Welcome to our dedicated page for Strata Skin Sciences news (Ticker: SSKN), a resource for investors and traders seeking the latest updates and insights on Strata Skin Sciences stock.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) is a leading medical technology company dedicated to developing, commercializing, and marketing innovative products for treating dermatologic conditions. With a focus on providing hope and assistance to dermatology patients, STRATA has introduced a range of cutting-edge products designed to improve patient outcomes and experiences.
The company's primary offerings include the XTRAC® excimer laser and VTRAC® lamp systems, which are widely utilized for the treatment of psoriasis, vitiligo, and other skin conditions. Recently, STRATA has expanded into the acne treatment market with the successful launch of the TheraClear®X Acne Therapy System. This system adds to their robust portfolio and addresses a significant market need, showcasing the company's commitment to innovation.
STRATA operates in two main segments: Dermatology Recurring Procedures and Dermatology Procedures Equipment. The Dermatology Recurring Procedures segment is the key revenue driver, generating income from the use of its equipment by dermatologists to perform XTRAC procedures. Conversely, the Dermatology Procedures Equipment segment derives revenue from the sale of equipment, such as lasers and lamp products.
In 2023, STRATA saw significant strategic growth, product innovation, and market expansion under the leadership of Dr. Dolev Rafaeli, Vice-Chairman, President, and CEO. The company reported $33.4 million in revenues for the full year, despite a challenging market environment. STRATA's recurring revenues and equipment sales were vital contributors to this performance.
Geographically, a majority of STRATA's revenue is derived from the United States, with significant contributions from international markets, particularly through long-standing exclusive distribution agreements in countries like China, Japan, and South Korea. These agreements highlight the global impact and reach of STRATA's innovative dermatological solutions.
STRATA's unique Partnership Program offers a compelling value proposition for dermatology clinics. This program includes a fee per treatment cost structure, installation and maintenance of the device, on-site training for personnel, and comprehensive customer support, ensuring that clinics can deliver the best possible care to their patients.
Looking ahead, STRATA aims to further drive utilization and placements of its XTRAC® and TheraClear®X systems, explore new geographic opportunities, and enhance patient-focused marketing to increase awareness and adoption of their treatments. STRATA is committed to improving the operating results and delivering value to shareholders, all while making a positive impact on dermatology patients worldwide.
Latest News:
- STRATA to host a conference call and webcast today, March 27, 2024, at 4:30 PM ET.
- Fourth Quarter and Full-Year 2023 revealed pivotal growth and product innovation despite a net loss of $3.8 million in Q4 2023.
- Exclusive distribution agreements maintained in China, Japan, and South Korea, contributing nearly a third of total revenue in 2023.
STRATA Skin Sciences (NASDAQ: SSKN) reported preliminary fourth quarter 2021 revenue between $8.8 million and $9.2 million, up from $6.7 million in Q4 2020. Full-year revenue for 2021 is expected between $29.7 million and $30.1 million, compared to $23.1 million in 2020. Cash and equivalents totaled $12.5 million on December 31, 2021, down from $18.1 million the previous year. The company placed 34 XTRAC systems and expanded its international clinics significantly. STRATA also acquired assets from Theravant Corporation, enabling entry into the $5.5 billion U.S. acne care market.
STRATA Skin Sciences (NASDAQ: SSKN) has announced the acquisition of Theravant Corporation's TheraClear System, enhancing its position in the $5.5 billion acne care market. The deal involves an upfront payment of $1 million, comprising $500,000 in cash and $500,000 in common stock, with additional milestone-based payments. This acquisition allows STRATA to leverage its marketing platform to expand its product offerings beyond acne treatments. TheraClear's FDA-cleared system promises effective in-office treatment for various acne types, aiming to enhance patient compliance and satisfaction.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) announced participation in the H.C. Wainwright Bioconnect Virtual Conference, with a pre-recorded presentation set for January 10, 2022, at 7:00 am ET. The presentation will be accessible via the investor section of their website. STRATA focuses on innovative dermatology treatments, offering products like XTRAC and Pharos excimer lasers, which treat skin conditions affecting over 31 million patients in the U.S. Their strategy includes direct-to-consumer advertising to boost awareness and support partner clinics through in-house services.
STRATA Skin Sciences (NASDAQ: SSKN) announced the appointment of Douglas Strang to its Board of Directors, effective October 27, 2021. Strang, a former partner at PwC, will serve as Audit Committee Chair following LuAnn Via's departure on December 31, 2021. With a 35-year career in life sciences and extensive experience in financial audits and risk management, Strang aims to enhance STRATA's growth in the dermatology sector. The company, known for its XTRAC laser system, anticipates strong momentum in 2022 and beyond.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) reported Q3 2021 revenues of $7.7 million, a 37.4% increase year-over-year. Recurring revenues rose 48.9% to $5.7 million. The company achieved gross margins of 69.7%, up 12.2% from Q3 2020. STRATA entered an $8 million credit agreement, enhancing its financial flexibility. Cash and equivalents stood at $13.1 million at the end of Q3. The company anticipates returning to pre-COVID revenue levels by year-end 2021, bolstered by its acquisition of Ra Medical Systems' dermatology business.
STRATA Skin Sciences (NASDAQ: SSKN) plans to release its third quarter 2021 financial results on November 10, 2021, after market close. A conference call for a financial review and corporate update will follow at 4:30 p.m. Eastern Time. STRATA specializes in developing innovative dermatologic products, including XTRAC and Pharos excimer lasers, aimed at treating over 31 million patients in the U.S. with conditions like psoriasis and vitiligo. Interested parties can access the call through the company's website or by phone using conference ID 10017028.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) announced the appointment of Christopher Lesovitz as Chief Financial Officer, effective October 16, 2021, succeeding Matthew Hill. Lesovitz previously served as the company's Controller and has extensive experience in finance within the dermatology sector. Additionally, STRATA has completed an $8 million financing agreement with MidCap Financial Trust, allowing full drawdown of funds to address existing debts, including a loan from Israel Discount Bank and an Economic Injury Disaster Loan.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) has been invited to present at the Fall Harvest – Best Ideas from the Buy-Side conference on October 6, 2021, at 11:00 AM ET. CEO Robert J. Moccia will lead the presentation, and one-on-one meetings will be available. Interested parties can access the live and archived webcast via the company’s website. STRATA specializes in innovative dermatologic treatments, including excimer lasers for psoriasis and vitiligo, impacting over 31 million patients in the U.S.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) announced its participation in two upcoming investor conferences. Management will present at the H.C Wainwright 23rd Annual Global Investment Conference on September 13 at 7:00 am ET, and at the Oppenheimer Fall Healthcare Life Sciences & Med Tech Summit on September 20 at 3:45 pm ET. Webcasts of both presentations will be accessible on the Company's website. STRATA specializes in dermatology technology, offering products like the XTRAC and Pharos lasers for treating conditions such as psoriasis and vitiligo, impacting over 31 million patients in the U.S.
STRATA Skin Sciences (NASDAQ: SSKN) reported strong financial results for the second quarter of 2021, with total revenue of $7.4 million, an 83.1% increase year-over-year. Recurring revenue rose 95.0% to $5.5 million, driven by gross domestic recurring billings of $5.5 million, up 196.6% from the previous year. Gross margins improved to 64.5%. The company concluded the quarter with 889 XTRAC devices installed, marking an increase. Despite a decline in cash reserves to $17 million, the acquisition of Ra Medical's dermatology business is expected to bolster revenue growth.
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