Wed, Aug 14, 9:24 PM (153 days ago)
STRATA Skin Sciences, Inc. reported a mixed financial performance for Q2 2024, with total revenues of $8,435,000, a slight increase from $8,250,000 in Q2 2023. The company’s gross profit improved to $4,937,000, reflecting a gross margin of 58.5%, up from 52.3% a year earlier, primarily due to lower costs associated with refurbished units and reduced amortization expenses. However, net loss narrowed to $99,000 from $3,148,000 in Q2 2023. Operating expenses decreased, particularly in engineering and selling, attributed to reduced workforce and lower salaries. The company’s cash position declined to $6,817,000 from $8,118,000 at year-end, driven by operational cash usage. The company continues to face challenges from ongoing market uncertainties including the impacts of COVID-19, geopolitical tensions, and supply chain issues, which may affect future operations. STRATA has also engaged in a reverse stock split to enhance its stock price, and recent equity raises provided $2,100,000 in July 2024. Looking ahead, STRATA aims to increase marketing efforts for its XTRAC treatments to boost revenue growth.