Miramar Labs, Inc. ® Reports Record Third Quarter
2016 Financial Results
- Third quarter revenue of $4.3 million, up 13% year-over-year
- Year-to-date revenue of $16.0 million, up 36% year-over-year
- Strong sales in North America with YTD year-over-year growth of 45%
- Secured FDA clearance to market for odor reduction with miraDry® procedure
SANTA CLARA, Calif., — November 8, 2016 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today financial results for the third quarter ended September 30, 2016.
Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, "We continued to see very strong momentum in our North American business in the third quarter and year-to-date, as we drive awareness and adoption of our technology. In Asia, we also have delivered solid year-to-date performance, driven by additional shipments to China. In Europe and the Middle East, we experienced an increase in consumable sales offset by lower console sales due to the summer holiday season and the timing of purchases from some of our distributors.”
Mr. Kleine concluded, “The additional FDA clearance to market the miraDry system for the reduction of odor further validates our technology and enhances its value proposition for physicians and patients. In addition, there is increasing awareness of the miraDry system among potential customers and patients, highlighting its effectiveness and very high patient satisfaction. This increased awareness and expanded indications are fundamental to our growth strategy and will help drive our continued success in the market.”
In late October, Miramar received U.S. Food and Drug Administration (FDA) 510(k) clearance to market for the reduction of odor using the miraDry system. In addition, miraDry was the featured story in the July/August edition of The Aesthetic Guide magazine with the article titled “Miramar Labs Creates New Markets with miraWave Therapy” and was named one of “The Top Aesthetics Companies” by Aesthetics Everything. Miramar Labs was fourth on this list behind Allergan, Merz and Galderma. The miraSmooth® procedure was also featured on The Rachel Ray Show, an award-winning and nationally syndicated daytime TV show.
Total revenue in the third quarter of 2016 was $4.3 million, a 13% increase compared to $3.8 million in the third quarter of 2015. For the nine months ended September 30, 2016, revenue totaled $16.0 million, a 36% increase compared to $11.8 million for the nine months ended September 30, 2015. This revenue increase reflects strong sales of both capital systems and consumables.
The following information was filed by Miramar Labs, Inc. (MRLB) on Tuesday, November 8, 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.