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Press Release: Restoration Robotics® Reports Financial Results for the Fourth Quarter and Full Year 2018


SAN JOSE, Calif., March 15, 2019 (GLOBE NEWSWIRE) -- Restoration Robotics, Inc. (NASDAQ:HAIR), a global leader in robotic hair restoration, announced today financial results for the fourth quarter and full year ended December 31, 2018.
Highlights:Reported fourth quarter 2018 revenue of $6.7 million, up 14% year-over-year and 38% since the third quarter, primarily due to the sale of 17 ARTAS® Systems worldwideAchieved full year 2018 revenue of $22.0 million, up 3% year-over-year Launched ARTAS iX™ Robotic Hair Restoration System with implantation functionality in July 2018Completed follow-on public offering of common stock for gross proceeds of $17.3 million in August 2018Appointed board member and aesthetic industry commercial expert Keith Sullivan as Interim Chief Commercial Officer in November 2018Secured $5.0 million from the issuance of convertible promissory notes to certain members of the Board of Directors in February 2019Fourth Quarter and Full Year 2018 Financial Results
Revenue in the fourth quarter of 2018 was $6.7 million, a 14% increase from $5.9 million in the fourth quarter of 2017. Revenue for 2018 was $22.0 million, a 3% increase from $21.3 million for 2017.
Gross margin in the fourth quarter of 2018 was 39% compared to 47% in the fourth quarter of 2017. Gross margin for 2018 was 43%, flat from full year 2017. The change in gross margin for the fourth quarter and year-over-year was primarily driven by the implementation of certain cost efficiencies, which were partially offset by higher initial manufacturing, warranty and other costs associated with ARTAS® iX.Operating expenses in the fourth quarter of 2018 were $9.8 million, a 50% increase from $6.6 million in the fourth quarter of 2017. Operating expenses for 2018 were $35.4 million, an increase of 34% from $26.4 million for 2017. The increase in operating expenses in both periods was largely due to increased investments in the Company’s sales and marketing initiatives and reserves that were made for customers’ accounts receivable primarily outside of the United States.Net loss for the fourth quarter of 2018 was $(8.0) million or $(0.20) per share, compared with a net loss...


Posted: 2019-03-15 11:02:00

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