Solta Medical Inc (SLTM, Financial) filed Quarterly Report for the period ended 2011-09-30.
Solta Medical Inc has a market cap of $117.3 million; its shares were traded at around $1.93 with a P/E ratio of 193 and P/S ratio of 1.1.
We market our professional products in North America to physicians, primarily dermatologists and plastic surgeons, through a direct sales force and internationally through a network of independent distributors and our direct sales force in certain countries. Distribution of our consumer product is through retail channels and our own web site and this product is currently only available in the United States. In the nine months ended September 30, 2011 and 2010, we derived 44% and 46%, respectively, of our revenue from sales of our products and services within North America, and 56% and 54%, respectively, of our total sales outside of North America. We believe that a significant portion of our business will continue to come from international sales through increased penetration in countries where we currently sell our products, combined with expansion into new international markets. The percentages of our revenue by region are presented in the table below:
Net Revenue. Revenue is derived from the sales of systems, treatment tips and other consumables, and service and other revenue. Net revenue was $27.4 million for the three months ended September 30, 2011, an increase of $2.6 million, or 10%, compared to $24.9 million for the three months ended September 30, 2010. This increase in revenue is primarily due to higher tip revenue and an increase in new system sales including contributions from the sale of the new CLEAR + BRILLIANT products which launched in April 2011, partially offset by a decrease in handpiece sales, and a decrease in research and development revenue due to a research contract having ended in 2010. System sales for the three months ended September 30, 2011 was $11.1 million, an increase of $1.8 million, or 19%, compared to $9.3 million for the same period in 2010. Sales of treatment tips and other consumables for the three months ended September 30, 2011 was $14.9 million, an increase of $1.4 million, or 11%, compared to $13.4 million for the same period in 2010.
Net Revenue increased $2.0 million, or 2%, to $82.8 million from $80.9 million for the nine months ended September 30, 2011 and 2010, respectively. The increase was mainly from higher tip revenue and the contributions from the sale of the new CLEAR + BRILLIANT and CLARO products, partially offset by a decline in system upgrades, a decrease in system and handpiece sales, and a decrease in research and development revenue due to a research contract having ended in 2010. System sales decreased $1.6 million or 5%, to $30.8 million from $32.4 million for the nine months ended September 30, 2011 and 2010, respectively. Sale of treatment tips and other consumables increased by $5.5 million or 13%, to $47.5 million from $42.0 million for the nine months ended September 30, 2011 and 2010, respectively.
Net Cash Provided (Used) by Operating Activities. Net cash used in operating activities was $2.9 million for the first nine months of 2011 compared to net cash of $6.8 million provided by operating activities for the same period in 2010. During the first nine months of 2011, cash was used for a $4.5 million increase in inventory, a $2.5 million in increase in accounts receivable, a $1.5 million decrease in accrued liabilities, and a $0.8 million decrease in accounts payable. These were partially offset by $5.4 million in net cash provided from net loss after adjusting for non-cash items and an increase in deferred revenue of $1.1 million. During the first nine months of 2010, cash was provided by a decrease of $2.4 million in accounts receivable, a $2.3 million decrease in inventory, a $0.4 million decrease in prepaid expenses and other current assets and $6.8 million net cash provided from net loss after adjusting for non-cash items. These were partially offset by a $2.9 million decrease in accrued and other liabilities, a $1.5 million decrease in accounts payable, and a $0.8 million decrease in deferred revenue.
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Solta Medical Inc has a market cap of $117.3 million; its shares were traded at around $1.93 with a P/E ratio of 193 and P/S ratio of 1.1.
Highlight of Business Operations:
We derive revenue primarily from the sale of systems, treatment tips and consumables. For the nine months ended September 30, 2011 and 2010, we derived 57% and 52% respectively, of our revenue from treatment tips and consumable sales, and 37% and 40% respectively, of our revenue from system sales. The balance of our revenue is derived from service, research and development and shipping.We market our professional products in North America to physicians, primarily dermatologists and plastic surgeons, through a direct sales force and internationally through a network of independent distributors and our direct sales force in certain countries. Distribution of our consumer product is through retail channels and our own web site and this product is currently only available in the United States. In the nine months ended September 30, 2011 and 2010, we derived 44% and 46%, respectively, of our revenue from sales of our products and services within North America, and 56% and 54%, respectively, of our total sales outside of North America. We believe that a significant portion of our business will continue to come from international sales through increased penetration in countries where we currently sell our products, combined with expansion into new international markets. The percentages of our revenue by region are presented in the table below:
Net Revenue. Revenue is derived from the sales of systems, treatment tips and other consumables, and service and other revenue. Net revenue was $27.4 million for the three months ended September 30, 2011, an increase of $2.6 million, or 10%, compared to $24.9 million for the three months ended September 30, 2010. This increase in revenue is primarily due to higher tip revenue and an increase in new system sales including contributions from the sale of the new CLEAR + BRILLIANT products which launched in April 2011, partially offset by a decrease in handpiece sales, and a decrease in research and development revenue due to a research contract having ended in 2010. System sales for the three months ended September 30, 2011 was $11.1 million, an increase of $1.8 million, or 19%, compared to $9.3 million for the same period in 2010. Sales of treatment tips and other consumables for the three months ended September 30, 2011 was $14.9 million, an increase of $1.4 million, or 11%, compared to $13.4 million for the same period in 2010.
Net Revenue increased $2.0 million, or 2%, to $82.8 million from $80.9 million for the nine months ended September 30, 2011 and 2010, respectively. The increase was mainly from higher tip revenue and the contributions from the sale of the new CLEAR + BRILLIANT and CLARO products, partially offset by a decline in system upgrades, a decrease in system and handpiece sales, and a decrease in research and development revenue due to a research contract having ended in 2010. System sales decreased $1.6 million or 5%, to $30.8 million from $32.4 million for the nine months ended September 30, 2011 and 2010, respectively. Sale of treatment tips and other consumables increased by $5.5 million or 13%, to $47.5 million from $42.0 million for the nine months ended September 30, 2011 and 2010, respectively.
Net Cash Provided (Used) by Operating Activities. Net cash used in operating activities was $2.9 million for the first nine months of 2011 compared to net cash of $6.8 million provided by operating activities for the same period in 2010. During the first nine months of 2011, cash was used for a $4.5 million increase in inventory, a $2.5 million in increase in accounts receivable, a $1.5 million decrease in accrued liabilities, and a $0.8 million decrease in accounts payable. These were partially offset by $5.4 million in net cash provided from net loss after adjusting for non-cash items and an increase in deferred revenue of $1.1 million. During the first nine months of 2010, cash was provided by a decrease of $2.4 million in accounts receivable, a $2.3 million decrease in inventory, a $0.4 million decrease in prepaid expenses and other current assets and $6.8 million net cash provided from net loss after adjusting for non-cash items. These were partially offset by a $2.9 million decrease in accrued and other liabilities, a $1.5 million decrease in accounts payable, and a $0.8 million decrease in deferred revenue.
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