HORSHAM, PA — STRATA Skin Sciences, Inc. (NASDAQ: SSKN), a medical technology company, announced financial results for the first quarter ended March 31, 2023.
First Quarter 2023 and Recent Business Highlights:
- Revenue in the first quarter of 2023 was $7.6, compared to $7.0 million for the first quarter of 2022
- Officially launched TheraClear®X device in January 2023
- 58 TheraClearX devices in the U.S. as of March 31, 2023
- Sold over 3,000 TheraClearX treatments in the first quarter
- Signed exclusive distribution agreement with Spectra Medical Pvt Ltd. for India
“The first quarter of 2023 has been filled with commercial successes for STRATA, especially with the ramp-up of TheraClearX,” stated Bob Moccia, Chief Executive Officer of STRATA Skin Sciences. “In addition to officially launching TheraClearX this January, we also reached a milestone of selling 3,000 TheraClearX treatments during the quarter.”
Mr. Moccia further commented, “As part of our strategic priorities, we plan to continue placing TheraClearX devices throughout the United States and abroad. In the first quarter alone, we placed 44 TheraClearX devices, now totaling 58 in the United States. We recently announced an exclusive distribution agreement with Spectra Medical which will be the first supplier of excimer laser solutions for phototherapy treatments in India. We will continue this momentum into the remainder of the year as we deliver on our plan and ultimately grow the topline.”
First Quarter Financial Results
Revenues for the first quarter of 2023 were $7.6 million, as compared to revenues of $7.0 million for the first quarter of 2022. Global recurring revenues for the first quarter of 2023 were $5.2 million, as compared to global recurring revenues of $5.1 million for the first quarter of 2022. Equipment revenues were $2.4 million for the first quarter of 2023, as compared to $2.0 million for the first quarter of 2022.
Gross profit for the first quarter of 2023 was $4.4 million, or 58.0% of revenues, as compared to $4.1 million, or 59% of revenues, for the first quarter of 2022.
Selling and marketing costs for the first quarter of 2023 were $3.7 million, as compared to $3.6 million for the first quarter of 2022. General and administrative costs for the first quarter of 2023 were $2.9 million, as compared to $2.7 million for the first quarter of 2022.
Other expense for the first quarter of 2023 was $0.3 million, as compared to $0.2 million for the first quarter of 2022.
Net loss for the first quarter of 2023 was $2.8 million, or a loss of $0.08 per basic and diluted common share, as compared to the net loss for the first quarter of 2022 of $2.5 million, or a net loss of $0.07 per basic and diluted common share.
Financial Outlook
STRATA continues to expect full year 2023 revenue to range from $38.0 million to $40.0 million.
The Company’s SEC disclosures are available at www.sec.gov and www.strataskinsciences.com.
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