Restoration Robotics® Reports Financial Results for First Quarter 2019
May 15 2019 - 4:01PM
Restoration Robotics, Inc. (NASDAQ:HAIR), a global leader in
robotic hair restoration, announced today financial results for the
first quarter ended March 31, 2019.
Highlights:
- Reported first quarter 2019 revenue of $5.4 million, up 8%
year-over-year
- Sold 14 ARTAS® Systems in the first quarter, including 11 ARTAS
iX™ Systems, 8 of which were sold in the U.S. and 3 in EMEA
- Gross margin improved to 54.4%, compared to 36.4% in the prior
period as the result of higher average selling price per system and
ongoing cost reduction initiatives
- Announced proposed merger with Venus Concept, initiated process
for regulatory approvals
First Quarter 2019 Financial ResultsRevenue in
the first quarter of 2019 was $5.4 million, an 8% increase from
$5.0 million in the first quarter of 2018.
Gross margin in the first quarter of 2019 was 54% compared to
36% in the first quarter of 2018. The change in gross margin for
the first quarter was driven by a higher average selling price per
system sold during the period and ongoing cost reduction
initiatives.
Operating expenses in the first quarter of 2019 were $9.6
million, an 8% increase from $8.9 million in the first quarter of
2018. The increase in operating expenses was largely due to $1.5
million of merger-related expenses, which was largely offset by
lower R&D and G&A expenses.
Net loss for the first quarter of 2019 was $(7.4) million or
$(0.18) per share, compared with a net loss of $(7.4) million, or
$(0.26) per share, for the first quarter of 2018.
Total cash and cash equivalents were $15.0 million as of March
31, 2019. Cash and cash equivalents as of March 31, 2019 includes
the proceeds of $5.0 million from our issuance of Convertible
Promissory Notes on February 28, 2019.
Our results for the quarter ended March 31, 2019 are not
necessarily indicative of our operating results for the full year
2019 or any other future periods.
About Restoration RoboticsRestoration Robotics,
Inc., is a medical device company developing and commercializing
the ARTAS® and ARTAS iX™ Robotic Hair Restoration System. The ARTAS
Systems are the first and only physician-assisted robotic systems
to dissect and assist in the harvesting of follicular units
directly from the scalp, create recipient implant sites using
proprietary algorithms and, in the case of the ARTAS iX System,
robotically implant the hair follicles into the designated sites.
We have unique expertise in machine vision, image guidance, visual
servoing and robotics, as well as developing intuitive interfaces
to manage these technologies.
Media ContactThe Ruth Group Kirsten
Thomaskthomas@theruthgroup.com 646-536-7000
Investor Contact The Ruth Group Carol
Ruth/Kaitlyn Broscocruth@theruthgroup.com /
kbrosco@theruthgroup.com646-536-7000
RESTORATION ROBOTICS, INC.
Condensed Consolidated
Statements of
Operations(Unaudited)(in
thousands, except for shares and per share data)
|
Three Months Ended |
|
March 31, |
|
2019 |
|
2018 |
Revenue |
$ |
5,394 |
|
|
$ |
5,005 |
|
Cost of revenue |
|
2,457 |
|
|
|
3,185 |
|
Gross profit |
|
2,937 |
|
|
|
1,820 |
|
Operating expenses: |
|
|
|
Sales and marketing |
|
4,570 |
|
|
|
4,384 |
|
Research and development |
|
1,488 |
|
|
|
2,125 |
|
General and administrative |
|
1,992 |
|
|
|
2,351 |
|
Merger related expenses |
|
1,501 |
|
|
|
— |
|
Total operating expenses |
|
9,551 |
|
|
|
8,860 |
|
Loss from operations |
|
(6,614 |
) |
|
|
(7,040 |
) |
Other expense, net: |
|
|
|
Interest expense |
|
(766 |
) |
|
|
(358 |
) |
Other expense, net |
|
(46 |
) |
|
|
(20 |
) |
Total other expense, net |
|
(812 |
) |
|
|
(378 |
) |
Net loss before provision for income taxes |
|
(7,426 |
) |
|
|
(7,418 |
) |
Provision for income taxes |
|
14 |
|
|
|
13 |
|
Net loss attributable to common stockholders |
$ |
(7,440 |
) |
|
$ |
(7,431 |
) |
Net loss per share attributable to common
stockholders, basic and diluted |
$ |
(0.18 |
) |
|
$ |
(0.26 |
) |
Weighted-average shares used in computing net loss per
share attributable to common stockholders, basic and diluted |
|
40,753,012 |
|
|
|
28,962,269 |
|
|
|
|
|
RESTORATION ROBOTICS, INC.
Condensed Consolidated
Balance Sheets(Unaudited)(in
thousands, except for shares and per share data)
|
March 31 |
|
December 31 |
|
2019 |
|
2018 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
14,957 |
|
|
$ |
16,122 |
|
Accounts receivable, net |
|
6,699 |
|
|
|
6,569 |
|
Inventory |
|
5,207 |
|
|
|
5,522 |
|
Prepaid expenses and other current assets |
|
1,239 |
|
|
|
1,278 |
|
Total current assets |
|
28,102 |
|
|
|
29,491 |
|
Property and equipment, net |
|
1,471 |
|
|
|
1,299 |
|
Restricted cash |
|
83 |
|
|
|
83 |
|
Other assets |
|
166 |
|
|
|
100 |
|
TOTAL ASSETS |
$ |
29,822 |
|
|
$ |
30,973 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
4,193 |
|
|
$ |
3,815 |
|
Accrued compensation |
|
1,515 |
|
|
|
1,771 |
|
Other accrued liabilities |
|
2,920 |
|
|
|
2,337 |
|
Deferred revenue |
|
1,384 |
|
|
|
1,407 |
|
Current portion of long-term debt, net |
|
1,974 |
|
|
|
49 |
|
Total current liabilities |
|
11,986 |
|
|
|
9,379 |
|
Other long-term liabilities |
|
655 |
|
|
|
594 |
|
Convertible promissory notes |
|
5,000 |
|
|
|
— |
|
Long-term debt, net |
|
17,655 |
|
|
|
19,418 |
|
TOTAL LIABILITIES |
|
35,296 |
|
|
|
29,391 |
|
STOCKHOLDERS’ EQUITY (DEFICIT): |
|
|
|
Convertible preferred stock, $0.0001 par value;
10,000,000 shares authorized, and no shares issued and outstanding
as of March 31, 2019 and December 31, 2018 |
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 300,000,000 shares
authorized as of March 31, 2019 and December 31, 2018; 40,767,012
and 40,677,012 shares issued and outstanding as of March 31, 2019
and December 31, 2018 |
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
195,189 |
|
|
|
194,841 |
|
Accumulated other comprehensive loss |
|
(14 |
) |
|
|
(50 |
) |
Accumulated deficit |
|
(200,653 |
) |
|
|
(193,213 |
) |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) |
|
(5,474 |
) |
|
|
1,582 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
$ |
29,822 |
|
|
$ |
30,973 |
|
|
|
|
|
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