Miramar Labs, Inc. ® Reports
Q1 2017 Financial Results
- First quarter revenue of $3.8 million
- Strong sales in Europe/Middle East with 26% year-over -year growth
- Continued momentum in North America sales with 18% year-over-year growth
- Decline in Asia sales of 54% year-over-year due to timing of orders in Japan and China
- Gross margin expands to 56%, up from 53%
- Cash and cash equivalents of $1.1 million at March 31, 2017
SANTA CLARA, Calif., — May 15, 2017 — Miramar Labs, Inc., (OTCQB: MRLB), a global aesthetic company, announced today financial results for the first quarter ended March 31, 2017.
Michael Kleine, President and Chief Executive Officer of Miramar Labs, said, "We continue to see excitement around the miraDry® technology in our global markets during the first quarter. We are pleased with our growth in Europe/Middle East and North America and in particular the 47% and 25% growth in consumables products respectively, which indicates there is robust patient interest in the miraDry procedure. While we are disappointed with the 54% sales decline in Asia, the decrease was primarily due to the timing of China and Japan orders and going forward, we remain positive that our new "miraDry is Confidence" campaign is generating excitement, not only in the US market but across Europe, the Middle East and Asia."
"Despite these positive trends, we continue to be challenged by a lack of financial capital, which has impeded our ability to invest in initiatives to accelerate our growth. As a result, we are carefully managing our cash and securing additional capital as this continues to be a major focus of the Company," added Michael Kleine.
The latest Miramar Labs financing occurred in January 2017 and involved the issuance of convertible promissory notes in the aggregate principal amount of approximately $2.7 million. In the event of a future equity financing, the amount equivalent to the outstanding balance of each note multiplied by five will convert into shares of securities issued at such equity financing, either automatically or at the election of holders holding a majority of the aggregate outstanding principal amount of the notes, depending on the amount of proceeds from such equity financing. In the event of a change of control before the next equity financing, the amount equivalent to the outstanding balance of each note multiplied by three will convert into shares of the acquiring company in a stock-for-stock merger or will be paid out in cash in a cash-for-stock merger.
The following information was filed by Miramar Labs, Inc. (MRLB) on Monday, May 15, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.