Invuity Reports 2016 First Quarter Results
May 05 2016 - 4:01PM
Invuity, Inc. (NASDAQ:IVTY), a leading surgical photonics company,
today reported financial results for the first quarter ended March
31, 2016.
Q1 2016 Highlights
- Revenue grew 44% to $6.4 million compared to revenue of $4.4
million in the 2015 first quarter.
- Gross margin improved to 67% compared to 61% in the 2015 first
quarter.
- Approximately 545 hospitals purchased Invuity devices in the
first quarter of 2016, up from 410 hospitals in the first quarter
of 2015.
- Approximately 162,000 procedures have been performed using
Invuity devices.
"We are pleased with our first quarter operational and financial
results,” said President and CEO Philip Sawyer. “Revenue
growth of 44% was achieved through increased surgeon demand for our
products and execution from our sales force across our core markets
of women’s health, spine/orthopedics and surgical oncology. This
has been bolstered by strong interest in our top down Hidden Scar
Breast Cancer Surgery marketing programs that will continue to
broaden to include additional surgical specialties. Going forward,
we expect our new product development pipeline to continue to feed
high demand products providing additional leverage for our sales
force.”
Financial Results
Revenue was $6.4 million in the first quarter of 2016, compared
to $4.4 million in the first quarter of 2015, driven by both an
increase in active accounts and an increase in the revenue per
active account.
Gross margin for the 2016 first quarter was 67%, compared to 61%
for the same period in 2015. Gross margin expansion has been helped
by the recent introduction of our non-conductive polymer based
retractors, and by overhead efficiencies created as a result of
increased sales volumes.
Total operating expenses for the 2016 first quarter were $15.9
million, compared to $10.8 million in the prior year period. We
have continued to invest in our commercial platform consistent with
our stated objectives, including the continued ramp in sales reps
and increased product development efforts related to our new
product pipeline.
The net loss for the first quarter of 2016 was $12.1 million, or
$0.90 loss per share, compared to a net loss of $9.0 million, or
$12.84 loss per share, for the first quarter of 2015. The Company's
balance sheet as of March 31, 2016, showed total cash and cash
equivalents of $33.9 million.
Conference Call
Invuity's management will discuss the Company's financial
results for the first quarter ended March 31, 2016, and provide a
general business update during a conference call beginning at 2:00
p.m. Pacific Time / 5:00 p.m. Eastern Time today, May 5, 2015. To
join the live call, participants may dial 1-877-556-8638 (U.S.) or
1-615-247-0174 (International), Conference ID: 96285115. 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 product introductions, 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.
|
|
INVUITY, INC. |
|
Condensed Statements of
Operations |
|
(In thousands, except share and per share
amounts) |
|
(Unaudited) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2016 |
|
|
2015 |
|
Revenue |
|
$ |
6,404 |
|
|
$ |
4,442 |
|
Cost of goods sold |
|
|
2,106 |
|
|
|
1,722 |
|
Gross profit |
|
|
4,298 |
|
|
|
2,720 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
|
2,601 |
|
|
|
1,900 |
|
Selling,
general and administrative |
|
|
13,320 |
|
|
|
8,933 |
|
Total
operating expenses |
|
|
15,921 |
|
|
|
10,833 |
|
Loss from operations |
|
|
(11,623 |
) |
|
|
(8,113 |
) |
Interest expense |
|
|
(505 |
) |
|
|
(368 |
) |
Interest and other income
(expense), net |
|
|
18 |
|
|
|
(551 |
) |
Net loss and comprehensive
loss |
|
$ |
(12,110 |
) |
|
$ |
(9,032 |
) |
Net loss per common share,
basic and diluted |
|
$ |
(0.90 |
) |
|
$ |
(12.84 |
) |
Weighted-average shares
used to compute net loss per common share, basic and diluted |
|
|
13,392,976 |
|
|
|
703,637 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
as of March 31, 2016 and December 31,
2015 |
|
(In thousands, except share and per share
amounts) |
|
(Unaudited) |
|
|
|
|
|
March 31,2016 |
|
|
December 31,2015 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
33,864 |
|
|
$ |
46,296 |
|
Accounts
receivable, net |
|
|
4,062 |
|
|
|
3,619 |
|
Inventory |
|
|
5,575 |
|
|
|
5,182 |
|
Prepaid
expenses and other current assets |
|
|
782 |
|
|
|
923 |
|
Total
current assets |
|
|
44,283 |
|
|
|
56,020 |
|
Restricted cash |
|
|
1,090 |
|
|
|
1,090 |
|
Property and equipment,
net |
|
|
8,955 |
|
|
|
9,195 |
|
Total
assets |
|
$ |
54,328 |
|
|
$ |
66,305 |
|
Liabilities,
Convertible Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
1,765 |
|
|
$ |
2,458 |
|
Accrued and
other current liabilities |
|
|
4,574 |
|
|
|
4,214 |
|
Short-term
debt—related party |
|
|
375 |
|
|
|
— |
|
Total
current liabilities |
|
|
6,714 |
|
|
|
6,672 |
|
Deferred rent |
|
|
2,791 |
|
|
|
2,810 |
|
Long-term debt—related
party |
|
|
14,140 |
|
|
|
14,480 |
|
Total
liabilities |
|
|
23,645 |
|
|
|
23,962 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity
: |
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value—10,000,000 shares authorized at March 31,
2016 and December 31, 2015, respectively; no shares issued
and outstanding at March 31, 2016 and December 31, 2015 |
|
|
— |
|
|
|
— |
|
Common
stock, $0.001 par value—100,000,000 shares authorized at March 31,
2016 and December 31, 2015, respectively;13,401,671 and
13,392,358 shares issued and outstanding at March 31, 2016
and December 31, 2015, respectively |
|
|
13 |
|
|
|
13 |
|
Additional
paid-in capital |
|
|
148,387 |
|
|
|
147,937 |
|
Accumulated
deficit |
|
|
(117,717 |
) |
|
|
(105,607 |
) |
Total stockholders’
equity |
|
|
30,683 |
|
|
|
42,343 |
|
Total liabilities,
convertible preferred stock and stockholders’ equity |
|
$ |
54,328 |
|
|
$ |
66,305 |
|
|
|
|
|
|
|
|
|
|
CONTACT:
Company Contact:
Jim Mackaness
Chief Financial Officer
Invuity, Inc.
415-655-2129
Investors:
Mark Klausner
Westwicke Partners
443-213-0501
irdept@invuity.com
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