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Strata Skin Sciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $8.797 million for the quarter, a slight decrease from $8.852 million in the same quarter the previous year. Revenues for the nine months ended September 30, 2024, were $23.986 million, compared to $24.669 million in the previous year.
Cost of revenues for the quarter was $3.490 million, down from $3.898 million in the same quarter of the previous year. Gross profit for the quarter was $5.307 million, representing 60.3% of revenues, compared to 56.0% in the previous year.
Operating expenses for the quarter increased to $6.960 million from $5.569 million in the same quarter of the previous year. This increase was primarily due to higher general and administrative expenses.
The company reported a net loss of $2.122 million for the quarter, compared to a net loss of $1.053 million in the previous year. The net loss for the nine months ended September 30, 2024, was $5.589 million, compared to $7.036 million in the previous year.
Cash used in operating activities was $515,000 for the nine months ended September 30, 2024, compared to $1.890 million in the previous year. Cash provided by financing activities was $1.925 million, primarily due to the issuance of common stock.
Strata Skin Sciences had a working capital of $1.834 million as of September 30, 2024. The company believes its cash and cash equivalents, along with anticipated revenues, will be sufficient to meet its obligations for at least the next 12 months.
The filing details ongoing legal proceedings related to state sales tax assessments in New York and California. The company has accrued $1.8 million for the New York assessment following an adverse ruling.
The report also discusses the impact of the COVID-19 pandemic, the Russia-Ukraine war, and the Middle East conflict on the company's operations and supply chain.
Strata Skin Sciences continues to focus on its dermatology recurring procedures and equipment sales, with a strategic emphasis on increasing market acceptance through marketing programs and direct-to-patient advertising.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Strata Skin Sciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.