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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, Inc. (NASDAQ: SSKN) announced it will release its fourth quarter and full year financial results on March 24, 2021, after market close. Management will hold a conference call at 4:30 p.m. ET to discuss the results and provide a corporate update, which will also be webcasted. STRATA specializes in medical technology, focusing on innovative products for dermatological conditions, including its XTRAC® excimer laser. The company’s DTC advertising strategy has expanded its partner dermatology clinic network to over 832 locations across the U.S.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) has expanded its direct distribution agreement with Wuhan Miracle Laser Systems, Inc. to enhance its presence in the Chinese dermatology market. This agreement aims to generate recurring revenues from XTRAC® excimer laser placements and direct sales. With over 180 devices installed, STRATA seeks to leverage its robust business model and strong balance sheet to support growth in China. This partnership builds on a 15-year collaboration with Miracle, a leading medical device distributor in the region.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) announced the grant of equity-based awards to Robert Moccia, who has commenced his role as CEO and President. Effective March 1, 2021, Moccia received stock options to purchase 1,632,590 shares at a strike price of $1.73, vesting over three years. This decision supports the company's strategic goal to enhance its leadership in dermatology, particularly through its innovative treatment solutions like the XTRAC® excimer laser, which serves millions of patients with various skin conditions.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) announced the appointment of Robert Moccia as President and CEO, effective March 1, 2021, following the departure of Dolev Rafaeli, Ph.D. Moccia brings over three decades of experience in dermatology, previously founding Encore Dermatology and doubling revenues at Precision Dermatology, leading to a significant acquisition. The company plans to release its Q4 2020 financial results on March 24, 2021, aiming to enhance its position in the growing dermatology market through its innovative products and direct-to-consumer business model.
STRATA Skin Sciences reported preliminary fourth quarter revenues of $6.6 million to $6.8 million, down from $8.9 million in Q4 2019. Recurring revenues are projected between $5.0 million and $5.2 million, compared to $6.6 million a year prior. The company saw a net increase of 19 XTRAC systems placed domestically. Cash and cash equivalents rose to $18.0 million as of December 31, 2020. Despite challenges due to COVID-19, December 2020 marked the highest gross domestic billing month of the year. Final audited results will be released in late March.
STRATA Skin Sciences (NASDAQ: SSKN) has launched a new business, Home by XTRAC™, providing at-home treatment for skin diseases not eligible for in-office care. This service is insurance-reimbursed and leverages existing resources without significant costs. The company began initial shipments in 2020 and anticipates a positive revenue impact in 2021. The Home by XTRAC™ solution aims to meet the needs of patients with conditions like psoriasis, impacting over 31 million Americans. STRATA expects per patient reimbursements ranging from $1,316 to $5,163.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN), a leader in medical technology for dermatology, announced participation in the H.C. Wainwright BioConnect Virtual Conference from January 11 to January 14, 2021. The presentation will be available on demand starting January 11 on the Company’s website. STRATA develops innovative products like the XTRAC excimer laser, targeting dermatologic conditions such as psoriasis and vitiligo, impacting over 35 million Americans. The Company's unique DTC advertising model has expanded its network to over 813 clinics and over 2,000 devices globally, enhancing patient access to treatment.
STRATA Skin Sciences, Inc. (NASDAQ: SSKN) has renewed its debt through a one-year cash secured loan with Israel Discount Bank of New York at a fixed interest rate of 1.40%, due December 30, 2021. The company focuses on innovative dermatology products, including the XTRAC® excimer laser, used to treat conditions affecting over 35 million patients in the U.S. STRATA has expanded its dermatology partner network to over 813 clinics and maintains a worldwide installed base of over 2,000 devices, employing a direct-to-consumer advertising model.
STRATA Skin Sciences (SSKN) reported Q3 2020 revenue of $5.6 million, a 25% decline from $7.5 million in Q3 2019. Recurring revenue fell 35.9% year-over-year to $3.8 million but saw a 37.2% increase from Q2 2020. Gross margins dropped to 57.5% from 61.8% a year prior. The net loss was $1.3 million, or $0.04 per share, compared to a loss of $0.9 million, or $0.03 per share in Q3 2019. With 837 XTRAC devices installed, the company remains cautiously optimistic about growth despite COVID-19 challenges.
STRATA Skin Sciences, a medical technology company focused on dermatology, announced its participation in several upcoming investor conferences. Dr. Dolev Rafaeli and CFO Matthew Hill will present at the H.C. Wainwright 6th Annual Israel Conference on November 12, 2020, at 2:30 PM ET (virtual format), and the Oppenheimer MedTech Summit on the same day with 1x1 meetings. They will also attend the A.G.P. Virtual Healthcare Symposium on November 19, 2020, also focusing on 1x1 meetings. STRATA is known for its innovative XTRAC® excimer laser treatment technology, targeting skin conditions affecting over 35 million patients in the U.S.
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