Invuity Reports 2015 Fourth Quarter, Year-End Financial Results

SAN FRANCISCO, Feb. 24, 2016 (GLOBE NEWSWIRE) -- Invuity, Inc. (NASDAQ:IVTY), an advanced medical technology company, today reported financial results for the fourth quarter and year ended December 31, 2015.

Q4 2015 Highlights

  • Revenue grew 42 percent to $6.2 million compared to revenue of $4.4 million in the 2014 fourth quarter.
  • Revenue for the 2015 full year increased 61 percent to $21.0 million from $13.1 million in the prior year period.
  • In the fourth quarter of 2015, approximately 530 hospitals purchased Invuity devices, up from 370 hospitals in the fourth quarter of 2014.
  • Approximately 145,000 procedures have been performed using Invuity devices. 

“The year finished on a strong note as we grew our customer base and further penetrated existing hospital accounts by expanding the use of our advanced photonics technology into adjacent surgical procedures and new specialties,” said President and CEO Philip Sawyer.  “It is extremely encouraging to have generated such strong momentum and growth while scaling our sales force so dramatically during the year.  We believe that increasing the depth and capabilities of our sales force, expanding the use of our products into new surgical procedures and implementing new, innovative marketing programs will support continued sales momentum in 2016.”

Financial Results

Revenue was $6.2 million in the fourth quarter of 2015, compared to $4.4 million in the fourth quarter of 2014.  For the 2015 full year, revenue was $21.0 million, an increase of 61 percent from revenue of $13.1 million in 2014, driven by both organic growth in existing accounts and the addition of new accounts.

Gross margin for the 2015 fourth quarter was 65.9 percent, and was 63.2 percent for the 2015 full year.

Total operating expenses for the 2015 fourth quarter and full year were $13.7 million and $48.5 million, respectively, compared to $8.4 million and $28.2 million in the prior year periods.

The net loss for the fourth quarter of 2015 was $10.1 million, or $0.76 loss per share, compared to a net loss of $5.2 million, or $7.78 loss per share, for the fourth quarter of 2014.  The net loss for 2015 was $37.6 million, or $4.94 loss per share, compared to $20.7 million, or $31.63 loss per share, for 2014.

Conference Call

Invuity’s management will discuss the Company’s financial results for the fourth quarter and year ended December 31, 2015, and provide a general business update during a conference call beginning at 5:00 p.m. Eastern Time today, February 24, 2016.  To join the live call, participants may dial 1-855-539-0900 (U.S.) or 1-412-455-6044 (International).  To listen to the live call via Invuity’s website, go to www.invuity.com, in the Events & Presentations section.  A webcast replay of the call will be available following the conclusion of the call for a period of 90 days in the Events & Presentations section of the website.

About Invuity®
Invuity, Inc. is a medical technology company focused on developing and marketing advanced photonics devices to improve the ability of surgeons to illuminate and visualize the surgical cavity during open minimally invasive and minimal access surgery. The company's patented Intelligent Photonics™ technology enables enhanced surgical precision, efficiency and safety by providing superior visualization. Clinical applications include breast and thyroid oncology, plastic reconstructive, spine, orthopedic, cardiothoracic and general surgery among others. Invuity is headquartered in San Francisco, CA. For more information, visit www.invuity.com.

Forward-Looking Statements
This announcement contains forward-looking statements that involve risks and uncertainties, including statements regarding financial results, future marketing initiatives, market opportunities and potential results from future new initiatives. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: fluctuations in demand or failure to gain market acceptance for the Company’s devices; the Company’s ability to demonstrate to and gain approval from hospitals to use the Company’s devices; the highly competitive business environment for surgical medical devices; the Company’s ability to sell its devices at prices that support its current business strategies; difficulty forecasting future financial performance; protection of the Company’s intellectual property; and compliance with necessary regulatory clearances or approvals. The Company undertakes no obligation to update the forward-looking information in this release. More information about potential factors that could affect the Company’s business and financial results is included in its filings with the Securities and Exchange Commission, including, without limitation, under the captions: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Risk Factors,” which are on file with the Securities and Exchange Commission.

- TABLES FOLLOW -

INVUITY, INC.
Condensed Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
 
  Three Months Ended
 Twelve Months Ended
 
  December 31,
  December 31,
 
  2015  2014  2015  2014 
Revenue$   6,246 $   4,409 $   21,031 $  13,103 
Cost of goods sold 2,128  1,399  7,733  4,630 
             
Gross profit 4,118  3,010  13,298  8,473 
             
Operating expenses:            
Selling, general and administrative 11,617  6,977   40,636  23,043 
Research and development 2,069  1,381   7,869  5,181 
             
Total operating expenses 13,686  8,358    48,505  28,224 
             
Loss from operations (9,568) (5,348) (35,207) (19,751)
Interest expense (488) (320) (1,853) (1,351)
Interest and other income (expense), net    1  464  (510) 440 
             
Net loss$   (10,055)$   (5,204)$    (37,570)$    (20,662)
             
Net loss per common share, basic and diluted$(0.76)$(7.78)$(4.94)$(31.63)
             
Weighted-average shares used to compute net loss per common share, basic and diluted 13,307,031  669,202    7,606,172     653,195 
             


INVUITY, INC. 
Balance Sheet 
(In thousands, except share and per share amounts) 
(unaudited) 
  
 December 31,
 December 31, 
 2015
 2014 
Assets       
Current assets:       
Cash and cash equivalents$46,296  $6,048 
Accounts receivable, net 3,619   2,798 
Inventory 5,182   4,271 
Prepaid expenses and other current assets 889   2,486 
        
Total current assets 55,986   15,603 
Restricted cash 1,090   1,125 
Property and equipment, net 9,195   8,541 
Other non-current assets 34   55 
        
Total assets$66,305  $25,324 
        
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)       
Current liabilities:       
Accounts payable$2,458  $1,075 
Accrued and other current liabilities 4,213   4,162 
        
Total current liabilities 6,671   5,237 
Deferred rent 2,811   2,676 
Convertible preferred stock warrant liability    136 
Long-term debt—related party 14,479   9,347 
        
Total liabilities 23,961   17,396 
        
Commitments and contingencies       
Convertible preferred stock, $0.001 par value—0 and 6,207,320 shares authorized at December 31, 2015 and December 31, 2014, respectively; 0 and 6,056,403 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively    73,755 
Stockholders’ equity (deficit):       
Preferred stock, $0.001 par value—10,000,000 and no shares authorized at December 31, 2015 and December 31, 2014, respectively; no shares issued and outstanding at December 31, 2015 and December 31, 2014     
Common stock, $0.001 par value—100,000,000 and 9,189,189 shares authorized at December 31, 2015 and December 31, 2014, respectively; 13,392,358 and 711,249 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively 13   1 
Additional paid-in capital 147,937   2,209 
Accumulated deficit (105,606)  (68,037)
        
Total stockholders’ equity (deficit) 42,344   (65,827)
        
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)$66,305  $25,324 
        

 

CONTACT: CONTACTS:

Company Contact:
Jim Mackaness
Chief Financial Officer
Invuity, Inc.
415-655-2129

Investors: 
Matt Clawson
Pure Communications
949-370-8500
irdept@invuity.com

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