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