May 2 2012
Solta Medical, Inc. (NASDAQ: SLTM), a global leader in the medical aesthetics market, today announced results for the first quarter ended March 31, 2012. Revenue for the first quarter was $32.5 million, an increase of $6.0 million, or 23%, as compared to the first quarter of 2011. Revenue from Liposonix, the Company's non-invasive fat reduction system, was $7.6 million, which was generated from sales of 78 new systems, 11 system upgrades, and associated consumables. As previously announced, the Company launched the second generation Liposonix system in January 2012. In addition, product revenue from treatment tips and consumables grew sequentially from the fourth quarter of 2011 by 6% and accounted for 52% of total revenue.
"The acceptance and feedback from physicians and their patients on the second generation Liposonix fat reduction procedure continues to be very positive. In fact, 20 of the key physician opinion leaders with which we placed Liposonix systems for their evaluation and feedback in December have purchased the system," said Stephen J. Fanning, Chairman, President & CEO. "In the first quarter, much of our sales and marketing efforts were devoted to the launch of Liposonix, especially in North America and we achieved a stronger than expected start. Going forward we are enhancing our focus to promote sales growth across all our product lines while we build on the market momentum for Liposonix. In addition, we look forward to expanding our Liposonix commercialization efforts in markets outside of North America over the course of the year, pending additional regulatory clearances."
GAAP net loss for the quarter was $8.8 million as compared to GAAP net loss of $1.0 million reported for the first quarter of 2011. Non-GAAP net loss for the quarter was $0.8 million or $0.01 per share as compared to non-GAAP net income of $0.7 million, or $0.01 per diluted share for same period last year.
Solta Medical's GAAP results for the first quarter include a $4.7 million charge for a fair value reassessment of the expected earn out payments associated with the acquisition of Liposonix, $2.1 million of non-cash amortization and other acquisition related charges, and $1.1 milllion of non-cash stock based compensation charges. The Company provides non-GAAP financial measures that exclude these charges and expenses. A reconciliation of GAAP to non-GAAP results is provided in the tables included in this release.
Financial Outlook for 2012
The company updated its financial outlook for 2012 as follows:
- Revenue for the full year 2012 is now expected to be in the range of $140 million to $143 million representing year-over-year revenue growth of 20% to 23% driven by sales of the second generation Liposonix system.
- Non-GAAP gross margin is estimated to be in the range of 63% to 66% for the full year 2012. Non-GAAP gross margin excludes non-cash amortization charges, non-cash stock based compensation charges, severance costs, and acquisition related adjustments. Non-GAAP gross margin for the first quarter was approximately 68%.
- Positive non-GAAP EBITDA for every quarter and for the full-year 2012. Non-GAAP EBITDA excludes non-cash amortization charges, non-cash stock based compensation charges, severance costs, and acquisition related adjustments. Positive non-GAAP EBITDA for the first quarter was $550,000.
SOURCE Solta Medical, Inc.