Revenue of $17.9 Million HAYWARD, Calif., Aug. 11
/PRNewswire-FirstCall/ -- Thermage, Inc. (NASDAQ:THRM), a leader in
non-invasive tissue tightening in the aesthetic industry, today
reported its financial results for the second quarter ended June
30, 2008. Revenue for the second quarter of 2008 totaled $17.9
million, an increase of 2% from $17.5 million for the second
quarter of 2007. The increase was driven by a 15% increase in
revenue from treatment tips and other consumables. During the
second quarter, the average selling price of treatment tips was 12%
above the prior year's second quarter. International revenue
increased 10% over the second quarter of 2007, partially offset by
a decline of 4% in domestic revenue. Gross profit for the second
quarter of 2008 was $13.8 million, or 77.1% of revenue, compared
with $12.7 million, or 72.5% of revenue, for the same quarter of
2007. Net income for the second quarter was $2.0 million, or $0.08
per diluted share. This compared with $1.3 million in net income in
the second quarter of 2007, or $0.05 per diluted share. Non-GAAP(1)
net income for the second quarter of 2008 was $3.0 million, or
$0.12 per diluted share, compared to non-GAAP(1) net income of $2.5
million, or $0.10 per diluted share, for the prior year period.
Revenue for the six months ended June 30, 2008 was $34.1 million,
up 4% from $32.7 million for the prior year period. Loss for the
first six months of the year was $198,000, or $(0.01) per share
versus net income of $1.4 million, or $0.06 per diluted share.
Non-GAAP (1) net income for the first six months of 2008 was $1.7
million, or $0.07 per diluted share, compared to a non-GAAP (1) net
income of $3.9 million, or $0.15 per diluted share, for the prior
year period. Included in the operating results for the six months
ended June 30, 2008 were approximately $1.0 million of expenses for
business development activities that were terminated during March
2008. "Our treatment tip sales remained strong in the quarter,
despite the slowdown in the aesthetics market, a strong testament
to the efficacy and popularity of Thermage procedures," said
Stephen J. Fanning, Chairman, President and Chief Executive
Officer. "While overall revenue from systems sales declined, we
sold the second highest number of system upgrades in the recent
second quarter since the introduction of the NXT in first quarter
of 2007. We were also pleased with the continued growth in the
number of customers subscribing to our Infinity Partner Plans,
which offer existing customers flexibility through volume and
pricing options." "We are extremely excited about our pending
acquisition of Reliant," Mr. Fanning continued. "The transaction
will bring together two of the market leaders in skin tightening
and skin resurfacing, complementary technologies that can address a
wide range of skin conditions and help us expand our presence
domestically and overseas. Reliant generated $22.6 million in
revenue in the second quarter, an increase of 19% from the second
quarter of 2007. Revenue from treatment tips and other consumables
represented approximately 23% of Reliant's total revenue in the
recent second quarter. With the $14 million that we have identified
in potential cost savings, we expect this transaction to be
accretive in 2009. We have filed a registration statement on Form
S-4 with the SEC and will be working on additional regulatory
filings over the next several weeks. "The environment remains
challenging. We continue to benefit from end user demand due to our
broad range of tips and procedures, brand recognition and
demonstrated results. Innovative partner programs like the Infinity
Program help us maintain and grow our clinician customer base,
while driving additional procedures. Our focus over the remainder
of 2008 will be on increasing systems sales, especially in
international markets, generating strong recurring revenue from the
sale of treatment tips, and closing the Reliant transaction,"
concluded Mr. Fanning. Guidance: Without giving effect to the
Reliant transaction, management maintains its previously announced
financial guidance for full-year 2008. For full-year 2008, revenue
is expected to be in a range of $67 to $70 million. The Company
expects net income for the full year 2008 to be between breakeven
and $0.03 per diluted share. Non-GAAP(1) net income for the full
year 2008, which excludes stock based compensation charges, is
expected to be in a range of $0.18 to $0.21 per diluted share. The
per share earnings amounts are based on weighted average shares of
approximately 26 million. Non-GAAP Presentation: (1) To supplement
the condensed financial information presented on a GAAP basis,
management has provided non-GAAP net income, and non-GAAP earnings
per share measures that exclude the impact of all stock-based
compensation expenses, net of income taxes. The Company believes
that these non-GAAP financial measures provide investors with
insight into what is used by management to conduct a more
meaningful and consistent comparison of the Company's ongoing
operating results and trends, compared with historical results.
This presentation is also consistent with management's internal use
of the measure, which it uses to measure the performance of ongoing
operating results, against prior periods and against our internally
developed targets. A table reconciling the GAAP financial measures
to the non-GAAP measures is included in the condensed financial
information attached to this release. Conference Call The
conference call is scheduled to begin at 5:30 a.m. PDT (8:30 a.m.
EDT) on August 12, 2008. The call will be broadcast live over the
Internet hosted at the Investor Relations section of the Company's
website. The Company will also offer a slide presentation, which
includes Reliant's recent financial results as disclosed in the
Form S-4 recently filed with the SEC, and can be accessed from the
Thermage website at http://www.thermage.com/. In addition, you may
call to listen to the live broadcast: 800-218-9073 for domestic
participants and 303-262-2130 for international participants. A
taped replay of the conference call will also be available
beginning approximately one hour after the call's conclusion and
will remain accessible for seven days. This replay can be accessed
by dialing 800-405-2236 for domestic callers and 303-590-3000 for
international callers. Both callers will need to use the Passcode
11117363#. An archived webcast will also be available at
http://www.thermage.com/. About Thermage, Inc. Thermage's
innovative technology provides a unique non-invasive procedure
designed to tighten and contour skin, significantly expanding the
non-invasive aesthetic applications physicians can offer to the
rapidly growing "anti-aging" market. For more information, call
1-510-259-7117 or visit http://www.thermage.com/. This press
release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995.
Specifically, statements concerning potential cost savings and the
accretive nature of the Reliant transaction and financial guidance
for fiscal year 2008 are forward-looking statements within the
meaning of the Safe Harbor. Forward-looking statements are based on
management's current, preliminary expectations and are subject to
risks and uncertainties, which may cause Thermage's actual results
to differ materially from the statements contained herein including
but not limited to market acceptance and demand of current and
future products among physicians and patients, our ability to
successfully integrate the operations of Reliant and realize
synergies, the potential impact of general economic conditions on
the demand for our products, risks inherent with third-party supply
and distribution networks, risks inherent to future sales growth,
and the ability to execute proposed initiatives. Further
information on potential risk factors that could affect Thermage's
business and its financial results are detailed in its Form 10-K
for the year ended December 31, 2007, its Form 10-Q for the quarter
ended March 31, 2008 and other reports as filed from time to time
with the Securities and Exchange Commission. Undue reliance should
not be placed on forward-looking statements, especially guidance on
future financial performance, which speaks only as of the date they
are made. Thermage undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date they were made, or to reflect the
occurrence of unanticipated events. Thermage, Inc. NON-GAAP
RECONCILIATION OF NET INCOME PER SHARE (unaudited) Range of
Estimates From To 2008 GAAP diluted net income per share (a) $0.00
$0.03 Stock-based compensation (b) 0.18 0.18 2008 Non-GAAP diluted
net income per share (a) $0.18 $0.21 (a) Reflects weighted average
outstanding used in calculating diluted net income per share of 26
million. (b) Represents the Company's estimate of stock-based
compensation charges, net of taxes Thermage, Inc. CONDENSED
STATEMENTS OF OPERATIONS (in thousands of dollars, except share and
per share data) (unaudited) Three Months Ended Six Months Ended
June 30, June 30, 2008 2007 2008 2007 Net revenue $17,881 $17,499
$34,112 $32,654 Cost of revenue 4,095 4,818 8,453 8,970 Gross
margin 13,786 12,681 25,659 23,684 Operating expenses: Sales and
marketing 6,993 6,815 14,415 13,189 Research and development 2,173
2,232 4,904 4,698 General and administrative 3,046 2,784 7,598
5,467 Total operating expenses 12,212 11,831 26,917 23,354 Income
(loss) from operations 1,574 850 (1,258) 330 Interest and other
income 543 598 1,146 1,184 Income (loss) before income taxes 2,117
1,448 (112) 1,514 Provision for income taxes (78) (140) (86) (147)
Net income (loss) $2,039 $1,308 $(198) $1,367 Net income (loss) per
share - basic $0.09 $0.06 $(0.01) $0.06 Net income (loss) per share
- diluted $0.08 $0.05 $(0.01) $0.06 Weighted average shares
outstanding used in calculating net income (loss) per share: Basic
23,855,246 23,104,942 23,743,043 23,041,983 Diluted 24,418,630
24,735,037 23,743,043 24,761,794 Thermage, Inc. NON-GAAP
RECONCILIATION OF OPERATING INCOME (LOSS), NET INCOME (LOSS) AND
NET INCOME (LOSS) PER SHARE (in thousands, except share and per
share data) (unaudited) Three Months Ended Six Months Ended June
30, June 30, 2008 2007 2008 2007 Income (loss) from operations
$1,574 $850 $(1,258) $330 Non-GAAP adjustments to income (loss)
from operations: Stock-based compensation (c) 923 1,222 1,902 2,483
Non-GAAP income from operations $2,497 $2,072 $644 $2,813 GAAP net
income (loss) $2,039 $1,308 $(198) $1,367 Non-GAAP adjustments to
net income (loss): Stock-based compensation (c) 923 1,222 1,902
2,483 Non-GAAP net income $2,962 $2,530 $1,704 $3,850 GAAP basic
net income (loss) per share $0.09 $0.06 $(0.01) $0.06 Non-GAAP
adjustments to basic income (loss) per share: Stock-based
compensation (c) 0.04 0.05 0.08 0.11 Non-GAAP basic net income per
share $0.13 $0.11 $0.07 $0.17 Non-GAAP diluted net income per share
$0.12 $0.10 $0.07 $0.15 GAAP weighted average shares outstanding
used in calculating basic net income (loss) per share 23,855,246
23,104,942 23,743,043 23,041,983 GAAP weighted average shares
outstanding used in calculating diluted net income (loss) per share
24,418,630 24,735,037 23,743,043 24,761,794 Adjustments for
dilutive potential common stock 313,718 658,626 -- 666,579 Weighted
average shares outstanding used in calculating non-GAAP diluted net
income (loss) per share 24,732,348 25,393,663 23,743,043 25,428,373
(c) Includes all employee and non-employee stock-based compensation
charges Thermage, Inc. CONDENSED BALANCE SHEETS (in thousands of
dollars, except share and per share data) (Unaudited) June 30,
December 31, 2008 2007 ASSETS Current assets: Cash and cash
equivalents $15,358 $13,650 Marketable investments 36,882 38,707
Accounts receivable, net 7,079 4,809 Inventories, net 5,855 6,639
Prepaid expenses and other current assets 1,438 1,782 Total current
assets 66,612 65,587 Property and equipment, net 2,876 3,000 Other
assets 142 140 Total assets $69,630 $68,727 LIABILITIES AND
STOCKHOLDERS' EQUITY Liabilities: Accounts payable $1,263 $1,341
Accrued liabilities 5,588 6,850 Current portion of deferred revenue
1,483 1,544 Customer deposits 35 18 Total current liabilities 8,369
9,753 Deferred revenue, net of current portion 570 601 Other
liabilities 322 255 Total liabilities 9,261 10,609 Stockholders'
equity: Common stock, $0.001 par value: 100,000,000 shares
authorized 24,057,202 and 23,605,415 shares issued and outstanding
at June 30, 2008 and December 31, 2007, respectively 24 24
Additional paid-in capital 102,164 99,588 Deferred stock-based
compensation (3) (4) Accumulated other comprehensive income (109)
19 Accumulated deficit (41,707) (41,509) Total stockholders' equity
60,369 58,118 Total liabilities and stockholders' equity $69,630
$68,727 DATASOURCE: Thermage, Inc. CONTACT: company contact, Jack
Glenn, Chief Financial Officer of Thermage, Inc., +1-510-786-6890,
or investor contact, Doug Sherk or Jenifer Kirtland,
+1-415-896-6820, or media contact, Steve DiMattia, +1-646-201-5445,
all of EVC Group, Inc., for Thermage, Inc. Web site:
http://www.thermage.com/
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