Full Press Release Details
Restoration Robotics Reports Financial Results for First Quarter 2019
Reports Record Quarterly Gross Margin of 54.4%
SAN JOSE, Calif., May 15, 2019 (GLOBE NEWSWIRE) - Restoration Robotics, Inc. (NASDAQ: HAIR), a global leader in robotic hair restoration, announced today financial results for the first quarter ended March 31, 2019.
First Quarter 2019 Financial Results
Revenue in the first quarter of 2019 was $5.4 million, an 8% increase from $5.0 million in the first quarter of 2018.
Gross margin in the first quarter of 2019 was 54% compared to 36% in the first quarter of 2018. The change in gross margin for the first quarter was driven by a higher average selling price per system sold during the period and ongoing cost reduction initiatives.
Operating expenses in the first quarter of 2019 were $9.6 million, an 8% increase from $8.9 million in the first quarter of 2018. The increase in operating expenses was largely due to $1.5 million of merger-related expenses, which was largely offset by lower R&D and G&A expenses.
Net loss for the first quarter of 2019 was $(7.4) million or $(0.18) per share, compared with a net loss of $(7.4) million, or $(0.26) per share, for the first quarter of 2018.
Total cash and cash equivalents were $15.0 million as of March 31, 2019. Cash and cash equivalents as of March 31, 2019 includes the proceeds of $5.0 million from our issuance of Convertible Promissory Notes on February 28, 2019.
Our results for the quarter ended March 31, 2019 are not necessarily indicative of our operating results for the full year 2019 or any other future periods.
128 Baytech Drive | San Jose, CA 95134 | T +1 408.883.6888
About Restoration Robotics
Restoration Robotics, Inc., is a medical device company developing and commercializing the ARTAS and ARTAS iX Robotic Hair Restoration System. The ARTAS Systems are the first and only physician-assisted robotic systems to dissect and assist in the harvesting of follicular units directly from the scalp, create recipient implant sites using proprietary algorithms and, in the case of the ARTAS iX System, robotically implant the hair follicles into the designated sites. We have unique expertise in machine vision, image guidance, visual servoing and robotics, as well as developing intuitive interfaces to manage these technologies.
Carol Ruth/Kaitlyn Brosco
128 Baytech Drive | San Jose, CA 95134 | T +1 408.883.6888
RESTORATION ROBOTICS, INC.
Condensed Consolidated Statements of Operations
(in thousands, except for shares and per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenue | $ | 5,394 | $ | 5,005 | ||||
| Cost of revenue | 2,457 | 3,185 | ||||||
| Gross profit | 2,937 | 1,820 | ||||||
| Operating expenses: | ||||||||
| Sales and marketing | 4,570 | 4,384 | ||||||
| Research and development | 1,488 | 2,125 | ||||||
| General and administrative | 1,992 | 2,351 | ||||||
| Merger related expenses | 1,501 | - | ||||||
| Total operating expenses | 9,551 | 8,860 | ||||||
| Loss from operations | (6,614 | ) | (7,040 | ) | ||||
| Other expense, net: | ||||||||
| Interest expense | (766 | ) | (358 | ) | ||||
| Other expense, net | (46 | ) | (20 | ) | ||||
| Total other expense, net | (812 | ) | (378 | ) | ||||
| Net loss before provision for income taxes | (7,426 | ) | (7,418 | ) | ||||
| Provision for income taxes | 14 | 13 | ||||||
| Net loss attributable to common stockholders | $ | (7,440 | ) | $ | (7,431 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.18 | ) | $ | (0.26 | ) | ||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 40,753,012 | 28,962,269 |
128 Baytech Drive | San Jose, CA 95134 | T +1 408.883.6888
RESTORATION ROBOTICS, INC.
Condensed Consolidated Balance Sheets
(in thousands, except for shares and per share data)
| March 31 | December 31 | |||||||
| 2019 | 2018 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 14,957 | $ | 16,122 | ||||
| Accounts receivable, net | 6,699 | 6,569 | ||||||
| Inventory | 5,207 | 5,522 | ||||||
| Prepaid expenses and other current assets | 1,239 | 1,278 | ||||||
| Total current assets | 28,102 | 29,491 | ||||||
| Property and equipment, net | 1,471 | 1,299 | ||||||
| Restricted cash | 83 | 83 | ||||||
| Other assets | 166 | 100 | ||||||
| TOTAL ASSETS | $ | 29,822 | $ | 30,973 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 4,193 | $ | 3,815 | ||||
| Accrued compensation | 1,515 | 1,771 | ||||||
| Other accrued liabilities | 2,920 | 2,337 | ||||||
| Deferred revenue | 1,384 | 1,407 | ||||||
| Current portion of long-term debt, net | 1,974 | 49 | ||||||
| Total current liabilities | 11,986 | 9,379 | ||||||
| Other long-term liabilities | 655 | 594 | ||||||
| Convertible promissory notes | 5,000 | - | ||||||
| Long-term debt, net | 17,655 | 19,418 | ||||||
| TOTAL LIABILITIES | 35,296 | 29,391 | ||||||
| STOCKHOLDERS' EQUITY (DEFICIT): | ||||||||
| Convertible preferred stock, $0.0001 par value; 10,000,000 shares authorized, and no shares issued and outstanding as of March 31, 2019 and December 31, 2018 | - | - | ||||||
| Common stock, $0.0001 par value; 300,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 40,767,012 and 40,677,012 shares issued and outstanding as of March 31, 2019 and December 31, 2018 | 4 | 4 | ||||||
| Additional paid-in capital | 195,189 | 194,841 | ||||||
| Accumulated other comprehensive loss | (14 | ) | (50 | ) | ||||
| Accumulated deficit | (200,653 | ) | (193,213 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (5,474 | ) | 1,582 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 29,822 | $ | 30,973 |
128 Baytech Drive | San Jose, CA 95134 | T +1 408.883.6888