STRATA Skin Sciences Files Q2 2024 10-Q

TL;DR

**STRATA Skin Sciences Q2 10-Q filed. Financials and operations updated.**

AI Summary

STRATA Skin Sciences, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of STRATA Skin Sciences, Inc., crucial for understanding the company's trajectory in the medical device sector.

Risk Assessment

Risk Level: medium — As a publicly traded company in the medical device sector, STRATA Skin Sciences faces inherent risks related to market competition, regulatory approvals, and financial performance.

Key Players & Entities

• STRATA Skin Sciences, Inc. (company) — Filer of the 10-Q
• MELA SCIENCES, INC. (company) — Former company name
• ELECTRO OPTICAL SCIENCES INC (company) — Former company name
• 20240630 (date) — End of reporting period
• 20240814 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — nge On Which Registered Common Stock, $0.001 Par Value SSKN The Nasdaq Stock Mar
• $7 — gible employers could qualify for up to $7 of credit for each employee based on qu

Filing Documents

• ef20030066_10q.htm (10-Q) — 1589KB
• ef20030066_ex31-1.htm (EX-31.1) — 12KB
• ef20030066_ex31-2.htm (EX-31.2) — 12KB
• ef20030066_ex32-1.htm (EX-32.1) — 6KB
• 0001140361-24-037362.txt ( ) — 8348KB
• sskn-20240630.xsd (EX-101.SCH) — 56KB
• sskn-20240630_cal.xml (EX-101.CAL) — 58KB
• sskn-20240630_def.xml (EX-101.DEF) — 286KB
• sskn-20240630_lab.xml (EX-101.LAB) — 712KB
• sskn-20240630_pre.xml (EX-101.PRE) — 447KB
• ef20030066_10q_htm.xml (XML) — 1514KB

Financial Information

Part I. Financial Information: PAGE

Financial Statements

ITEM 1. Financial Statements: a. Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 b. Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2024 and 2023 (unaudited) 2 c. Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2024 and 2023 (unaudited) 3 d. Condensed Consolidated Statements of Changes in Stockholders' Equity for the Six Months Ended June 30, 2024 and 2023 (unaudited) 4 e. Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 5 f. Notes to Condensed Consolidated Financial Statements (unaudited) 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosure about Market Risk

ITEM 3. Quantitative and Qualitative Disclosure about Market Risk 33

Controls and Procedures

ITEM 4. Controls and Procedures 33

Other Information

Part II. Other Information:

Legal Proceedings

ITEM 1. Legal Proceedings 33

Risk Factors

ITEM 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 35

Other Information

ITEM 5. Other Information 35

Exhibits

ITEM 6. Exhibits 36

Signatures

Signatures 37 Certifications E-31.1 Table of Contents

- Financial Information

PART I - Financial Information ITEM 1.

Financial Statements

Financial Statements STRATA Skin Sciences, Inc. and Subsidiary Condensed Consolidated Balance Sheets (in thousands, except share and per share data) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 5,483 $ 6,784 Restricted cash 1,334 1,334 Accounts receivable, net of allowance for credit losses of $ 182 and $ 222 at June 30, 2024 and December 31, 2023 , respectively 3,979 4,440 Inventories 2,692 2,673 Prepaid expenses and other current assets 337 312 Total current assets 13,825 15,543 Property and equipment, net 11,149 11,778 Operating lease right-of-use assets 1,429 626 Intangible assets, net 6,334 7,319 Goodwill 6,519 6,519 Other assets 325 231 Total assets $ 39,581 $ 42,016 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,886 $ 3,343 Accrued expenses and other current liabilities 6,608 6,306 Deferred revenues 2,261 2,120 Current portion of operating lease liabilities 313 352 Current portion of contingent consideration 65 53 Total current liabilities 12,133 12,174 Long-term debt, net 15,114 15,044 Deferred revenues and other liabilities 473 552 Deferred tax liability 186 186 Operating lease liabilities, net of current portion 1,083 237 Contingent consideration, net of current portion 1,096 1,135 Total liabilities 30,085 29,328 Commitments and contingencies (Note 13) Stockholders' equity: Series C convertible preferred stock, $ 0.10 par value; 10,000,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.001 par value; 150,000,000 shares authorized; 3,506,025 shares issued and outstanding at June 30, 2024 and December 31, 2023 4 4 Additional paid-in capital 251,017 250,742 Accumulated deficit ( 241,525 ) ( 238,058 ) Total stockholders' equity 9,496 12,688 Total liabilities and stockholders' equity

financial statements

financial statements . 8 Table of Contents STRATA Skin Sciences, Inc. and Subsidiary Notes to Condensed Consolidated Financial Statements (in thousands, except share and per share amounts and number of lasers) (unaudited) Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which will primarily require enhanced disclosures about significant segment expenses and information used to assess segment performance and enhanced disclosures in interim periods. The guidance in this ASU will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the effect this ASU will have on its condensed consolidated financial statements . In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic

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View this 10-Q filing on SEC EDGAR