Diluted EPS from operations of
Affirms expectations for continued growth in the second quarter and full year profitability
Conference call begins at
Highlights from the first quarter of 2022 and recent weeks include the following (all comparisons are with the first quarter of 2021, unless otherwise indicated):
- Revenues were
$10.3 million , up 237% - Net income was
$16.1 million , or$0.97 per diluted share, which included a gain on asset sale of$12.8 million , or$0.77 per diluted share; this compares with a net loss of$(1.1) million , or$(0.07) per share - Exited the quarter with
$32.8 million in cash and cash equivalents - Adjusted EBITDA, a non-GAAP financial measure, was
$16.9 million , compared with$(0.8) million - Shipped 33 systems, most of which were SRT-100 Vision™ systems, including one SRT-100™ system to
China and seven Transdermal Infusion Systems. - Launched TransDermal Infusion technology replacing needle injections
- Sold non-core asset for
$15.0 million in cash - Instituted a
$3.0 million share repurchase program - Prepared for future growth with key promotions, including Vice President & General Counsel
Michael J. Sardano named President & General Counsel - Affirms expectations for 2022 second quarter and full year profitability
Management Commentary
“Revenues for the first quarter reflect a sharpened focus on our core dermatology business, and we are pleased with the revenue growth we continue to achieve,” said
“The resumption of in-person trade shows has been deeply gratifying. These events allow us to reconnect with customers, showcase our products and build high-caliber sales leads. We were delighted to highlight our TransDermal Infusion System™ for non-invasive drug delivery for skin rejuvenation treatments, pre-laser treatments and pre- and post-plastic surgery at the Winter Clinical in
First Quarter Financial Results
Revenues for the first quarter of 2022 were
Cost of sales for the first quarter of 2022 was
Gross profit for the first quarter of 2022 was
Selling and marketing expense for the first quarter of 2022 was
General and administrative expense for the first quarter of 2022 was
Research and development expense for the first quarter of 2022 was
Other income was
Provision for income taxes was
Net income for the first quarter of 2022 was
Adjusted EBITDA for the first quarter of 2022 was
Cash and investments were
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in
GAAP TO NON-GAAP RECONCILIATION
(unaudited)
For the Three Months Ended | ||||||||||
(in thousands) | 2022 | 2021 | ||||||||
Net income (loss), as reported | $ | 16,062 | $ | (1,115 | ) | |||||
Add: | ||||||||||
Depreciation and amortization | 92 | 208 | ||||||||
Stock compensation expense | 57 | 60 | ||||||||
Income Tax | 648 | - | ||||||||
Interest, net | (1 | ) | - | |||||||
Adjusted EBITDA, non GAAP | $ | 16,858 | $ | (847 | ) | |||||
Conference Call and Webcast
Following the conclusion of the conference call, a replay will be available by dialing 888-539-4649 (
About
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Forward-Looking Statements
This press release includes statements that are, or may be deemed, ''forward-looking statements.'' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," “approximately,” "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the
Contact:
LHA Investor Relations
212-838-3777
kgolodetz@lhai.com
(Tables to follow)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
For the Three Months Ended | |||||||
(in thousands, except share and per share data) | |||||||
2022 | 2021 | ||||||
(unaudited) | (unaudited) | ||||||
Revenues | $ | 10,338 | $ | 3,070 | |||
Cost of sales | 3,189 | 1,484 | |||||
Gross profit | 7,149 | 1,586 | |||||
Operating expenses: | |||||||
Selling and marketing | 1,218 | 1,068 | |||||
General and administrative | 1,273 | 972 | |||||
Research and development | 728 | 661 | |||||
Total operating expenses | 3,219 | 2,701 | |||||
Income (loss) from operations | 3,930 | (1,115 | ) | ||||
Other income (expense): | |||||||
Gain on asset sale | 12,779 | - | |||||
Interest income | 1 | - | |||||
Other income (expense), net | 12,780 | - | |||||
Income (loss) before income tax | 16,710 | (1,115 | ) | ||||
Provision for income tax | 648 | - | |||||
Net income (loss) | 16,062 | (1,115 | ) | ||||
Net income (loss) per share – basic | $ | 0.97 | $ | (0.07 | ) | ||
– diluted | $ | 0.97 | $ | (0.07 | ) | ||
Weighted average number of shares used in computing net income (loss) per share – basic | 16,497,801 | 16,461,311 | |||||
– diluted | 16,641,654 | 16,461,311 | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
As of | As of | ||||||
(in thousands, except shares and per share data) | 2022 | 2021 | |||||
(unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 32,830 | $ | 14,519 | |||
Accounts receivable, net | 10,540 | 12,130 | |||||
Inventories | 2,326 | 1,759 | |||||
Prepaid and other current assets | 2,766 | 2,837 | |||||
Total current assets | 48,462 | 31,245 | |||||
Property and equipment, net | 426 | 605 | |||||
Intangibles, net | 122 | 146 | |||||
Deposits | 37 | 75 | |||||
Deferred tax asset | 3,744 | - | |||||
Operating lease right-of-use assets, net | 1,138 | 169 | |||||
Total assets | $ | 53,929 | $ | 32,240 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Accounts payable and accrued expenses | $ | 4,349 | $ | 4,058 | |||
Income tax payable | 4,393 | - | |||||
Deferred revenue, current portion | 939 | 1,172 | |||||
Operating lease liabilities, current portion | 185 | 174 | |||||
Product warranties | 328 | 508 | |||||
Loan payable | - | 51 | |||||
Total current Liabilities | 10,194 | 5,963 | |||||
Operating lease liabilities, net of current portion | 973 | - | |||||
Deferred revenue, net of current portion | 236 | 262 | |||||
Total liabilities | 11,403 | 6,225 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Preferred stock, 5,000,000 shares authorized and none issued and outstanding | - | - | |||||
Common stock, | 168 | 167 | |||||
Additional paid-in capital | 44,586 | 44,115 | |||||
(348 | ) | (325 | ) | ||||
Accumulated deficit | (1,880 | ) | (17,942 | ) | |||
Total stockholders’ equity | 42,526 | 26,015 | |||||
Total liabilities and stockholders’ equity | $ | 53,929 | $ | 32,240 | |||
Source:
2022 GlobeNewswire, Inc., source