|Bid||1.6400 x 1800|
|Ask||1.7600 x 2900|
|Day's Range||1.7073 - 1.8000|
|52 Week Range||0.7500 - 2.8400|
|Beta (5Y Monthly)||2.08|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.88|
Weighing in on the markets from investment firm Oppenheimer, chief investment strategist John Stoltzfus believes that despite rough conditions, the market has more fuel left in the tank. Remaining “very bullish on this market,” Stoltzfus’ stance is supported by the fact that trillions of dollars are sitting on the sidelines, as well as the hope that the U.S. will be able to tame the beast that is COVID-19. “You’re going to see money beginning to further move out of the bond market, and it makes all the sense in the world to be positioned in equities,” the strategist noted.Stoltzfus acknowledges that the debate surrounding a second stimulus package, a spike in COVID-19 cases and the U.S. presidential election reflect potential near-term risks, but implies that his previous year-end target for the S&P 500, which landed at 3,500 but was withdrawn due to uncertainty, could still be attainable.Taking Stoltzfus’ outlook and turning it into concrete recommendations, the pros at Oppenheimer are giving three penny stocks a thumbs up. The firm’s analysts project triple-digit upside potential for all three of these tickers that trade for less than $5 per share. Opening up the TipRanks’ database, we’ve pulled the details on these names, to find out what makes them compelling despite their risky nature.STRATA Skin Sciences (SSKN)Bringing decades of experience and innovative skin science technology to the table, STRATA Skin Sciences provides professionals in dermatology, plastics and aesthetics with better solutions. Even though COVID-19 has hampered the company, Oppenheimer believes that at $1.22, shares appear undervalued. Representing the firm, analyst Suraj Kalia acknowledges the COVID-19-related headwinds pressured SSKN in Q2. During the quarter, revenue declined by 49% year-over-year to $4 million. Additionally, recurring revenues, an important measure of system utilization and company strategy, fell 52% year-over-year to $2.8 million.Despite this weak showing, Kalia sees reasons to remain optimistic. Gross domestic recurring billings for July were three times higher than in April. He added, “The company noted that results would have been near 2019 levels ex-hotspots (parts of FL, TX, WA)—impressive given lack of advertising and slightly smaller installed base. Further, several key markets above 2019 levels (despite no DTC ad-driven patient inventory) suggests that SSKN is taking share vs. Biologics."When it comes to SSKN’s installed base, at the end of Q2, the figure came in at 806 systems, down from 838 at the end of Q1. That being said, procedures did ramp up in June and July. Adding to the good news, the company reached a settlement agreement with Ra Medical, ending two years of court battles.To this end, Kalia rates SSKN an Outperform (i.e. Buy) along with a $6 price target. Should his thesis play out, a potential twelve-month gain of 395% could be in the cards. (To watch Kalia’s track record, click here)So, that’s Oppenheimer's view, let’s turn our attention now to rest of the Street: SSKN's 2 Buys and 1 Hold coalesce into a Moderate Buy rating. There’s plenty of upside - 303% to be exact – should the $4.88 average price target be met over the next months. (See SSKN stock analysis on TipRanks)Mustang Bio Inc. (MBIO)With its primary focus in chimeric antigen receptor T-cell, or CAR-T, therapy, Mustang Bio wants to improve the lives of patients. After its recent cash refill, Oppenheimer thinks that the $3.07 share price presents investors with a unique buying opportunity.Writing for the firm, 5-star analyst Mark Breidenbach sees MBIO’s recent equity financing, which yielded $37.2 million in gross proceeds, as a major positive. According to the analyst’s estimates, this move could extend the operational runway into early 2022.In the near-term, MBIO remains committed to kicking off “two trials of MB-107 in X-SCID, and expects the FDA to clear the CMC component of the INDs in Q4.” Breidenbach noted, “Management reiterated guidance to deliver results from both X-SCID studies —in infants and previously-transplanted patients—in 2H22.”Looking more closely at the trials, the first is a ~10-patient Phase 2 study of MB-107 in newly-diagnosed infants, which is currently on hold pending CMC clearance. “The trial will run in parallel with a ~15-patient academic-sponsored study at St. Jude, and management believes results from both studies could be combined to support a future BLA filing,” Breidenbach said.As for the second IND filing, it will evaluate the candidate in previously transplanted X-SCID patients. It should be noted that Breidenbach believes assessing efficacy here will be more difficult than in infants.On top of this, MBIO enrolled the first patients in its Phase 1/2 study of its CD123 CAR-T in AML, MDS and BPDCN. Data, however, isn’t slated for release until 2H21 at the earliest. The dose escalation in the academic-sponsored trial of MB-105, a PSCA-directed CAR T for treating metastatic castrate resistant prostate cancer (mCRPC), is also progressing right on track. “Impressively, the first patient tested at 100 million cells achieved a 95% PSA reduction with radiographic disease improvement. We could see updated results from the trial in Q1 2021 followed by a company-sponsored IND in Q4 2021,” Breidenbach stated.With everything that MBIO has going for it, it makes sense why Breidenbach left an Outperform (i.e. Buy) rating and $13 price target on the stock. Should the target be met, a twelve-month gain in the shape of a whopping 333% could be in store. (To watch Breidenbach’s track record, click here) Turning now to the rest of the Street, it has been relatively quiet when it comes to other analyst activity. Only one other analyst has posted a recent review, but it was also bullish, so the consensus rating is a Moderate Buy. In addition, the $10 average price target indicates upside potential of 233%. (See Mustang Bio stock analysis on TipRanks)VBI Vaccines (VBIV)Last but not least is VBI Vaccines, which develops cutting-edge vaccines that could potentially address unmet needs in infectious disease and immuno-oncology. As there are multiple potential catalysts on the horizon, Oppenheimer argues that its $3.65 share price reflects an attractive entry point.After updated results from the Phase 1/2a trial evaluating VBI-1901 in refractory glioblastoma were released, 5-star analyst Leland Gershell is even more confident about VBIV’s prospects.In the first-recurrent Phase 2a population, there was “improvement from Stable Disease (SD) to a confirmed durable Partial Response (PR) in one patient with this highly aggressive malignancy.” The analyst is now looking forward to six-month OS data at SNO in November, and initial efficacy with GlaxoSmithKline's liposomal AS01B adjuvant, with this arm currently enrolling.Gershell added, “We have comprehensively revised our financial model to better reflect our view of VBI's prospects as it advances this and other pipeline assets (HepB treatment vaccine, CMV vaccine) as well as SciB-Vac, any/all of which we believe could drive industry partnerships.” He now assigns distinct value contribution to VBI-1901 and VBI-2601, and estimates un-risk-adjusted year 5 sales of $200 million and $475 million, respectively.Pre-clinical data on its pan-coronavirus vaccine candidate, VBI-2901, in Q3, and its possible clinical entry in Q4 also reflect potential catalysts that could push shares higher, in Gershell’s opinion. It’s also important to mention that its strong showing year-to-date “reflects a growing appreciation for VBIV's prospects,” and April financing should support its operations into 2022.In line with his optimistic take, Gershell rates VBIV an Outperform (i.e. Buy). Gershell's $8 price target conveys his confidence in VBIV’s ability to climb 128% higher in the next twelve months. (To watch Gershell’s track record, click here) What do other analysts have to say? As the stock has received 4 Buy ratings and zero Holds or Sells in the last three months, the word on the Street is that VBIV is a Strong Buy. At $6.50, the average price target brings the upside potential to 85%. (See VBIV stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Shares of Strata Skin Sciences (NASDAQ:SSKN) rose 7.7% in pre-market trading after the company reported Q2 results.Quarterly Results Earnings per share fell 66.67% over the past year to ($0.05), which missed the estimate of ($0.03).Revenue of $4,030,000 decreased by 47.83% year over year, which missed the estimate of $5,130,000.Looking Ahead Strata Skin Sciences hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.How To Listen To The Conference Call Date: Aug 11, 2020View more earnings on SSKNTime: 08:30 AMET Webcast URL: http://public.viavid.com/player/index.php?id=140936Recent Stock Performance 52-week high: $2.89Company's 52-week low was at $0.75Price action over last quarter: Up 12.07%Company Description Strata Skin Sciences Inc is a medical technology company engaged in developing and commercializing products for the treatment of dermatological disorders. The company's operating segment include Dermatology Recurring Procedures and Dermatology Procedures Equipment. It generates maximum revenue from the Dermatology Recurring Procedures segment. The Dermatology Recurring Procedures segment derives its revenues from the usage of its equipment by dermatologists to perform XTRAC procedures. Its Dermatology Procedures Equipment segment generates revenues from the sale of equipment, such as lasers and lamp products. Geographically, it derives a majority of revenue from the United States.See more from Benzinga * Earnings Scheduled For August 11, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Recurring revenue for the second quarter of 2020 was $2.8 million, a 52.1% decrease over second quarter 2019 Total gross margins in the second quarter of 2020 was 48.7%, a 14.9% decrease over second quarter 2019 Global recurring revenue installed base totaled 806 systems at June 30, 2020 Conference call and webcast, today at 8:30 am Eastern TimeHORSHAM, Pa., Aug. 11, 2020 (GLOBE NEWSWIRE) -- STRATA Skin Sciences, Inc. (NASDAQ: SSKN) (“STRATA”), a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing and marketing innovative products for the treatment of dermatologic conditions, today reported financial results for the quarter ended June 30, 2020.“While our overall second quarter revenue performance reflects the impact of the COVID-19 global pandemic, we are encouraged by the monthly improvement in our recurring revenue business, which follows the gradual reopening of clinical practices, domestically and internationally,” said Dr. Dolev Rafaeli, Chief Executive Officer of Strata Skin Sciences.Second Quarter Revenue and Business Highlights * Total revenue for the second quarter of 2020 was $4.0 million, a decrease of 47.8% over total revenues for the second quarter of 2019 as our revenue was impacted by the COVID-19 global pandemic. * Total global XTRAC® recurring revenue in the second quarter of 2020 was $2.8 million, a decrease of 52.1% over second quarter 2019 total global XTRAC recurring revenues. * Total gross margins and recurring gross margins were 48.7% and 51.2%, respectively, a decrease of 14.9% and 19.1%, respectively, as compared to second quarter 2019. * Net loss was $1.7 million, an increase of 55.3% from a net loss of $1.1 million in the second quarter 2019. * Domestic and International recurring installed base of 789 and 17 XTRAC devices, respectively, a decrease of 33 and an increase of 1, respectively. * Cash and cash equivalents and restricted cash at June 30, 2020 was $18.6 million. * During the second quarter the Company received a $2.0 million forgivable loan under the SBA Payroll Protection Plan (the “PPP loan”) and estimates approximately 80% will be forgiven based on current guidelines. * During the second quarter the Company also received $500 thousand in loan proceeds from the SBA under the Economic Injury Disaster Loan program (the “EIDL loan”). * Saw the publication of a physician-sponsored, peer reviewed study entitled: “308-nm Excimer Laser Plus Platelet-Rich Plasma for Treatment of Stable Vitiligo: A Prospective, Randomized Case–Control Study” in the journal Clinical, Cosmetic and Investigational Dermatology. The randomized study, conducted at the Xian Vitiligo Specialist Hospital in China, evaluated the XTRAC Velocity 400i-308 nm excimer laser therapeutic system plus PRP in the treatment of vitiligo patients. Results of the 60 patient trial reaffirmed that the effect of PRP combined with XTRAC on stable vitiligo is significantly better than that of PRP or 308 nm excimer laser alone. * The Company entered into a Settlement Agreement and Release with Ra Medical Systems, Inc. (“Ra Medical”), under which the Company and Ra Medical agreed to dismiss all pending lawsuits between the parties with prejudice, each party releases the opposing parties from any and all claims, demands, and causes of action.“While COVID-19 has impacted our revenue, our business has shown its resiliency and our fundamental trends are moving in the right direction as patients return to clinics. We are seeing month to month growth in our gross domestic recurring billings from April through July of $466 thousand, $633 thousand, $749 thousand and $1.4 million, respectively, with the Midwest and Southeast at or in excess of July 2019 gross billings. Our Patient Outreach Program has been instrumental in driving patients into our partner clinics but we do anticipate some unevenness on our path to full utilization as COVID hotspots will impact our localized partner clinics and their ability to return to normal operations,” stated Dr. Rafaeli. “We increased our overall cash position by $3 million in the second quarter compared to the first quarter and have $11.2 million in unrestricted cash. Internationally, we are observing similar trends and anticipate international placements and equipment sales to increase as markets open up further.” Dr. Rafaeli concluded, “We firmly believe in our strategy and in the long-term prospects of the business. Being a solution to both patients and physicians in their search for a safe and effective treatment option for psoriasis and vitiligo resonates in the feedback we are receiving from our physician partners, and ensures XTRAC will be an important part of the recovery of our partner practices.”* Gross Domestic Recurring Gross Billings is a non-GAAP financial measure. For more information, see “Reconciliation of Non-GAAP Measures” below.Reported Financial ResultsRevenues for the second quarter of 2020 were $4.0 million, as compared to revenues of $7.7 million for the second quarter of 2019. Recurring revenues for the second quarter of 2020 were $2.8 million, as compared to revenues of $5.8 million for the second quarter of 2019. Equipment revenues were $1.2 million for the second quarter of 2020, as compared to $1.9 million for the second quarter of 2019. The COVID-19 pandemic has had a negative impact on the Company’s results for the first and second quarter of 2020, and the Company expects it will have a negative impact on its revenue for as long as the pandemic continues.Revenues for the six months ended June 30, 2020 were $10.8 million, as compared to revenues of $15.2 million for the six months ended June 30, 2019.Gross profit for the second quarter of 2020 was $2.0 million, or 48.7% of revenues, as compared to $4.9 million, or 63.6% of revenues, for the second quarter of 2019. Gross profit on recurring revenues for the second quarter of 2020 was $1.4 million, or 51.2% of revenues, as compared to $4.1 million, or 70.3% of revenues, for the second quarter of 2019. The decrease in gross profit is the result of lower sales due to the COVID-19 pandemic, fixed costs in manufacturing and lower production.Gross profit for the six months ended June 30, 2020 was $6.4 million, or 59.1% of revenues, as compared to $9.5 million, or 62.6% of revenues.Selling and marketing costs for the second quarter of 2020 were $1.4 million, as compared to $3.0 million for the second quarter of 2019, primarily as a result of lower tradeshow costs, compensation costs, and direct to consumer advertising costs. General and administrative costs for the second quarter of 2020 were $1.9 million, as compared to $2.7 million for the second quarter of 2019, as a result of lower legal, accounting and consulting costs. Other expense for the second quarter of 2020 was $18 thousand, compared to $145 thousand for the second quarter of 2019 as a result of lower interest expense due to refinancing of our long-term debt in December 2019.Sales and marketing costs for the six months ended June 30, 2020 were $4.4 million, as compared to $6.0 million for the six months ended June 30, 2019. General and administrative costs for the six months ended June 30, 2020 were $4.0 million, as compared to $5.2 million for the six months ended June 30, 2019. Other expense for the six months ended June 30, 2020 was $17 thousand, as compared to $280 thousand for the six months ended June 30, 2019.Net (loss) for second quarter 2020 was $(1.7) million, or $(0.05) per basic and diluted common share, as compared to the net (loss) for the second quarter of 2019 of $(1.1) million, or $(0.03) per basic and diluted common share.Net (loss) for the six months ended June 30, 2020 was $(2.7) million, or $(0.08) per basic and diluted share, as compared to the net loss for the six months ended June 30, 2019 of $(2.4) million, or $(0.07) per basic and diluted common share.Reconciliation of Non-GAAP MeasuresTo supplement the Company’s consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company provides certain non-GAAP measures of financial performance, including non-GAAP adjusted EBITDA and Gross Domestic Recurring Gross Billings.The Company’s reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but is not a substitute for, nor superior to, GAAP results. These non-GAAP measures are provided to enhance investors' overall understanding of our current financial performance and to provide further information for comparative purposes.Specifically, the Company believes the non-GAAP measures provide useful information to both management and investors by isolating certain expenses, gains and losses that may not be indicative of the Company’s core operating results and business outlook. In addition, the Company believes non-GAAP measures enhance the comparability of results against prior periods. Reconciliation of the GAAP measures of net loss to non-GAAP measures included in this press release is as follows (in thousands):Adjusted EBITDA: For the Three Months Ended June 30, For the Six Months Ended June 30 2020 2019 2020 2019 Net Loss $(1,680) $(1,082) $(2,715) $(2,415) Adjustments: Depreciation/amortization* 1,028 1,197 2,145 2,494 Income taxes 47 (46) 135 (89) Interest expense, net 18 145 17 280 Non-GAAP EBITDA (587) 214 (418) 270 Stock compensation 410 303 840 626 Non-GAAP adjusted EBITDA $(177) $517 $422 $896 Gross Domestic Recurring Billings: Gross domestic recurring billings represent the amount invoiced to partner clinics when treatment codes are sold to the physician. It does not include normal GAAP adjustments which are deferred revenue from prior quarters recorded as revenue in the current quarter, the deferral of revenue from the current quarter recorded as revenue in future quarters, adjustments for co-pay and other discounts. This excludes international recurring revenues.Gross domestic recurring billings for April, May, June and July 2020 were $466 thousand, $633 thousand, $749 thousand and $1.4 million, respectively. The total gross domestic recurring billings for the second quarter of 2020 was $1,848,000.The following is a reconciliation of non-GAAP gross domestic billings to recorded revenue for the second quarter of 2020 (in thousands):Gross domestic recurring billings$1,848 Co-Pay adjustments (86) Other discounts (4) Deferred revenue from prior quarters 1,458 Deferral of revenue to future quarters (546) Recorded revenue$2,670 STRATA management will host a conference call with investors today, Tuesday, August 11, 2020 beginning at 8:30 am ET to review these results and answer questions. Shareholders and other interested parties may participate in the conference call using the dial-in and webcast information as follows: Conference Call Details:Date:Tuesday, August 11 Time:8:30 am Eastern Time Toll Free:877-451-6152 International:201-389-0879 Israel:1 809 406 247 Passcode:13707396 Webcast:www.strataskinsciences.com About STRATA Skin Sciences, Inc. STRATA Skin Sciences is a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing and marketing innovative products for the treatment of dermatologic conditions. Its products include the XTRAC® excimer laser and VTRAC® lamp systems utilized in the treatment of psoriasis, vitiligo and various other skin conditions.The Company’s proprietary XTRAC® excimer laser delivers a highly targeted therapeutic beam of UVB light to treat psoriasis, vitiligo, eczema, atopic dermatitis and leukoderma, diseases, which impact over 35 million patients in the United States alone. The technology is covered by multiple patents, including exclusive rights for patents for the delivery of treatments to vitiligo patients.STRATA’s unique business model leverages targeted Direct to Consumer (DTC) advertising to generate awareness and utilizes its in-house call center and insurance advocacy teams to increase volume for the Company’s partner dermatology clinics.The XTRAC business has used this proven DTC model to grow its domestic dermatology partner network to over 789 clinics, with a worldwide installed base of over 2,000 devices. The Company is able to offer 90% of DTC patients an introduction to physicians prescribing a reimbursable solution, using XTRAC, within a 10-mile radius of their house. The Company is a leader in dermatology in-clinic business generation for its partners.Safe HarborThis press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to the Company’s plans, objectives, expectations and intentions and may contain words such as “will,” “may,” “seeks,” and “expects,” that suggest future events or trends. These statements, the Company’s ability to generate the growth in its core business, 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 to significant 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 interruptions resulting from the corona virus and political factors or conditions affecting the Company and the medical device industry in general, as well as more specific risks and uncertainties set forth in the Company’s SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all these forward-looking statements may prove to be incorrect or unreliable. The statements 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 does not undertake any 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 disclosures available at www.sec.gov and www.strataskinsciences.com.Investor Contacts:Matthew Hill, Chief Financial Officer Chuck Padala, Managing Director STRATA Skin Sciences, Inc. LifeSci Advisors, LLC 215-619-3200 646-627-8390 email@example.com firstname.lastname@example.org STRATA SKIN SCIENCES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) June 30, 2020 December 31, 2019 ASSETS(unaudited) Current assets: Cash and cash equivalents$11,231 $8,129 Restricted cash 7,397 7,500 Accounts receivable, net of allowance for doubtful accounts of $256 and $184, respectively 1,361 4,386 Inventories 3,470 3,027 Prepaid expenses and other current assets 430 513 Total current assets 23,889 23,555 Property and equipment, net 4,999 5,369 Operating lease right-of-use assets, net 1,155 1,314 Intangible assets, net 7,050 7,955 Goodwill 8,803 8,803 Other assets 314 347 Total assets$46,210 $47,343 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Note payable$7,275 $7,275 Current portion of long-term debt 799 - Accounts payable 2,451 1,880 Other accrued liabilities 4,703 5,134 Current portion of operating lease liabilities 353 313 Deferred revenues 1,020 2,832 Total current liabilities 16,601 17,434 Long-term liabilities: Long-term debt, net 1,729 - Deferred tax liability 135 - Long-term operating lease liabilities, net 896 1,078 Other liabilities 71 178 Total liabilities 19,432 18,690 Commitments and contingencies Stockholders' equity: Series C Convertible Preferred Stock, $.10 par value, 10,000,000 shares authorized; - and 2,103 shares issued and outstanding at June 30, 2020 and, December 31, 2019, respectively - 1 Common Stock, $.001 par value, 150,000,000 shares authorized; 33,754,909 and 32,932,273 shares issued and outstanding at June 30, 2020 and, December 31, 2019, respectively 34 33 Additional paid-in capital 244,020 243,180 Accumulated deficit (217,276) (214,561) Total stockholders' equity 26,778 28,653 Total liabilities and stockholders’ equity$46,210 $47,343 STRATA SKIN SCIENCES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (unaudited) For the Three Months Ended June 30, 2020 2019 Revenues, net $4,030 $7,725 Cost of revenues 2,066 2,815 Gross profit 1,964 4,910 Operating expenses: Engineering and product development 247 235 Selling and marketing 1,442 2,958 General and administrative 1,890 2,700 3,579 5,893 Loss from operations (1,615) (983) Other expense, net: Interest expense, net (18) (145) (18) (145) Loss before income taxes (1,633) (1,128) Income tax (expense) benefit (47) 46 Net loss $(1,680) $(1,082) Loss attributable to common shares $(1,680) $(1,007) Loss attributable to Series C Convertible Preferred shares - $(75) Loss per common share: Basic $(0.05) $(0.03) Diluted $(0.05) $(0.03) Shares used in computing loss per common share: Basic 33,731,739 31,359,104 Diluted 33,731,739 31,359,104 Loss per Series C Convertible Preferred share basic and diluted - $(11.94) Shares used in computing loss per basic and diluted Series C Convertible Preferred shares - 6,250 STRATA SKIN SCIENCES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (unaudited) For the Six Months Ended June 30, 2020 2019 Revenues, net $10,760 $15,208 Cost of revenues 4,397 5,689 Gross profit 6,363 9,519 Operating expenses: Engineering and product development 539 539 Selling and marketing 4,395 6,024 General and administrative 3,992 5,180 8,926 11,743 Loss from operations (2,563) (2,224) Other expense, net: Interest expense, net (17) (280) (17) (280) Loss before income taxes (2,580) (2,504) Income tax (expense) benefit (135) 89 Net loss $(2,715) $(2,415) Loss attributable to common shares $(2,693) $(2,226) Loss attributable to Series C Convertible Preferred shares $(22) $(189) Loss per common share: Basic $(0.08) $(0.07) Diluted $(0.08) $(0.07) Shares used in computing loss per common share: Basic 33,448,030 31,033,114 Diluted 33,448,030 31,033,114 Loss per Series C Convertible Preferred share basic and diluted $(29.93) $(26.66) Shares used in computing loss per basic and diluted Series C Convertible Preferred shares 740 7,093 STRATA SKIN SCIENCES, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) For the Six Months Ended June 30, 2020 2019 Cash Flows From Operating Activities: Net loss$(2,715) $(2,415) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,986 2,347 Amortization of right-of-use asset 159 147 Provision for doubtful accounts 72 2 Loss on disposal of property and equipment and lasers placed in service 19 22 Stock-based compensation 840 626 Deferred taxes 135 (89) Amortization of debt discount - 12 Amortization of deferred financing costs - 57 Changes in operating assets and liabilities: Accounts receivable 2,953 (85) Inventories (443) (813) Prepaid expenses and other assets 116 (42) Accounts payable 571 327 Other accrued liabilities (431) 248 Other liabilities (107) (5) Operating lease liabilities (142) (126) Deferred revenues (1,812) 193 Net cash provided by operating activities 1,201 406 Cash Flows From Investing Activities: Lasers placed-in-service (730) (947) Purchases of property and equipment - (5) Net cash used in investing activities (730) (952) Cash Flows From Financing Activities: Proceeds from note payable and long-term debt 2,528 - Net cash provided by financing activities 2,528 - Net increase (decrease) in cash and cash equivalents and restricted cash 2,999 (546) Cash, cash equivalents and restricted cash, beginning of period 15,629 16,487 Cash, cash equivalents and restricted cash, end of period$18,628 $15,941 Cash and cash equivalents$11,231 $15,941 Restricted cash 7,397 - $18,628 $15,941
HORSHAM, Pa., Aug. 04, 2020 (GLOBE NEWSWIRE) -- STRATA Skin Sciences, Inc. (NASDAQ: SSKN) (“STRATA” or the “Company”), a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions, will release second quarter ended June 30, 2020 financial results on Tuesday, August 11th before the market opens. STRATA Skin Sciences President and Chief Executive Officer, Dr. Dolev Rafaeli, and Matthew C. Hill, Chief Financial Officer, will host a conference call at 8:30 am Eastern time to review the Company’s progress. Conference Call Details: Date:Tuesday, August 11 Time:8:30 am Eastern Time Toll Free:877-451-6152 International:201-389-0879 Israel:1 809 406 247 Passcode:13707396 Webcast:www.strataskinsciences.com About STRATA Skin Sciences, Inc. STRATA Skin Sciences is a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing and marketing innovative products for the treatment of dermatologic conditions. Its products include the XTRAC® excimer laser and VTRAC® lamp systems utilized in the treatment of psoriasis, vitiligo and various other skin conditions.The Company’s proprietary XTRAC® excimer laser delivers a highly targeted therapeutic beam of UVB light to treat psoriasis, vitiligo, eczema, atopic dermatitis and leukoderma, diseases, which impact over 35 million patients in the United States alone. The technology is covered by multiple patents, including exclusive rights for patents for the delivery of treatments to vitiligo patients.STRATA’s unique business model leverages targeted Direct to Consumer (DTC) advertising to generate awareness and utilizes its in-house call center and insurance advocacy teams to increase volume for the Company’s partner dermatology clinics.The XTRAC business has used this proven DTC model to grow its domestic dermatology partner network to over 822 clinics, with a worldwide installed base of over 2,000 devices. The Company is able to offer 90% of DTC patients an introduction to physicians prescribing a reimbursable solution, using XTRAC, within a 10-mile radius of their house. The Company is a leader in dermatology in-clinic business generation for its partners.Investor Contacts:Matthew Hill, Chief Financial Officer Chuck Padala, Managing Director STRATA Skin Sciences, Inc. LifeSci Advisors, LLC 215-619-3200 646-627-8390 email@example.com firstname.lastname@example.org
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]
It's been a sad week for STRATA Skin Sciences, Inc. (NASDAQ:SSKN), who've watched their investment drop 15% to US$1.16...
Recurring revenue for the first quarter of 2020 grew 7.3% over first quarter 2019Total gross margins in the first quarter of 2020 grew 3.8% over first quarter 2019 Global.
HORSHAM, Pa., May 05, 2020 -- STRATA Skin Sciences, Inc. (NASDAQ: SSKN) (“STRATA” or the “Company”), a medical technology company in Dermatology and Plastic Surgery dedicated.
The PPP loan matures on May 1, 2022 and bears an interest rate of 1.0% per annum. All or a portion of the PPP loan may be forgiven by the lender upon application by STRATA beginning 60 days but not later than 120 days after loan approval and upon documentation of expenditures in accordance with the requirements set forth by the Small Business Administration (the “SBA”) pursuant to the CARES Act. Under the CARES Act, loan forgiveness is available for the sum of documented payroll costs, covered rent payments, covered mortgage interest and covered utilities during the eight week period beginning on the date of disbursement of proceeds from the PPP loan.
Industry: Medical Devices
Full Time Employees: 115
STRATA Skin Sciences, Inc., a medical technology company, develops, commercializes, and markets products for the treatment of dermatologic conditions in the United States and Asia. The company operates in two segments, Dermatology Recurring Procedures and Dermatology Procedures Equipment. Its products include XTRAC excimer laser and VTRAC lamp systems that are used for the treatment of skin disorders, such as psoriasis, vitiligo, atopic dermatitis, and eczema, among others. The company distributes its products internationally through distributors, and domestically directly to physicians. STRATA Skin Sciences, Inc. was founded in 1989 and is based in Horsham, Pennsylvania.