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): July 11, 2024
(Exact Name of Registrant Specified in Charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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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))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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)
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Name of each exchange on which registered
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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.
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On July 11, 2024, STRATA Skin Sciences, Inc. (the “Company”) issued a press release announcing preliminary, unaudited results of
operations for the second fiscal quarter of 2024. 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.
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On July 11, 2024, STRATA Skin Sciences, Inc.
(the “Company”) issued a press release announcing preliminary, unaudited results of operations for the second fiscal quarter of 2024. 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 8.01. |
Other Events.
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On July 11, 2024, the Company announced preliminary total revenue in the range of $8.0 million - $8.4 million for the second quarter of
2024. Consistent with the Company’s stated plans of realigning its devices and removing them from underperforming accounts, the domestic installed base of XTRAC® devices declined from 907 at the end of the first quarter of 2024 to 881 at
the end of the second quarter of 2024. The domestic installed base of TheraClear®X devices continued to grow, rising from 104 at the end of the first quarter of 2024 to 117 at the end of the second quarter of 2024. Cash, cash
equivalents, and restricted cash totaled $6.8 million at the end of the second quarter of 2024.
Safe Harbor Statement
The information in this filing 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. 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 corona virus and political factors or conditions affecting
the Company and the medical device industry 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 current report are made as of the date of this current report, 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.
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| Item 9.01. |
Financial Statements and Exhibits.
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(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 Item 7.01 and
shall not be deemed to be “filed”:
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Press Release dated July 11, 2024 issued by STRATA Skin Sciences, Inc.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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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: July 11, 2024
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By:
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/s/ Christopher Lesovitz
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Christopher Lesovitz
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Chief Financial Officer
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Exhibit 99.1
STRATA Skin Sciences Pre-Announces Second Quarter 2024 Financial Results
HORSHAM, Penn., July 11, 2024 –
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 preliminary
total revenue in the range of $8.0 million - $8.4 million for the second quarter of 2024. Consistent with the Company’s stated plans of realigning its devices and removing them from underperforming account, the domestic installed base of XTRAC®
devices declined from 907 at the end of the first quarter of 2024 to 881 at the end of the second quarter of 2024. The domestic installed base of TheraClear®X devices continued to grow, rising from 104 at the end of the first quarter of
2024 to 117 at the end of the second quarter of 2024. Cash, cash equivalents, and restricted cash totaled $6.8 million at the end of the second quarter of 2024.
“We continue to take strategic steps to grow our business through efficient deployment of our devices to drive utilization and through an increase in our
direct to consumer, or DTC, activities to drive patient awareness and visits to our partnered clinics. Progress was made on these initiatives in the second quarter, and they remain a cornerstone of our strategic focus,” commented STRATA’s President
and CEO Dr. Dolev Rafaeli. “Further, there is reason to believe that there is increasing traction in the market, a cause for continued optimism. Recently, our TheraClear®X device was mentioned in a California-based news broadcast that highlighted our previously announced study for acne treatment. We are optimistic that, combined with our other DTC efforts,
these types of media opportunities are generating wider awareness in the market of our dermatology solutions, potentially contributing to the increases in treatment procedures.”
The preliminary, unaudited results described in this press release are estimates and are subject to revision until the Company reports its full financial results for the
quarter ended June 30, 2024, which is anticipated to be on August 14, 2024.
About STRATA Skin Sciences
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