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Solta Medical Reports First Quarter 2013 Results
Date:5/1/2013

ision from the Sound Surgical acquisition.  As a result, we fully anticipate improved growth in the second quarter," added Mr. Fanning. 

GAAP net loss for the quarter was $2.6 million, or $0.04 per share, as compared to GAAP net loss of $8.8 million, or $0.14 per share, reported for the first quarter of 2012. Non-GAAP net loss for the quarter was $0.8 million, or $0.01 per share, as compared to a non-GAAP net loss of $0.8 million, or $0.01 per share, for same period last year. Non-GAAP adjusted EBITDA for the quarter was $0.9 million compared to $0.6 million for the same period last year.

The Company's GAAP results for the quarter include $3.7 million of amortization, severance, and other acquisition related charges, $1.2 million of non-cash stock based compensation charges, and a $3.1 million credit for the fair value reassessment of the expected earn out payments associated with the acquisition of Liposonix and Sound Surgical. The Company provides non-GAAP financial measures that exclude these charges and adjustments. A reconciliation of GAAP to non-GAAP results is provided in the tables included in this release.

"We expect to achieve a higher amount of cost synergies than originally anticipated from the acquisition of Sound Surgical during the remainder of 2013.  Combined with some operating expense reductions recently implemented, we believe that despite the slower than expected first quarter growth rate, we can achieve our profitability targets for the full year," said Mr. Fanning.

Financial Outlook for 2013Based on the first quarter results, the Company updated its financial outlook for 2013 as follows:

  • The company revised its revenue outlook for full year 2013 to approximately $180 million, which would represent year-over-year revenue growth of approximately $36 million, or 25%, compared to full year 2012 revenue of $144.5 million. The company's previous revenue outlook for 2013 was a range of $182 million
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  • SOURCE Solta Medical, Inc.
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