Miramar Labs, Inc. ® Reports Record Second Quarter
2016 Financial Results
- Second quarter revenue of $7.4 million, up 47% year-over-year
- Year-to-date revenue of $11.7 million, up 46% year-over-year
- Shipped record number of miraDry® systems and consumables in the second quarter
- Completed an Alternative Public Offering (APO)
SANTA CLARA, Calif., — August 11, 2016 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today financial results for the second quarter ended June 30, 2016.
Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, "We continue to see very strong momentum in our business in the second quarter as we drive adoption of our technology with the placement of miraDry systems worldwide. We shipped a record number of capital systems and our high margin bioTip consumables for a second consecutive quarter. Our global installed base is approximately 800 systems. We believe the increasing awareness of the miraDry procedure bodes well for our future growth, as our installed base is less than 5% penetrated in the U.S. market. We also have a significant expansion opportunity in our international markets.”
Mr. Kleine added, “Our products have been used in more than 70,000 treatments, which represents a very small fraction of the estimated 220 million people globally who suffer from excessive, uncontrollable sweating. We are targeting a meaningful segment of the $18 billion global antiperspirant and deodorant market.”
During the quarter, Miramar Labs announced its successful completion of the reverse merger, with the combined entity focused on the miraDry system, which delivers microwave energy to non-invasively destroy sweat and odor glands in the underarm. Miramar Labs is trading on the OTC Markets under the symbol “MRLB”. Concurrently with the APO, Miramar Labs also completed a private placement with gross proceeds to date of approximately $9.9 million from the issuance and sale of approximately 2.0 million shares of its common stock. Proceeds from the private placement will be used to support the ongoing commercialization of the miraDry system, for the development and clinical studies related to products targeted for new indications, and for general corporate purposes, including working capital. In addition, the company announced it has entered into a distribution agreement with MEHECO, as its partner selling miraDry in China.
Mr. Kleine concluded, “The strategic improvements we made to strengthen our sales organization, including the addition of representatives focused solely on driving good clinical outcomes and greater procedure growth, have generated early success. Our new aesthetic messaging positioning miraDry as a lifestyle procedure is also being well received by physicians and patients. Finally, our improved treatment protocol, which simplifies the procedure and improves its value, is generating positive feedback from physicians and continued strong patient satisfaction. The measurable success of these initiatives give us confidence in our ability to deliver compelling and sustained revenue growth.”
The following information was filed by Miramar Labs, Inc. (MRLB) on Thursday, August 11, 2016 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.