Invuity Reports 2016 Second Quarter and Six-Month Financial Results
July 19 2016 - 4:01PM
Invuity, Inc. (NASDAQ:IVTY), a leading surgical photonics company,
today reported financial results for the second quarter and six
months ended June 30, 2016.
Q2 2016 Highlights
- Revenue grew 73 percent to $8.2 million compared to revenue of
$4.7 million in the 2015 second quarter.
- Gross margin expansion continued to 74.6 percent compared to
61.0 percent for the 2015 second quarter.
- Approximately 610 customers purchased Invuity devices in the
second quarter of 2016, up from 445 customers in the second quarter
of 2015.
- Approximately 186,000 procedures have been performed using
Invuity devices.
"We had a strong second quarter highlighted by 73 percent
revenue growth and continued execution on our development plans to
expand our advanced photonics technology to additional
complementary surgical procedures and modalities,” said President
and CEO Philip Sawyer. “We are pleased with our progress to
date and excited about our momentum towards the widespread adoption
of our unique devices and technologies, which provide meaningful
clinical and economic value to surgeons and hospitals.”
Financial Results
Revenue was $8.2 million for the second quarter 2016, compared
to $4.7 million for the second quarter in 2015, driven by an
increase in active accounts and an increase in the revenue per
active account.
Gross margin for the 2016 second quarter was 74.6 percent,
compared to 61.0 percent for the same period in 2015. Gross margin
has benefited from the recent introduction of our non-conductive
polymer based retractors, and from overhead efficiencies due to
increased sales volumes.
Total operating expenses for the 2016 second quarter were $15.8
million, compared to $11.8 million in the prior year period. We
have continued to invest in our commercial platform consistent with
our stated objectives, including the continued ramp up in sales
reps and increased product development efforts in support of our
new product pipeline.
The net loss for the second quarter of 2016 was $10.1 million,
or $0.76 loss per share, compared to a net loss of $9.3 million, or
$3.20 loss per share, for the second quarter of 2015.
The Company's balance sheet as of June 30, 2016 showed total
cash and cash equivalents of $25.5 million.
Conference Call
Invuity's management will discuss the Company's financial
results for the second quarter ended June 30, 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, July 19, 2016. To
join the live call, participants may dial 1-877-556-8638 (U.S.) or
1-615-247-0174 (International), Conference ID: 47469934. 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 June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenue |
|
$ |
8,223 |
|
|
$ |
4,747 |
|
|
$ |
14,627 |
|
|
$ |
9,189 |
|
Cost of goods sold |
|
|
2,091 |
|
|
|
1,849 |
|
|
|
4,196 |
|
|
|
3,571 |
|
Gross profit |
|
|
6,132 |
|
|
|
2,898 |
|
|
|
10,431 |
|
|
|
5,618 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,340 |
|
|
|
1,857 |
|
|
|
4,941 |
|
|
|
3,757 |
|
Selling, general and
administrative |
|
|
13,429 |
|
|
|
9,907 |
|
|
|
26,750 |
|
|
|
18,840 |
|
Total operating expenses |
|
|
15,769 |
|
|
|
11,764 |
|
|
|
31,691 |
|
|
|
22,597 |
|
Loss from operations |
|
|
(9,637 |
) |
|
|
(8,866 |
) |
|
|
(21,260 |
) |
|
|
(16,979 |
) |
Interest expense |
|
|
(505 |
) |
|
|
(504 |
) |
|
|
(1,009 |
) |
|
|
(873 |
) |
Interest and other income
(expense), net |
|
|
13 |
|
|
|
24 |
|
|
|
30 |
|
|
|
(526 |
) |
Net loss and comprehensive
loss |
|
$ |
(10,129 |
) |
|
$ |
(9,346 |
) |
|
$ |
(22,239 |
) |
|
$ |
(18,378 |
) |
Net loss per common share,
basic and diluted |
|
$ |
(0.76 |
) |
|
$ |
(3.20 |
) |
|
$ |
(1.66 |
) |
|
$ |
(10.11 |
) |
Weighted-average shares
used to compute net loss per common share, basic and diluted |
|
|
13,404,007 |
|
|
|
2,919,823 |
|
|
|
13,399,775 |
|
|
|
1,817,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet |
as of June
30, 2016 and December 31, 2015 |
(In
thousands, except share and per share amounts) |
(Unaudited) |
|
|
|
June 30,2016 |
|
|
December 31,2015 |
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
25,456 |
|
|
$ |
46,296 |
|
Accounts receivable, net |
|
|
4,514 |
|
|
|
3,619 |
|
Inventory |
|
|
5,450 |
|
|
|
5,182 |
|
Prepaid expenses and other current
assets |
|
|
572 |
|
|
|
923 |
|
Total current assets |
|
|
35,992 |
|
|
|
56,020 |
|
Restricted Cash |
|
|
1,090 |
|
|
|
1,090 |
|
Property and equipment, net |
|
|
8,752 |
|
|
|
9,195 |
|
Other non-current assets |
|
|
285 |
|
|
|
- |
|
Total assets |
|
$ |
46,119 |
|
|
$ |
66,305 |
|
Liabilities,
Preferred Stock and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,369 |
|
|
$ |
2,458 |
|
Accrued and other current
liabilities |
|
|
4,951 |
|
|
|
4,214 |
|
Short-term debt—related party |
|
|
750 |
|
|
|
— |
|
Total current liabilities |
|
|
8,070 |
|
|
|
6,672 |
|
Deferred rent |
|
|
2,771 |
|
|
|
2,810 |
|
Long-term debt—related
party |
|
|
13,801 |
|
|
|
14,480 |
|
Total liabilities |
|
|
24,642 |
|
|
|
23,962 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity
: |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par
value—10,000,000 shares authorized at June 30, 2016 and
December 31, 2015, respectively; no shares issued and
outstanding at June 30, 2016 and December 31, 2015 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par
value—100,000,000 shares authorized at June 30, 2016 and
December 31, 2015, respectively; 13,444,818 and 13,392,358 shares
issued and outstanding at June 30, 2016 and December 31, 2015,
respectively |
|
|
13 |
|
|
|
13 |
|
Additional paid-in capital |
|
|
149,309 |
|
|
|
147,937 |
|
Accumulated deficit |
|
|
(127,845 |
) |
|
|
(105,607 |
) |
Total stockholders’
equity |
|
|
21,477 |
|
|
|
42,343 |
|
Total liabilities and
stockholders’ equity |
|
$ |
46,119 |
|
|
$ |
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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