UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 24, 2016
INVUITY, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-37417 |
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04-3803169 |
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(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
444 De Haro Street
San Francisco, CA 94107
(Address of principal executive offices, including zip code)
(650) 655-2500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 2.02 |
Results of Operations and Financial Condition. |
On February 24, 2016, Invuity, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2015. In the press release, the Company also announced that it would be holding a conference call on February 24, 2016 to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2015. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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Item 9.01 |
Financial Statements and Exhibits. |
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Exhibit No. |
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Description |
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99.1 |
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Press release issued by Invuity, Inc. dated February 24, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INVUITY, INC. |
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By: |
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/s/ Philip Sawyer |
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Philip Sawyer |
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President and Chief Executive Officer |
Date: February 24, 2016
EXHIBIT INDEX
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Exhibit No. |
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Description |
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99.1 |
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Press release issued by Invuity, Inc. dated February 24, 2016. |
Exhibit 99.1
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NEWS RELEASE |
INVUITY REPORTS 2015 FOURTH QUARTER,
YEAR-END FINANCIAL RESULTS
SAN FRANCISCO, February 24, 2016 - Invuity, Inc. (NASDAQ:IVTY), an advanced medical technology company, today reported financial results for the fourth quarter and year ended December 31, 2015.
Q4 2015 Highlights
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Revenue grew 42 percent to $6.2 million compared to revenue of $4.4 million in the 2014 fourth quarter. |
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Revenue for the 2015 full year increased 61 percent to $21.0 million from $13.1 million in the prior year period. |
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In the fourth quarter of 2015, approximately 530 hospitals purchased Invuity devices, up from 370 hospitals in the fourth quarter of 2014. |
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Approximately 145,000 procedures have been performed using Invuity devices. |
“The year finished on a strong note as we grew our customer base and further penetrated existing hospital accounts by expanding the use of our advanced photonics technology into adjacent surgical procedures and new specialties” said President and CEO Philip Sawyer. “It is extremely encouraging to have generated such strong momentum and growth while scaling our sales force so dramatically during the year. We believe that increasing the depth and capabilities of our sales force, expanding the use of our products into new surgical procedures and implementing new, innovative marketing programs will support continued sales momentum in 2016.”
Financial Results
Revenue was $6.2 million in the fourth quarter of 2015, compared to $4.4 million in the fourth quarter of 2014. For the 2015 full year, revenue was $21.0 million, an increase of 61 percent from revenue of $13.1 million in 2014, driven by both organic growth in existing accounts and the addition of new accounts.
Gross margin for the 2015 fourth quarter was 65.9 percent, and was 63.2 percent for the 2015 full year.
Total operating expenses for the 2015 fourth quarter and full year were $13.7 million and $48.5 million, respectively, compared to $8.4 million and $28.2 million in the prior year periods.
The net loss for the fourth quarter of 2015 was $10.1 million, or $0.76 loss per share, compared to a net loss of $5.2 million, or $7.78 loss per share, for the fourth quarter of 2014. The net loss for 2015 was $37.6 million, or $4.94 loss per share, compared to $20.7 million, or $31.63 loss per share, for 2014.
Conference Call
Invuity’s management will discuss the Company’s financial results for the fourth quarter and year ended December 31, 2015, and provide a general business update during a conference call beginning at 5:00 p.m. Eastern Time today, February 24, 2016. To join the live call, participants may dial 1-855-539-0900 (U.S.) or 1-412-455-6044 (International). To listen to the live call via Invuity’s website, go to www.invuity.com, in the Events & Presentations section. A webcast replay of the call will be available following the conclusion of the call for a period of 90 days in the Events & Presentations section of the website.
About Invuity®
Invuity, Inc. is a medical technology company focused on developing and marketing advanced photonics devices to improve the ability of surgeons to illuminate and visualize the surgical cavity during open minimally invasive and minimal access surgery. The company's patented Intelligent Photonics™ technology enables enhanced surgical precision, efficiency and safety by providing superior visualization. Clinical applications include breast and thyroid oncology, plastic reconstructive, spine, orthopedic, cardiothoracic and general surgery among others. Invuity is headquartered in San Francisco, CA. For more information, visit www.invuity.com.
Forward-Looking Statements
This announcement contains forward-looking statements that involve risks and uncertainties, including statements regarding financial results, future marketing initiatives, market opportunities and potential results from future new initiatives. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: fluctuations in demand or failure to gain market acceptance for the Company’s devices; the Company’s ability to demonstrate to and gain approval from hospitals to use the Company’s devices; the highly competitive business environment for surgical medical devices; the Company’s ability to sell its devices at prices that support its current business strategies; difficulty forecasting future financial performance; protection of the Company’s intellectual property; and compliance with necessary regulatory clearances or approvals. The Company undertakes no obligation to update the forward-looking information in this release. More information about potential factors that could affect the Company’s business and financial results is included in its filings with the Securities and Exchange Commission, including, without limitation, under the captions: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Risk Factors,” which are on file with the Securities and Exchange Commission.
- TABLES FOLLOW -
CONTACTS:
Company Contact:
Jim Mackaness
Chief Financial Officer
Invuity, Inc.
415-655-2129
Investors:
Matt Clawson
Pure Communications
949-370-8500
irdept@invuity.com
INVUITY, INC.
Condensed Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
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Three Months Ended
December 31, |
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Twelve Months Ended
December 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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Revenue |
$ |
6,246 |
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$ |
4,409 |
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$ |
21,031 |
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$ |
13,103 |
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Cost of goods sold |
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2,128 |
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1,399 |
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7,733 |
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4,630 |
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Gross profit |
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4,118 |
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3,010 |
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13,298 |
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8,473 |
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Operating expenses: |
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Selling, general and administrative |
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11,617 |
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6,977 |
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40,636 |
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23,043 |
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Research and development |
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2,069 |
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1,381 |
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7,869 |
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5,181 |
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Total operating expenses |
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13,686 |
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8,358 |
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48,505 |
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28,224 |
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Loss from operations |
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(9,568 |
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(5,348 |
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(35,207 |
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(19,751 |
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Interest expense |
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(488 |
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(320 |
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(1,853 |
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(1,351 |
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Interest and other income (expense), net |
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1 |
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464 |
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(510 |
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440 |
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Net loss |
$ |
(10,055 |
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$ |
(5,204 |
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$ |
(37,570 |
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$ |
(20,662 |
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Net loss per common share, basic and diluted |
$ |
(0.76 |
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$ |
(7.78 |
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$ |
(4.94 |
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$ |
(31.63 |
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Weighted-average shares used to compute net loss per common share, basic
and diluted |
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13,307,031 |
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669,202 |
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7,606,172 |
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653,195 |
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Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
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December 31,
2015 |
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December 31,
2014 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
46,296 |
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$ |
6,048 |
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Accounts receivable, net |
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3,619 |
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2,798 |
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Inventory |
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5,182 |
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4,271 |
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Prepaid expenses and other current assets |
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889 |
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2,486 |
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Total current assets |
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55,986 |
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15,603 |
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Restricted cash |
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1,090 |
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1,125 |
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Property and equipment, net |
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9,195 |
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8,541 |
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Other non-current assets |
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34 |
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55 |
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Total assets |
$ |
66,305 |
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$ |
25,324 |
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Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) |
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Current liabilities: |
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Accounts payable |
$ |
2,458 |
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$ |
1,075 |
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Accrued and other current liabilities |
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4,213 |
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4,162 |
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Total current liabilities |
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6,671 |
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5,237 |
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Deferred rent |
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2,811 |
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2,676 |
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Convertible preferred stock warrant liability |
─ |
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136 |
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Long-term debt—related party |
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14,479 |
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9,347 |
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Total liabilities |
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23,961 |
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17,396 |
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Commitments and contingencies |
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Convertible preferred stock, $0.001 par value—0 and 6,207,320 shares authorized
at December 31, 2015 and December 31, 2014, respectively; 0 and 6,056,403
shares issued and outstanding at December 31, 2015 and December 31, 2014,
respectively |
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73,755 |
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Stockholders’ equity (deficit): |
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Preferred stock, $0.001 par value—10,000,000 and no shares authorized at
December 31, 2015 and December 31, 2014, respectively; no shares issued
and outstanding at December 31, 2015 and December 31, 2014 |
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Common stock, $0.001 par value—100,000,000 and 9,189,189 shares
authorized at December 31, 2015 and December 31, 2014, respectively;
13,392,358 and 711,249 shares issued and outstanding at December 31, 2015
and December 31, 2014, respectively |
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13 |
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1 |
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Additional paid-in capital |
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147,937 |
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2,209 |
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Accumulated deficit |
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(105,606 |
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(68,037 |
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Total stockholders’ equity (deficit) |
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42,344 |
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(65,827 |
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Total liabilities, convertible preferred stock and stockholders’ equity (deficit) |
$ |
66,305 |
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$ |
25,324 |
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