HORSHAM, PA — STRATA Skin Sciences, Inc. (NASDAQ: SSKN) has announced preliminary revenue figures for the second quarter of 2024, estimating total revenue between $8 million and $8.4 million. This announcement reflects the company’s strategic realignment efforts and market activities.
The domestic installed base of the company’s XTRAC® devices decreased from 907 at the end of the first quarter to 881 by the end of the second quarter. This decline is part of STRATA’s strategy to remove underperforming accounts. However, the TheraClear®X device base saw growth, increasing from 104 units to 117 in the same period.
As of the end of the second quarter, STRATA reported having $6.8 million in cash, cash equivalents, and restricted cash.
Dr. Dolev Rafaeli, the President and CEO of STRATA, commented on the recent performance. “We continue to take strategic steps to grow our business through efficient deployment of our devices to drive utilization and through an increase in our direct-to-consumer activities to drive patient awareness and visits to our partnered clinics. Progress was made on these initiatives in the second quarter, and they remain a cornerstone of our strategic focus.”
Dr. Rafaeli also expressed optimism about the market traction. He highlighted recent media exposure for their TheraClear®X device in a California news broadcast discussing a study on acne treatment. “These types of media opportunities are generating wider awareness in the market of our dermatology solutions, potentially contributing to the increases in treatment procedures,” he said.
The preliminary, unaudited results are subject to revision until the company reports its full financial results for the quarter ended June 30, 2024. The final report is expected on August 14, 2024.
STRATA’s ongoing efforts to optimize device deployment and increase consumer engagement appear to be paying off, with positive indications for future growth and market penetration.
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