Invuity Reports 2015 Fourth Quarter, Year-End Financial Results
March 09 2016 - 7:46PM
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
- Revenue grew 42 percent to $6.2 million compared to revenue of
$4.4 million in the 2014 fourth quarter.
- Revenue for the 2015 full year increased 61 percent to $21.0
million from $13.1 million in the prior year period.
- In the fourth quarter of 2015, approximately 530 hospitals
purchased Invuity devices, up from 370 hospitals in the fourth
quarter of 2014.
- 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 StatementsThis 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 -
INVUITY, INC. |
Condensed Statements of Operations |
(In thousands, except share and per share
amounts) |
(Unaudited) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Revenue |
$ |
6,246 |
|
$ |
4,409 |
|
$ |
21,031 |
|
$ |
13,103 |
|
Cost of goods sold |
|
2,128 |
|
|
1,399 |
|
|
7,733 |
|
|
4,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
4,118 |
|
|
3,010 |
|
|
13,298 |
|
|
8,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
11,617 |
|
|
6,977 |
|
|
40,636 |
|
|
23,043 |
|
Research and development |
|
2,069 |
|
|
1,381 |
|
|
7,869 |
|
|
5,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
13,686 |
|
|
8,358 |
|
|
48,505 |
|
|
28,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(9,568 |
) |
|
(5,348 |
) |
|
(35,207 |
) |
|
(19,751 |
) |
Interest expense |
|
(488 |
) |
|
(320 |
) |
|
(1,853 |
) |
|
(1,351 |
) |
Interest and other income
(expense), net |
|
1 |
|
|
464 |
|
|
(510 |
) |
|
440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(10,055 |
) |
$ |
(5,204 |
) |
$ |
(37,570 |
) |
$ |
(20,662 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share,
basic and diluted |
$ |
(0.76 |
) |
$ |
(7.78 |
) |
$ |
(4.94 |
) |
$ |
(31.63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used to compute net loss per common share, basic and diluted |
|
13,307,031 |
|
|
669,202 |
|
|
7,606,172 |
|
|
653,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVUITY, INC. |
|
Balance Sheet |
|
(In thousands, except share and per share
amounts) |
|
(unaudited) |
|
|
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
2014 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
46,296 |
|
|
$ |
6,048 |
|
Accounts receivable, net |
|
3,619 |
|
|
|
2,798 |
|
Inventory |
|
5,182 |
|
|
|
4,271 |
|
Prepaid expenses and other current
assets |
|
889 |
|
|
|
2,486 |
|
|
|
|
|
|
|
|
|
Total current assets |
|
55,986 |
|
|
|
15,603 |
|
Restricted cash |
|
1,090 |
|
|
|
1,125 |
|
Property and equipment,
net |
|
9,195 |
|
|
|
8,541 |
|
Other non-current
assets |
|
34 |
|
|
|
55 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
66,305 |
|
|
$ |
25,324 |
|
|
|
|
|
|
|
|
|
Liabilities,
Convertible Preferred Stock and Stockholders’ Equity
(Deficit) |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
2,458 |
|
|
$ |
1,075 |
|
Accrued and other current
liabilities |
|
4,213 |
|
|
|
4,162 |
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
6,671 |
|
|
|
5,237 |
|
Deferred rent |
|
2,811 |
|
|
|
2,676 |
|
Convertible preferred
stock warrant liability |
|
─ |
|
|
|
136 |
|
Long-term debt—related
party |
|
14,479 |
|
|
|
9,347 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
23,961 |
|
|
|
17,396 |
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
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 |
|
─ |
|
|
|
73,755 |
|
Stockholders’ equity
(deficit): |
|
|
|
|
|
|
|
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 |
|
─ |
|
|
|
─ |
|
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 |
|
13 |
|
|
|
1 |
|
Additional paid-in capital |
|
147,937 |
|
|
|
2,209 |
|
Accumulated deficit |
|
(105,606 |
) |
|
|
(68,037 |
) |
|
|
|
|
|
|
|
|
Total stockholders’ equity
(deficit) |
|
42,344 |
|
|
|
(65,827 |
) |
|
|
|
|
|
|
|
|
Total liabilities,
convertible preferred stock and stockholders’ equity (deficit) |
$ |
66,305 |
|
|
$ |
25,324 |
|
|
|
|
|
|
|
|
|
CONTACTS:
Company Contact:
Jim Mackaness
Chief Financial Officer
Invuity, Inc.
415-655-2129
Investors:
Matt Clawson
Pure Communications
949-370-8500
irdept@invuity.com
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