STRATA Skin Sciences, Inc. (“STRATA” or the “Company”) (NASDAQ:
SSKN), a medical technology company dedicated to developing,
commercializing, and marketing innovative products for the
treatment of dermatologic conditions, announces its financial
results for the quarter ended September 30, 2024 and provides a
corporate update.
Third Quarter 2024
Highlights
- Revenue in the third quarter of
2024 was $8.8 million (-1% YOY) vs. $8.9 million in the third
quarter of 2023
- Global net recurring revenue in the
third quarter of 2024 was $5.4 million (+2% YOY) vs. $5.3 million
in the third quarter of 2023
- Gross domestic XTRAC® recurring
billings were $4.8 million (-2% YOY) in the third quarter of 2024
vs. $4.9 million in the third quarter of 2023
- Revenue per domestic XTRAC® system
increased to $5,332 (+2% YOY) on 873 systems during the third
quarter vs. $5,233 per system on 929 systems in the prior year
period
- Adjusting for a one-time expense of
$1.8 million, total non-GAAP operating expenses in the third
quarter of 2024 were $5.2 million (-7% YOY) vs. $5.6 million in the
third quarter of 2023. The one-time item is an accrual following
the resolution of a New York state tax audit covering the period
from 2014 to 2017, which the Company recorded as a General and
Administrative expense
- Non-GAAP operating profit,
excluding the one-time accrual item described above, was $128,000
in the quarter, representing the first time the Company has
generated an operating profit since the Company’s major refinancing
in early 2018
- Domestic installed base of 873
XTRAC® devices under the Company’s recurring revenue business model
at September 30, 2024 vs. 882 XTRAC® devices at June 30, 2024 and
923 XTRAC® devices at December 31, 2023, as the Company continues
to realign its assets and remove underperforming accounts
- Domestic installed base of 135
TheraClear®X devices at September 30, 2024 vs. 117 TheraClear®X
devices at June 30, 2024 and 92 TheraClear®X devices at December
31, 2023
Recent Corporate Highlights
- Filed a complaint against
LaserOptek, Monarch Laser Services, and The Pinnacle Health Group,
citing unfair competition under federal and state laws regarding
the marketing and sales of competitive laser devices. Following a
joint stipulation by the parties, on November 8, 2024 a court order
was entered in the United States District Court for the Eastern
District of Pennsylvania enjoining LaserOptek, The Pinnacle Group,
and all those acting at their direction from engaging in any sales,
advertising, marketing or promotion of LaserOptek’s Pallas lasers
that states or implies, directly or indirectly, that treatments
with Pallas laser systems are reimbursable using CPT Codes
96920-96922. The court order also barred LaserOptek and The
Pinnacle Group from engaging in any sales, advertising, marketing
or promotion of LaserOptek’s Pallas lasers in the United States
that includes any false or misleading statements regarding the
Pallas lasers or STRATA’s lasers.
- Closed a registered direct offering
on July 23, 2024 that raised $2.1 million in gross proceeds through
the sale of 665,136 shares of common stock at an average purchase
price of $3.16/share, with participation from insiders and existing
institutional shareholders
- Received approval for the XTRAC
Momentum® 1.0 device in Japan and began immediate commercial
rollout through the Company’s Japanese strategic partner and
distributor JMEC Co., Ltd. Six Momentum units have already been
placed in Japan under the Company’s recurring revenue business
model that are included in the 19 XTRAC devices placed during
2024
- Announced a publication in the July
11, 2024 issue of the Journal of Cosmetic and Laser Therapy of a
multi-treatment study finding the TheraClear®X Acne Therapy System
reduced lesions and associated skin redness with improvement in
skin texture and pore size after one to three treatments while
being well tolerated, offering benefits as monotherapy and/or as an
adjuvant
- STRATA’s XTRAC® excimer laser was
the focus of two lectures at the 75th Annual Meeting of the Chubu
Branch of the Japanese Dermatological Association held in Nagoya,
Japan
- The XTRAC® excimer laser was
featured at the 2024 Fall Clinical Dermatology Conference
held in Las Vegas in a poster presentation titled, Targeted
308-nm Excimer Laser: A Safe and Effective Solution for
Inflammatory Skin Disorders. Additionally, numerous KOL
speakers emphasized the significance of excimer lasers as a proven
treatment option for psoriasis, vitiligo, and eczema
“The 2% year-over-year increase in revenue per
XTRAC® system in the third quarter of 2024 illustrates progress in
the Company’s turnaround. This increase compares favorably to
roughly flat revenue growth per system last quarter and a decline
of 10% in fiscal 2023 over fiscal 2022. This metric, along with
essentially flat year-over-year revenue and global net recurring
revenue in the third quarter, points to additional evidence that
our business has stabilized,” commented STRATA’s President and CEO
Dr. Dolev Rafaeli. “More importantly, gross margin as a percent of
revenue continued to strengthen for the third consecutive quarter,
reaching 60.3% in the third quarter, an improvement from 56.0% in
the prior year period and up from 58.5% in the second quarter of
2024. Additionally, total operating expenses declined to $5.2
million in the third quarter from $5.6 million in the third quarter
of 2023 and from $5.4 million in the second quarter of 2024.
Altogether, these trends allowed us to generate a non-GAAP
operating profit in the third quarter of 2024, the first time since
2018 that this has occurred.
“Our DTC efforts remain a key focus of our
turnaround strategy, and we continue to see signs of execution on
this front. During the third quarter we expanded the targeted
geographies and initiated Spanish language advertisement. Thus far
in 2024, we have scheduled over 1,900 DTC-driven new patient
appointments, as compared to 8 in 2023, and exceeded the 1,643
scheduled in fiscal 2019 before the Covid-19 pandemic sharply
curtailed office visits across the healthcare system.
“We continue to examine our installed base of
XTRAC® devices in an effort to maximize their utilization. Our
domestic base of installed XTRAC® devices declined from 882 at the
end of the second quarter to 873 at the end of the third quarter.
The combination of our renewed DTC marketing efforts and our
efforts to maximize utilization of our XTRAC® devices with our
dermatology partners helped us achieve the highest quarterly
average revenue per device from our XTRAC® installed base since the
end of 2022.
“TheraClear®X device placements continue to grow
and reached 135 in the third quarter, up from 117 at the end of the
second quarter. The adoption of the non-cash, insurance-reimbursed
billing has accelerated in 2024 after being non-existent in 2023,
as we have helped secure insurance pre-authorization for our
partnered clinics in over 2,000 patients. Additionally, published
studies, such as the one in the July 11, 2024 issue of the Journal
of Cosmetic and Laser Therapy, continue to point to improved
patient outcomes for the treatment of acne. At the recent 2024 Fall
Clinical Dermatology Conference, a poster presentation titled,
Targeted 308-nm Excimer Laser: A Safe and Effective Solution for
Inflammatory Skin Disorders was presented that also highlighted the
benefits of the TheraClear®X device
“We strengthened our balance sheet in July 2024
with a $2.1 million equity raise that had notable participation
from existing shareholders and management. This financing, along
with continued improving operating and financial performance,
should help lead us to profitability and sustainable cash flow
generation, which was the goal of our multifaceted strategy put in
motion at the beginning of 2024,” concluded Dr. Rafaeli.
Third Quarter 2024 Financial
Results
Revenue for the third quarter of 2024 was $8.8
million, as compared to revenue of $8.9 million for the third
quarter of 2023. Global recurring revenue for the third quarter of
2024 was $5.4 million, as compared to global recurring revenue of
$5.3 million for the third quarter of 2023. Equipment revenue was
$3.4 million for the third quarter of 2024, as compared to $3.6
million for the third quarter of 2023.
Gross profit for the third quarter of 2024 was
$5.3 million, or 60.3% of revenue, as compared to $5.0 million, or
56.0% of revenue, for the third quarter of 2023.
Selling and marketing costs for the third
quarter of 2024 were $3.0 million, as compared to $3.0 million for
the third quarter of 2023. General and administrative costs,
including the $1.8 million accrual for New York state taxes
previously referenced, for the third quarter of 2024 were $3.7
million, as compared to $2.3 million for the third quarter of
2023.
Net loss for the third quarter of 2024 was $2.1
million, or a net loss of $0.53 per basic and diluted common share,
as compared to a net loss of $1.1 million, or a net loss of $0.30
per basic and diluted common share, in the third quarter of
2023.
Cash, cash equivalents, and restricted cash at
September 30, 2024 were $8.4 million.
Third Quarter 2024 Earnings Conference
Call
STRATA management will host a conference call at
4:30 p.m. ET on Wednesday, November 13, 2024 to review financial
results and provide an update on corporate developments. Following
management’s formal remarks, there will be a question-and-answer
session.
To listen to the conference call, interested
parties within the U.S. should dial 1-844-481-2523 (domestic) or
1-412-317-0552 (international). All callers should dial in
approximately 10 minutes prior to the scheduled start time and ask
to be joined into the STRATA Skin Sciences, Inc. conference
call.
The conference call will also be available
through a live webcast that can be accessed at STRATA Skin Sciences
3Q24 Earnings Webcast.
A telephonic replay of the call will be
available until November 20, 2024 by dialing 1-877-344-7529 (or
1-412-317-0088 for international callers) and using replay access
code 4851779. To access the replay using an international dial-in
number, please see here.
A webcast earnings call replay will be available
approximately one hour after the live call and remain accessible
until May 13, 2025.
Non-GAAP Financial Measures
STRATA has determined to supplement its
consolidated financial statements, prepared in accordance with
accounting principles generally accepted in the United States of
America (“U.S. GAAP”), presented elsewhere within this report, with
certain non-GAAP measures of financial performance. These non-GAAP
measures include non-GAAP gross profit, which excludes the non-cash
expense of amortization of acquired intangible assets classified as
cost of revenues, and non-GAAP adjusted EBITDA, “Earnings Before
Interest, Taxes, Depreciation, and Amortization.”
These non-GAAP disclosures have limitations as
an analytical tool, should not be viewed as a substitute for Gross
Profit or Net Earnings (Loss) determined in accordance with U.S.
GAAP, should not be considered in isolation or as a substitute for
analysis of our results as reported under U.S. GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. STRATA considers these non-GAAP
measures in addition to its results prepared under current
accounting standards, but they are not a substitute for, nor
superior to, U.S. GAAP measures. These non-GAAP measures are
provided to enhance readers’ overall understanding of STRATA’s
current financial performance and to provide further information
for comparative purposes. This supplemental presentation should not
be construed as an inference that the Company's future results will
be unaffected by similar adjustments to Gross Profit or Net
Earnings (Loss) determined in accordance with U.S. GAAP.
Specifically, STRATA believes the non-GAAP measures provide useful
information to management and investors by isolating certain
expenses, gains, and losses that may not be indicative of the
Company’s core operating results and business outlook. In addition,
STRATA believes non-GAAP measures enhance the comparability of
results against prior periods.
Reconciliation to the most directly comparable
U.S. GAAP measure of all non-GAAP measures included in this press
release is as follows:
| |
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
| Net loss |
$ |
(2,122 |
) |
|
$ |
(1,053 |
) |
|
$ |
(5,589 |
) |
|
$ |
(7,036 |
) |
| |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,239 |
|
|
|
1,449 |
|
|
|
3,738 |
|
|
|
4,274 |
|
|
Amortization of operating lease right-of-use assets |
|
81 |
|
|
|
89 |
|
|
|
255 |
|
|
|
257 |
|
|
Loss on disposal of property and equipment |
|
19 |
|
|
|
31 |
|
|
|
38 |
|
|
|
55 |
|
|
Interest expense, net |
|
469 |
|
|
|
438 |
|
|
|
1,425 |
|
|
|
964 |
|
| Non-GAAP
EBITDA |
|
(314 |
) |
|
|
954 |
|
|
|
(133 |
) |
|
|
(1,486 |
) |
|
Employee retention credit |
|
— |
|
|
|
— |
|
|
|
(864 |
) |
|
|
— |
|
|
Stock-based compensation expense |
|
26 |
|
|
|
337 |
|
|
|
301 |
|
|
|
1,014 |
|
|
Inventory write-off |
|
— |
|
|
|
— |
|
|
|
141 |
|
|
|
— |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
909 |
|
| Non-GAAP adjusted
EBITDA |
$ |
(288 |
) |
|
$ |
1,291 |
|
|
$ |
(555 |
) |
|
$ |
437 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XTRAC Gross Domestic Recurring Billings
XTRAC gross domestic recurring billings
represent the amount invoiced to partner clinics when treatment
codes are sold to the physician. It does not include normal GAAP
adjustments, which are deferred revenue from prior quarters
recorded as revenue in the current quarter, the deferral of revenue
from the current quarter recorded as revenue in future quarters,
adjustments for co-pay and other discounts. This excludes
international recurring revenues.
The following is a reconciliation of non-GAAP
XTRAC gross domestic billings to domestic recorded revenue for the
third quarter and first nine months of 2024 and 2023 (in
thousands), respectively:
|
|
Three Months Ended September 30, |
YTD |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Gross domestic recurring billings |
$ |
4,813 |
|
|
$ |
4,883 |
|
|
$ |
14,126 |
|
|
$ |
14,675 |
|
|
Co-Pay adjustments |
|
(84 |
) |
|
|
(85 |
) |
|
|
(247 |
) |
|
|
(256 |
) |
|
Other discounts |
|
(19 |
) |
|
|
(29 |
) |
|
|
(76 |
) |
|
|
(87 |
) |
|
Deferred revenue from prior quarters |
|
1,812 |
|
|
|
2,005 |
|
|
|
5,337 |
|
|
|
6,201 |
|
|
Deferral of revenue to future quarters |
|
(1,867 |
) |
|
|
(1,913 |
) |
|
|
(5,580 |
) |
|
|
(5,943 |
) |
|
GAAP Recorded domestic revenue |
$ |
4,655 |
|
|
$ |
4,861 |
|
|
$ |
13,560 |
|
|
$ |
14,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a medical technology
company dedicated to developing, commercializing, and marketing
innovative products for the in-office treatment of various
dermatologic conditions, such as psoriasis, vitiligo, and acne. Its
products include the XTRAC® excimer laser, VTRAC® lamp
systems, and the TheraClear®X Acne Therapy System.
STRATA is proud to offer these exciting
technologies in the U.S. through its unique Partnership Program.
STRATA’s popular partnership approach includes a fee per treatment
cost structure versus an equipment purchase, installation and use
of the device, on-site training for practice personnel, service and
maintenance of the equipment, dedicated account and customer
service associates, and co-op advertising support to help raise
awareness and promote the program within the practice.
Safe Harbor
This 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 launch and sell products recently acquired or to be
developed in the future, the Company’s ability to develop social
media marketing campaigns, direct to consumer marketing campaigns,
and the Company’s ability to build a leading franchise in
dermatology and aesthetics, 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 labor supply shortages, or supply chain interruptions
resulting from fiscal, political factors, international conflicts,
responses, or conditions affecting the Company, the medical device
industry and our customers and patients in general, 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 Contact:CORE
IR516-222-2560IR@strataskin.com
|
STRATA Skin Sciences, Inc. and SubsidiaryCondensed Consolidated
Balance Sheets(in thousands, except share and per share data) |
| |
| |
September 30, 2024 |
|
December 31, 2023 |
| |
(unaudited) |
|
|
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
7,062 |
|
|
$ |
6,784 |
|
|
Restricted cash |
|
1,334 |
|
|
|
1,334 |
|
|
Accounts receivable, net of allowance for credit losses of $159 and
$222 at September 30, 2024 and December 31, 2023, respectively |
|
4,443 |
|
|
|
4,440 |
|
|
Inventories |
|
2,744 |
|
|
|
2,673 |
|
|
Prepaid expenses and other current assets |
|
297 |
|
|
|
312 |
|
|
Total current assets |
|
15,880 |
|
|
|
15,543 |
|
| Property and equipment,
net |
|
10,387 |
|
|
|
11,778 |
|
| Operating lease right-of-use
assets |
|
1,348 |
|
|
|
626 |
|
| Intangible assets, net |
|
5,840 |
|
|
|
7,319 |
|
| Goodwill |
|
6,519 |
|
|
|
6,519 |
|
| Other assets |
|
231 |
|
|
|
231 |
|
|
Total assets |
$ |
40,205 |
|
|
$ |
42,016 |
|
| |
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
1,749 |
|
|
$ |
3,343 |
|
|
Accrued expenses and other current liabilities |
|
8,524 |
|
|
|
6,306 |
|
|
Deferred revenues |
|
2,421 |
|
|
|
2,120 |
|
|
Current portion of operating lease liabilities |
|
322 |
|
|
|
352 |
|
|
Current portion of contingent consideration |
|
1,030 |
|
|
|
53 |
|
|
Total current liabilities |
|
14,046 |
|
|
|
12,174 |
|
| Long-term debt, net |
|
15,153 |
|
|
|
15,044 |
|
| Deferred revenues and other
liabilities |
|
379 |
|
|
|
552 |
|
| Deferred tax liability |
|
186 |
|
|
|
186 |
|
| Operating lease liabilities,
net of current portion |
|
1,002 |
|
|
|
237 |
|
| Contingent consideration, net
of current portion |
|
96 |
|
|
|
1,135 |
|
|
Total liabilities |
|
30,862 |
|
|
|
29,328 |
|
| Commitments and contingencies
(Note 14) |
|
|
|
| Stockholders’ equity: |
|
|
|
| Series C convertible preferred
stock, $0.10 par value; 10,000,000 shares authorized, no shares
issued and outstanding |
|
— |
|
|
|
— |
|
| Common stock, $0.001 par
value; 150,000,000 shares authorized; 4,171,161 and 3,506,025
shares issued and outstanding at September 30, 2024 and
December 31, 2023, respectively |
|
4 |
|
|
|
4 |
|
|
Additional paid-in capital |
|
252,986 |
|
|
|
250,742 |
|
|
Accumulated deficit |
|
(243,647 |
) |
|
|
(238,058 |
) |
|
Total stockholders’ equity |
|
9,343 |
|
|
|
12,688 |
|
|
Total liabilities and stockholders’ equity |
$ |
40,205 |
|
|
$ |
42,016 |
|
|
|
|
|
|
|
|
|
|
|
STRATA Skin Sciences, Inc. and SubsidiaryCondensed Consolidated
Statements of Operations(in thousands, except share and per share
data)(unaudited) |
| |
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
| Revenues, net |
$ |
8,797 |
|
|
$ |
8,852 |
|
|
$ |
23,986 |
|
|
$ |
24,669 |
|
| Cost of revenues |
|
3,490 |
|
|
|
3,898 |
|
|
|
10,662 |
|
|
|
11,009 |
|
|
Gross profit |
|
5,307 |
|
|
|
4,954 |
|
|
|
13,324 |
|
|
|
13,660 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Engineering and product development |
|
243 |
|
|
|
248 |
|
|
|
683 |
|
|
|
937 |
|
|
Selling and marketing |
|
3,048 |
|
|
|
3,038 |
|
|
|
9,080 |
|
|
|
10,196 |
|
|
General and administrative |
|
3,669 |
|
|
|
2,283 |
|
|
|
8,589 |
|
|
|
7,690 |
|
|
Total operating expenses |
|
6,960 |
|
|
|
5,569 |
|
|
|
18,352 |
|
|
|
18,823 |
|
|
Loss from operations |
|
(1,653 |
) |
|
|
(615 |
) |
|
|
(5,028 |
) |
|
|
(5,163 |
) |
| Other (expense) income: |
|
|
|
|
|
|
|
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(909 |
) |
|
Interest expense |
|
(537 |
) |
|
|
(528 |
) |
|
|
(1,592 |
) |
|
|
(1,112 |
) |
|
Interest income |
|
68 |
|
|
|
90 |
|
|
|
167 |
|
|
|
148 |
|
|
Other income |
|
— |
|
|
|
— |
|
|
|
864 |
|
|
|
— |
|
|
Total other expense |
|
(469 |
) |
|
|
(438 |
) |
|
|
(561 |
) |
|
|
(1,873 |
) |
|
Net loss |
$ |
(2,122 |
) |
|
$ |
(1,053 |
) |
|
$ |
(5,589 |
) |
|
$ |
(7,036 |
) |
| |
|
|
|
|
|
|
|
| Net loss per share of common
stock, basic and diluted |
$ |
(0.53 |
) |
|
$ |
(0.30 |
) |
|
$ |
(1.52 |
) |
|
$ |
(2.02 |
) |
| Weighted average shares of
common stock outstanding, basic and diluted |
|
4,038,988 |
|
|
|
3,491,113 |
|
|
|
3,684,976 |
|
|
|
3,488,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRATA Skin Sciences, Inc. and SubsidiaryCondensed Consolidated
Statements of Cash Flows(in thousands)(unaudited) |
| |
| |
Nine Months EndedSeptember 30, |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
| Cash flows from
operating activities: |
|
|
|
|
Net loss |
$ |
(5,589 |
) |
|
$ |
(7,036 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
3,738 |
|
|
|
4,274 |
|
|
Amortization of operating lease right-of-use assets |
|
255 |
|
|
|
257 |
|
|
Amortization of deferred financing costs and debt discount |
|
109 |
|
|
|
112 |
|
|
Change in allowance for credit losses |
|
(40 |
) |
|
|
(205 |
) |
|
Stock-based compensation expense |
|
301 |
|
|
|
1,014 |
|
|
Loss on disposal of property and equipment |
|
38 |
|
|
|
55 |
|
|
Inventory write-off |
|
141 |
|
|
|
— |
|
|
Loss on debt extinguishment |
|
— |
|
|
|
909 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
37 |
|
|
|
(126 |
) |
|
Inventories |
|
14 |
|
|
|
(209 |
) |
|
Prepaid expenses and other assets |
|
15 |
|
|
|
388 |
|
|
Accounts payable |
|
(1,638 |
) |
|
|
(268 |
) |
|
Accrued expenses and other liabilities |
|
2,176 |
|
|
|
(611 |
) |
|
Deferred revenues |
|
170 |
|
|
|
(165 |
) |
|
Operating lease liabilities |
|
(242 |
) |
|
|
(279 |
) |
|
Net cash used in operating activities |
|
(515 |
) |
|
|
(1,890 |
) |
| Cash flows from
investing activities: |
|
|
|
|
Purchase of property and equipment |
|
(1,132 |
) |
|
|
(3,301 |
) |
|
Net cash used in investing activities |
|
(1,132 |
) |
|
|
(3,301 |
) |
| Cash flows from
financing activities: |
|
|
|
|
Payment of contingent consideration |
|
(18 |
) |
|
|
(42 |
) |
|
Proceeds from long-term debt |
|
— |
|
|
|
7,000 |
|
|
Issuance of stock |
|
1,943 |
|
|
|
— |
|
|
Payment of deferred financing costs |
|
— |
|
|
|
(97 |
) |
|
Net cash provided by financing activities |
|
1,925 |
|
|
|
6,861 |
|
|
Net increase in cash, cash equivalents and restricted cash |
|
278 |
|
|
|
1,670 |
|
| Cash, cash equivalents and
restricted cash at beginning of period |
|
8,118 |
|
|
|
6,795 |
|
| Cash, cash equivalents and
restricted cash at end of period |
$ |
8,396 |
|
|
$ |
8,465 |
|
| |
|
|
|
| Cash and cash equivalents |
$ |
7,062 |
|
|
$ |
7,131 |
|
| Restricted cash |
|
1,334 |
|
|
|
1,334 |
|
|
Total cash, cash equivalents and restricted cash |
$ |
8,396 |
|
|
$ |
8,465 |
|
| |
|
|
|
| Supplemental
disclosure of cash flow information: |
|
|
|
|
Cash paid during the year for interest |
$ |
1,490 |
|
|
$ |
917 |
|
| |
|
|
|
| Supplemental schedule
of non-cash operating, investing and financing
activities: |
|
|
|
| Operating lease right-of-use
assets obtained in exchange for operating lease liabilities |
$ |
977 |
|
|
$ |
— |
|
| Transfer of property and
equipment to inventories |
$ |
226 |
|
|
$ |
234 |
|
| Accrued payment of contingent
consideration |
$ |
44 |
|
|
$ |
— |
|
| Modification of common stock
warrants |
$ |
— |
|
|
$ |
384 |
|
| Accrued exit fee recorded as
debt discount |
$ |
150 |
|
|
$ |
450 |
|
| Change in intangible assets
and fair value of contingent consideration |
$ |
— |
|
|
$ |
5,616 |
|
| |
|
|
|
|
|
|
|
Strata Skin Sciences (NASDAQ:SSKN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Strata Skin Sciences (NASDAQ:SSKN)
Historical Stock Chart
From Dec 2023 to Dec 2024
