STRATA Skin Sciences Announces Expanded Distribution Agreement in China with Wuhan Miracle Laser Systems, Inc.
March 09 2021 - 08:00AM
(NASDAQ: SSKN) STRATA Skin Sciences, Inc. (“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 announced an
expanded direct distribution agreement with Wuhan Miracle Laser
Systems, Inc. (“Miracle”), that provides for both recurring
revenues from placements and direct capital from sales in China.
Contract Highlights:
- Strengthens the STRATA XTRAC® value
proposition in China to expand the installed base of over 180
devices in the country
- Expands an existing 15-year
relationship with Miracle, a preeminent medical device distributor
active in China
- Leverages STRATA’s strong balance
sheet to support a recurring revenue business model in China
“We are delighted to broaden STRATA’s global
presence and the benefits of our XTRAC excimer laser and to expand
our installed base in China,” said Bob Moccia, President and Chief
Executive Officer. “We look forward to validating our proven
recurring revenue model to dermatologists in China, making this the
third country where we have introduced this win-win-win model.”
About MiracleMiracle is one of
China’s leading distributors of medical devices in dermatology,
aesthetics, and other medical markets. Miracle has been a
distributor of the XTRAC excimer, in partnership with STRATA Skin
Sciences (and its predecessor), for over 15 years.
About STRATA Skin Sciences,
Inc. (www.strataskinsciences.com)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 31 million patients in the United States
alone. The technology is covered by multiple patents, including
exclusive rights for patents for the delivery of treatment 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 832
clinics, with a worldwide installed base of over 2,300 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.
The Company has now introduced its Home by
XTRAC™ business leveraging in-house resources including DTC
advertising, in-house call center and its insurance reimbursement
team to provide an at-home, insurance-reimbursed treatment option
for patients with certain skin diseases that do not qualify for
in-office treatments.
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, the
Company’s ability to develop a business for home-based treatment of
skin diseases, 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 coronavirus and
political factors or conditions affecting the Company and the
medical device industry in general, future responses to and effects
of COVID-19 pandemic, 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:
Leigh Salvo |
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(415) 937-5404 |
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ir@strataskin.com |
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