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Restoration Robotics, Inc. (HAIR) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Restoration Robotics, Inc.

CIK: 1409269 Ticker: HAIR

Exhibit 99.1

 

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Restoration Robotics, Inc. Reports First Quarter 2018 Financial Results

San Jose, Calif., May 14, 2018 — Restoration Robotics, Inc. (NASDAQ: HAIR), announced today financial results for the first quarter ended March 31, 2018.

First Quarter and Recent Highlights

 

    Received U.S. FDA 510(k) clearance for implantation functionality

 

    Revenue of $5.0 million, compared to $5.5 million in 2017

 

    Sold 8 ARTAS® Robotic Hair Restoration Systems

 

    Appointed Chris Aronson, Vice President, Sales, effective February 1, 2018

 

    Announced the appointment of aesthetics veteran Keith Sullivan to the Board of Directors, effective July 1, 2018

 

    Finalized a $20 million loan and security agreement on May 10, 2018

Ryan Rhodes, President and Chief Executive Officer of Restoration Robotics, said, “In the first quarter we continued to position the Company for sustained sales growth especially following our receipt of FDA 510(k) clearance for ARTAS implantation functionality. This allows us to further extend ARTAS’ leadership position in the field of robotic hair restoration by rounding out our offering to address all three of the most difficult, repetitive tasks in hair restoration: harvesting, site making, and implantation. We strengthened and expanded our U.S. Sales leadership, with the appointment of Chris Aronson as Vice President of Sales. We also grew our team of U.S. regional sales managers responsible for capital sales to seven professionals, as we execute a more U.S. centric strategy in preparation for the launch of the implantation functionality expected before the end of 2018.”

Mr. Rhodes continued, “In the first quarter we sold eight ARTAS Systems while continuing to drive procedure-based revenue through the installed base. As of March 31, 2018 we have sold a cumulative total of 261 ARTAS systems worldwide, providing a strong base for increased procedure volume as we continue to drive growth and penetrate the market.”

Mr. Rhodes added, “We are also very excited to welcome Keith Sullivan to our board of directors, effective July 1, 2018. I am confident that Keith’s deep commercial and operational experience within the aesthetics space as Interim General Manager of miraDry® at Sientra® and as former Chief Commercial Officer and President, North America at ZELTIQ® Aesthetics, will prove to be invaluable as we further penetrate our substantial addressable market.”

First Quarter 2018 Financial Results

Revenue in the first quarter of 2018 was $5.0 million, a 9% decrease from $5.5 million in the first quarter of 2017. The decline was driven by a decrease in system revenue, partially offset by a year over year increase in procedure-based fees.

 

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The following information was filed by Restoration Robotics, Inc. (HAIR) on Monday, May 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statement Of Convertible Preferred Stock And Stockholders' Deficit (unaudited)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Comprehensive Loss (unaudited)
Condensed Consolidated Statements Of Operations (unaudited)
Balance Sheet Components
Balance Sheet Components (tables)
Balance Sheet Components - Additional Information (details)
Balance Sheet Components - Schedule Of Inventory (details)
Balance Sheet Components - Schedule Of Property And Equipment, Net (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (details)
Commitments And Contingencies - Summary Of Aggregate Future Minimum Lease Payments Under Operating Leases (details)
Common Stock Reserved For Issuance
Common Stock Reserved For Issuance (tables)
Fair Value Measurements
Fair Value Measurements - (tables)
Fair Value Measurements - Schedule For Levels Of Fair Value Measurements Of Cash Equivalents - (details)
Fair Value Measurements - Schedule For Levels Of Fair Value Measurements Of Cash Equivalents - (parenthetical) (details)
Income Taxes
Income Taxes - Additional Information (details)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Additional Information (details)
Long-term Debt - Schedule Principal Payments On Outstanding Borrowings (details)
Nature Of Operations
Nature Of Operations - Additional Information (details)
Net Loss Per Share
Net Loss Per Share (tables)
Net Loss Per Share - Outstanding Shares Of Common Stock Equivalents Excluded From Calculation Of Diluted Net Loss Per Share Attributable To Common Stockholders (details)
Schedule Of Common Stock Available For Grant Under Employee Stock Incentive Plans And Reserves For Warrants (details)
Schedule Of Common Stock Available For Grant Under Employee Stock Incentive Plans And Reserves For Warrants (parenthetical) (details)
Schedule Of Revenue By Geographic Area (details)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Additional Information (details)
Stock Option Plan
Stock Option Plan (tables)
Stock Option Plan - Additional Information (details)
Stock Option Plan - Estimated Grant-date Fair Value Of Stock-based Awards Calculated Using Black-scholes-merton Option Pricing Model (details)
Stock Option Plan - Estimated Grant-date Fair Value Of Stock-based Awards Calculated Using Black-scholes-merton Option Pricing Model (parenthetical) (details)
Stock Option Plan - Summary Of Recognized Stock-based Compensation Expense For Employees And Non-employees (details)
Stock Option Plan - Summary Of Stock Option Activity (details)
Subsequent Events
Subsequent Events - Additional Information (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (details)

Material Contracts, Statements, Certifications & more

Restoration Robotics, Inc. provided additional information to their SEC Filing as exhibits

Ticker: HAIR
CIK: 1409269
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-013417
Submitted to the SEC: Mon May 14 2018 4:12:53 PM EST
Accepted by the SEC: Mon May 14 2018
Period: Saturday, March 31, 2018
Industry: Surgical And Medical Instruments And Apparatus

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