UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2015
ZELTIQ Aesthetics, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-35318 |
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27-0119051 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
4698 Willow Road, Suite 100
Pleasanton, CA 94588
(Address of principal executive offices and zip code)
Registrants telephone number, including area code: (925) 474-2500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On October 27, 2015, ZELTIQ Aesthetics, Inc. issued
a press release announcing its financial results for the quarter ended September 30, 2015. A copy of the press release is attached as Exhibit 99.1.
The information in this Item 2.02 and the related Exhibit 99.1 is being furnished and shall not be deemed filed for the purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. The information in this Item 2.02 and the related Exhibit 99.1 shall not be incorporated by reference into any registration
statement or other document filed with the Securities and Exchange Commission.
Item 9.01. Financial Statements and Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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Press Release issued on October 27, 2015, announcing financial results of ZELTIQ Aesthetics, Inc. for the quarter ended September 30, 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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ZELTIQ AESTHETICS, INC. |
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Dated: October 27, 2015 |
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By: |
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/s/ Sergio Garcia |
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Sergio Garcia |
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Senior Vice President, General Counsel & Secretary |
EXHIBIT INDEX
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Exhibit Number |
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Description |
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99.1 |
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Press Release issued on October 27, 2015, announcing financial results of ZELTIQ Aesthetics, Inc. for the quarter ended September 30, 2015. |
Exhibit 99.1
ZELTIQ ANNOUNCES THIRD QUARTER 2015 FINANCIAL RESULTS
34% Year-over-Year Revenue Growth to $61.2 Million
Increases Full Year 2015 Revenue & Profitability Guidance
Receives FDA Clearance to Treat Submental Fat
Announces Collaboration with Massachusetts General Hospital for Treatment of Acne
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337 systems shipped, compared to 260 systems in third quarter 2014, bringing total system installed base to 4,247 systems |
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247,298 revenue cycles, up 55% from third quarter 2014 |
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Third quarter GAAP net income of $2.1 million, or $0.05 per share |
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Third quarter Adjusted EBITDA of $5.6 million, or 9.2% of total revenue |
PLEASANTON, CA
(October 27, 2015) 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 third quarter 2015.
Mark Foley, President and Chief Executive Officer, said, I am very pleased
with our ongoing, successful execution and our ability to continue to expand and grow the non-invasive fat reduction market which we believe remains in its early stages of evolution. Our third quarter revenue of $61.2M reflects the significant
momentum we are experiencing, our expanding leadership position and our ability to continue to penetrate the largely untapped $4 billion non-invasive fat reduction market. In the quarter, over 50% of our revenue came from consumables and our 34%
year-over-year total revenue growth was driven by our ninth consecutive quarter of year-over-year account utilization growth. These results and our expectations for the fourth quarter have led us to raise our full year revenue guidance to
approximately $252 million.
Mr. Foley continued, I am also pleased with the progress we continue to make on our strategic initiatives
which include new product introductions, expanded indications, increasing brand awareness, shorter treatment times and increasing account utilization. In the third quarter we expanded our direct-to-consumer pilot, continued the successful roll out
of our CoolSmooth PRO applicator, received FDA clearance to treat submental fat and launched our CoolMini applicator. Early feedback on our CoolMini applicator and its ability to treat submental fat has been very positive and we are excited
about the significant new market opportunity CoolMini opens up and its ability to bring new patients into the aesthetic channel. Our CoolSmooth Pro applicator continues to receive positive feedback as more physicians experience the economic and
convenience benefits of a shorter treatment time and better practice efficiency. In addition, we remain on track to introduce colder temperatures to our suction-based applicators in 2016 which we believe will enable our practices to reduce treatment
times by almost half. Our direct-to-consumer pilot continues to generate positive results and our expansion into seven additional U.S. cities and one international market is having a measurable effect. Lastly, we are pleased to announce that we
entered into a collaboration and license agreement with Massachusetts General Hospital (MGH) for the treatment of acne. The agreement provides ZELTIQ with the rights, on an exclusive worldwide basis, to the intellectual property generated from the
collaboration. As part of this, we will be paying MGH a 3% royalty for any future products that are commercialized under this agreement. We have confidence that our technology, strategic initiatives, deep pipeline, marketing expertise and compelling
practice economics will continue to drive robust top-line growth.
Third Quarter Financial Review
Total revenue for the third quarter 2015 was $61.2 million, consisting of $29.3 million of system revenue and $31.9 million of consumable revenue. This
compares to total revenue of $45.7 million, consisting of $24.8 million of system revenue and $20.9 million of consumable revenue for the third quarter 2014. Total revenue cycles shipped increased 55% to 247,298 for the third quarter 2015, compared
to 159,116 for the third quarter 2014.
Gross profit was $45.2 million, or 74% of revenue, for the third quarter 2015, compared to gross profit of $33.1
million, or 73% of revenue, for the third quarter 2014. Operating expenses for the third quarter 2015 were $43.2 million, compared to $28.2 million for the third quarter 2014.
Income from operations for the third quarter 2015 was $1.9 million, compared to $5.0 million for the third quarter 2014. Net income for the third quarter 2015
was $2.1 million, or $0.05 per share, compared to $4.8 million for the third quarter 2014, or $0.12 per share. Weighted average diluted shares outstanding was 40.9 million for the third quarter 2015 and 2014.
On a non-GAAP basis, the Company reported adjusted EBITDA of $5.6 million, or 9% of revenue, for the third quarter 2015, compared to $7.9 million, or 17% of
revenue, for the third quarter 2014.
Cash and cash equivalents, short-term investments, and long-term investments were $50.5 million as of
September 30, 2015 compared to $48.1 million as of September 30, 2014, and $53.1 million as of June 30, 2015.
Revised Full Year 2015
Financial Guidance
ZELTIQ is updating its previously stated financial guidance for the full year 2015, provided on its second quarter 2015
earnings conference call:
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Revenue guidance of approximately $252 million which includes approximately $3 million of currency headwinds; up from prior guidance of $245 million to $247 million |
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Consumable revenue of approximately 50% of total revenue; unchanged from prior guidance |
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Gross profit margin of approximately 71% of total revenue; unchanged from prior guidance |
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Operating expenses of approximately 69% of total revenue; improved from prior guidance of 69% to 70% |
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Stock-based compensation, depreciation, and amortization expense of approximately 7% of total revenue; unchanged from prior guidance |
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Adjusted EBITDA margin of approximately 9% of total revenue; up from prior guidance of 8% to 9% |
Additional
information regarding ZELTIQs results and guidance can be found in ZELTIQs Supplemental Financial and Operational Information schedule by CLICKING HERE or by visiting the Investor Relations section of ZELTIQs website at
www.zeltiq.com.
Use of Non-GAAP Financial Measures
ZELTIQ has supplemented its GAAP net income (loss) with a non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP financial measure
provides useful supplemental information to management and investors regarding the performance of ZELTIQ, facilitates a more meaningful comparison of results for current periods with previous operating results, and assists management in analyzing
future trends, making strategic and business decisions and establishing internal budgets and forecasts. A reconciliation of non-GAAP Adjusted EBITDA to GAAP net income (loss) in the most directly comparable GAAP measure is provided in the schedule
below.
There are limitations in using this non-GAAP financial measure because it is not prepared in accordance with GAAP
and may be different from non-GAAP financial measures used by other companies. This non-GAAP financial measure should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider
non-GAAP financial measures only in conjunction with ZELTIQs consolidated financial statements prepared in accordance with GAAP and the reconciliations of the non-GAAP financial measure provided in the schedule below.
Conference Call
ZELTIQ will hold a conference
call on Tuesday, October 27, 2015 at 1:30 p.m. PT / 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. The conference ID number is 55676149. A
live webcast of the conference call will be available online from the investor relations page of the companys corporate website at www.coolsculpting.com.
A replay of the webcast will remain available on ZELTIQs website, www.coolsculpting.com, until ZELTIQ releases its fourth quarter 2015 financial
results. In addition, a telephonic replay of the call will be available until November 3, 2015. 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 55676149.
About ZELTIQ® Aesthetics
ZELTIQ is a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform.
ZELTIQs 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 ZELTIQs estimate of the worldwide opportunity of $4B, its belief that CoolMini offers a sizable new market opportunity, its belief that it is on track to introduce colder temperatures to its suction-based
applicators in 2016, its belief that such introduction will enable practices to reduce treatment times by almost half, its growth prospects and financial projections for the full year 2015, and its confidence in its recently stated long term
financial objectives, are forward-looking statements. The words believe, expect, will, 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 ZELTIQs control and that could materially affect ZELTIQs
actual business operations and financial performance and condition. Factors that could materially affect ZELTIQs business operations and financial performance and condition include, but are not limited to: 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 may incorrectly estimate the timing of new product development and new product launch; ZELTIQs sales and marketing plans may fail to increase sales as ZELTIQ expects;
individual patients may not experience the same results with CoolMini as the average patient in the clinical trials; as well as those other risks and uncertainties set forth in ZELTIQs Quarterly Report on Form 10-Q for the second quarter ended
June 30, 2015, filed with the SEC on July 30, 2015. 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.
CONTACTS:
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
ZELTIQ Aesthetics, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
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September 30, 2015 |
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December 31, 2014 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
35,618 |
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$ |
28,649 |
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Short-term investments |
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11,235 |
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16,286 |
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Accounts receivable, net |
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32,908 |
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21,472 |
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Inventory |
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28,783 |
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15,536 |
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Prepaid expenses and other current assets |
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8,716 |
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7,060 |
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Total current assets |
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117,260 |
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89,003 |
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Long-term investments |
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3,620 |
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4,805 |
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Restricted cash |
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459 |
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560 |
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Property and equipment, net |
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4,770 |
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3,724 |
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Intangible asset, net |
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5,255 |
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5,780 |
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Other assets |
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147 |
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33 |
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Total assets |
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$ |
131,511 |
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$ |
103,905 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
12,159 |
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$ |
5,824 |
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Accrued and other current liabilities |
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32,019 |
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|
21,450 |
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Deferred revenue |
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|
7,198 |
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|
5,069 |
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Current portion of capital lease obligations |
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123 |
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120 |
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Total current liabilities |
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51,499 |
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32,463 |
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Long-term deferred revenue |
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157 |
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622 |
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Long-term capital lease obligations, less current portion |
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170 |
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262 |
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Other non-current liabilities |
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568 |
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39 |
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Total liabilities |
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$ |
52,394 |
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$ |
33,386 |
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STOCKHOLDERS EQUITY: |
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Total stockholders equity |
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79,117 |
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70,519 |
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Total liabilities and stockholders equity |
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$ |
131,511 |
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$ |
103,905 |
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ZELTIQ Aesthetics, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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Revenue |
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$ |
61,202 |
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$ |
45,670 |
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$ |
177,191 |
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$ |
123,706 |
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Cost of revenue |
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16,041 |
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|
12,555 |
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48,535 |
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35,231 |
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Gross profit |
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45,161 |
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33,115 |
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128,656 |
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88,475 |
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Operating expenses: |
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Research and development |
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5,464 |
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4,241 |
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17,352 |
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12,861 |
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Sales and marketing |
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30,647 |
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19,014 |
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87,253 |
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60,253 |
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General and administrative |
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7,115 |
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|
4,896 |
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22,156 |
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14,843 |
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Total operating expenses |
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43,226 |
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28,151 |
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126,761 |
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87,957 |
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Income from operations |
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1,935 |
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|
4,964 |
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|
1,895 |
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|
518 |
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Interest income, net |
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13 |
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14 |
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40 |
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|
47 |
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Other income (expense), net |
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359 |
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|
(189 |
) |
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(508 |
) |
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(338 |
) |
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Income before income taxes |
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2,307 |
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4,789 |
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1,427 |
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227 |
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Provision for income taxes |
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|
160 |
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7 |
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|
231 |
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13 |
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Net income |
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2,147 |
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|
4,782 |
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|
1,196 |
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|
214 |
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Net income per share, basic |
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$ |
0.06 |
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$ |
0.13 |
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$ |
0.03 |
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$ |
0.01 |
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Weighted average shares of common stock outstanding used in computing net income per share, basic |
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|
38,881,183 |
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37,630,222 |
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|
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38,640,269 |
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|
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37,430,337 |
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Net income per share, diluted |
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$ |
0.05 |
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|
$ |
0.12 |
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|
$ |
0.03 |
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|
$ |
0.01 |
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|
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|
|
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Weighted average shares of common stock outstanding used in computing net income per share, diluted |
|
|
40,860,593 |
|
|
|
40,926,034 |
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|
|
40,724,261 |
|
|
|
40,781,141 |
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|
|
|
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|
|
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ZELTIQ Aesthetics, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
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Nine Months Ended September 30, |
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2015 |
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2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
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$ |
1,196 |
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$ |
214 |
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Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
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Depreciation and amortization |
|
|
1,712 |
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|
|
1,350 |
|
Stock-based compensation |
|
|
10,261 |
|
|
|
7,029 |
|
Deferred income taxes |
|
|
|
|
|
|
37 |
|
Amortization of investment premium, net |
|
|
63 |
|
|
|
183 |
|
Provision for doubtful accounts receivable |
|
|
270 |
|
|
|
134 |
|
Provision for excess and obsolete inventory |
|
|
403 |
|
|
|
688 |
|
Loss on disposal and write-off of property and equipment |
|
|
|
|
|
|
17 |
|
Changes in operating assets and liabilities: |
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|
|
|
|
|
|
|
Accounts receivable |
|
|
(11,773 |
) |
|
|
(5,653 |
) |
Inventory |
|
|
(13,698 |
) |
|
|
(9,684 |
) |
Prepaid expenses and other assets |
|
|
(1,794 |
) |
|
|
177 |
|
Deferred revenue, net of deferred costs |
|
|
1,681 |
|
|
|
2,426 |
|
Accounts payable, accrued and other liabilities |
|
|
17,573 |
|
|
|
(2,076 |
) |
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|
|
|
|
|
|
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Net cash provided by (used in) operating activities |
|
|
5,894 |
|
|
|
(5,158 |
) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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|
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Purchase of investments |
|
|
(12,079 |
) |
|
|
(9,011 |
) |
Proceeds from sale of investments |
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|
|
|
|
|
1,000 |
|
Proceeds from maturity of investments |
|
|
18,260 |
|
|
|
14,968 |
|
Purchase of property and equipment |
|
|
(2,332 |
) |
|
|
(1,216 |
) |
Change in restricted cash |
|
|
94 |
|
|
|
(252 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
|
3,943 |
|
|
|
5,489 |
|
|
|
|
|
|
|
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CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
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Principal payments on capital leases |
|
|
(89 |
) |
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|
Proceeds from issuance of common stock upon exercise of stock options and from employee stock purchase plan |
|
|
4,136 |
|
|
|
2,714 |
|
Tax payments related to shares withheld for vested restricted stock units |
|
|
(6,577 |
) |
|
|
(3,774 |
) |
Tax effect of employee stock plans |
|
|
26 |
|
|
|
27 |
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(2,504 |
) |
|
|
(1,033 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(364 |
) |
|
|
(155 |
) |
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
6,969 |
|
|
|
(857 |
) |
CASH AND CASH EQUIVALENTSBeginning of period |
|
|
28,649 |
|
|
|
25,798 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTSEnd of period |
|
$ |
35,618 |
|
|
$ |
24,941 |
|
|
|
|
|
|
|
|
|
|
ZELTIQ Aesthetics, Inc.
Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation,
Amortization and Stock-Based Compensation (Adjusted EBITDA)
(In thousands, except for percentages)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
Dollars |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net income, as reported |
|
$ |
2,147 |
|
|
$ |
4,782 |
|
|
$ |
1,196 |
|
|
$ |
214 |
|
Adjustments to net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net and other income (expense), net |
|
|
(372 |
) |
|
|
175 |
|
|
|
468 |
|
|
|
291 |
|
Provision for income taxes |
|
|
160 |
|
|
|
7 |
|
|
|
231 |
|
|
|
13 |
|
Depreciation and amortization |
|
|
650 |
|
|
|
417 |
|
|
|
1,712 |
|
|
|
1,350 |
|
Stock-based compensation expense |
|
|
3,028 |
|
|
|
2,518 |
|
|
|
10,261 |
|
|
|
7,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments to net income |
|
|
3,466 |
|
|
|
3,117 |
|
|
|
12,672 |
|
|
|
8,683 |
|
Adjusted EBITDA |
|
$ |
5,613 |
|
|
$ |
7,899 |
|
|
$ |
13,868 |
|
|
$ |
8,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
As a Percentage of Revenue |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net income, as reported |
|
|
3.5 |
% |
|
|
10.5 |
% |
|
|
0.7 |
% |
|
|
0.2 |
% |
Adjustments to net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net and other income (expense), net |
|
|
-0.6 |
% |
|
|
0.4 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
Provision for income taxes |
|
|
0.3 |
% |
|
|
0.0 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
Depreciation and amortization |
|
|
1.1 |
% |
|
|
0.9 |
% |
|
|
1.0 |
% |
|
|
1.1 |
% |
Stock-based compensation expense |
|
|
4.9 |
% |
|
|
5.5 |
% |
|
|
5.8 |
% |
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total adjustments to net income |
|
|
5.7 |
% |
|
|
6.8 |
% |
|
|
7.1 |
% |
|
|
7.0 |
% |
Adjusted EBITDA Margin |
|
|
9.2 |
% |
|
|
17.3 |
% |
|
|
7.8 |
% |
|
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zeltiq Aesthetics, Inc. (NASDAQ:ZLTQ)
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