SAN JOSE, Calif., May 15, 2019 (GLOBE NEWSWIRE) -- Restoration Robotics, Inc. (NASDAQ:HAIR), a global leader in robotic hair restoration, announced today financial results for the first quarter ended March 31, 2019.

Highlights:

  • Reported first quarter 2019 revenue of $5.4 million, up 8% year-over-year
  • Sold 14 ARTAS® Systems in the first quarter, including 11 ARTAS iX™ Systems, 8 of which were sold in the U.S. and 3 in EMEA
  • Gross margin improved to 54.4%, compared to 36.4% in the prior period as the result of higher average selling price per system and ongoing cost reduction initiatives
  • Announced proposed merger with Venus Concept, initiated process for regulatory approvals

First Quarter 2019 Financial Results
Revenue in the first quarter of 2019 was $5.4 million, an 8% increase from $5.0 million in the first quarter of 2018.

Gross margin in the first quarter of 2019 was 54% compared to 36% in the first quarter of 2018. The change in gross margin for the first quarter was driven by a higher average selling price per system sold during the period and ongoing cost reduction initiatives.

Operating expenses in the first quarter of 2019 were $9.6 million, an 8% increase from $8.9 million in the first quarter of 2018. The increase in operating expenses was largely due to $1.5 million of merger-related expenses, which was largely offset by lower R&D and G&A expenses.

Net loss for the first quarter of 2019 was $(7.4) million or $(0.18) per share, compared with a net loss of $(7.4) million, or $(0.26) per share, for the first quarter of 2018. 

Total cash and cash equivalents were $15.0 million as of March 31, 2019. Cash and cash equivalents as of March 31, 2019 includes the proceeds of $5.0 million from our issuance of Convertible Promissory Notes on February 28, 2019.

Our results for the quarter ended March 31, 2019 are not necessarily indicative of our operating results for the full year 2019 or any other future periods.  

About Restoration Robotics
Restoration Robotics, Inc., is a medical device company developing and commercializing the ARTAS® and ARTAS iX™ Robotic Hair Restoration System. The ARTAS Systems are the first and only physician-assisted robotic systems to dissect and assist in the harvesting of follicular units directly from the scalp, create recipient implant sites using proprietary algorithms and, in the case of the ARTAS iX System, robotically implant the hair follicles into the designated sites. We have unique expertise in machine vision, image guidance, visual servoing and robotics, as well as developing intuitive interfaces to manage these technologies.

Media Contact
The Ruth Group
Kirsten Thomas
kthomas@theruthgroup.com
646-536-7000

Investor Contact
The Ruth Group
Carol Ruth/Kaitlyn Brosco
cruth@theruthgroup.com / kbrosco@theruthgroup.com
646-536-7000

RESTORATION ROBOTICS, INC.

Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except for shares and per share data)

 Three Months Ended
 March 31,
 2019 2018
Revenue$5,394  $5,005 
Cost of revenue 2,457   3,185 
Gross profit 2,937   1,820 
Operating expenses:   
Sales and marketing 4,570   4,384 
Research and development 1,488   2,125 
General and administrative 1,992   2,351 
Merger related expenses 1,501    
Total operating expenses 9,551   8,860 
Loss from operations (6,614)  (7,040)
Other expense, net:   
Interest expense (766)  (358)
Other expense, net (46)  (20)
Total other expense, net (812)  (378)
Net loss before provision for income taxes (7,426)  (7,418)
Provision for income taxes 14   13 
Net loss attributable to common stockholders$(7,440) $(7,431)
Net loss per share attributable to common stockholders, basic and diluted$(0.18) $(0.26)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 40,753,012   28,962,269 
    

RESTORATION ROBOTICS, INC.

Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except for shares and per share data)

 March 31 December 31
 2019 2018
ASSETS   
CURRENT ASSETS:   
Cash and cash equivalents$14,957  $16,122 
Accounts receivable, net 6,699   6,569 
Inventory 5,207   5,522 
Prepaid expenses and other current assets 1,239   1,278 
Total current assets 28,102   29,491 
Property and equipment, net 1,471   1,299 
Restricted cash 83   83 
Other assets 166   100 
TOTAL ASSETS$29,822  $30,973 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)   
CURRENT LIABILITIES:   
Accounts payable$4,193  $3,815 
Accrued compensation 1,515   1,771 
Other accrued liabilities 2,920   2,337 
Deferred revenue 1,384   1,407 
Current portion of long-term debt, net 1,974   49 
Total current liabilities 11,986   9,379 
Other long-term liabilities 655   594 
Convertible promissory notes 5,000    
Long-term debt, net 17,655   19,418 
TOTAL LIABILITIES 35,296   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 March 31, 2019 and December 31, 2018     
Common stock, $0.0001 par value; 300,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 40,767,012 and 40,677,012 shares issued and outstanding as of March 31, 2019 and December 31, 2018 4   4 
Additional paid-in capital 195,189   194,841 
Accumulated other comprehensive loss (14)  (50)
Accumulated deficit (200,653)  (193,213)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) (5,474)  1,582 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)$29,822  $30,973