 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; expenses relating to reduction in manpower; and gain from reevaluation of derivatives, compared to $0.7 million of similar expenses and gains for the six months ended June 30, 2019 (see “Use of Non-IFRS Measures” below).   Conference Call and Webcast InformationThe Company will host a conference call today at 8:00 a.m. Eastern Time, 3:00 p.m. Israel Time to review financial results and provide a corporate update.To listen live via webcast, please visit https://www.itamar-medical.com/, or by clicking here.To participate via phone, please use the dial in information: U.S. toll-free: 833-519-1272 International: 914-800-3844 Israel toll-free: 1-809-315-362 Conference ID: 8798951Please log in approximately 10 minutes prior to the scheduled start time. An archived webcast also will be provided in the Events and Presentations section of the Company’s website.Use of Non-IFRS MeasuresIn addition to disclosing financial results prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB), this press release contains Non-IFRS financial measures for operating loss and net loss, which are adjusted from results based on IFRS to exclude: (i) share-based payments; (ii) depreciation and amortization of property and equipment and intangible assets; (iii) change in provision for doubtful and bad debt; (iv) expenses relating to reduction in manpower; and (v) gain from reevaluation of derivatives. Management believes that the Non-IFRS financial measures provided in this press release are useful to investors’ understanding and assessment of the Company’s performance. Management uses both IFRS and Non-IFRS measures when operating and evaluating the Company’s business internally and therefore decided to make these Non-IFRS adjustments available to investors. The presentation of this Non-IFRS financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. For further details, see a reconciliation of operating loss and net loss on an IFRS basis to a Non-IFRS basis that is provided in the table that accompanies this press release.About Itamar Medical Ltd.Itamar Medical is a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. Itamar Medical commercializes a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the core sleep, cardiology and direct to consumer markets. Itamar Medical offers a Total Sleep Solution to help physicians provide comprehensive sleep apnea management in a variety of clinical environments to optimize patient care and reduce healthcare system costs. The Company’s key product, WatchPAT, is commercially available within major markets including the U.S., Japan and Europe. Itamar Medical is a public company traded on the Nasdaq and on the Tel Aviv Stock Exchanges, and is based in Caesarea, Israel with U.S. headquarters based in Atlanta, GA. For additional information visit www.itamar-medical.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Statements preceded by, followed by, or that otherwise include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. For example, when we discuss the momentum gained by our business we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks, uncertainties and assumptions, including events and circumstances out of Itamar Medical's control and actual results, expressed or implied by such forward-looking statements, could differ materially from Itamar Medical's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, risks, uncertainties and assumptions discussed from time to time by Itamar Medical in reports filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC) and the Israel Securities Authority (ISA), including the Company’s latest Annual Report on Form 20-F, which is on file with the SEC (accessible at www.sec.gov) and the ISA. Except as otherwise required by law, Itamar Medical undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.Company Contact Itamar Medical Ltd. Shy Basson Chief Financial Officer Phone: +972-4-617-7700 bshy@itamar-medical.comItamar Medical Investor Relations Contact (U.S.) Leigh Salvo or Caroline Paul Gilmartin Group Phone: +1-415-937-5412 investors@itamar-medical.com*   The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release. ITAMAR MEDICAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)  June 30, 2020 December 31, 2019       U.S. dollars in thousands Assets   Current assets   Cash and cash equivalents$ 37,666  $15,115  Short-term bank deposit 7,500   -  Trade receivables 7,662   8,384  Other receivables 2,015   1,404  Inventories 4,727    3,363  Total current assets 59,570   28,266      Non-current assets   Long-term restricted deposits and prepaid expenses 519   476  Long-term trade receivables 263   156  Property and equipment 1,924   1,472  Intangible assets 687   395  Right-of-use assets 1,961   2,442  Total non-current assets 5,354   4,941  Total assets$64,924  $33,207      Liabilities   Current liabilities   Short-term bank loan$5,000  $5,000  Current maturities of lease liabilities 883   890  Trade payables 2,646   2,028  Other accounts payable 3,248   3,455  Accrued expenses 1,119   1,317  Provisions 334   273  Short-term employee benefits 593   352  Total current liabilities 13,823   13,315      Non-current liabilities   Lease liabilities, net of current maturities 1,253   1,708  Recognized liability for defined benefit plan, net 203   260  Other long-term liabilities 1,262   1,260  Total non-current liabilities 2,718   3,228  Total liabilities 16,541   16,543      Equity    Ordinary share capital 1,133   878  Additional paid-in capital 161,407   125,435  Accumulated deficit (114,157)  (109,649) Total equity  48,383   16,664  Total liabilities and equity $64,924  $33,207  ITAMAR MEDICAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019           U.S. dollars in thousands (except per share and ADS data)       Revenues$8,885  $7,353  $17,263  $13,409  Cost of revenues 2,869   1,627   4,919   3,029  Gross profit 6,016   5,726   12,344   10,380  Selling and marketing expenses 5,943   4,546   11,206   8,268  Research and development expenses 1,377   1,130   2,679   2,070  General and administrative expenses 1,914   1,793   3,634   3,080  Total operating expenses 9,234   7,469   17,519   13,418  Operating loss (3,218)  (1,743)  (5,175)  (3,038)                  Financial income (expenses):     Financial income 152   101   387   193  Financial expenses (166)  (298)  (400)  (596) Gain from derivatives instruments, net -   78   -   442  Financial income (expenses), net (14)  (119)  (13)  39  Loss before taxes on income (3,232)  (1,862)  (5,188)  (2,999) Taxes on income (10)  (96)  (52)  (123) Net loss $(3,242) $(1,958) $(5,240) $(3,122)                                                                           Loss per share – basic and diluted (in U.S. dollars) $(0.01) $(0.01) $(0.01) $(0.01)                                                                           Weighted average number of shares used in computation of loss per shares (in thousands):     Basic 423,137   333,951   406,624   331,087  Diluted 423,137   335,149   406,624   331,087                                                                            Loss per ADS – basic and diluted (in U.S. dollars) $(0.23) $(0.18) $(0.39) $(0.28)                                                                           Weighted average number of ADSs used in computation of loss per ADS (in thousands):      Basic 14,105   11,132   13,554   11,036  Diluted 14,105   11,172   13,554   11,036  ITAMAR MEDICAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended June 30, Six Months Ended June 30,                2020 2019 2020 2019                U.S. dollars in thousands Cash flows from operating activities     Net loss$(3,242) $(1,958) $(5,240) $(3,122) Adjustments for:     Depreciation and amortization 479   343   889   674  Share-based payment 309   355   671   531  Change in provision for doubtful and bad debt 126   207   158   194  Net financial cost (income) (102)  148   (199)  172  Gain from reevaluation of derivatives -   (78)  -   (442) Decrease (increase) in trade receivables (728)  (251)  456   (59) Increase in other accounts receivable (832)  (318)  (604)  (190) Increase in inventories (1,054)  (247)  (1,815)  (520) Increase in trade payables 151   147   580   525  Increase (decrease) in other accounts payable and accrued expenses 866   78   (426)  314  Increase in employee benefits 166   39   245   129  Increase in provisions 10   3   61   7  Income tax expenses 10   96   52   123  Taxes paid during the period (29)  (17)  (30)  (44) Net interest received (paid) during the period 127   (166)  53   (174)                                                                     Net cash used in operating activities (3,743)  (1,619)  (5,149)  (1,882)                                                                     Cash flows from investing activities     Investment in short-term bank deposits (7,500)  (9,000)  (7,500)  (9,000) Investment in restricted long-term deposits (50)  -   (50)  -  Purchase of property and equipment, intangible assets and capitalization of development expenditure (478)  (116)  (709)  (262)                                                                     Net cash provided by (used in) investing activities (8,028)  (9,116)  (8,259)  (9,262)                                                                     Cash flows from financing activities     Proceeds from issuance of shares, net of share issuance costs (share issuance costs) (876)  -   36,185   13,968  Repayment of principal of lease liabilities (220)  (215)  (445)  (439) Issuance of shares due to the exercise of stock options 81   14   81   25  Net cash provided by (used in) financing activities (1,015)  (201)  35,821   13,554  Increase (decrease) in cash and cash equivalents (12,786)  (10,936)  22,413   2,410  Cash and cash equivalents at beginning of period 50,442   19,887   15,115   6,471  Effect of exchange rate fluctuations on balances of cash and cash equivalents 10   65   138   135  Cash and cash equivalent balance at end of period$37,666  $9,016  $37,666  $9,016  Non-cash financing activity- share issuance costs$38  $-  $38  $-  ITAMAR MEDICAL LTD. RECONCILIATIONS OF IFRS TO NON-IFRS FINANCIAL MEASURES (Unaudited) Three Months Ended June 30, Six Months Ended June 30,                2020 2019 2020 2019                U.S. dollars in thousands (except per share and ADS data)       IFRS operating loss$(3,218) $(1,743) $(5,175) $(3,038) IFRS net loss$(3,242) $(1,958) $(5,240) $(3,122)                                                                           Cost of revenues:     Share-based payment 5   2   7   4  Depreciation and amortization of property and equipment and intangible assets 162   90   264   169  Expenses relating to reduction of manpower 27   -   27   -    194   92   298   173                                                                      Operating expenses:     Selling and marketing:     Share-based payment 80   169   199   168  Depreciation and amortization of property and equipment and intangible assets 37   30   68   59  Expenses relating to reduction of manpower 63   -   63   -    180   199   330   227                                                                      Research and development:     Share-based payment 71   25   142   54  Depreciation and amortization of property and equipment and intangible assets 31   16   50   28  Expenses relating to reduction of manpower 18   115   18   115    120   156   210   197                                                                      General and administrative:     Share-based payment 147   153   310   293  Depreciation and amortization of property and equipment and intangible assets 18   14   34   26  Change in provision for doubtful and bad debt 126   207   158   194  Expenses relating to reduction of manpower 9   -   9   -    300   374   511   513                   Financial income (expenses), net:     Share-based payment 6   6   13   12  Gain from reevaluation of derivatives -   (78)  -   (442)   6   (72)  13   (430)                        Non-IFRS operating loss$(2,424) $(922) $(3,826) $(1,928) Non-IFRS net loss$(2,442) $(1,209) $(3,878) $(2,442)                                         IFRS loss per ADS – basic and diluted (in U.S. dollars)$(0.23) $(0.18) $(0.39) $(0.28) Non-IFRS loss per ADS – basic and diluted (in U.S. dollars)$(0.17) $(0.11) $(0.29) $(0.22)                                         1 COVID-19 sleep center impact study. EnsoData. 2020. Available at https://www.ensodata.com/landing-pages/covid-19-sleep-center-impact-study.

  • Earnings Preview: Itamar Medical Ltd. Sponsored ADR (ITMR) Q2 Earnings Expected to Decline
    Zacks

    Earnings Preview: Itamar Medical Ltd. Sponsored ADR (ITMR) Q2 Earnings Expected to Decline

    Itamar Medical Ltd. Sponsored ADR (ITMR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.