Thermage, Inc. News
Thermage Announces First Quarter 2008 Financial Results
Revenue for the first quarter of 2008 was
The Company reported a net loss of
"We grew revenue both in the U.S. and internationally, despite a softening aesthetics market," said
"Thermage is focused on a strategy that includes organic growth, as well as complementary acquisitions that add value for our customers and shareholders," continued Mr. Fanning. "One of the primary reasons behind our IPO was to raise funds that would allow us to pursue this strategy. During the first quarter, we reached an advanced stage of negotiations with a potential acquisition target and had performed significant due diligence on the project before negotiations were terminated. We incurred approximately
"Looking at the remainder of 2008, the recent bifurcation of our domestic salesforce, innovative sales strategies such as our Infinity program, and recently introduced tips and procedures, we believe we are positioned for continued revenue growth. While we anticipate that economic conditions will remain challenging throughout the year, we will continue our focus to drive revenue, expand market share, and build upon our reputation as a leader in safe, effective skin tightening and contouring procedures," concluded Mr. Fanning.
Guidance:
Management currently expects 2008 revenue to be in a range of
Non-GAAP Presentation: (1) To supplement the condensed financial information presented on a GAAP basis, management has provided non-GAAP net income and loss, 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
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 11113200#. 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 Thermage's ability to continue to grow demand for Thermage procedures 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, 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
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 March 31, 2008 2007 Net revenue $16,231 $15,155 Cost of revenue 4,358 4,152 Gross margin 11,873 11,003 Operating expenses Sales and marketing 7,422 6,374 Research and development 2,731 2,466 General and administrative 4,552 2,683 Total operating expenses 14,705 11,523 Loss from operations (2,832) (520) Interest and other income 603 586 Income (loss) before income taxes (2,229) 66 Provision for income taxes (8) (7) Net income (loss) $(2,237) $59 Net income (loss) per share - basic & diluted $(0.09) $0.00 Weighted average shares outstanding used in calculating net income (loss) per common share: Basic 23,630,842 22,978,331 Diluted 23,630,842 24,792,543 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 March 31, 2008 2007 GAAP loss from operations $(2,832) $(520) Non-GAAP adjustments to loss from operations: Stock-based compensation (c) 979 1,261 Non-GAAP income (loss) from operations $(1,853) $741 GAAP net income (loss) $(2,237) $59 Non-GAAP adjustments to net income (loss): Stock-based compensation (c) 979 1,261 Non-GAAP net income (loss) $(1,258) $1,320 GAAP basic net income (loss) per share $(0.09) $0.00 Non-GAAP adjustments to basic income (loss) per share: Stock-based compensation (c) 0.04 0.06 Non-GAAP basic net income (loss) per share $(0.05) $0.06 Non-GAAP diluted net income (loss) per share $(0.05) $0.05 GAAP weighted average shares outstanding used in calculating basic net income (loss) per common share 23,630,842 22,978,331 Adjustments to GAAP weighted average shares outstanding - - Weighted average shares outstanding used in calculating non-GAAP basic net income (loss) per common share 23,630,842 22,978,331 GAAP weighted average shares outstanding used in calculating diluted net income (loss) per common share 23,630,842 24,792,543 Adjustments for dilutive potential common stock - 498,184 Weighted average shares outstanding used in calculating non-GAAP diluted net income (loss) per common share 23,630,842 25,290,727 (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) March 31, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $9,691 $13,650 Marketable investments 40,520 38,707 Accounts receivable, net 6,630 4,809 Inventories, net 6,069 6,639 Prepaid expenses and other current assets 1,870 1,782 Total current assets 64,780 65,587 Property and equipment, net 3,070 3,000 Other assets 139 140 Total assets $67,989 $68,727 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable $1,808 $1,341 Accrued liabilities 6,628 6,850 Current portion of deferred revenue 1,582 1,544 Customer deposits 12 18 Total current liabilities 10,030 9,753 Deferred revenue, net of current portion 563 601 Other liabilities 308 255 Total liabilities 10,901 10,609 Stockholders' equity: Common stock, $0.001 par value: 100,000,000 shares authorized 23,695,617 and 23,605,415 shares issued and outstanding at March 31, 2008 and December 31, 2007, respectively 24 24 Additional paid-in capital 100,670 99,588 Deferred stock-based compensation (3) (4) Accumulated other comprehensive income 143 19 Accumulated deficit (43,746) (41,509) Total stockholders' equity 57,088 58,118 Total liabilities and stockholders' equity $67,989 $68,727
SOURCE Thermage, Inc.
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