Restoration Robotics® and Venus Concept Provide Merger Update
14 Agosto 2019 - 10:01PM
Restoration Robotics, Inc. (NASDAQ:HAIR), a global leader in
robotic hair restoration, and Venus Concept Ltd. (“Venus Concept”),
a privately-held global aesthetic technology leader, provided an
update on their pending merger and Restoration Robotics announced
today its financial results for the second quarter ended June 30,
2019. Venus Concept will separately announce preliminary unaudited
second quarter and year-to-date results.
Merger Update
On March 15, 2019, Restoration Robotics and Venus Concept
announced that they entered into a definitive merger agreement to
combine the companies in an all-stock transaction. The
transaction is expected to close in either September or early
October of 2019, subject to the satisfaction of customary closing
conditions, including the approval by the stockholders of each of
Restoration Robotics and Venus Concept and the receipt of all
necessary regulatory approvals. Restoration Robotics filed an
amended proxy statement/prospectus on Form S-4 on July 29, 2019
responding to the Securities and Exchange Commission (SEC) reviewer
comments.
Restoration Robotics Second Quarter 2019
Results
Restoration Robotics, Inc., is a medical device company
developing and commercializing the ARTAS® and ARTAS iX™ Robotic
Hair Restoration System. Revenue in the second quarter of
2019 was $2.9 million, a 47% decline from $5.5 million in the
second quarter of 2018. Gross margin in the second quarter of
2019 was 42% compared to 54% in the second quarter of 2018.
The change in gross margin for the second quarter was driven by
excess inventory charge in the period. Net loss for the
second quarter of 2019 was $(7.9) million, or $(0.19) per share,
compared with a net loss of $(6.2) million, or $(0.21) per share,
for the second quarter of 2018.
Forward-Looking StatementsStatements made in
this press release that are not statements of historical fact are
forward-looking statements. Forward-looking statements are subject
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
commonly identified by words such as “would,” “may,” “expects,”
“believes,” “plans,” “intends,” “projects” and other terms with
similar meaning. Investors are cautioned that the forward-looking
statements in this document are based on current beliefs,
assumptions and expectations, speak only as of the date of this
document and involve risks and uncertainties that could cause
actual results to differ materially from current expectations. Such
statements, including our expectations regarding the timing of the
merger closing are subject to certain known and unknown risks and
uncertainties, many of which are difficult to predict and generally
beyond our control, that could cause actual results and other
future events to differ materially from those expressed in, or
implied or projected by, the forward-looking information and
statements. Material factors that could cause actual results to
differ materially from current expectations include, without
limitation, the following: the progress of our commercialization,
marketing and manufacturing capabilities; and the timing or
likelihood of regulatory filings and approvals for ARTAS for use in
transplanting of hair. These factors, together with those that are
described in greater detail in our Quarterly Report on
Form 10-Q for the first quarter of 2019 that was filed on May
15, 2019 and as amended on July 9, 2019, as well as any reports
that we may file with the SEC in the future including our
Quarterly Report on Form 10-Q for the second quarter of 2019, may
cause our actual results, performance or achievements to differ
materially and adversely from those anticipated or implied by our
forward-looking statements. We expressly disclaim any obligation,
except as required by law, or undertaking to update or revise any
such forward-looking statements. We expressly disclaim any
obligation, except as required by law, or undertaking to update or
revise any such forward-looking statements.
Media ContactThe Ruth Group Kirsten
Thomaskthomas@theruthgroup.com 646-536-7000
Investor Contact The Ruth Group Carol
Ruth/Kaitlyn Brosco
cruth@theruthgroup.com / kbrosco@theruthgroup.com646-536-7000
RESTORATION ROBOTICS, INC.
Condensed Consolidated
Statements of
Operations(Unaudited)(in
thousands, except for shares and per share data)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenue |
|
$ |
2,931 |
|
|
$ |
5,475 |
|
|
$ |
8,325 |
|
|
$ |
10,480 |
|
Cost of revenue |
|
|
1,711 |
|
|
|
2,514 |
|
|
|
4.168 |
|
|
|
5,699 |
|
Gross profit |
|
|
1,220 |
|
|
|
2,961 |
|
|
|
4,157 |
|
|
|
4,781 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
4,166 |
|
|
|
4,365 |
|
|
|
8,736 |
|
|
|
8,749 |
|
Research and development |
|
|
1,481 |
|
|
|
2,153 |
|
|
|
2,969 |
|
|
|
4,278 |
|
General and administrative |
|
|
1,574 |
|
|
|
1,617 |
|
|
|
3,566 |
|
|
|
3,968 |
|
Merger related expenses |
|
|
1,057 |
|
|
|
— |
|
|
|
2,558 |
|
|
|
— |
|
Total operating expenses |
|
|
8,278 |
|
|
|
8,135 |
|
|
|
17,829 |
|
|
|
16,995 |
|
Loss from operations |
|
|
(7,058 |
) |
|
|
(5,174 |
) |
|
|
(13,672 |
) |
|
|
(12,214 |
) |
Other expense, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(816 |
) |
|
|
(500 |
) |
|
|
(1,582 |
) |
|
|
(858 |
) |
Other expense, net |
|
|
(8 |
) |
|
|
(559 |
) |
|
|
(54 |
) |
|
|
(579 |
) |
Total other expense, net |
|
|
(824 |
) |
|
|
(1,059 |
) |
|
|
(1,636 |
) |
|
|
(1,437 |
) |
Net loss before provision for income taxes |
|
|
(7,882 |
) |
|
|
(6,233 |
) |
|
|
(15,308 |
) |
|
|
(13,651 |
) |
Provision for income taxes |
|
|
10 |
|
|
|
11 |
|
|
24 |
|
|
|
24 |
|
Net loss attributable to common stockholders |
|
$ |
(7,892 |
) |
|
$ |
(6,244 |
) |
|
$ |
(15,332 |
) |
|
$ |
(13,675 |
) |
Net loss per share attributable to common stockholders, basic
and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.47 |
) |
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted |
|
|
40,843,166 |
|
|
|
29,080,414 |
|
|
|
40,798,338 |
|
|
|
29,038,730 |
|
RESTORATION ROBOTICS, INC.
Condensed Consolidated
Balance Sheets(Unaudited)(in
thousands, except for shares and per share data)
|
|
June 30, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,717 |
|
|
$ |
16,122 |
|
Accounts receivable, net |
|
|
4,364 |
|
|
|
6,569 |
|
Inventory |
|
|
6,482 |
|
|
|
5,522 |
|
Prepaid expenses and other current assets |
|
|
998 |
|
|
|
1,278 |
|
Total current assets |
|
|
21,561 |
|
|
|
29,491 |
|
Property and equipment, net |
|
|
1,400 |
|
|
|
1,299 |
|
Restricted cash |
|
|
83 |
|
|
|
83 |
|
Other assets |
|
|
131 |
|
|
|
100 |
|
TOTAL ASSETS |
|
$ |
23,175 |
|
|
$ |
30,973 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,905 |
|
|
$ |
3,815 |
|
Accrued compensation |
|
|
1,504 |
|
|
|
1,771 |
|
Other accrued liabilities |
|
|
1,988 |
|
|
|
2,337 |
|
Deferred revenue |
|
|
1,259 |
|
|
|
1,407 |
|
Current portion of long-term debt, net |
|
|
3,928 |
|
|
|
49 |
|
Total current liabilities |
|
|
14,584 |
|
|
|
9,379 |
|
Other long-term liabilities |
|
|
686 |
|
|
|
594 |
|
Related party convertible promissory
notes |
|
|
5,000 |
|
|
|
— |
|
Long-term debt, net |
|
|
15,887 |
|
|
|
19,418 |
|
TOTAL LIABILITIES |
|
|
36,157 |
|
|
|
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 June 30, 2019 and December 31, 2018 |
|
— |
|
|
— |
|
Common stock, $0.0001 par value;
300,000,000 shares authorized as of June 30, 2019 and December 31,
2018; 40,857,012 and 40,677,012 shares issued and outstanding as of
June 30, 2019 and December 31, 2018, respectively |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
195,559 |
|
|
|
194,841 |
|
Accumulated other comprehensive loss |
|
|
— |
|
|
|
(50 |
) |
Accumulated deficit |
|
|
(208,545 |
) |
|
|
(193,213 |
) |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
(12,982 |
) |
|
|
1,582 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
$ |
23,175 |
|
|
$ |
30,973 |
|
Grafico Azioni Restoration Robotics (NASDAQ:HAIR)
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