Miramar Labs, Inc.® Reports Fourth Quarter and Full Year
2016 Financial Results
- 2016 revenue of $20.4 million, up 19% year-over-year
- Strong sales in North America with year-over-year growth of 38%
- Gross margin expands to 55% in 2016, up from 52% in the prior year
SANTA CLARA, Calif., — March 16, 2017 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today financial results for fourth quarter and full year ended December 31, 2016.
Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, "We continued to achieve very strong momentum in our North America business, which grew 38% in 2016, driven by our efforts to increase awareness and adoption of our technology. We are also benefiting from the indication expansion for the miraDry® system, which now provides three distinct benefits to both physicians and patients with its ability to reduce axillary sweat, odor and hair. This unique value proposition for our customers and consumers, is a core driver of expanding our business and delivering on our growth objectives."
In 2016, Miramar expanded its approved indications for the miraDry system and received FDA 510(k) clearance to market for the reduction of odor. The miraDry system is now FDA cleared with indications for sweat, odor and hair reduction, expanding the utility of the system. Recognition of these advancements of the application of the proprietary miraWave technology was recognized with Aesthetics Everything naming Miramar Labs as one of ”The Top Aesthetics Companies in 2016".
Mr. Kleine concluded, "We are excited to continue building consumer awareness and further accelerating sales with the addition of celebrity spokesperson and miraDry patient Antonio Sabato Jr. This is complementary to our strategy to increase our focus on social media, where we have seen a strong interest reflecting the early impact of our miraDry is Confidence campaign. In addition, our marketing efforts are building awareness of the miraDry treatment among potential customers and patients, highlighting its effectiveness and high patient satisfaction."
Total revenue in the fourth quarter of 2016 was $4.4 million, a 18% decrease compared to $5.4 million in the fourth quarter of 2015. The year-over-year decline was primarily due to the timing of Asia console sales, which were received in earlier quarters in 2016 as compared to 2015. For the year ended December 31, 2016, revenue totaled $20.4 million, a 19% increase compared to $17.2 million for the year ended December 31, 2015. This revenue increase reflects strong sales of both capital systems and consumables. As mentioned above, North America growth was 38% for the year, with strong performance in capital systems and consumables. In Asia, revenue grew 6% for the year, driven by very strong capital system sales growth of 45%, offset by disappointing consumable sales associated with the transition of a distributor in a key market. In Europe and
The following information was filed by Miramar Labs, Inc. (MRLB) on Friday, March 17, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.