Venus Concept Announces Financial Results for the Second Quarter and First Six Months of 2019 and FDA 510(k) Clearance of Venus Bliss™
TORONTO, Aug. 15, 2019 /PRNewswire/ -- Venus Concept Ltd. ("Venus Concept"), a privately-held global medical aesthetic technology leader, provided unaudited financial results for the second quarter and first six months of 2019.
Combined Company 2019 Revenue Outlook
On March 15, 2019, Restoration Robotics, Inc. (NASDAQ:HAIR) and Venus Concept announced that they entered into a definitive merger agreement to combine the companies in an all-stock transaction. Revenue guidance for the combined company continues to be expected in the range of $130-135 million for the twelve months ending December 31, 2019. Venus Concept is a private company and its shares are not publicly traded. Venus Concept has not historically reported quarterly financial results and financial information provided for Venus Concept second quarter results is preliminary and subject to change and actual reported results could differ from the results set forth herein. Restoration Robotics has filed an amended proxy statement/prospectus on form S-4, which remains under review with the SEC. The effectiveness of the Form S-4 proxy statement/prospectus is a condition to the closing of the merger, in addition to the shareholder votes necessary to approve the transaction.
Venus Concept Financial Results for the Second Quarter and First Six-Months of 2019
Venus Concept is a privately held global medical aesthetic company. Venus Concept's revenue for the second quarter of 2019 was $27.8 million, compared to $27.0 million in the prior year period, an increase of 3% year-over-year. Gross margin for the second quarter of 2019 was 72.2%, compared to 78.5% in the prior year period.
For the first six months ended June 30, 2019, Venus Concept's revenue was approximately $52.4 million, compared to $48.4 million in the prior year period, an increase of 8.3% year-over-year. Gross margin for the first six months of 2019 was 72.7%, compared to 77.7% in the prior year period.
On an audited basis, Venus Concept's revenue was $102.6 million for the twelve months ended December 31, 2018, compared to $89.1 million for the twelve months ended 2017, a 15.2% increase year-over-year. Gross margin for the twelve months ended December 31, 2018 was 77.3%, compared to 76.6% for the twelve months ended 2017. Revenue for the first quarter of 2019 was $24.6 million, compared to $21.4 million in the first quarter of 2018, a 15.1% increase year-over-year. Gross margin for the first quarter 2019 was 73.5%, compared to 76.7% in the first quarter of 2018.
Venus Concept Receives FDA 510(k) Clearance for Venus Bliss™ For Non-Invasive Lipolysis of the Abdomen and Flanks, as Well as Cellulite Reduction
On June 25, 2019, Venus Concept received U.S. Food and Drug Administration (FDA) 510(k) clearance to market and sell Venus Bliss™, a medical aesthetic platform that offers a comprehensive solution to fat reduction and cellulite reduction, with two technologies in one platform. It employs advanced diode laser applicators for non-invasive lipolysis of the abdomen and flanks in individuals with a BMI of 30 or less, resulting in reduction of unwanted focal fat, as well as an (MP)2 applicator that combines Multi-Polar Radio Frequency and Pulsed Electro Magnetic Fields with advanced VariPulse™ technology to reduce the appearance of cellulite.
In a 60-patient clinical study done with the Venus Bliss™ device, all participants received a single 1064nm diode laser treatment to either their flanks or abdomen. "Subjects in our clinical study saw a statistically significant reduction in adipose layer thickness as measured by ultrasound, 6- and 12-weeks following treatment," said Dr. Susan L. Kilmer, Principal Investigator, Director at Laser & Skin Surgery Center of Northern California and Clinical Professor at the University of California. "Greater than 90% of the subjects found the treatment to be comfortable and the majority were highly satisfied with the results."
"Fat reduction is one of the fastest growing non-surgical, non-injectable, procedure categories in the medical aesthetics industry today," said Domenic Serafino, Chairman and CEO of Venus Concept. "It is more important than ever that treatment providers be able to offer a comprehensive solution that can effectively address fat. This is why we're excited to announce the clearance of Venus Bliss™, our fat reduction solution for the abdomen and flanks. The Venus Bliss™ is comfortable for patients, provides excellent results, and has little-to-no downtime. The Venus Bliss™ will be a preferred solution for providers as there is no disposable cost per treatment, which makes the profitability per procedure extremely compelling for physicians. We look forward to a full commercial launch of the Venus Bliss™ in the fourth quarter of 2019."
About Venus Concept
Venus Concept is an innovative global medical aesthetic technology leader with a broad product portfolio, global reach in over 60 countries and 29 direct markets. Venus Concept focuses its product sale strategy on a subscription-based business model in North America and in its well-established direct global markets. Venus Concept's product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Legacy, Venus Velocity, Venus Fiore, Venus Viva, Venus Freeze Plus, and recently acquired NeoGraft technology for hair restoration. The company has been backed by leading healthcare industry growth equity investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Madryn Asset Management, Longitude Capital Management, Aperture Venture Partners and Deerfield Capital Management. For more information, please visit www.venusconcept.com.
For further information: Investor Relations Contact: Westwicke Partners on behalf of Venus Concept, Mike Piccinino, CFA, VenusConceptIR@westwicke.com
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