Restoration Robotics™ Reports Financial Results for the Fourth Quarter and Full Year 2017
Fourth Quarter and Full Year 2017 Highlights
- Fourth quarter revenue of
$5.9 million , up 13% year-over-year - Highest full year revenue to date of
$21.3 million , up 37% year-over-year - Full year gross profit of
$9.1 million , up 77% year-over-year - Gross margin of 43% for the full year 2017, up from 33% in 2016
- Completed initial public offering in
October 2017 , raising approximately$22.1 million in net proceeds, primarily to fund continued commercialization of the ARTAS® Robotic Hair Restoration System
Mr. Rhodes added, “In October, we completed our initial public offering, raising approximately
Fourth Quarter and Full Year 2017 Financial Results
Revenue in the fourth quarter of 2017 was
Gross profit in the fourth quarter of 2017 was
Operating expenses in the fourth quarter of 2017 were
Net loss for the fourth quarter of 2017 was
Total cash and cash equivalents were
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Forward-Looking Statements
Statements made in this press release and the earnings call referencing the press release that are not statements of historical fact are forward-looking statements. Forward-looking statements are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this document are based on current beliefs, assumptions and expectations, speak only as of the date of this document and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: whether there is growth in demand for our ARTAS System for use in harvesting hair follicles for transplant; the progress of our commercialization, marketing and manufacturing capabilities; the continuing productivity and effectiveness of our commercial infrastructure and salesforce; our financial performance; our ability to establish collaborations and/or partnerships; the timing or likelihood of regulatory filings and approvals for ARTAS for use in transplanting of hair follicles, and expanding the approved use of ARTAS for use in dissecting hair follicles to include women and individuals without straight brown or black hair; our expectations regarding the potential market size and the size of the patient populations for ARTAS being accurate; whether we are effective in the pricing of ARTAS; whether we are successful in the implementation of our business model and strategic plans for our business and technology; the scope of protection we are able to establish and maintain for intellectual property rights covering ARTAS, along with any product enhancements; our ability to accurately estimate our expenses, future revenue, capital requirements, our needs for additional financing and our ability to obtain additional capital; and developments relating to our competitors and our industry, including competing therapies and procedures. These factors, together with those that are described in greater detail in our Annual Report on Form 10-K that we expect to file on
Media Contact
Director of Marketing
+1- 408-883-6764
lisam@restorationrobotics.com
Investor Contact
ir@restorationrobotics.com
646-536-7000
| RESTORATION ROBOTICS, INC. | ||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||
| (in thousands, except per share data) | ||||||||||||
| (unaudited) Three Months Ended |
Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2017 |
2016 |
2017 |
2016 |
|||||||||
| Revenue, net | $5,856 | $5,178 | $21,297 | $15,600 | ||||||||
| Cost of revenue | 3,097 | 3,164 | 12,150 | 10,431 | ||||||||
| Gross profit | 2,759 | 2,014 | 9,147 | 5,169 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 1,557 | 2,010 | 7,135 | 7,474 | ||||||||
| Sales and marketing | 3,653 | 3,030 | 14,390 | 12,483 | ||||||||
| General and administrative | 1,355 | 859 | 4,904 | 4,144 | ||||||||
| Total operating expenses | 6,565 | 5,899 | 26,429 | 24,101 | ||||||||
| Loss from operations | (3,806 | ) | (3,885 | ) | (17,282 | ) | (18,932 | ) | ||||
| Other income (expense), net: | ||||||||||||
| Interest expense | (420 | ) | (620 | ) | (2,027 | ) | (2,483 | ) | ||||
| Gain on sale of investment | 1,851 | — | 1,851 | — | ||||||||
| Other income (expense) | 1,317 | (427 | ) | (328 | ) | (431 | ) | |||||
| Total other expense, net | 2,748 | (1,047 | ) | (504 | ) | (2,914 | ) | |||||
| Net loss before provision for income taxes | (1,058 | ) | (4,932 | ) | (17,786 | ) | (21,846 | ) | ||||
| Provision for income taxes | 6 | — | 56 | — | ||||||||
| Net loss | $(1,064 | ) | $(4,932 | ) | $(17,842 | ) | $(21,846 | ) | ||||
| Net loss per basic and diluted | $(0.04 | ) | $(3.06 | ) | $(2.42 | ) | $(13.54 | ) | ||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 24,482,912 | 1,614,255 | 7,382,715 | 1,612,933 | ||||||||
| RESTORATION ROBOTICS, INC. | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (in thousands, except share and per share data) | ||||||
| December 31, | December 31, | |||||
| 2017 | 2016 | |||||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $23,545 | $11,906 | ||||
| Accounts receivable | 3,864 | 2,481 | ||||
| Inventory | 2,761 | 2,742 | ||||
| Prepaid expenses and other current assets | 1,562 | 810 | ||||
| Total current assets | 31,732 | 17,939 | ||||
| Property and equipment, net | 1,138 | 1,459 | ||||
| Other assets | 100 | 100 | ||||
| TOTAL ASSETS | $32,970 | $19,498 | ||||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||
| CURRENT LIABILITIES: | ||||||
| Accounts payable | $2,044 | $1,740 | ||||
| Accrued and other liabilities | 2,755 | 2,438 | ||||
| Deferred revenue | 1,517 | 1,423 | ||||
| Current portion of long-term debt, net of discount of $270 and $551 as of December 31, 2017 and 2016 | 7,730 | 7,449 | ||||
| Total current liabilities | 14,046 | 13,050 | ||||
| Other long-term liabilities | 459 | 563 | ||||
| Preferred stock warrant liabilities | — | 693 | ||||
| Long-term debt, net of discount of $29 and $299 as of December 31, 2017 and 2016 | 5,271 | 13,001 | ||||
| TOTAL LIABILITIES | 19,776 | 27,307 | ||||
| Commitments and Contingencies | ||||||
| Convertible preferred stock, $0.0001 par value; no and 236,154,444 shares authorized as of December 31, 2017 and 2016; no and 21,142,295 shares issued and outstanding as of December 31, 2017 and 2016; aggregate liquidation preference of no and $142,231 as of December 31, 2017 and 2016 |
— | 135,735 | ||||
| STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||
| Common stock, $0.0001 par value: 300,000,000 and 350,490,000 shares authorized as of December 31, 2017 and 2016; 28,940,282 and 1,615,495 shares issued and outstanding as of December 31, 2017 and 2016 |
3 | — | ||||
| Additional paid-in capital | 177,757 | 3,087 | ||||
| Accumulated other comprehensive income (loss) | (79 | ) | 14 | |||
| Accumulated deficit | (164,487 | ) | (146,645 | ) | ||
| TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 13,194 | (143,544 | ) | |||
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
$32,970 | $19,498 | ||||