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 reported a 11% decline in Q1 2024 revenue to $6.8 million from $7.6 million in Q1 2023. Global net recurring revenue also decreased by 10% to $4.7 million. Despite these declines, gross domestic recurring billings fell only 3%, showing signs of stabilization. Operating expenses decreased by 14% to $6.0 million, while the domestic installed base of XTRAC® devices decreased to 907 units. The company renewed agreements with exclusive distributors in China and Japan and amended its credit agreement with MidCap Financial Trust. The net loss increased to $3.4 million from $2.8 million in Q1 2023. Cash reserves stood at $6.6 million as of March 31, 2024.
STRATA Skin Sciences (NASDAQ: SSKN), a medical technology company, announced that its TheraClear®X devices surpassed 100 domestic installations by March 31, 2024. The company is expanding within existing XTRAC® partner clinics, including private equity-backed dermatology clinics like California Skin Institute and Aqua Dermatology. Pennsylvania Dermatology Partners, with 35 clinics, is also a strategic account. The Palo Alto Medical Foundation marked a comeback win. STRATA partnered with 48 private equity-backed dermatology groups, with a total of 2,482 locations, deploying 386 XTRAC® and 62 TheraClear®X devices. CEO Dr. Dolev Rafaeli emphasized the effectiveness of TheraClear®X in treating acne, combining vacuum and pulsed broadband light technology, offering a reimbursable treatment option for dermatologists.
STRATA Skin Sciences (NASDAQ: SSKN), a medical technology firm specializing in dermatologic treatments, will participate in the Benchmark Healthcare House Call Virtual 1x1 Investor Conference on May 21-22, 2024. The event will feature Dr. Dolev Rafaeli, CEO, and Christopher Lesovitz, CFO, who will be available for one-on-one meetings. Interested investors can register on Benchmark’s website or contact IR@strataskin.com to arrange a meeting. This participation aims to provide insights into the company's current activities and future plans.
STRATA Skin Sciences, Inc. will report its first quarter 2024 financial results on May 15, 2024, following the market close. The company specializes in developing and marketing products for dermatologic conditions. A conference call will be held to discuss financial results and corporate updates.
STRATA Skin Sciences, Inc. announces the placement of six XTRAC® devices with dermatology clinics in the first quarter of 2024 that are considered 'comebacks.' These placements represent clinics rejoining STRATA's partner program after previously terminating their relationship, showcasing the value proposition of the program. With a focus on expanding device utilization and regaining lapsed customers, STRATA aims to grow its average revenue per device through increased marketing activities.
STRATA Skin Sciences, Inc. announces a 1-for-10 reverse stock split effective June 6, 2024, to meet Nasdaq's bid price requirement. Shareholders approved the split, and the stock will trade under the symbol SSKN with a new CUSIP number. The split aims to maintain compliance and ensure a unified impact on all stockholders.
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