ZELTIQ Aesthetics Announces Fourth Quarter and Full Year 2013
Financial Results
Increases Full Year 2014 Revenue Guidance
Ships 1,000,000th CoolSculpting(R) Cycle
Announces New CoolSmooth(TM) Applicator
PLEASANTON, CA--(Marketwired - Feb 25, 2014) - ZELTIQ® (NASDAQ:
ZLTQ)
- Full year 2013 revenue of $111.6 million, up 47%
year-over-year
- Fourth quarter revenue of $35.8 million, up 93%
year-over-year
- Fourth quarter system revenue of $21.4 million, up 123%
year-over-year
- Fourth quarter consumable revenue of $14.4 million, up 61%
year-over-year
ZELTIQ®, a medical technology company focused on developing and
commercializing products utilizing its proprietary
controlled-cooling technology platform, today announced financial
results for the fourth quarter and full year ended December 31,
2013.
Mark Foley, President and Chief Executive Officer, said, "Our
fourth quarter and full year 2013 financial performance was driven
by the focused execution of our entire organization. We
believe the results further validate the large and expanding market
opportunity for non-invasive fat reduction as well as our strong
leadership position. We continue to deliver exceptional
patient outcomes and have forged a unique partnership with our
physician practices to ensure they maximize their CoolSculpting
opportunity. The marketplace is clearly seeing how
differentiated CoolSculpting is from both a technology and customer
support perspective. We recently shipped our 1,000,000th
CoolSculpting cycle which further highlights the rapid adoption and
acceptance of our technology, particularly when compared to other
aesthetic treatments. Additionally, we are pleased with our
progress on the R&D front and still expect to launch our
revolutionary new applicator, CoolSmooth™, early in the second
quarter. CoolSmooth is a non-suction based, flat applicator
that conforms to the body thus increasing our ability to provide
customizable approaches for non-invasive fat reduction."
Mr. Foley continued, "In 2014, we expect to drive robust revenue
growth and are pleased to be raising our full year revenue guidance
to between $134 million and $137 million which represents an over
20% year-over-year growth rate. There is no doubt that 2013
was a pivotal year for ZELTIQ where we reorganized and reoriented
the Company while delivering exceptional performance. This
transition has enabled us to unlock the growth potential in the
non-invasive fat reduction market while further confirming the
unique and differentiated aspects of our technology. In 2014,
we expect to successfully execute on our key initiatives and
further enhance our leadership position. Through industry
first initiatives such as CoolConnect, physician-to-consumer
advertising and CoolSculpting University, we look forward to not
only delivering a best-in-class technology but to helping our
physician partners drive awareness and new patients into their
practices. We continue to have an exciting opportunity to
further penetrate and expand a large and untapped market and look
forward to delivering sustainable revenue growth as we move
forward."
Fourth Quarter
Financial Review Total net revenue for the fourth quarter
2013 was $35.8 million, consisting of $21.4 million of system
revenue and $14.4 million of consumable revenue. This compares
to total net revenue of $18.6 million, consisting of $9.6 million
of system revenue and $9.0 million of consumable revenue, for the
fourth quarter 2012. Third quarter 2013 total net revenue was
$29.5 million, consisting of $15.9 million of system revenue and
$13.6 million of consumable revenue. Cycles shipped increased
62% year-over-year to 121,791 for the fourth quarter 2013, compared
to 75,172 for the fourth quarter 2012, and up 6% sequentially
compared to 114,768 the third quarter 2013.
Gross profit was $25.1 million, or 70% of revenue, for the
fourth quarter 2013, compared to gross profit of $12.2 million, or
66% of revenue, for the fourth quarter 2012. Third quarter
2013 gross profit was $21.2 million, or 72% of revenue.
Operating expenses for the fourth quarter 2013 were $30.4
million, compared to $18.7 million for the fourth quarter 2012 and
$24.1 million for the third quarter 2013.
Net loss attributable to common stockholders for the fourth
quarter 2013 was $5.4 million, compared to $6.5 million for the
fourth quarter 2012 and $2.8 million for the third quarter
2013. Net loss attributable to common stockholders for the
fourth quarter 2013 was $0.15 per share, compared to $0.18 per
share for the fourth quarter 2012, and $0.08 per share for the
third quarter 2013. Weighted average diluted shares
outstanding for the fourth quarter 2013, fourth quarter 2012, and
third quarter 2013 was 36.7 million, 35.8 million and 36.2 million,
respectively.
Full Year Financial
Review Total net revenue for the full year 2013 was $111.6
million, consisting of $61.3 million of system revenue and $50.3
million of consumable revenue. This compares to total net
revenue of $76.2 million, consisting of $39.1 million of system
revenue and $37.1 million of consumable revenue for the full year
2012. Cycles shipped increased 42% to 426,912 for the full
year 2013, compared to 300,692 for the full year 2012.
Gross profit was $77.4 million, or 69% of revenue, for the full
year 2013, compared to gross profit of $50.7 million, or 67% of
revenue, for the full year 2012.
Operating expenses for the full year 2013 were $96.8 million,
compared to $80.7 million for the full year 2012.
Net loss attributable to common stockholders for the full year
2013 was $19.3 million, compared to $30.1 million for the full year
2012. Net loss attributable to common stockholders for the
full year 2013 was $0.53 per share, compared to a net loss of $0.87
per share for the full year 2012. Weighted average diluted
shares outstanding for the full year 2013 and full year 2012 were
36.2 million and 34.8 million, respectively.
Full Year 2014
Financial Guidance
- Revenue guidance in the range of $134 million to $137
million
- Consumable revenue of approximately 50% total revenue
- Gross margin of approximately 70%
- Operating expenses of approximately 80% of total
revenue
Conference Call
ZELTIQ will hold a conference call on Tuesday, February 25, 2014,
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. Please use the conference ID number
47860399. 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
first quarter 2014 financial results. In addition, a telephonic
replay of the call will be available until March 4, 2014. 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 47860399.
About
ZELTIQ®
Aesthetics 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 bulges. 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 ZELTIQ's belief that it expects to drive robust revenue
growth; full year revenue guidance; expectation to successfully
execute on its key initiatives and further enhance its leadership
position; statement that it looks forward to not only delivering a
best-in-class technology but to helping its physician partners
drive awareness and new patients into their practice; belief that
it continues to have an exciting opportunity to further penetrate
and expand a large and untapped market and looks forward to
delivering sustainable revenue growth as it moves forward;
expectation of the introduction of the CoolSmooth applicator early
in the second quarter; belief that the investments it has made will
provide continued market penetration; and the information under the
caption "Full Year 2014 Financial Guidance," are forward-looking
statements. The words "believe," "should," "will," "expect," "look
forward" and "guidance" and similar words that denote future events
or results identify these 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 Current Report on Form 10-Q for
the fiscal quarter ended September 30, 2013, filed with the SEC on
October 31, 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.
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|
ZELTIQ Aesthetics, Inc. |
|
Condensed Consolidated Statements of Operations |
|
(Unaudited) |
|
(In thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Revenue |
|
$ |
35,841 |
|
|
$ |
18,597 |
|
|
$ |
111,626 |
|
|
$ |
76,194 |
|
Cost of revenue |
|
|
10,727 |
|
|
|
6,411 |
|
|
|
34,189 |
|
|
|
25,506 |
|
|
|
Gross
profit |
|
|
25,114 |
|
|
|
12,186 |
|
|
|
77,437 |
|
|
|
50,688 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
5,187 |
|
|
|
3,477 |
|
|
|
17,090 |
|
|
|
12,693 |
|
|
Sales and marketing |
|
|
20,531 |
|
|
|
11,536 |
|
|
|
63,185 |
|
|
|
51,167 |
|
|
General and administrative |
|
|
4,701 |
|
|
|
3,697 |
|
|
|
16,510 |
|
|
|
16,867 |
|
|
|
Total
operating expenses |
|
|
30,419 |
|
|
|
18,710 |
|
|
|
96,785 |
|
|
|
80,727 |
|
Loss from operations |
|
|
(5,305 |
) |
|
|
(6,524 |
) |
|
|
(19,348 |
) |
|
|
(30,039 |
) |
Interest income, net |
|
|
20 |
|
|
|
25 |
|
|
|
80 |
|
|
|
129 |
|
Other (expense) income, net |
|
|
(59 |
) |
|
|
21 |
|
|
|
103 |
|
|
|
(92 |
) |
Loss before provision for income taxes |
|
|
(5,344 |
) |
|
|
(6,478 |
) |
|
|
(19,165 |
) |
|
|
(30,002 |
) |
Provision for income taxes |
|
|
61 |
|
|
|
37 |
|
|
|
140 |
|
|
|
141 |
|
Net loss |
|
$ |
(5,405 |
) |
|
$ |
(6,515 |
) |
|
$ |
(19,305 |
) |
|
$ |
(30,143 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.87 |
) |
Weighted average shares of common stock outstanding
used in computing net loss per share, basic and diluted |
|
|
36,686,053 |
|
|
|
35,764,666 |
|
|
|
36,209,051 |
|
|
|
34,776,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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ZELTIQ Aesthetics, Inc. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
(In thousands) |
|
|
|
|
|
|
|
December 31, 2013 |
|
December 31, 2012 |
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
25,798 |
|
$ |
22,876 |
|
Short-term investments |
|
|
18,840 |
|
|
22,563 |
|
Accounts receivable, net |
|
|
10,221 |
|
|
7,133 |
|
Inventory |
|
|
8,406 |
|
|
10,871 |
|
Prepaid expenses and other current assets |
|
|
4,368 |
|
|
3,600 |
|
|
Total
current assets |
|
|
67,633 |
|
|
67,043 |
Long-term investments |
|
|
11,442 |
|
|
13,141 |
Restricted cash |
|
|
331 |
|
|
469 |
Property and equipment, net |
|
|
2,158 |
|
|
2,336 |
Intangible asset, net |
|
|
6,481 |
|
|
7,181 |
Other assets |
|
|
9 |
|
|
99 |
|
|
Total
assets |
|
$ |
88,054 |
|
$ |
90,269 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,165 |
|
$ |
4,976 |
|
Accrued liabilities |
|
|
18,364 |
|
|
11,076 |
|
Deferred revenue |
|
|
1,674 |
|
|
1,401 |
|
|
Total
current liabilities |
|
|
25,203 |
|
|
17,453 |
Other non-current liabilities |
|
|
275 |
|
|
236 |
|
|
Total
liabilities |
|
$ |
25,478 |
|
$ |
17,689 |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Total
stockholders' equity |
|
|
62,576 |
|
|
72,580 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
88,054 |
|
$ |
90,269 |
|
|
|
|
|
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