STRATA Skin Sciences Reports Third Quarter 2024 Financial Results and Provides a Corporate Update
STRATA Skin Sciences (NASDAQ: SSKN) reported Q3 2024 revenue of $8.8 million, down 1% year-over-year. Global net recurring revenue increased 2% to $5.4 million. The company achieved its first non-GAAP operating profit of $128,000 since 2018, excluding a one-time $1.8 million tax accrual. Gross margin improved to 60.3% from 56.0% year-over-year. The domestic installed base reached 873 XTRAC® devices and 135 TheraClear®X devices. The company raised $2.1 million through a stock offering in July 2024. Net loss was $2.1 million or $0.53 per share, compared to a net loss of $1.1 million or $0.30 per share in Q3 2023.
STRATA Skin Sciences (NASDAQ: SSKN) ha riportato un fatturato di $8,8 milioni per il terzo trimestre del 2024, in calo dell'1% rispetto all'anno precedente. Il fatturato ricorrente netto globale è aumentato del 2% a $5,4 milioni. L'azienda ha registrato il suo primo utile operativo non GAAP di $128.000 dal 2018, escludendo un accantonamento fiscale una tantum di $1,8 milioni. Il margine lordo è migliorato al 60,3% rispetto al 56,0% dell'anno precedente. La base installata nazionale ha raggiunto 873 dispositivi XTRAC® e 135 dispositivi TheraClear®X. L'azienda ha raccolto $2,1 milioni attraverso un'offerta di azioni nel settembre 2024. La perdita netta è stata di $2,1 milioni, ovvero $0,53 per azione, rispetto a una perdita netta di $1,1 milioni o $0,30 per azione nel terzo trimestre del 2023.
STRATA Skin Sciences (NASDAQ: SSKN) reportó ingresos de $8.8 millones en el tercer trimestre de 2024, una disminución del 1% en comparación con el año anterior. Los ingresos recurrentes netos globales aumentaron un 2% a $5.4 millones. La compañía alcanzó su primer beneficio operativo no GAAP de $128,000 desde 2018, excluyendo una acumulación fiscal única de $1.8 millones. El margen bruto mejoró al 60.3% desde el 56.0% del año anterior. La base instalada nacional alcanzó 873 dispositivos XTRAC® y 135 dispositivos TheraClear®X. La compañía recaudó $2.1 millones a través de una oferta de acciones en julio de 2024. La pérdida neta fue de $2.1 millones o $0.53 por acción, en comparación con una pérdida neta de $1.1 millones o $0.30 por acción en el tercer trimestre de 2023.
STRATA Skin Sciences (NASDAQ: SSKN)는 2024년 3분기 수익이 880만 달러로 작년 대비 1% 감소했다고 보고했습니다. 전 세계 순 반복 수익은 2% 증가하여 540만 달러에 달했습니다. 이 회사는 2018년 이후 최초로 비 GAAP 운영 수익을 128,000 달러 달성했으며, 이는 일회성 세금 적립금 180만 달러를 제외한 수치입니다. 총 마진은 작년 56.0%에서 60.3%로 개선되었습니다. 국내 설치 기반은 XTRAC® 장치 873개와 TheraClear®X 장치 135개에 도달했습니다. 이 회사는 2024년 7월 주식 공모를 통해 210만 달러를 모집했습니다. 순손실은 210만 달러 또는 주당 0.53달러로, 2023년 3분기의 110만 달러 또는 주당 0.30달러의 순손실과 비교됩니다.
STRATA Skin Sciences (NASDAQ: SSKN) a rapporté un chiffre d'affaires de 8,8 millions de dollars pour le troisième trimestre de 2024, en baisse de 1 % par rapport à l'année précédente. Les revenus nets récurrents mondiaux ont augmenté de 2 % pour atteindre 5,4 millions de dollars. L'entreprise a réalisé son premier bénéfice d'exploitation non-GAAP de 128 000 dollars depuis 2018, sans tenir compte d'une provision fiscale unique de 1,8 million de dollars. La marge brute s'est améliorée à 60,3 % contre 56,0 % l'année précédente. La base installée nationale a atteint 873 appareils XTRAC® et 135 appareils TheraClear®X. L'entreprise a levé 2,1 millions de dollars grâce à une offre d'actions en juillet 2024. La perte nette s'est élevée à 2,1 millions de dollars ou 0,53 dollar par action, contre une perte nette de 1,1 million de dollars ou 0,30 dollar par action au troisième trimestre 2023.
STRATA Skin Sciences (NASDAQ: SSKN) berichtete von einem Umsatz von 8,8 Millionen Dollar im dritten Quartal 2024, ein Rückgang um 1% im Jahresvergleich. Der globale wiederkehrende Netto-Umsatz stieg um 2% auf 5,4 Millionen Dollar. Das Unternehmen erzielte den ersten nicht-GAAP-Betriebsgewinn von 128.000 Dollar seit 2018, ohne eine einmalige Steuerrückstellung von 1,8 Millionen Dollar. Die Bruttomarge verbesserte sich auf 60,3% von 56,0% im Vorjahr. Die nationale installierte Basis erreichte 873 XTRAC®-Geräte und 135 TheraClear®X-Geräte. Das Unternehmen hat im Juli 2024 durch ein Aktienangebot 2,1 Millionen Dollar gesammelt. Der Nettverlust betrug 2,1 Millionen Dollar oder 0,53 Dollar pro Aktie, verglichen mit einem Nettverlust von 1,1 Millionen Dollar oder 0,30 Dollar pro Aktie im dritten Quartal 2023.
- First non-GAAP operating profit ($128,000) since 2018
- Gross margin improved to 60.3% from 56.0% YOY
- Global net recurring revenue increased 2% to $5.4 million
- Revenue per domestic XTRAC® system increased 2% to $5,332
- Operating expenses decreased 7% YOY to $5.2 million
- Overall revenue declined 1% YOY to $8.8 million
- Net loss increased to $2.1 million from $1.1 million YOY
- Domestic XTRAC® installed base decreased to 873 from 929 YOY
- Equipment revenue declined to $3.4 million from $3.6 million YOY
Insights
STRATA Skin Sciences shows mixed Q3 2024 results with concerning trends. Revenue declined
Key concerns include declining XTRAC installed base (873 vs 929 YOY) and equipment revenue drop to
HORSHAM, Pa., Nov. 13, 2024 (GLOBE NEWSWIRE) -- STRATA Skin Sciences, Inc. (“STRATA” or the “Company”) (NASDAQ: SSKN), a medical technology company dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions, announces its financial results for the quarter ended September 30, 2024 and provides a corporate update.
Third Quarter 2024 Highlights
- Revenue in the third quarter of 2024 was
$8.8 million (-1% YOY) vs.$8.9 million in the third quarter of 2023- Global net recurring revenue in the third quarter of 2024 was
$5.4 million (+2% YOY) vs.$5.3 million in the third quarter of 2023 - Gross domestic XTRAC® recurring billings were
$4.8 million (-2% YOY) in the third quarter of 2024 vs.$4.9 million in the third quarter of 2023 - Revenue per domestic XTRAC® system increased to
$5,332 (+2% YOY) on 873 systems during the third quarter vs.$5,233 per system on 929 systems in the prior year period
- Global net recurring revenue in the third quarter of 2024 was
- Adjusting for a one-time expense of
$1.8 million , total non-GAAP operating expenses in the third quarter of 2024 were$5.2 million (-7% YOY) vs.$5.6 million in the third quarter of 2023. The one-time item is an accrual following the resolution of a New York state tax audit covering the period from 2014 to 2017, which the Company recorded as a General and Administrative expense - Non-GAAP operating profit, excluding the one-time accrual item described above, was
$128,000 in the quarter, representing the first time the Company has generated an operating profit since the Company’s major refinancing in early 2018 - Domestic installed base of 873 XTRAC® devices under the Company’s recurring revenue business model at September 30, 2024 vs. 882 XTRAC® devices at June 30, 2024 and 923 XTRAC® devices at December 31, 2023, as the Company continues to realign its assets and remove underperforming accounts
- Domestic installed base of 135 TheraClear®X devices at September 30, 2024 vs. 117 TheraClear®X devices at June 30, 2024 and 92 TheraClear®X devices at December 31, 2023
Recent Corporate Highlights
- Filed a complaint against LaserOptek, Monarch Laser Services, and The Pinnacle Health Group, citing unfair competition under federal and state laws regarding the marketing and sales of competitive laser devices. Following a joint stipulation by the parties, on November 8, 2024 a court order was entered in the United States District Court for the Eastern District of Pennsylvania enjoining LaserOptek, The Pinnacle Group, and all those acting at their direction from engaging in any sales, advertising, marketing or promotion of LaserOptek’s Pallas lasers that states or implies, directly or indirectly, that treatments with Pallas laser systems are reimbursable using CPT Codes 96920-96922. The court order also barred LaserOptek and The Pinnacle Group from engaging in any sales, advertising, marketing or promotion of LaserOptek’s Pallas lasers in the United States that includes any false or misleading statements regarding the Pallas lasers or STRATA’s lasers.
- Closed a registered direct offering on July 23, 2024 that raised
$2.1 million in gross proceeds through the sale of 665,136 shares of common stock at an average purchase price of$3.16 /share, with participation from insiders and existing institutional shareholders - Received approval for the XTRAC Momentum® 1.0 device in Japan and began immediate commercial rollout through the Company’s Japanese strategic partner and distributor JMEC Co., Ltd. Six Momentum units have already been placed in Japan under the Company’s recurring revenue business model that are included in the 19 XTRAC devices placed during 2024
- Announced a publication in the July 11, 2024 issue of the Journal of Cosmetic and Laser Therapy of a multi-treatment study finding the TheraClear®X Acne Therapy System reduced lesions and associated skin redness with improvement in skin texture and pore size after one to three treatments while being well tolerated, offering benefits as monotherapy and/or as an adjuvant
- STRATA’s XTRAC® excimer laser was the focus of two lectures at the 75th Annual Meeting of the Chubu Branch of the Japanese Dermatological Association held in Nagoya, Japan
- The XTRAC® excimer laser was featured at the 2024 Fall Clinical Dermatology Conference held in Las Vegas in a poster presentation titled, Targeted 308-nm Excimer Laser: A Safe and Effective Solution for Inflammatory Skin Disorders. Additionally, numerous KOL speakers emphasized the significance of excimer lasers as a proven treatment option for psoriasis, vitiligo, and eczema
“The
“Our DTC efforts remain a key focus of our turnaround strategy, and we continue to see signs of execution on this front. During the third quarter we expanded the targeted geographies and initiated Spanish language advertisement. Thus far in 2024, we have scheduled over 1,900 DTC-driven new patient appointments, as compared to 8 in 2023, and exceeded the 1,643 scheduled in fiscal 2019 before the Covid-19 pandemic sharply curtailed office visits across the healthcare system.
“We continue to examine our installed base of XTRAC® devices in an effort to maximize their utilization. Our domestic base of installed XTRAC® devices declined from 882 at the end of the second quarter to 873 at the end of the third quarter. The combination of our renewed DTC marketing efforts and our efforts to maximize utilization of our XTRAC® devices with our dermatology partners helped us achieve the highest quarterly average revenue per device from our XTRAC® installed base since the end of 2022.
“TheraClear®X device placements continue to grow and reached 135 in the third quarter, up from 117 at the end of the second quarter. The adoption of the non-cash, insurance-reimbursed billing has accelerated in 2024 after being non-existent in 2023, as we have helped secure insurance pre-authorization for our partnered clinics in over 2,000 patients. Additionally, published studies, such as the one in the July 11, 2024 issue of the Journal of Cosmetic and Laser Therapy, continue to point to improved patient outcomes for the treatment of acne. At the recent 2024 Fall Clinical Dermatology Conference, a poster presentation titled, Targeted 308-nm Excimer Laser: A Safe and Effective Solution for Inflammatory Skin Disorders was presented that also highlighted the benefits of the TheraClear®X device
“We strengthened our balance sheet in July 2024 with a
Third Quarter 2024 Financial Results
Revenue for the third quarter of 2024 was
Gross profit for the third quarter of 2024 was
Selling and marketing costs for the third quarter of 2024 were
Net loss for the third quarter of 2024 was
Cash, cash equivalents, and restricted cash at September 30, 2024 were
Third Quarter 2024 Earnings Conference Call
STRATA management will host a conference call at 4:30 p.m. ET on Wednesday, November 13, 2024 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.
To listen to the conference call, interested parties within the U.S. should dial 1-844-481-2523 (domestic) or 1-412-317-0552 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the STRATA Skin Sciences, Inc. conference call.
The conference call will also be available through a live webcast that can be accessed at STRATA Skin Sciences 3Q24 Earnings Webcast.
A telephonic replay of the call will be available until November 20, 2024 by dialing 1-877-344-7529 (or 1-412-317-0088 for international callers) and using replay access code 4851779. To access the replay using an international dial-in number, please see here.
A webcast earnings call replay will be available approximately one hour after the live call and remain accessible until May 13, 2025.
Non-GAAP Financial Measures
STRATA has determined to supplement its consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), presented elsewhere within this report, with certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP gross profit, which excludes the non-cash expense of amortization of acquired intangible assets classified as cost of revenues, and non-GAAP adjusted EBITDA, “Earnings Before Interest, Taxes, Depreciation, and Amortization.”
These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for Gross Profit or Net Earnings (Loss) determined in accordance with U.S. GAAP, should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. STRATA considers these non-GAAP measures in addition to its results prepared under current accounting standards, but they are not a substitute for, nor superior to, U.S. GAAP measures. These non-GAAP measures are provided to enhance readers’ overall understanding of STRATA’s current financial performance and to provide further information for comparative purposes. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Gross Profit or Net Earnings (Loss) determined in accordance with U.S. GAAP. Specifically, STRATA believes the non-GAAP measures provide useful information to management and investors by isolating certain expenses, gains, and losses that may not be indicative of the Company’s core operating results and business outlook. In addition, STRATA believes non-GAAP measures enhance the comparability of results against prior periods.
Reconciliation to the most directly comparable U.S. GAAP measure of all non-GAAP measures included in this press release is as follows:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net loss | $ | (2,122 | ) | $ | (1,053 | ) | $ | (5,589 | ) | $ | (7,036 | ) | |||
Adjustments: | |||||||||||||||
Depreciation and amortization | 1,239 | 1,449 | 3,738 | 4,274 | |||||||||||
Amortization of operating lease right-of-use assets | 81 | 89 | 255 | 257 | |||||||||||
Loss on disposal of property and equipment | 19 | 31 | 38 | 55 | |||||||||||
Interest expense, net | 469 | 438 | 1,425 | 964 | |||||||||||
Non-GAAP EBITDA | (314 | ) | 954 | (133 | ) | (1,486 | ) | ||||||||
Employee retention credit | — | — | (864 | ) | — | ||||||||||
Stock-based compensation expense | 26 | 337 | 301 | 1,014 | |||||||||||
Inventory write-off | — | — | 141 | — | |||||||||||
Loss on debt extinguishment | — | — | — | 909 | |||||||||||
Non-GAAP adjusted EBITDA | $ | (288 | ) | $ | 1,291 | $ | (555 | ) | $ | 437 | |||||
XTRAC Gross Domestic Recurring Billings
XTRAC gross domestic recurring billings represent the amount invoiced to partner clinics when treatment codes are sold to the physician. It does not include normal GAAP adjustments, which are deferred revenue from prior quarters recorded as revenue in the current quarter, the deferral of revenue from the current quarter recorded as revenue in future quarters, adjustments for co-pay and other discounts. This excludes international recurring revenues.
The following is a reconciliation of non-GAAP XTRAC gross domestic billings to domestic recorded revenue for the third quarter and first nine months of 2024 and 2023 (in thousands), respectively:
Three Months Ended September 30, | YTD | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Gross domestic recurring billings | $ | 4,813 | $ | 4,883 | $ | 14,126 | $ | 14,675 | |||||||
Co-Pay adjustments | (84 | ) | (85 | ) | (247 | ) | (256 | ) | |||||||
Other discounts | (19 | ) | (29 | ) | (76 | ) | (87 | ) | |||||||
Deferred revenue from prior quarters | 1,812 | 2,005 | 5,337 | 6,201 | |||||||||||
Deferral of revenue to future quarters | (1,867 | ) | (1,913 | ) | (5,580 | ) | (5,943 | ) | |||||||
GAAP Recorded domestic revenue | $ | 4,655 | $ | 4,861 | $ | 13,560 | $ | 14,589 | |||||||
About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a medical technology company dedicated to developing, commercializing, and marketing innovative products for the in-office treatment of various dermatologic conditions, such as psoriasis, vitiligo, and acne. Its products include the XTRAC® excimer laser, VTRAC® lamp systems, and the TheraClear®X Acne Therapy System.
STRATA is proud to offer these exciting technologies in the U.S. through its unique Partnership Program. STRATA’s popular partnership approach includes a fee per treatment cost structure versus an equipment purchase, installation and use of the device, on-site training for practice personnel, service and maintenance of the equipment, dedicated account and customer service associates, and co-op advertising support to help raise awareness and promote the program within the practice.
Safe Harbor
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not limited to the Company’s plans, objectives, expectations and intentions and may contain words such as “will,” “may,” “seeks,” and “expects,” that suggest future events or trends. These statements, the Company’s ability to launch and sell products recently acquired or to be developed in the future, the Company’s ability to develop social media marketing campaigns, direct to consumer marketing campaigns, and the Company’s ability to build a leading franchise in dermatology and aesthetics, are based on the Company’s current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business, competitive, market, regulatory, adverse market conditions labor supply shortages, or supply chain interruptions resulting from fiscal, political factors, international conflicts, responses, or conditions affecting the Company, the medical device industry and our customers and patients in general, as well as more specific risks and uncertainties set forth in the Company’s SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all these forward-looking statements may prove to be incorrect or unreliable. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. The Company urges investors to carefully review its SEC disclosures available at www.sec.gov and www.strataskinsciences.com.
Investor Contact:
CORE IR
516-222-2560
IR@strataskin.com
STRATA Skin Sciences, Inc. and Subsidiary Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
September 30, 2024 | December 31, 2023 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 7,062 | $ | 6,784 | |||
Restricted cash | 1,334 | 1,334 | |||||
Accounts receivable, net of allowance for credit losses of | 4,443 | 4,440 | |||||
Inventories | 2,744 | 2,673 | |||||
Prepaid expenses and other current assets | 297 | 312 | |||||
Total current assets | 15,880 | 15,543 | |||||
Property and equipment, net | 10,387 | 11,778 | |||||
Operating lease right-of-use assets | 1,348 | 626 | |||||
Intangible assets, net | 5,840 | 7,319 | |||||
Goodwill | 6,519 | 6,519 | |||||
Other assets | 231 | 231 | |||||
Total assets | $ | 40,205 | $ | 42,016 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,749 | $ | 3,343 | |||
Accrued expenses and other current liabilities | 8,524 | 6,306 | |||||
Deferred revenues | 2,421 | 2,120 | |||||
Current portion of operating lease liabilities | 322 | 352 | |||||
Current portion of contingent consideration | 1,030 | 53 | |||||
Total current liabilities | 14,046 | 12,174 | |||||
Long-term debt, net | 15,153 | 15,044 | |||||
Deferred revenues and other liabilities | 379 | 552 | |||||
Deferred tax liability | 186 | 186 | |||||
Operating lease liabilities, net of current portion | 1,002 | 237 | |||||
Contingent consideration, net of current portion | 96 | 1,135 | |||||
Total liabilities | 30,862 | 29,328 | |||||
Commitments and contingencies (Note 14) | |||||||
Stockholders’ equity: | |||||||
Series C convertible preferred stock, | — | — | |||||
Common stock, | 4 | 4 | |||||
Additional paid-in capital | 252,986 | 250,742 | |||||
Accumulated deficit | (243,647 | ) | (238,058 | ) | |||
Total stockholders’ equity | 9,343 | 12,688 | |||||
Total liabilities and stockholders’ equity | $ | 40,205 | $ | 42,016 | |||
STRATA Skin Sciences, Inc. and Subsidiary Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues, net | $ | 8,797 | $ | 8,852 | $ | 23,986 | $ | 24,669 | |||||||
Cost of revenues | 3,490 | 3,898 | 10,662 | 11,009 | |||||||||||
Gross profit | 5,307 | 4,954 | 13,324 | 13,660 | |||||||||||
Operating expenses: | |||||||||||||||
Engineering and product development | 243 | 248 | 683 | 937 | |||||||||||
Selling and marketing | 3,048 | 3,038 | 9,080 | 10,196 | |||||||||||
General and administrative | 3,669 | 2,283 | 8,589 | 7,690 | |||||||||||
Total operating expenses | 6,960 | 5,569 | 18,352 | 18,823 | |||||||||||
Loss from operations | (1,653 | ) | (615 | ) | (5,028 | ) | (5,163 | ) | |||||||
Other (expense) income: | |||||||||||||||
Loss on debt extinguishment | — | — | — | (909 | ) | ||||||||||
Interest expense | (537 | ) | (528 | ) | (1,592 | ) | (1,112 | ) | |||||||
Interest income | 68 | 90 | 167 | 148 | |||||||||||
Other income | — | — | 864 | — | |||||||||||
Total other expense | (469 | ) | (438 | ) | (561 | ) | (1,873 | ) | |||||||
Net loss | $ | (2,122 | ) | $ | (1,053 | ) | $ | (5,589 | ) | $ | (7,036 | ) | |||
Net loss per share of common stock, basic and diluted | $ | (0.53 | ) | $ | (0.30 | ) | $ | (1.52 | ) | $ | (2.02 | ) | |||
Weighted average shares of common stock outstanding, basic and diluted | 4,038,988 | 3,491,113 | 3,684,976 | 3,488,465 | |||||||||||
STRATA Skin Sciences, Inc. and Subsidiary Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (5,589 | ) | $ | (7,036 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 3,738 | 4,274 | |||||
Amortization of operating lease right-of-use assets | 255 | 257 | |||||
Amortization of deferred financing costs and debt discount | 109 | 112 | |||||
Change in allowance for credit losses | (40 | ) | (205 | ) | |||
Stock-based compensation expense | 301 | 1,014 | |||||
Loss on disposal of property and equipment | 38 | 55 | |||||
Inventory write-off | 141 | — | |||||
Loss on debt extinguishment | — | 909 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 37 | (126 | ) | ||||
Inventories | 14 | (209 | ) | ||||
Prepaid expenses and other assets | 15 | 388 | |||||
Accounts payable | (1,638 | ) | (268 | ) | |||
Accrued expenses and other liabilities | 2,176 | (611 | ) | ||||
Deferred revenues | 170 | (165 | ) | ||||
Operating lease liabilities | (242 | ) | (279 | ) | |||
Net cash used in operating activities | (515 | ) | (1,890 | ) | |||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (1,132 | ) | (3,301 | ) | |||
Net cash used in investing activities | (1,132 | ) | (3,301 | ) | |||
Cash flows from financing activities: | |||||||
Payment of contingent consideration | (18 | ) | (42 | ) | |||
Proceeds from long-term debt | — | 7,000 | |||||
Issuance of stock | 1,943 | — | |||||
Payment of deferred financing costs | — | (97 | ) | ||||
Net cash provided by financing activities | 1,925 | 6,861 | |||||
Net increase in cash, cash equivalents and restricted cash | 278 | 1,670 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 8,118 | 6,795 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 8,396 | $ | 8,465 | |||
Cash and cash equivalents | $ | 7,062 | $ | 7,131 | |||
Restricted cash | 1,334 | 1,334 | |||||
Total cash, cash equivalents and restricted cash | $ | 8,396 | $ | 8,465 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid during the year for interest | $ | 1,490 | $ | 917 | |||
Supplemental schedule of non-cash operating, investing and financing activities: | |||||||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 977 | $ | — | |||
Transfer of property and equipment to inventories | $ | 226 | $ | 234 | |||
Accrued payment of contingent consideration | $ | 44 | $ | — | |||
Modification of common stock warrants | $ | — | $ | 384 | |||
Accrued exit fee recorded as debt discount | $ | 150 | $ | 450 | |||
Change in intangible assets and fair value of contingent consideration | $ | — | $ | 5,616 | |||
FAQ
What was STRATA Skin Sciences (SSKN) revenue in Q3 2024?
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