ZELTIQ Announces Second Quarter 2015 Financial Results
37% Year-Over-Year Revenue Growth to $64.4 Million; Increases Full Year 2015 Revenue & Profitability Guidance; Expects to Launch CoolMini(TM) Applicator in Fourth Quarter 2015
(firmenpresse) - PLEASANTON, CA -- (Marketwired) -- 07/30/15 -- ZELTIQ® (NASDAQ: ZLTQ)
ZELTIQ® (NASDAQ: ZLTQ), a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform, today announced financial results for the second quarter 2015.
Mark Foley, President and Chief Executive Officer, said, "The second quarter of 2015 was an exceptionally strong quarter across all areas of our business. We reported over $64 million in revenue, up 37% year-over-year, driven by strong global system placements, an increase in account utilization and the launch of our CoolSmooth Pro applicator. We are very pleased with our second quarter results and the year-over-year growth we generated, particularly when normalized for the revenue and utilization associated with the launch of our initial CoolSmooth applicator in the second quarter of 2014. This performance has led us to once again increase our full year 2015 revenue guidance to a range of $245 million to $247 million."
Mr. Foley continued, "As our sales and marketing teams broaden the adoption and utilization of CoolSculpting, our R&D team is working diligently to ensure we have a strong pipeline to further enhance our position as the market leader in non-invasive fat reduction and to expand the applicability of our cold-based platform. The recent success we have had with CoolSmooth PRO™ and the pending launch of CoolMini™ are two examples of our ability to successfully leverage our technology. The CoolSmooth PRO™ applicator has received exceptional feedback from physicians and patients who are very pleased with the shorter treatment times due to its ability to deliver colder temperatures. We are also on track to launch CoolMini™ during the fourth quarter, designed to treat the submental fat area, or "double chin", and other smaller pockets of fat. Thus far, we have seen very favorable results in our clinical trials as well as excellent outcomes and feedback in our pilot launch in Europe. Of particular note, patients are reporting very high satisfaction following just one or two treatments with little, to no, discomfort or downtime. We are incredibly excited about the significant new market opportunity the submental category provides, as well as its ability to bring new patients into the aesthetic channel. Lastly, we just completed a 3 month brand awareness pilot program across 4 U.S. cities and we are encouraged by the early results. This direct-to-consumer advertising pilot materially increased both the traffic to our website and actual patient treatments in these markets. We believe the ongoing success of our marketing, practice enhancement and brand awareness initiatives, combined with our R&D strategy to leverage our unique, proprietary technology, will lead to sustained high growth and further extend our leadership position in the non-invasive fat reduction category."
Total revenue for the second quarter 2015 was $64.4 million, consisting of $32.0 million of system revenue and $32.4 million of consumable revenue. This compares to total revenue of $47.1 million, consisting of $25.4 million of system revenue and $21.7 million of consumable revenue for the second quarter 2014. Total revenue cycles shipped increased 52% to 252,642 for the second quarter 2015, compared to 166,116 for the second quarter 2014.
Gross profit was $46.3 million, or 72% of revenue, for the second quarter 2015, compared to gross profit of $33.4 million, or 71% of revenue, for the second quarter 2014. Operating expenses for the second quarter 2015 were $44.7 million, compared to $30.6 million for the second quarter 2014.
Operating income for the second quarter 2015 was $1.7 million, compared to operating income of $2.8 million for the second quarter 2014. Net income for the second quarter 2015 was $1.2 million, or $0.03 per share, compared to net income of $2.8 million for the second quarter 2014, or $0.07 per share.
On a non-GAAP basis, ZELTIQ reported Adjusted EBITDA of positive $5.3 million, or 8.2% of revenue, for the second quarter 2015, compared to $5.6 million, or 12.0% of revenue, for the second quarter 2014.
Cash and cash equivalents, short-term investments, and long-term investments were $53.1 million as of June 30, 2015 compared to $43.3 million as of June 30, 2014, and $44.3 million as of March 31, 2015.
ZELTIQ is updating its previously stated financial guidance for the full year 2015, provided on its first quarter 2015 earnings conference call
Revenue guidance in the range of $245 million to $247 million which includes approximately $3 million of currency headwinds; up from prior guidance of $235 million to $238 million
Consumable revenue of approximately 50% of total revenue; unchanged from prior guidance
Gross profit margin of approximately 71% of total revenue; unchanged from prior guidance
Operating expenses in the range of 69% to 70% of total revenue; down from prior guidance of approximately 70%
Stock-based compensation, depreciation, and amortization expense of approximately 7% of total revenue; unchanged from prior guidance
Adjusted EBITDA margin in the range of 8% to 9% of total revenue; up from prior guidance of approximately 8%
Additional information regarding ZELTIQ''s results and guidance can be found in ZELTIQ''s Supplemental Financial and Operational Information schedule by or by visiting the Investor Relations section of ZELTIQ''s website at .
ZELTIQ has supplemented its GAAP net income (loss) with a non-GAAP measure of Adjusted EBITDA. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of ZELTIQ, and provides an additional meaningful comparison of results for current periods with previous operating results, and assists management in analyzing future trends, making strategic and business decisions and establishing internal budgets and forecasts. A reconciliation of non-GAAP Adjusted EBITDA to GAAP net income (loss) in the most directly comparable GAAP measure is provided in the schedule below.
There are limitations in using this non-GAAP financial measure because it is not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. This non-GAAP financial measure should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the ZELTIQ''s consolidated financial statements prepared in accordance with GAAP and the reconciliations of the non-GAAP financial measure provided in the schedule below.
ZELTIQ will hold a conference call on Thursday, July 30, 2015 at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results. The dial-in numbers are (877) 280-7291 for domestic callers and (707) 287-9361 for international callers. A live webcast of the conference call will be available online from the investor relations page of the Company''s corporate website at .
A replay of the webcast will remain available on ZELTIQ''s website, , until ZELTIQ releases its third quarter 2015 financial results. In addition, a telephonic replay of the call will be available until August 6, 2015. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use the replay conference ID number 82324610.
ZELTIQ is a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform. ZELTIQ''s first commercial product, the CoolSculpting® System, is designed to selectively reduce stubborn fat bulges. CoolSculpting is based on the scientific principle that fat cells are more sensitive to cold than the overlying skin and surrounding tissues. It utilizes patented technology of precisely controlled cooling to reduce the temperature of fat cells in the treated area, which is intended to cause fat cell elimination through a natural biological process known as apoptosis. ZELTIQ developed CoolSculpting to safely, noticeably, and measurably reduce the fat layer.
The statements made in this press release regarding ZELTIQ''s expectations as to the timing of the launch of the CoolMini Applicator, ZELTIQ''s revised financial guidance for full year 2015, the expected benefits that ZELTIQ believes it will obtain from the launch of CoolMini, and ZELTIQ''s belief that the success of its marketing, practice enhancement and brand awareness initiatives, combined with its R&D strategy to leverage its technology, will lead to sustained high growth and further extend its leadership position in the non-invasive fat reduction category, are forward-looking statements. The words "pending," "will", "expect", "on track", "guidance" and similar words that denote future events or results identify these forward-looking statements. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond ZELTIQ''s control and that could materially affect ZELTIQ''s actual business operations and financial performance and condition. Factors that could cause actual results to differ from those contemplated by these forward-looking statements include, but are not limited to: less than anticipated growth in the number of physicians electing to purchase CoolSculpting Systems; patient demand for CoolSculpting procedures may be lower than ZELTIQ expects; product or procedure announcements by competitors may decrease demand for CoolSculpting procedures; ZELTIQ may incorrectly estimate or control its future expenditures; ZELTIQ''s sales and marketing plans may fail to increase sales as ZELTIQ expects; technical difficulties may arise in obtaining regulatory clearance of CoolMini™; patients or physicians may not view the benefits of CoolSculpting procedures at colder temperatures to be the same as ZELTIQ does; as well as those other risks and uncertainties set forth in ZELTIQ''s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on April 30, 2015. These forward-looking statements speak only as of the date of this press release. ZELTIQ expressly disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise.
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Datum: 30.07.2015 - 14:05 Uhr
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