STRATA Skin Sciences Surpasses 100 Domestic Installations of TheraClear®X Devices 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.
- Surpassed 100 domestic installations of TheraClear®X devices by March 31, 2024.
- Strategic partnerships with private equity-backed dermatology clinics like California Skin Institute and Aqua Dermatology.
- Comeback win with Palo Alto Medical Foundation.
- Partnered with 48 private equity-backed dermatology groups, totaling 2,482 locations.
- Deployed 386 XTRAC® and 62 TheraClear®X devices.
- TheraClear®X offers a reimbursable treatment option for acne, improving practice economics.
- No financial figures or revenue data provided in the PR.
- Current deployment of TheraClear®X devices is only 62 out of 2,482 potential locations.
- Potential risk of overreliance on private equity-backed clinics for device placements.
Insights
The announcement that STRATA Skin Sciences has surpassed 100 domestic installations of its TheraClear®X devices by the end of Q1 2024 is a significant milestone. This growth momentum indicates STRATA's ability to penetrate the dermatology sector effectively. For retail investors, it's important to note that expanding the installed base can lead to recurring revenue from consumables and maintenance services, which can enhance the company's revenue stability.
Furthermore, partnerships with private equity-backed dermatology clinics suggest a strategic approach to market penetration, leveraging existing networks to expand device placements. Such partnerships could lead to higher adoption rates, given the scale and influence of these clinics within the dermatology community. Monitoring the revenue growth in subsequent quarters will provide insight into the long-term financial benefits of these installations.
TheraClear®X's unique photo pneumatic technology, which combines vacuum and pulsed broadband light, offers a novel approach to treating acne, a prevalent dermatologic condition. This method directly addresses the limitations of conventional acne treatments, potentially leading to better patient outcomes with fewer treatments. The fact that the device's effectiveness can be visible after just a few treatments may lead to higher patient satisfaction and retention, benefiting both dermatologists and the company.
Additionally, the reimbursable nature of TheraClear®X treatments makes it an attractive option for dermatology practices, as it can enhance their economic viability. This factor might encourage more practices to adopt TheraClear®X, thus driving further growth for STRATA.
The strategic placements of TheraClear®X devices within private equity-backed and other strategic accounts reflect a calculated effort to expand market share effectively. The alignment with significant players like the California Skin Institute and Pennsylvania Dermatology Partners highlights the trust and credibility STRATA has built within the industry. This can potentially attract more clinics to consider adopting TheraClear®X, given the endorsements from established dermatology groups.
Investors should be aware that the dermatology market is competitive. However, the unique technology and the support from reputable clinics position STRATA well. Continued monitoring of market responses and adoption rates will be important to assessing the device's impact on the company's market position and growth trajectory.
HORSHAM, Pa., May 14, 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 installed base of TheraClear®X devices surpassed 100 at the end of the first quarter of 2024.
As Strata is focused on expanding its TheraClear®X placements within existing XTRAC® partner clinics, a number of the device placements are with private equity-backed dermatology clinics, including the California Skin Institute and Aqua Dermatology, and other strategic accounts, including Pennsylvania Dermatology Partners, which has 35 clinics in its group practice. Additionally, one device placement was a comeback win with Palo Alto Medical Foundation.
The 48 individual private equity backed groups of clinical dermatology clinics STRATA is currently partnered with have a total of 2,482 locations, in which Strata has deployed 386 XTRAC® and 62 TheraClear®X devices.
“We continue to grow our domestic installed base of TheraClear®X devices quarter by quarter,” commented STRATA CEO Dr. Dolev Rafaeli. “As with our much more established XTRAC® offering, dermatologists recognize the value of our comprehensive program in treating acne, which is the most common skin condition in dermatology. TheraClear®X addresses many of the limitations of existing acne therapies, and its effectiveness is often visible after just a few treatments. Its unique photo pneumatic technology combines vacuum with pulsed broadband light that works both mechanically and thermally on the active acne lesion. With TheraClear®X, dermatologists now have a reimbursable option to treat acne, improving the economics for their practice. We look forward to working closely with our customers/partners to continue to increase our domestic install base and reporting on those outcomes in the coming quarters.”
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
FAQ
What milestone did STRATA Skin Sciences achieve with TheraClear®X devices in March 2024?
Which dermatology clinics have partnered with STRATA for TheraClear®X placements?
What is the total number of locations STRATA partnered with for TheraClear®X and XTRAC® devices?
How many TheraClear®X devices has STRATA deployed?
What technology does TheraClear®X use to treat acne?
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