UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 10, 2020
STRATA SKIN SCIENCES, INC.
(Exact Name of Registrant Specified in Charter)
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Delaware
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000-51481
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13-3986004
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(State or Other
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(Commission File
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(I.R.S. Employer
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Jurisdiction of
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Number)
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Identification No.)
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Incorporation)
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5 Walnut Grove Drive, Suite 140, Horsham, Pennsylvania
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19044
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: 215-619-3200
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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□
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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□
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s) |
Name of each exchange on which registered
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Common Stock, $0.001 par value per share
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SSKN
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The NASDAQ Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company □
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Item 2.02. Results of Operations and Financial Condition.
On November 10, 2020, STRATA Skin Sciences, Inc. (the
“Company”) issued a press release announcing its results of operations for the third fiscal quarter of 2020. The full text of such press release is furnished as
Exhibit 99.1 to this report.
The information set forth under this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Item 7.01. Regulation FD Disclosure.
On November 10, 2020, STRATA Skin Sciences, Inc. (the “Company”) issued a press release announcing its results of operations for the
third fiscal quarter of 2020. The full text of such press release is furnished as Exhibit 99.1 to this report.
The information set forth under this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following press release is furnished as an exhibit to this Current Report on Form 8-K pursuant to Item 2.02 and shall not be
deemed to be “filed”:
99.1 Press Release dated November 10, 2020 issued by STRATA Skin Sciences, Inc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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STRATA SKIN SCIENCES, INC.
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Date: November 10, 2020
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By:
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/s/ Matthew C. Hill
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Matthew C. Hill
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Chief Financial Officer
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- 2 -
EXHIBIT 99.1
STRATA Skin Sciences Reports Third Quarter 2020 Financial Results
HORSHAM, Pennsylvania, November 10, 2020 -- STRATA Skin Sciences, Inc. (NASDAQ: SSKN) (“STRATA”), a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing and
marketing innovative products for the treatment of dermatologic conditions, today announced financial results for the quarter ended September 30, 2020.
Recent Highlights
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•
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Total revenue for the third quarter of 2020 was $5.6 million, a decrease of 25.0% over the third quarter of 2019
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-
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Recurring revenue for the third quarter of 2020 was $3.8 million, a 35.9% decrease over the third quarter of 2019 and a 37.2% increase over the second quarter of 2020
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-
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Gross domestic recurring billings were $4.7 million, a 155% increase over the second quarter 2020 (See Reconciliation of Non-GAAP measures below)
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•
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Total gross margins in the third quarter of 2020 were 57.5%, a 4.3% decrease over third quarter 2019
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•
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Cash, cash equivalents and restricted cash at September 30, 2020 were $18.5 million
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•
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Concluded the quarter with a global recurring revenue installed base of 837 XTRAC devices, an increase of 31 from June 30, 2020
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•
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Results of our sponsored, peer-reviewed study entitled, “Therapies for Psoriasis: Clinical and Economic Comparisons,” published in the Journal of
Drugs in Dermatology. XTRAC® was found to be most effective and economical treatment for plaque psoriasis compared to other therapies
|
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•
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Cigna, a global health company insuring over 20 million people in the United States, issued a new medical coverage policy insuring the previously uncovered condition of vitiligo
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“We are pleased by our performance in the third quarter, underscored by strong growth in both recurring revenue and gross domestic recurring billings over the second quarter of 2020, commensurate with broader
trends in regional recovery. We are confident that these results demonstrate the measures we implemented in 2018 – to strategically focus on driving recurring revenue – are resonating once again, picking up from the meaningful momentum that we
built in 2019,” said Dr. Dolev Rafaeli, Chief Executive Officer of STRATA Skin Sciences.
Dr. Rafaeli continued, “While we are encouraged by these positive trends, we remain cautiously optimistic with variability expected from COVID-19 resurgences and rising cases across the U.S. and the world. Despite
this continued level of uncertainty, we remain confident in the core strength of our business and the resiliency of our team and partner clinics. We believe that we are strategically poised to deliver durable growth over the long term, as we
continue to lead the way for improved patient care with XTRAC.”
Third Quarter 2020 Financial Results
Revenues for the third quarter of 2020 were $5.6 million, as compared to revenues of $7.5 million for the third quarter of 2019. Recurring revenues for the third quarter of 2020 were $3.8 million, as compared to
recurring revenues of $6.0 million for the third quarter of 2019. Equipment revenues were $1.8 million for the third quarter of 2020, as compared to $1.5 million for the third quarter of 2019.
Gross profit for the third quarter of 2020 was $3.2 million, or 57.5% of revenues, as compared to $4.6 million, or 61.8% of revenues, for the third quarter of 2019. Gross profit on recurring revenues for the third
quarter of 2020 was $2.5 million, or 64.3% of revenues, as compared to $4.0 million, or 67.2% of revenues, for the third quarter of 2019. The decrease in gross profit is the result of lower sales due to the COVID-19 pandemic, fixed costs in
manufacturing and the impact of the change in deferred revenues.
Selling and marketing costs for the third quarter of 2020 were $2.1 million, as compared to $2.9 million for the third quarter of 2019, primarily as a result of lower tradeshow costs, travel costs, compensation
costs and direct to consumer advertising costs. General and administrative costs for the third quarter of 2020 were $1.9 million, as compared to $2.2 million for the third quarter of 2019, as a result of lower legal, accounting and consulting
costs partially offset by higher insurance and stock compensation costs. Other expense for the third quarter of 2020 was $21,000, compared to $153,000 for the third quarter of 2019, as a result of lower interest expense due to refinancing of
the Company’s long-term debt in December 2019.
Net loss for third quarter 2020 was $1.3 million, or a loss of $0.04 per basic and diluted common share, as compared to the net loss for the third quarter of 2019 of $0.9 million, or a net loss of $0.03 per basic
and diluted common share.
Webcast and Conference Call Information
STRATA management will host a conference call today, beginning at 8:30 a.m. Eastern. The conference call will be concurrently webcast. The link to the webcast is
available on the company website (www.strataskinsciences.com) under the investor relations section and will be archived for future reference. To listen to the conference call, please dial 1-800-786-6705 (US/Canada), 1-212-271-4651
(International), or 1-809-468-011 (Israel) and use the conference ID number 21971988.
Reconciliation of Non-GAAP Measures
To supplement the Company’s consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the Company provides certain non-GAAP
measures of financial performance, including non-GAAP adjusted EBITDA and Gross Domestic Recurring Gross Billings.
The Company’s reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but is not a substitute for, nor superior to, GAAP results. These
non-GAAP measures are provided to enhance investors' overall understanding of our current financial performance and to provide further information for comparative purposes.
Specifically, the Company believes the non-GAAP measures provide useful information to both 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, the Company believes non-GAAP measures enhance the comparability of results against prior periods. Reconciliation of the GAAP measures of net loss to non-GAAP measures included in this press
release is as follows (in thousands):
Adjusted EBITDA
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For the Three Months Ended
September 30,
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For the Nine Months Ended
September 30,
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|||||||||||||||
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2020
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2019
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2020
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2019
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|||||||||||||
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Net Loss
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$
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(1,254
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)
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$
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(860
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)
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$
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(3,969
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)
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$
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(3,275
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)
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Adjustments:
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||||||||||||||||
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Depreciation/amortization*
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890
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1,183
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3,035
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3,677
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Income taxes
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72
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(22
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)
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207
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(111
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)
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Interest expense, net
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21
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153
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38
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433
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Non-GAAP EBITDA
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(271
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)
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454
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(689
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)
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724
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Stock compensation
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403
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257
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1,243
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883
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Non-GAAP adjusted EBITDA
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$
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132
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$
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711
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$
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554
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$
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1,607
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- 2 -
Gross Domestic Recurring Billings
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.
Gross domestic recurring billings for July, August and September 2020 were $1.4 million, $1.6 million, and $1.7 million, respectively. The total gross domestic recurring billings for the third quarter of 2020 was
$4.7 million, compared to $1.8 million for the second quarter of 2020.
The following is a reconciliation of non-GAAP gross domestic billings to recorded revenue for the third quarter of 2020 (in thousands):
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Gross domestic recurring billings
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$
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4,700
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||
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Co-Pay adjustments
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(160
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)
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Other discounts
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(6
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)
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Deferred revenue from prior quarters
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546
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Deferral of revenue to future quarters
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(1,390
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)
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GAAP Recorded revenue
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$
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3,690
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About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a medical technology company in Dermatology and Plastic Surgery dedicated to developing, commercializing and marketing innovative products for the treatment of dermatologic conditions. Its
products include the XTRAC® excimer laser and VTRAC® lamp systems utilized in the treatment of psoriasis, vitiligo and various other skin conditions.
The Company’s proprietary XTRAC® excimer laser delivers a highly targeted therapeutic beam of UVB light to treat psoriasis, vitiligo, eczema, atopic dermatitis and leukoderma, diseases, which impact over 35 million
patients in the United States alone. The technology is covered by multiple patents, including exclusive rights for patents for the delivery of treatments to vitiligo patients.
STRATA’s unique business model leverages targeted Direct to Consumer (DTC) advertising to generate awareness and utilizes its in-house call center and insurance advocacy teams to increase volume for the Company’s
partner dermatology clinics.
The XTRAC business has used this proven DTC model to grow its domestic dermatology partner network to over 813 clinics, with a worldwide installed base of over 2,000 devices. The Company is able to offer 90% of DTC
patients an introduction to physicians prescribing a reimbursable solution, using XTRAC, within a 10-mile radius of their house. The Company is a leader in dermatology in-clinic business generation for its partners.
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 generate the growth in its core business, the Company’s ability to
develop social media 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 or supply chain interruptions resulting from the coronavirus and
political factors or conditions affecting the Company and the medical device industry in general, future responses to and effects of COVID-19 pandemic, 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
- 3 -
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
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Leigh Salvo
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(415) 937-5404
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ir@strataskin.com
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- 4 -
STRATA SKIN SCIENCES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
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September 30, 2020
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December 31, 2019
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|||||||
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ASSETS
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(unaudited)
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|||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$
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11,063
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$
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8,129
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||||
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Restricted cash
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7,397
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7,500
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||||||
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Accounts receivable, net of allowance for doubtful accounts of $249 and $184, respectively
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2,510
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4,386
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||||||
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Inventories
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3,502
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3,027
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||||||
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Prepaid expenses and other current assets
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464
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513
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||||||
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Total current assets
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24,936
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23,555
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||||||
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Property and equipment, net
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5,258
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5,369
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Operating lease right-of-use assets, net
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1,072
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1,314
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||||||
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Intangible assets, net
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6,697
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7,955
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||||||
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Goodwill
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8,803
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8,803
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||||||
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Other assets
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298
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347
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||||||
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Total assets
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$
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47,064
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$
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47,343
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||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
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Current liabilities:
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||||||||
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Note payable
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$
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7,275
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$
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7,275
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||||
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Current portion of long-term debt
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1,134
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-
|
||||||
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Accounts payable
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3,488
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1,880
|
||||||
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Other accrued liabilities
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4,558
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5,134
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||||||
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Current portion of operating lease liabilities
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361
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313
|
||||||
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Deferred revenues
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1,864
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2,832
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||||||
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Total current liabilities
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18,680
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17,434
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||||||
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Long-term liabilities:
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||||||||
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Long-term debt, net
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1,394
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-
|
||||||
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Deferred tax liability
|
207
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-
|
||||||
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Long-term operating lease liabilities, net
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804
|
1,078
|
||||||
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Other liabilities
|
52
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178
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||||||
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Total liabilities
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21,137
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18,690
|
||||||
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Commitments and contingencies
|
||||||||
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Stockholders' equity:
|
||||||||
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Series C Convertible Preferred Stock, $.10 par value, 10,000,000 shares authorized; 0 and 2,103 shares issued and outstanding at September 30, 2020 and, December 31, 2019, respectively
|
-
|
1
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||||||
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Common Stock, $.001 par value, 150,000,000 shares authorized; 33,754,909 and 32,932,273 shares issued and outstanding at September 30, 2020 and, December 31, 2019,
respectively
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34
|
33
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||||||
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Additional paid-in capital
|
244,423
|
243,180
|
||||||
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Accumulated deficit
|
(218,530
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)
|
(214,561
|
)
|
||||
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Total stockholders' equity
|
25,927
|
28,653
|
||||||
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Total liabilities and stockholders’ equity
|
$
|
47,064
|
$
|
47,343
|
||||
- 5 -
STRATA SKIN SCIENCES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)
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For the Three Months Ended
September 30,
|
||||||||
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2020
|
2019
|
|||||||
|
Revenues, net
|
$
|
5,613
|
$
|
7,480
|
||||
|
Cost of revenues
|
2,383
|
2,855
|
||||||
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Gross profit
|
3,230
|
4,625
|
||||||
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|
||||||||
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Operating expenses:
|
||||||||
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Engineering and product development
|
411
|
249
|
||||||
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Selling and marketing
|
2,051
|
2,887
|
||||||
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General and administrative
|
1,929
|
2,218
|
||||||
|
|
4,391
|
5,354
|
||||||
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Loss from operations
|
(1,161
|
)
|
(729
|
)
|
||||
|
|
||||||||
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Other expense, net:
|
||||||||
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Interest expense, net
|
(21
|
)
|
(153
|
)
|
||||
|
(21
|
)
|
(153
|
)
|
|||||
|
Loss before income taxes
|
(1,182
|
)
|
(882
|
)
|
||||
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Income tax (expense) benefit
|
(72
|
)
|
22
|
|||||
|
Net loss
|
$
|
(1,254
|
)
|
$
|
(860
|
)
|
||
|
Loss attributable to common shares
|
$
|
(1,254
|
)
|
$
|
(840
|
)
|
||
|
Loss attributable to Series C Convertible Preferred shares
|
$
|
-
|
$
|
(20
|
)
|
|||
|
Loss per common share:
|
||||||||
|
Basic
|
$
|
(0.04
|
)
|
$
|
(0.03
|
)
|
||
|
Diluted
|
$
|
(0.04
|
)
|
$
|
(0.03
|
)
|
||
|
Shares used in computing loss per common share:
|
||||||||
|
Basic
|
33,754,909
|
32,903,287
|
||||||
|
Diluted
|
33,754,909
|
32,903,287
|
||||||
|
Loss per Series C Convertible Preferred share basic and diluted
|
$
|
-
|
$
|
(9.58
|
)
|
|||
|
Shares used in computing loss per basic and diluted Series C Convertible Preferred shares
|
-
|
2,103
|
||||||
- 6 -
STRATA SKIN SCIENCES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)
|
For the Nine Months Ended
September 30,
|
||||||||
|
2020
|
2019
|
|||||||
|
Revenues, net
|
$
|
16,373
|
$
|
22,688
|
||||
|
Cost of revenues
|
6,780
|
8,544
|
||||||
|
Gross profit
|
9,593
|
14,144
|
||||||
|
|
||||||||
|
Operating expenses:
|
||||||||
|
Engineering and product development
|
950
|
788
|
||||||
|
Selling and marketing
|
6,446
|
8,911
|
||||||
|
General and administrative
|
5,921
|
7,398
|
||||||
|
|
13,317
|
17,097
|
||||||
|
Loss from operations
|
(3,724
|
)
|
(2,953
|
)
|
||||
|
|
||||||||
|
Other expense, net:
|
||||||||
|
Interest expense, net
|
(38
|
)
|
(433
|
)
|
||||
|
(38
|
)
|
(433
|
)
|
|||||
|
Loss before income taxes
|
(3,762
|
)
|
(3,386
|
)
|
||||
|
Income tax (expense) benefit
|
(207
|
)
|
111
|
|||||
|
Net loss
|
$
|
(3,969
|
)
|
$
|
(3,275
|
)
|
||
|
Loss attributable to common shares
|
$
|
(3,947
|
)
|
$
|
(3,079
|
)
|
||
|
Loss attributable to Series C Convertible Preferred shares
|
$
|
(22
|
)
|
$
|
(196
|
)
|
||
|
Loss per common share:
|
||||||||
|
Basic
|
$
|
(0.12
|
)
|
$
|
(0.10
|
)
|
||
|
Diluted
|
$
|
(0.12
|
)
|
$
|
(0.10
|
)
|
||
|
Shares used in computing loss per common share:
|
||||||||
|
Basic
|
33,551,070
|
31,663,355
|
||||||
|
Diluted
|
33,551,070
|
31,663,355
|
||||||
|
Loss per Series C Convertible Preferred share basic and diluted
|
$
|
(43.73
|
)
|
$
|
(36.14
|
)
|
||
|
Shares used in computing loss per basic and diluted Series C Convertible Preferred shares
|
491
|
5,412
|
||||||
- 7 -
STRATA SKIN SCIENCES, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
|
For the Nine Months Ended
September 30,
|
||||||||
|
2020
|
2019
|
|||||||
|
Cash Flows From Operating Activities:
|
||||||||
|
Net loss
|
$
|
(3,969
|
)
|
$
|
(3,275
|
)
|
||
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
|
Depreciation and amortization
|
2,793
|
3,437
|
||||||
|
Amortization of right-of-use asset
|
242
|
240
|
||||||
|
Provision for doubtful accounts
|
65
|
9
|
||||||
|
Loss on disposal of property and equipment and lasers placed in service
|
23
|
29
|
||||||
|
Stock-based compensation
|
1,243
|
883
|
||||||
|
Deferred taxes
|
207
|
(111
|
)
|
|||||
|
Amortization of debt discount
|
-
|
43
|
||||||
|
Amortization of deferred financing costs
|
-
|
64
|
||||||
|
Changes in operating assets and liabilities:
|
||||||||
|
Accounts receivable
|
1,811
|
(261
|
)
|
|||||
|
Inventories
|
(475
|
)
|
(792
|
)
|
||||
|
Prepaid expenses and other assets
|
98
|
76
|
||||||
|
Accounts payable
|
1,608
|
233
|
||||||
|
Other accrued liabilities
|
(576
|
)
|
437
|
|||||
|
Other liabilities
|
(126
|
)
|
(61
|
)
|
||||
|
Operating lease liabilities
|
(226
|
)
|
(219
|
)
|
||||
|
Deferred revenues
|
(968
|
)
|
384
|
|||||
|
Net cash provided by operating activities
|
1,750
|
1,116
|
||||||
|
Cash Flows From Investing Activities:
|
||||||||
|
Lasers placed-in-service
|
(1,430
|
)
|
(1,370
|
)
|
||||
|
Purchases of property and equipment
|
(17
|
)
|
(5
|
)
|
||||
|
Net cash used in investing activities
|
(1,447
|
)
|
(1,375
|
)
|
||||
|
Cash Flows From Financing Activities:
|
||||||||
|
Proceeds from note payable and long-term debt
|
2,528
|
-
|
||||||
|
Net cash provided by financing activities
|
2,528
|
-
|
||||||
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
2,831
|
(259
|
)
|
|||||
|
Cash, cash equivalents and restricted cash, beginning of period
|
15,629
|
16,487
|
||||||
|
Cash, cash equivalents and restricted cash, end of period
|
$
|
18,460
|
$
|
16,228
|
||||
|
Cash and cash equivalents
|
$
|
11,063
|
$
|
16,228
|
||||
|
Restricted cash
|
7,397
|
-
|
||||||
|
$
|
18,460
|
$
|
16,228
|
|||||
- 8 -