ZELTIQ Announces Second Quarter 2013 Financial Results
July 31 2013 - 4:01PM
- Total revenue of $26.3 million, up 18% year-over year
and 32% sequentially
- Consumable revenue of $13.4 million, up 30%
year-over-year and 50% sequentially
- Consumable revenue reaches 51% of total
revenues
- 136 systems shipped, bringing total system installed
base to 1,731
ZELTIQ® (Nasdaq:ZLTQ), a medical technology company focused on
developing and commercializing products utilizing its proprietary
controlled-cooling technology platform, today announced financial
results for the second quarter 2013.
Mark Foley, President and Chief Executive Officer, said, "I am
very pleased with our performance through the first half of 2013.
In the second quarter, we expanded our market leadership position
due to the continued execution of our sales team combined with
growing physician confidence in the clinical performance of our
CoolSculpting® technology. Our Account Managers continued to expand
our market share, placing systems with new customers as well as
additional systems with existing customers, while our Product
Support Specialists increased utilization by leveraging their new
training and marketing tools to achieve strong consumable revenue
growth. The results we achieved in the first half of this year
reinforce and validate the changes and programs we have put into
place thus far. We have increased confidence in the business
maintaining this momentum into the second half of the year and we
are pleased to be raising our full year revenue guidance."
Second Quarter Financial Review
Total net revenue for the second quarter 2013 was $26.3 million,
consisting of $13.0 million of system revenue and $13.4 million of
consumable revenue. This compares to total net revenue of
$22.3 million for the second quarter 2012, consisting of $12.0
million of system revenue and $10.3 million of consumable revenue.
First quarter 2013 total net revenue was $20.0 million,
consisting of $11.1 million of system revenue and $8.9 million of
consumable revenue. Cycles shipped increased 34% to 112,794
for the second quarter 2013, compared to 84,072 for the second
quarter 2012, and up 45% sequentially compared to the 77,559 cycles
shipped for the first quarter 2013.
Gross profit was $18.5 million, or 70% of revenue, for the
second quarter 2013, compared to gross profit of $15.1 million, or
68% of revenue, for the second quarter 2012. First quarter
2013 gross profit was $12.6 million, or 63% of revenue.
Operating expenses for the second quarter 2013 were $22.1
million, compared to $23.2 million for the second quarter 2012 and
$20.1 million for the first quarter 2013.
Net loss for the second quarter 2013 was $3.6 million, compared
to $8.1 million for the second quarter 2012 and $7.5 million for
the first quarter 2013. Net loss for the second quarter 2013
was $0.10 per share, compared to a net loss of $0.24 per share for
the second quarter 2012, and a net loss of $0.21 per share for the
first quarter 2013. Weighted average diluted shares
outstanding for the second quarter 2013, second quarter 2012, and
first quarter 2013 was 36.0 million, 34.3 million and 35.9 million,
respectively.
Cash and cash equivalents, short-term investments, and
long-term investments were $52.5 million as of June 31, 2013
compared to $51.6 million as of March 31, 2013.
Full Year 2013 Financial Guidance
ZELTIQ is updating its previously stated financial guidance for
the full year 2013:
- Revenue growth of approximately 20%; up from prior guidance of
10%
- Consumable revenue between 45% and 50% of total revenue;
unchanged from prior guidance
- Gross margin of approximately 67%; up from prior guidance of
66%
- Operating expenses of approximately 96% of total revenue; down
from prior guidance of between 97% to 100%
- Weighted average basic shares of common stock outstanding of
approximately 36 million; unchanged from prior guidance
Conference Call
ZELTIQ will hold a conference call on Wednesday, July 31, 2013,
at 4:30 p.m. ET to discuss the results. The dial-in numbers are
(877) 280-7291 for domestic callers and (707) 287-9361 for
international callers. A live webcast of the conference call will
be available online from the investor relations page of the
company's corporate website at www.coolsculpting.com.
After the live webcast, the call will remain available on
ZELTIQ's website, www.coolsculpting.com, until ZELTIQ releases its
third quarter 2013 financial results. In addition, a telephonic
replay of the call will be available until August 7, 2013. The
replay dial-in numbers are (855) 859-2056 for domestic callers and
(404) 537-3406 for international callers. Please use the
replay conference ID number 18079217.
About ZELTIQ®
ZELTIQ is a medical technology company focused on developing and
commercializing products utilizing its proprietary
controlled-cooling technology platform. ZELTIQ's first commercial
product, the CoolSculpting System, is designed to selectively
reduce stubborn fat that may not respond to diet or exercise.
CoolSculpting is based on the scientific principle that fat cells
are more sensitive to cold than the overlying skin and surrounding
tissues. It utilizes patented technology of precisely controlled
cooling to reduce the temperature of fat cells in the treated area,
which is intended to cause fat cell elimination through a natural
biological process known as apoptosis. ZELTIQ developed
CoolSculpting to safely, noticeably, and measurably reduce the fat
layer.
Forward-Looking Statements
The statements made in this press release regarding the
information under the caption "Full Year 2013 Financial Guidance"
and related statements in Mr. Foley's quote are forward-looking
statements. You should not place undue reliance on these
forward-looking statements because they involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond ZELTIQ's control and that could materially affect the
company's actual business operations and financial performance and
condition. Factors that could materially affect ZELTIQ's business
operations and financial performance and condition include, but are
not limited to: the recent additions to the commercial sales team
may require more time than ZELTIQ expects to integrate these
employees into the company; less than anticipated growth in the
number of physicians electing to purchase CoolSculpting Systems;
patient demand for CoolSculpting procedures may be lower than
ZELTIQ expects; product or procedure announcements by competitors
may decrease demand for CoolSculpting procedures; ZELTIQ
may incorrectly estimate or control its future expenditures;
ZELTIQ's sales and marketing plans may fail to increase sales as
ZELTIQ expects; as well as those other risks and uncertainties set
forth in ZELTIQ's Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2013, filed with the SEC on April 26, 2013.
These forward-looking statements speak only as of the date of this
press release. ZELTIQ expressly disclaims any obligation to update
information contained in these forward-looking statements whether
as a result of new information, future events or otherwise.
ZELTIQ Aesthetics,
Inc. |
Condensed Consolidated
Statements of Operations |
(Unaudited) |
(In thousands, except
share and per share data) |
|
|
|
|
|
|
Three Months
Ended June 30, |
Six Months Ended
June 30, |
|
2013 |
2012 |
2013 |
2012 |
Revenue |
$ 26,338 |
$ 22,265 |
$ 46,320 |
$ 39,669 |
Cost of revenue |
7,878 |
7,150 |
15,226 |
13,143 |
Gross profit |
18,460 |
15,115 |
31,094 |
26,526 |
Operating expenses: |
|
|
|
|
Research and development |
3,898 |
3,369 |
7,647 |
6,767 |
Sales and marketing |
14,625 |
14,254 |
27,167 |
28,751 |
General and administrative |
3,626 |
5,556 |
7,434 |
9,409 |
Total operating expenses |
22,149 |
23,179 |
42,248 |
44,927 |
Loss from operations |
(3,689) |
(8,064) |
(11,154) |
(18,401) |
Interest income, net |
19 |
60 |
43 |
89 |
Other income (expense), net |
106 |
(47) |
72 |
(64) |
Loss before provision for income taxes |
(3,564) |
(8,051) |
(11,039) |
(18,376) |
Provision for income taxes |
43 |
50 |
50 |
70 |
Net loss |
$ (3,607) |
$ (8,101) |
$ (11,089) |
$ (18,446) |
Net loss per share, basic and diluted |
$ (0.10) |
$ (0.24) |
$ (0.31) |
$ (0.54) |
Weighted average shares of common stock
outstanding used in computing net loss per share, basic and
diluted |
36,045,346 |
34,253,357 |
35,968,144 |
34,129,555 |
|
ZELTIQ Aesthetics,
Inc. |
Condensed Consolidated
Balance Sheets |
(Unaudited) |
(In
thousands) |
|
|
|
|
June 30, 2013 |
December 31,
2012 |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 22,062 |
$ 22,876 |
Short-term investments |
20,340 |
22,563 |
Accounts receivable, net |
7,542 |
7,133 |
Inventory |
9,616 |
10,871 |
Prepaid expenses and other
current assets |
3,470 |
3,600 |
Total current assets |
63,030 |
67,043 |
Long-term investments |
10,128 |
13,141 |
Restricted cash |
324 |
469 |
Property and equipment, net |
2,177 |
2,336 |
Intangible asset, net |
6,831 |
7,181 |
Other assets |
99 |
99 |
Total assets |
$ 82,589 |
$ 90,269 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 2,823 |
$ 4,976 |
Accrued liabilities |
13,788 |
11,076 |
Deferred revenue |
1,133 |
1,401 |
Total current liabilities |
17,744 |
17,453 |
Other non-current liabilities |
231 |
236 |
Total liabilities |
$ 17,975 |
$ 17,689 |
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
Total stockholders' equity |
64,614 |
72,580 |
Total liabilities and
stockholders' equity |
$ 82,589 |
$ 90,269 |
CONTACT: Investor Relations:
Patrick F. Williams
ZELTIQ, Senior Vice President and CFO
925-474-2500
Nick Laudico
The Ruth Group
646-536-7030
nlaudico@theruthgroup.com
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