- Fourth quarter revenue of $105.1 million, up 34% year-over-year; Full year revenue of $354.2 million, up 39% year-over-year
- Consumable revenue growth of 54% in the fourth quarter and 57% for the full year
- Fourth quarter net income of $10.3 million, or 9.8% of revenue; Full year net income of $0.7 million, or 0.2% of revenue
- Fourth quarter adjusted EBITDA of $23.1 million, or 21.9% of revenue; Full year adjusted EBITDA of $35.3 million, or 10.0% of revenue
- Company is no longer providing 2017 financial guidance and will not be hosting a fourth quarter conference call, due to the definitive agreement to be acquired by Allergan
PLEASANTON, Calif., March 01, 2017 (GLOBE NEWSWIRE) -- ZELTIQ® (Nasdaq:ZLTQ), a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform, announced today financial results for the fourth quarter and full year 2016.
Mark Foley, President and Chief Executive Officer, said, “We are incredibly pleased to announce another year of record revenue performance, with full-year revenue growth of 39% and fourth quarter revenue surpassing the $100 million mark for the first time in the Company’s history. Additionally, we delivered strong profitability with Q4 net income of $10.3 million, or 9.8% of revenue, and adjusted EBITDA of $23.1 million, or 21.9% of revenue, highlighting the leverage in our business model. Our strong fourth quarter results were driven by a company record 186 new account openings in North America, consumable revenue growth of 54%, continued momentum internationally, and the ongoing successful introduction of our innovative new applicators, CoolAdvantage® and CoolAdvantage+®, which have already been adopted in approximately 50% of our North American account base. Our direct to consumer advertising program continues to exceed our expectations by delivering greater than a dollar of return for each dollar spent while continuing to raise consumer awareness and drive new patients into the aesthetic channel. We continue to be very pleased with the consumable revenue growth and utilization lift this nationwide program has delivered.”
Fourth Quarter Financial Review
Total revenue for the fourth quarter of 2016 was $105.1 million, consisting of $51.2 million of system revenue and $53.9 million of consumable revenue. This compares to total revenue of $78.2 million, consisting of $43.2 million of system revenue and $35.0 million of consumable revenue, for the fourth quarter 2015. Total revenue cycles shipped increased 47% to 400,971 for the fourth quarter of 2016, compared to 273,112 for the fourth quarter of 2015.
Gross profit was $75.7 million, or 72% of revenue, for the fourth quarter 2016, compared to gross profit of $52.4 million, or 67% of revenue for the fourth quarter 2015. Operating expenses for the fourth quarter of 2016 were $59.5 million, compared to $50.6 million for the fourth quarter 2015.
