SAN FRANCISCO, April 26, 2017 (GLOBE NEWSWIRE) -- Invuity, Inc. (NASDAQ:IVTY), a leading medical technology company focused on minimal access surgery, today reported financial results for the three months ended March 31, 2017.
Q1 2017 Highlights
- Revenue grew 41% to $9.0 million compared to revenue of $6.4 million in the 2016 first quarter.
- Gross margin of 76.7% improved significantly from gross margin of 67.1% in the 2016 first quarter.
- Approximately 770 hospitals purchased Invuity devices in the first quarter of 2017, up from 555 hospitals in the first quarter of 2016.
- Approximately 269,000 procedures have been performed using Invuity devices.
- Completed a debt agreement that increases borrowing capacity to up to $50 million and provides additional financial flexibility.
“We are off to a solid start to 2017. In the first quarter we achieved strong 41% revenue growth, continued to execute on our commercial strategies and enhanced our financial position with a new debt agreement,” said President and CEO Philip Sawyer. “The PhotonBlade launch is proceeding according to plan and we have received very positive feedback from surgeons who believe that this product has the potential to be highly disruptive in the market.”
Financial Results
Revenue was $9.0 million in the first quarter of 2017, up 41% from revenue of $6.4 million in the first quarter of 2016 driven by an increase in active accounts.
Gross margin for the first quarter was 76.7%, compared to 67.1% for the same period in 2016. The introduction of our non-conductive polymer based retractors and overhead efficiencies created as a result of increased sales volumes contributed to gross margin expansion.
Total operating expenses for the first quarter were $17.3 million, respectively, compared to $15.9 million in the prior year period.
The net loss for the first quarter of 2017 was $13.2 million, or $0.78 loss per share, compared to a net loss of $12.1 million, or $0.90 loss per share, for the first quarter of 2016. This includes a charge of $2.3 million related to the prepayment of the Company’s old term loan, which was prepaid in full in connection with the recently completed debt financing.
The Company’s balance sheet as of March 31, 2017, included total cash, cash equivalents and short term investments of $34.5 million.