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STRATA Skin Sciences Reports First Quarter 2024 Financial Results and Provides a Corporate Update By Investing.com

MBIA Inc. Reports First Quarter 2024 Financial Results By Investing.com


HORSHAM, Penn., May 15, 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 financial results for the quarter ended March 31, 2024 and provides a corporate update.

First Quarter 2024 Highlights

  • Revenue in the first quarter of 2024 was $6.8 million (-11% YOY) vs. $7.6 million in the first quarter of 2023
    • Global net recurring revenue in the first quarter of 2024 was $4.7 million (-10% YOY) vs. $5.2 million in the first quarter of 2023, and was negatively impacted by deferred billings
    • Gross domestic recurring billings were $4.6 million (-3% YOY) vs. $4.7 million in the first quarter of 2023; the 3% YOY decline in 1Q24 halted the trend of YOY double-digit declines seen in the prior three quarters, evidence of early positive effects from STRATA’s new strategy
  • Operating expenses in the first quarter of 2024 were $6.0 million (-14% YOY) vs. $7.0 million in the first quarter of 2023
  • Domestic installed base of 907 XTRAC ® devices under the Company’s recurring revenue business model at March 31, 2024 vs. 923 XTRAC ® devices at December 31, 2023, as the Company is starting to realign its assets and remove underperforming accounts
  • Domestic installed base of 104 TheraClear ®X devices under the Company’s recurring revenue business model at March 31, 2024 vs. 92 TheraClear ®X devices at December 31, 2023
  • Renewed 3-year agreements with exclusive distributors in China and Japan “ each agreement carries minimum unit placements and/or purchases of the XTRAC ® and VTRAC ® devices
  • Amended the credit agreement with MidCap Financial Trust to refinance existing debt and ensure alignment with the Company’s current and future business projections by supporting operational and capital needs
  • Initiated outreach initiative focused on broadening Current Procedural Terminology (CPT) code coverage to increase patient access to advanced treatments and enable higher provider reimbursement rates
  • Showcased TheraClear ®X and XTRAC ® products at Maui Derm 2024, highlighting the safety and efficacy from TheraClear ®X in significantly reducing cystic and popular acne lesions by over 50% within 1-2 weeks
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The 3.3% year-over-year decline in gross domestic recurring billings in the first quarter of…

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