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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/15/23 STRATA Skin Sciences, Inc. 10-Q 3/31/23 69:6.1M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.06M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 27K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 26K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 23K 10: R1 Document and Entity Information HTML 73K 11: R2 Condensed Consolidated Balance Sheets HTML 125K 12: R3 Condensed Consolidated Balance Sheets HTML 41K (Parenthetical) 13: R4 Condensed Consolidated Statements of Operations HTML 90K 14: R5 Condensed Consolidated Statements of Changes in HTML 55K Stockholders' Equity 15: R6 Condensed Consolidated Statements of Cash Flows HTML 108K 16: R7 The Company HTML 71K 17: R8 Liquidity HTML 22K 18: R9 Revenue Recognition HTML 43K 19: R10 TheraClear Asset Acquisition HTML 34K 20: R11 Inventories HTML 26K 21: R12 Property and Equipment, net HTML 39K 22: R13 Intangible Assets, net HTML 59K 23: R14 Accrued Expenses and Other Current Liabilities HTML 28K 24: R15 Long-term Debt HTML 33K 25: R16 Stock-based Compensation HTML 51K 26: R17 Income Taxes HTML 24K 27: R18 Business Segments HTML 106K 28: R19 Significant Customer Concentrations HTML 22K 29: R20 Commitments and Contingencies HTML 39K 30: R21 The Company (Policies) HTML 71K 31: R22 The Company (Tables) HTML 40K 32: R23 Revenue Recognition (Tables) HTML 25K 33: R24 TheraClear Asset Acquisition (Tables) HTML 30K 34: R25 Inventories (Tables) HTML 26K 35: R26 Property and Equipment, net (Tables) HTML 36K 36: R27 Intangible Assets, net (Tables) HTML 58K 37: R28 Accrued Expenses and Other Current Liabilities HTML 28K (Tables) 38: R29 Long-term Debt (Tables) HTML 25K 39: R30 Stock-based Compensation (Tables) HTML 47K 40: R31 Business Segments (Tables) HTML 105K 41: R32 Commitments and Contingencies (Tables) HTML 26K 42: R33 The Company, Background (Details) HTML 24K 43: R34 The Company, Accrued Warranty Costs (Details) HTML 41K 44: R35 The Company, Net Loss Per Share (Details) HTML 28K 45: R36 Liquidity (Details) HTML 23K 46: R37 Revenue Recognition, Summary (Details) HTML 27K 47: R38 Revenue Recognition, Future Undiscounted Fixed HTML 39K Payments from International Recurring Revenue Customers (Details) 48: R39 Revenue Recognition, Remaining Performance HTML 29K Obligation (Details) 49: R40 Revenue Recognition, Contract Liabilities HTML 27K (Details) 50: R41 TheraClear Asset Acquisition, (Details) HTML 86K 51: R42 Inventories (Details) HTML 25K 52: R43 Property and Equipment, net (Details) HTML 38K 53: R44 Intangible Assets, net (Details) HTML 46K 54: R45 Intangible Assets, net, Estimated Amortization HTML 30K Expense (Details) 55: R46 Accrued Expenses and Other Current Liabilities HTML 30K (Details) 56: R47 Long-term Debt, Senior Term Facility (Details) HTML 86K 57: R48 Long-term Debt, Future Minimum Principal Payments HTML 31K (Details) 58: R49 Stock-based Compensation, Summary (Details) HTML 32K 59: R50 Stock-based Compensation, Stock Options (Details) HTML 78K 60: R51 Stock-based Compensation, Restricted Stock Units HTML 45K (Details) 61: R52 Income Taxes (Details) HTML 22K 62: R53 Business Segments (Details) HTML 112K 63: R54 Significant Customer Concentrations (Details) HTML 38K 64: R55 Commitments and Contingencies (Details) HTML 81K 67: XML IDEA XML File -- Filing Summary XML 123K 65: XML XBRL Instance -- brhc20052588_10q_htm XML 1.23M 66: EXCEL IDEA Workbook of Financial Reports XLSX 113K 6: EX-101.CAL XBRL Calculations -- sskn-20230331_cal XML 149K 7: EX-101.DEF XBRL Definitions -- sskn-20230331_def XML 657K 8: EX-101.LAB XBRL Labels -- sskn-20230331_lab XML 1.47M 9: EX-101.PRE XBRL Presentations -- sskn-20230331_pre XML 918K 5: EX-101.SCH XBRL Schema -- sskn-20230331 XSD 144K 68: JSON XBRL Instance as JSON Data -- MetaLinks 366± 548K 69: ZIP XBRL Zipped Folder -- 0001140361-23-024725-xbrl Zip 272K
|
i Delaware
(State or other jurisdiction
of incorporation or organization)
|
|
i 13-3986004
(I.R.S. Employer
Identification No.)
|
|
Title of each class
|
Trading
Symbol(s) |
Name of each exchange on which registered
|
i Common Stock, $0.001 par value per share
|
i SSKN
|
i The NASDAQ Stock Market LLC
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|||
i Non-accelerated filer ☒
|
Smaller reporting company i ☒
|
|||
Emerging growth company i ☐
|
Part I. Financial Information:
|
PAGE
|
||
ITEM 1. Financial Statements:
|
|||
a.
|
1
|
||
b.
|
2
|
||
c.
|
3
|
||
d.
|
4
|
||
e.
|
5
|
||
19
|
|||
25
|
|||
25
|
|||
Part II. Other Information:
|
|||
26
|
|||
26
|
|||
26
|
|||
26
|
|||
26
|
|||
26
|
|||
27
|
|||
28
|
|||
Certifications
|
E-31.1
|
ITEM 1.
|
Financial Statements
|
(unaudited) | ||||||||
Assets
|
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
i 2,825
|
$
|
i 5,434
|
||||
Restricted cash
|
i 1,361 | i 1,361 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $ i 242 and $ i 382 at March
31, 2023 and December 31, 2022, respectively
|
i 3,940
|
i 4,471
|
||||||
Inventories
|
i 5,695
|
i 5,547
|
||||||
Prepaid expenses and other current assets
|
i 691
|
i 691
|
||||||
Total current assets
|
i 14,512
|
i 17,504
|
||||||
Property and equipment, net
|
i 8,182
|
i 7,498
|
||||||
Operating lease right-of-use assets
|
i 870
|
i 975
|
||||||
Intangible assets, net
|
i 16,674
|
i 17,394
|
||||||
Goodwill
|
i 8,803
|
i 8,803
|
||||||
Other assets
|
i 82
|
i 98
|
||||||
Total assets
|
$
|
i 49,123
|
$
|
i 52,272
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
i 3,099
|
$
|
i 3,425
|
||||
Accrued expenses and other current liabilities
|
i 6,549
|
i 6,555
|
||||||
Deferred revenues
|
i 2,548 |
i 2,778 |
||||||
Current portion of operating lease liabilities
|
i 381
|
i 355
|
||||||
Current portion of contingent consideration
|
i 481
|
i 313
|
||||||
Total current liabilities
|
i 13,058
|
i 13,426
|
||||||
Long-term debt, net
|
i 7,517
|
i 7,476
|
||||||
Deferred revenues and other liabilities |
i 305 |
i 314 |
||||||
Deferred tax liability
|
i 306
|
i 306
|
||||||
Operating lease liabilities, net of current portion
|
i 489
|
i 610
|
||||||
Contingent consideration, net of current portion |
i 8,127
|
i 8,309
|
||||||
Total liabilities
|
i 29,802
|
i 30,441
|
||||||
Commitments and contingencies (Note 14)
|
||||||||
Stockholders’ equity:
|
||||||||
Series C convertible preferred stock, $ i i 0.10 /
par value; i i 10,000,000 / shares authorized; i i i i no / / /
shares issued and outstanding
|
i — |
i — |
||||||
Common stock, $ i i 0.001 /
par value; i i 150,000,000 / shares authorized; i i 34,881,453 /
and i i 34,723,046 / shares issued and outstanding at March 31, 2023
and December 31, 2022,
respectively
|
i 35
|
i 35
|
||||||
Additional paid-in capital
|
i 249,349
|
i 249,024
|
||||||
Accumulated deficit
|
( i 230,063
|
)
|
( i 227,228
|
)
|
||||
Total stockholders’ equity
|
i 19,321
|
i 21,831
|
||||||
Total liabilities and stockholders’ equity
|
$
|
i 49,123
|
$
|
i 52,272
|
Three Months Ended
|
||||||||
2022
|
||||||||
Revenues, net
|
$
|
i 7,567
|
$
|
i 7,041
|
||||
Cost of revenues
|
i 3,179
|
i 2,913
|
||||||
Gross profit |
i 4,388 | i 4,128 | ||||||
Operating expenses: |
||||||||
Engineering and product development
|
i 315
|
i 163
|
||||||
Selling and marketing
|
i 3,742
|
i 3,616
|
||||||
General and administrative
|
i 2,917
|
i 2,652
|
||||||
i 6,974
|
i 6,431
|
|||||||
Loss from operations
|
( i 2,586
|
)
|
( i 2,303
|
)
|
||||
Other (expense) income: | ||||||||
Interest expense |
( i 286 | ) | ( i 199 | ) | ||||
Interest income |
i 37 | i — | ||||||
( i 249
|
)
|
( i 199
|
)
|
|||||
Net loss
|
$
|
( i 2,835
|
)
|
$
|
( i 2,502
|
)
|
||
Net loss per share of common stock, basic and diluted
|
$
|
( i i 0.08 /
|
)
|
$
|
( i i 0.07 /
|
)
|
||
Weighted average shares of common stock outstanding, basic and diluted
|
i i 34,862,092 /
|
i i 34,679,246 /
|
Additional |
Total |
|||||||||||||||||||
Common Stock
|
Paid-In
|
Accumulated
|
Stockholders’ |
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||
Balance at January 1, 2023
|
i 34,723,046
|
$
|
i 35
|
$ |
i 249,024
|
$ |
( i 227,228
|
)
|
$
|
i 21,831
|
||||||||||
Stock-based compensation expense
|
—
|
i —
|
i 325
|
i —
|
i 325
|
|||||||||||||||
Issuance of restricted stock
|
i 158,407
|
i —
|
i — | i — |
i —
|
|||||||||||||||
Net loss
|
—
|
i —
|
i —
|
( i 2,835
|
)
|
( i 2,835
|
)
|
|||||||||||||
Balance at March 31, 2023
|
i 34,881,453
|
$
|
i 35
|
$ |
i 249,349
|
$ |
( i 230,063
|
)
|
$
|
i 19,321
|
Additional | Total |
|||||||||||||||||||
Common Stock
|
Paid-In
|
Accumulated
|
Stockholders’ |
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||
Balance at January 1, 2022
|
i 34,364,679
|
$
|
i 34
|
$
|
i 247,059
|
$
|
( i 221,679
|
)
|
$
|
i 25,414
|
||||||||||
Stock-based compensation expense
|
—
|
i —
|
i 368
|
i —
|
i 368
|
|||||||||||||||
Issuance of common stock for acquisition
|
i 358,367
|
i 1
|
i 499
|
i —
|
i 500
|
|||||||||||||||
Net loss
|
—
|
i —
|
i —
|
( i 2,502
|
)
|
( i 2,502
|
)
|
|||||||||||||
Balance at March 31, 2022 |
i 34,723,046
|
$
|
i 35
|
$
|
i 247,926
|
$
|
( i 224,181
|
)
|
$
|
i 23,780
|
For the Three Months Ended March 31,
|
||||||||
2022
|
||||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
( i 2,835
|
)
|
$
|
( i 2,502
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
i 1,397
|
i 1,321
|
||||||
Amortization of operating lease right-of-use assets
|
i 105
|
i 89
|
||||||
Amortization of deferred financing costs and debt discount | i 41 | i 37 | ||||||
(Recoveries of) provision for doubtful accounts
|
( i 95
|
)
|
i 13
|
|||||
Stock-based compensation expense
|
i 325
|
i 368
|
||||||
Loss on disposal of property and equipment
|
i — | i 17 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
i 626
|
i 448
|
||||||
Inventories
|
( i 103
|
)
|
( i 1,198
|
)
|
||||
Prepaid expenses and other assets
|
i 16
|
i 85
|
||||||
Accounts payable
|
( i 326
|
)
|
i 1,148
|
|||||
Accrued expenses and other liabilities
|
( i 12
|
)
|
i 175
|
|||||
Deferred revenues
|
( i 247
|
)
|
( i 257
|
)
|
||||
Operating lease liabilities
|
( i 95
|
)
|
( i 97
|
)
|
||||
Net cash used in operating activities
|
( i 1,203
|
)
|
( i 353
|
)
|
||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment
|
( i 1,406 | ) | ( i 679 | ) | ||||
Cash paid in connection with TheraClear asset acquisition
|
i — | ( i 631 | ) | |||||
Net cash used in investing activities
|
( i 1,406 | ) | ( i 1,310 | ) | ||||
Net decrease in cash, cash equivalents and restricted cash
|
( i 2,609
|
)
|
( i 1,663
|
)
|
||||
Cash, cash equivalents and restricted cash, beginning of period
|
i 6,795
|
i 12,586
|
||||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
i 4,186
|
$
|
i 10,923
|
||||
Cash and cash equivalents
|
$
|
i 2,825
|
$
|
i 10,923
|
||||
Restricted cash
|
i 1,361
|
i —
|
||||||
$
|
i 4,186
|
$
|
i 10,923
|
|||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
i 241
|
$
|
i 160
|
||||
Supplemental disclosure of non-cash operating, investing and financing activities:
|
||||||||
Inventories acquired in connection with TheraClear asset acquisition
|
$ | i — | $ | i 71 | ||||
Intangible assets acquired in connection with TheraClear asset acquisition | $ | i — | $ | i 10,182 | ||||
Contingent consideration issued in connection with TheraClear asset acquisition | $ | i — | $ | i 9,122 | ||||
Common stock issued in connection with TheraClear asset acquisition | $ | i — | $ | i 500 | ||||
Transfer of property and equipment to inventories | $ | i 45 | $ | i — | ||||
Accrued payment of contingent consideration | $ | i 14 | $ | i — |
|
•
|
Level 1 – quoted market prices in active markets
for identical assets or liabilities.
|
|
•
|
Level 2 – observable inputs other than quoted
prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities.
|
|
•
|
Level 3 – inputs that are generally unobservable
and typically reflect the Company’s estimate of assumptions that market participants would use in pricing the asset or liability.
|
|
Three Months Ended March 31,
|
|||||||
|
2022
|
|||||||
Balance, beginning of period
|
$
|
i 207
|
$
|
i 79
|
||||
Additions
|
i 27
|
i 34
|
||||||
Expirations and claims satisfied
|
( i 5
|
)
|
( i 14
|
)
|
||||
Total
|
i 229
|
i 99
|
||||||
Less current portion within accrued expenses and other current liabilities
|
( i 152
|
)
|
( i 66
|
)
|
||||
Balance within deferred revenues and other liabilities
|
$
|
i 77
|
$
|
i 33
|
|
2022
|
|||||||
Restricted stock units
|
i 119,597 | i 89,681 | ||||||
Stock options
|
i 4,464,714 | i 4,434,714 | ||||||
Common stock warrants | i 373,626 | i 373,626 | ||||||
Total
|
i 4,957,937 |
i 4,898,021 |
•
|
||
•
|
identification of the performance obligations in the contract;
|
|
•
|
determination of the transaction price;
|
|
•
|
allocation of the transaction price to the performance obligations in the contract; and
|
|
•
|
recognition of revenue when, or as, performance obligations are satisfied.
|
Remaining 2023
|
$
|
i 914
|
||
2024
|
i 975
|
|||
2025
|
i 384
|
|||
2026
|
i 166
|
|||
2027
|
i 4
|
|||
Total
|
$
|
i 2,443
|
Consideration:
|
||||
Cash payment
|
$
|
i 500
|
||
Common stock issued |
i 500 |
|||
Transaction costs
|
i 131
|
|||
Contingent consideration | i 9,122 |
|||
Total consideration
|
$
|
i 10,253
|
||
Assets acquired:
|
||||
Technology intangible asset |
$ |
i 10,182 |
||
Inventories
|
|
i 71
|
||
Total assets acquired
|
$
|
i 10,253
|
Raw materials and work-in-process
|
$
|
i 5,295
|
$
|
i 5,418
|
||||
Finished goods
|
i 400
|
i 129
|
||||||
Total inventories
|
$
|
i 5,695
|
$
|
i 5,547
|
Dermatology
devices placed-in-service
|
$
|
i 29,988
|
$
|
i 28,790
|
||||
Equipment,
computer hardware and software
|
i 293
|
i 293
|
||||||
Furniture and
fixtures
|
i 235
|
i 235
|
||||||
Leasehold
improvements
|
i 115
|
i 136
|
||||||
i 30,631
|
i 29,454
|
|||||||
Accumulated depreciation and
amortization
|
( i 22,449
|
)
|
( i 21,956
|
)
|
||||
Property and equipment, net
|
$
|
i 8,182
|
$
|
i 7,498
|
|
Balance
|
Accumulated
Amortization
|
Intangible
Assets, net
|
|||||||||
Core technology
|
$
|
i 5,700
|
$
|
( i 4,418
|
)
|
$
|
i 1,282
|
|||||
Product technology
|
i 12,182
|
( i 3,273
|
)
|
i 8,909
|
||||||||
Customer relationships
|
i 6,900
|
( i 5,348
|
)
|
i 1,552
|
||||||||
Tradenames
|
i 1,500
|
( i 1,163
|
)
|
i 337
|
||||||||
Pharos customer lists
|
i 5,314
|
( i 720
|
)
|
i 4,594
|
||||||||
$
|
i 31,596
|
$
|
( i 14,922
|
)
|
$
|
i 16,674
|
||||||
Core technology
|
$
|
i 5,700
|
$
|
( i 4,275
|
)
|
$
|
i 1,425
|
|||||
Product technology
|
i 12,182
|
( i 3,018
|
)
|
i 9,164
|
||||||||
Customer relationships
|
i 6,900
|
( i 5,175
|
)
|
i 1,725
|
||||||||
Tradenames
|
i 1,500
|
( i 1,125
|
)
|
i 375
|
||||||||
Pharos customer lists
|
i 5,314
|
( i 609
|
)
|
i 4,705
|
||||||||
$
|
i 31,596
|
$
|
( i 14,202
|
)
|
$
|
i 17,394
|
Remaining 2023
|
$
|
i 2,151
|
||
2024
|
i 2,871
|
|||
2025
|
i 2,166
|
|||
2026
|
i 1,461
|
|||
2027
|
i 1,461
|
March 31, 2023 | December 31, 2022 | |||||||
Warranty obligations
|
$
|
i 152
|
$
|
i 136
|
||||
Compensation and related benefits
|
i 2,165
|
i 1,997
|
||||||
State sales, use and other taxes
|
i 4,043
|
i 3,986
|
||||||
Professional fees and other
|
i 189
|
i 436
|
||||||
Total accrued expenses and other current liabilities
|
$
|
i 6,549
|
$
|
i 6,555
|
2024
|
$
|
i 1,000
|
||
2025
|
i 4,000
|
|||
2026
|
i 3,000
|
|||
Total
|
$
|
i 8,000
|
Number of
Shares
|
Weighted Average
Exercise Price
per Share
|
Weighted Average
Remaining
Contractual Term
(in years)
|
||||||||||
Outstanding at January 1, 2023
|
i 4,474,714
|
$
|
i 1.72
|
|||||||||
Granted
|
i —
|
$
|
i —
|
|||||||||
Exercised
|
i —
|
$
|
i —
|
|||||||||
Forfeited and expired
|
( i 10,000
|
)
|
$
|
i 1.45
|
||||||||
Outstanding at March 31, 2023 | i 4,464,714 | $ | i 1.72 | i 7.8 | ||||||||
Exercisable at March 31, 2023 | i 2,623,841 | $ | i 1.82 | i 7.3 | ||||||||
Vested and expected to vest
|
i 4,464,714 | $ | i 1.72 | i 7.8 |
Number of
Shares
|
Weighted Average
Grant Date
Fair Value
|
|||||||
Unvested at January 1, 2023
|
i 119,597
|
$
|
i 0.93
|
|||||
Granted
|
i —
|
$
|
i —
|
|||||
Vested
|
( i 39,866
|
)
|
$
|
i 0.93
|
||||
Unvested at March 31, 2023 | i 79,731 | $ | i 0.93 |
Dermatology Recurring Procedures
|
Dermatology Procedures Equipment
|
TOTAL
|
||||||||||
Three Months Ended March 31, 2023
|
||||||||||||
Revenues, net
|
$
|
i 5,209
|
$
|
i 2,358
|
$
|
i 7,567
|
||||||
Cost of revenues |
i 2,020 | i 1,159 | i 3,179 | |||||||||
Gross profit
|
i 3,189 | i 1,199 | i 4,388 | |||||||||
Gross profit %
|
i 61.2 | % | i 50.8 | % | i 58.0 | % | ||||||
Allocated expenses:
|
||||||||||||
Engineering and product development
|
i 245
|
i 70
|
i 315
|
|||||||||
Selling and marketing
|
i 3,353
|
i 389
|
i 3,742
|
|||||||||
Unallocated expenses
|
i —
|
i —
|
i 2,917
|
|||||||||
i 3,598
|
i 459
|
i 6,974
|
||||||||||
(Loss) income from operations
|
( i 409
|
)
|
i 740
|
( i 2,586
|
)
|
|||||||
Interest expense
|
i —
|
i —
|
( i 286
|
)
|
||||||||
Interest income |
i — | i — | i 37 | |||||||||
Net (loss) income
|
$
|
( i 409
|
)
|
$
|
i 740
|
$
|
( i 2,835
|
)
|
Dermatology Recurring Procedures
|
Dermatology Procedures Equipment
|
TOTAL
|
||||||||||
Three Months Ended March 31, 2022 |
||||||||||||
Revenues, net
|
$
|
i 5,067
|
$
|
i 1,974
|
$
|
i 7,041
|
||||||
Cost of revenues
|
i 2,032 | i 881 | i 2,913 | |||||||||
Gross profit
|
i 3,035 | i 1,093 | i 4,128 | |||||||||
Gross profit %
|
i 59.9 | % | i 55.4 | % | i 58.6 | % | ||||||
Allocated expenses:
|
||||||||||||
Engineering and product development
|
i 126
|
i 37
|
i 163
|
|||||||||
Selling and marketing
|
i 3,300
|
i 316
|
i 3,616
|
|||||||||
Unallocated expenses
|
i —
|
i —
|
i 2,652
|
|||||||||
i 3,426
|
i 353
|
i 6,431
|
||||||||||
(Loss) income from operations
|
( i 391
|
)
|
i 740
|
( i 2,303
|
)
|
|||||||
Interest expense
|
i —
|
i —
|
( i 199
|
)
|
||||||||
Net (loss) income
|
$
|
( i 391
|
)
|
$
|
i 740
|
$
|
( i 2,502
|
)
|
Dermatology Recurring Procedures
|
Dermatology Procedures Equipment
|
TOTAL
|
||||||||||
Three Months Ended March 31, 2023 |
||||||||||||
Domestic
|
$
|
i 4,847
|
$
|
i 496
|
$
|
i 5,343
|
||||||
Foreign
|
i 362
|
i 1,862
|
i 2,224
|
|||||||||
Total
|
$
|
i 5,209
|
$
|
i 2,358
|
$
|
i 7,567
|
Three Months Ended March 31, 2022 |
||||||||||||
Domestic
|
$
|
i 4,689
|
$
|
i 695
|
$
|
i 5,384
|
||||||
Foreign
|
i 378
|
i 1,279
|
i 1,657
|
|||||||||
Total
|
$
|
i 5,067
|
$
|
i 1,974
|
$
|
i 7,041
|
Remaining 2023
|
$
|
i 330
|
||
2024
|
i 386
|
|||
2025
|
i 195
|
|||
2026 | i 55 | |||
Total remaining lease payments
|
$
|
i 966
|
||
Less: imputed interest
|
( i 96
|
)
|
||
Total lease liabilities
|
$
|
i 870
|
ITEM 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
• |
XTRAC® Excimer Laser. XTRAC received FDA clearance in 2000 and has since become a widely recognized treatment among dermatologists for psoriasis and other skin diseases.
The XTRAC System delivers ultra-narrowband ultraviolet B (“UVB”) light to affected areas of skin. Following a series of treatments typically performed twice weekly, psoriasis remission can be
achieved, and vitiligo patches can be re-pigmented. XTRAC is endorsed by the National Psoriasis Foundation, and its use for psoriasis is covered by nearly all major insurance companies, including Medicare. We estimate that more than half of
all major insurance companies now offer reimbursement for vitiligo as well, a figure that is increasing.
|
• |
In the third quarter of 2018, we announced the FDA granted clearance for our Multi Micro Dose (MMD) tip for our XTRAC excimer laser. The MMD Tip accessory is indicated for use in conjunction with the XTRAC laser
system to filter the Narrow Band UVB (“NB-UVB”) light at delivery in order to calculate and individualize the maximum non-blistering dose for a particular patient.
|
• |
In January 2020, we announced the FDA granted clearance of our XTRAC Momentum Excimer Laser Platform. In February 2022, we announced the commercial launch, with the first installation in the U.S. market, of our
next generation excimer laser system, XTRAC MomentumTM 1.0.
|
• |
VTRAC® Lamp. VTRAC received FDA clearance in 2005 and provides targeted therapeutic efficacy demonstrated by excimer technology with the simplicity of design and
reliability of a lamp system.
|
• |
TheraClear® X Acne Treatment Device. The TheraClear® Acne Therapy System was cleared by the FDA through the 510(k) process and
combines intense pulse light with vacuum (suction) for the treatment of mild to moderate inflammatory acne (including acne vulgaris), comedonal acne and pustular acne.
|
For the Three Months Ended March 31,
|
||||||||
2022
|
||||||||
Dermatology recurring procedures
|
$
|
5,209
|
$
|
5,067
|
||||
Dermatology procedures equipment
|
2,358
|
1,974
|
||||||
Total revenues
|
$
|
7,567
|
$
|
7,041
|
For the Three Months Ended March 31,
|
||||||||
2022
|
||||||||
Dermatology recurring procedures
|
$
|
2,020
|
$
|
2,032
|
||||
Dermatology procedures equipment
|
1,159
|
881
|
||||||
Total cost of revenues
|
$
|
3,179
|
$
|
2,913
|
For the Three Months Ended March 31,
|
||||||||
2022
|
||||||||
Revenues
|
$
|
7,567
|
$
|
7,041
|
||||
Cost of revenues
|
3,179
|
2,913
|
||||||
Gross profit
|
$
|
4,388
|
$
|
4,128
|
||||
Gross profit percentage
|
58.0
|
%
|
58.6
|
%
|
For the Three Months Ended March 31,
|
||||||||
2022
|
||||||||
Revenues
|
$
|
5,209
|
$
|
5,067
|
||||
Cost of revenues
|
2,020
|
2,032
|
||||||
Gross profit
|
$
|
3,189
|
$
|
3,035
|
||||
Gross profit percentage
|
61.2
|
%
|
59.9
|
%
|
For the Three Months Ended March 31,
|
||||||||
2022
|
||||||||
Revenues
|
$
|
2,358
|
$
|
1,974
|
||||
Cost of revenues
|
1,159
|
881
|
||||||
Gross profit
|
$
|
1,199
|
$
|
1,093
|
||||
Gross profit percentage
|
50.8
|
%
|
55.4
|
%
|
For the Three Months Ended March 31,
|
||||||||
2022
|
||||||||
Gross profit
|
$
|
4,388
|
$
|
4,128
|
||||
Amortization of acquired intangible assets
|
508
|
484
|
||||||
Non-GAAP gross profit
|
$
|
4,896
|
$
|
4,612
|
||||
Gross profit percentage
|
58.0
|
%
|
58.6
|
%
|
||||
Non-GAAP gross profit percentage
|
64.7
|
%
|
65.5
|
%
|
|
For the Three Months Ended March 31,
|
|||||||
|
2022
|
|||||||
Net loss
|
$
|
(2,835
|
)
|
$
|
(2,502
|
)
|
||
|
||||||||
Adjustments:
|
||||||||
Depreciation and amortization
|
1,397
|
1,321
|
||||||
Amortization of operating lease right-of-use asset
|
105
|
89
|
||||||
Loss on disposal of property and equipment
|
—
|
17
|
||||||
Interest expense, net
|
249
|
199
|
||||||
Non-GAAP EBITDA
|
(1,084
|
)
|
(876
|
)
|
||||
Stock-based compensation expense
|
325
|
368
|
||||||
Non-GAAP adjusted EBITDA
|
$
|
(759
|
)
|
$
|
(508
|
)
|
ITEM 3. |
Quantitative and Qualitative Disclosure about Market Risk
|
ITEM 4. |
Controls and Procedures
|
ITEM 1. |
Legal Proceedings
|
ITEM 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
ITEM 3. |
Defaults Upon Senior Securities.
|
ITEM 4. |
Mine Safety Disclosures
|
ITEM 5. |
Other Information
|
Rule 13a-14(a) Certificate of Chief Executive Officer (attached hereto)
|
||
Rule 13a-14(a) Certificate of Chief Financial Officer (attached hereto)
|
||
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (attached hereto)
|
||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Schema
|
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase
|
* |
The certifications attached as Exhibit 32.1 accompany this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” by the
Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
|
STRATA SKIN SCIENCES, INC. | ||||
Date May 15, 2023
|
By:
|
/s/ Robert J. Moccia
|
||
Name:
|
Robert J. Moccia | |||
Title:
|
President & Chief Executive Officer |
Date May 15, 2023
|
By:
|
|||
Name:
|
Christopher Lesovitz | |||
Title:
|
Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/1/26 | ||||
12/31/24 | ||||
10/1/24 | ||||
9/30/24 | ||||
12/31/23 | ||||
12/15/23 | ||||
Filed on: | 5/15/23 | 8-K | ||
5/12/23 | ||||
For Period end: | 3/31/23 | 10-K, 8-K | ||
2/23/23 | ||||
1/1/23 | ||||
12/31/22 | 10-K, 10-K/A | |||
12/15/22 | ||||
6/30/22 | 10-Q, 4 | |||
6/2/22 | ||||
5/16/22 | 8-K | |||
5/6/22 | ||||
4/1/22 | 3, 4, 8-K | |||
3/31/22 | 10-Q, 4 | |||
3/30/22 | 4 | |||
3/12/22 | ||||
1/10/22 | 8-K | |||
1/1/22 | ||||
12/31/21 | 10-K | |||
9/30/21 | 10-Q, 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/09/23 STRATA Skin Sciences, Inc. S-3 4:631K Broadridge Fin’l So… Inc |