Cutera Reports Fourth Quarter and Full Year 2017 Record Revenue and Financial Results
Record Fourth Quarter Revenue of
System Revenue Grows in the Fourth Quarter by 35% in
Full Year Revenue Grows 28%
Company Expands Product Offerings in 2018 with Introduction of Juliet® and Secret RF®
Key financial highlights for the fourth quarter 2017, when compared to the fourth quarter 2016, include:
- Revenue increased 26% to a record
$47.6 million , due primarily to an overall growth of 30% in systems revenue, with 35% growth inNorth America and 19% Internationally;- Record quarter of
$11.5 million International systems revenue; - 25% sequential quarter increase compared to the third quarter of 2017;
- Fourteenth consecutive quarter of double-digit year-over-year revenue growth;
- Record quarter of
- Gross Margin of 57% impacted by increased warranty costs, as well as, an increased investment in our Service operations to fuel future growth;
- Net Income was
$22.9 million , or$1.57 per fully diluted share, including a benefit for the release of a significant portion of our valuation allowance against U.S. deferred tax assets;- Non-GAAP net income* was
$6.1 million , or$0.42 per fully diluted share. In the fourth quarter of 2017, the Company recorded an income tax benefit of$18.2 million resulting primarily from the release of a significant portion of its valuation allowance against certain U.S. deferred tax assets, partially offset by the revised measurement of U.S. deferred tax assets resulting from the Tax Cuts and Jobs Act of 2017;
- Non-GAAP net income* was
- Cash Generated by Operations increased 41% to
$6.7 million , compared to$4.7 million in the prior period; - Cash, cash equivalents and investments of
$35.9 million , with no debt; and - Repurchased
$21.4 million of common stock.
Key financial highlights for the full year 2017, when compared to the full year 2016, were as follows:
- Revenue increased 28% for the full year to a record
$151.5 million , due primarily to a 51% growth in North American systems revenue;- Three consecutive years of 20%+ year-over-year growth;
- Gross Margin of 57% was slightly lower than previous year, impacted by warranty costs and an increased investment in our Service operations in the second half of 2017;
- Net Income was
$30.0 million , or$2.04 per fully diluted share;- Non-GAAP net income* was
$13.7 million , or$0.93 per fully diluted share;
- Non-GAAP net income* was
- Cash Generated by Operations was
$14.3 million , including the one-time$4 million benefit from our facility lease cancellation in the third quarter of 2017; and - Repurchased
$35.2 million of common stock.
Product Updates
Each platform in our portfolio contributed to the success of the year. The Company’s newly launched truSculpt 3D system continues to gain market acceptance in
2018 Outlook
- We expect revenue to be in the range of
$178 to $181 million , an 18% - 20% increase over 2017; - Gross margin is expected to be in the range of 57% to 58%, as we continue to invest in our Service operations, and experience increased facility costs in our headquarters in
Brisbane, California ; - Operating expenses are expected to be in the range of 52% to 54% of revenue, consistent with 2017 (excluding the non-recurring lease termination benefit), as we continue to invest in product development and the scalability of our operations;
- Non-GAAP earnings per share* is expected to be in the range of
$1.03 to $1.11 as compared to$0.93 for the full-year of 2017; and - Adjusted EBITDA* is expected to be in the range of
$15.0 to $17.0 million .
Conference Call
The conference call to discuss these results is scheduled to begin today at
About
Use of Non-GAAP Financial Measures
* In order to supplement our unaudited condensed consolidated financial statements presented in accordance with Generally Accepted Accounting Principles, or GAAP, management discloses certain non-GAAP financial measures. Management uses these measures as aids in monitoring the Company’s ongoing financial performance from quarter to quarter, and year to year, on a regular basis and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, the operating performance measure as prescribed by GAAP.
We have provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability, limited visibility, unpredictability, or unique non-recurring nature of the excluded items. Forward-looking non-GAAP measures include adjusted earnings per share and adjusted EBITDA. We define adjusted EBITDA as earnings before interest, taxes, depreciation and amortization as adjusted for non-cash stock-based compensation expense. For computing non-GAAP earnings per share and adjusted EBITDA, we have assumed
In this press release management has disclosed certain non-GAAP financial measures for the statement of operations and net income per diluted share, which exclude the following:
Non-cash expenses for stock-based compensation. We have excluded the effect of stock-based compensation expenses in calculating our non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We record non-cash compensation expense related to grants of options, performance and restricted stock. Depending upon the size, timing and the terms of the grants, the non-cash compensation expense may vary significantly but will recur in future periods. We believe that excluding this item allows users of our financial statements to better review and assess both current, and historical results of operations. We also believe that excluding non-cash expenses for stock-based compensation better allows for comparisons to our peer companies.
Depreciation. We have excluded depreciation expense in calculating our non-GAAP operating expenses and net income measures. Depreciation is a non-cash charge to current operations. We continue to evaluate our business performance excluding non-cash charges and believe that excluding this item allows users of our financial statements to better review and assess both current, and historical results of operations.
Non-recurring lease termination income. We incurred a one-time benefit with respect to a certain lease termination transaction. We exclude this benefit as it is related to a unique, one-time event and has no direct impact or correlation to the operation of our on-going business. Additionally, we believe that its inclusion is potentially misleading to users of our financial statements given the lease termination income’s unique, non-recurring nature.
Non-recurring income tax adjustments relating primarily to the release of a significant portion of the Company’s valuation allowance against certain U.S. deferred tax assets, partially offset by the impact of the Tax Cuts and Jobs Act of 2017. We exclude this adjustment as it is related to a unique, non-recurring event and has no direct impact or correlation to the operation of our on-going business. Additionally, we believe that its inclusion is potentially misleading to users of our financial statements given its unique, non-recurring nature.
From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management.
Safe Harbor Statement
Certain statements in this press release, other than purely historical information, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements include, but are not limited to, Cutera’s plans, objectives, strategies, financial performance and outlook, product launches and performance, trends, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause
All information in this press release is as of the date of its release. Accordingly, undue reliance should not be placed on forward-looking statements.
CUTERA, INC. | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(in thousands) | ||||||||||||||
(unaudited) | ||||||||||||||
December 31, | September 30, | December 31, | ||||||||||||
2017 | 2017 | 2016 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 14,184 | $ | 14,784 | $ | 13,775 | ||||||||
Marketable investments | 21,728 | 35,692 | 40,299 | |||||||||||
Cash, cash equivalents and investments | 35,912 | 50,476 | 54,074 | |||||||||||
Accounts receivable, net | 20,777 | 19,604 | 16,547 | |||||||||||
Inventories | 28,782 | 23,728 | 14,977 | |||||||||||
Other current assets and prepaid expenses | 2,903 | 2,894 | 2,251 | |||||||||||
Total current assets | 88,374 | 96,702 | 87,849 | |||||||||||
Property and equipment, net | 2,096 | 1,842 | 1,907 | |||||||||||
Deferred tax asset | 19,055 | 384 | 377 | |||||||||||
Intangibles, net | — | — | 2 | |||||||||||
Goodwill | 1,339 | 1,339 | 1,339 | |||||||||||
Other long-term assets | 374 | 381 | 380 | |||||||||||
Total assets | $ | 111,238 | $ | 100,648 | $ | 91,854 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 7,002 | $ | 5,805 | $ | 2,598 | ||||||||
Accrued liabilities | 26,848 | 22,203 | 17,397 | |||||||||||
Deferred revenue | 9,461 | 8,801 | 8,394 | |||||||||||
Total current liabilities | 43,311 | 36,809 | 28,389 | |||||||||||
Deferred revenue, net of current portion | 2,195 | 1,950 | 1,705 | |||||||||||
Income tax liability | 379 | 171 | 168 | |||||||||||
Other long-term liabilities | 460 | 505 | 582 | |||||||||||
Total liabilities | 46,345 | 39,435 | 30,844 | |||||||||||
Stockholders' equity | 64,893 | 61,213 | 61,010 | |||||||||||
Total liabilities and stockholders' equity | $ | 111,238 | $ | 100,648 | $ | 91,854 | ||||||||
CUTERA, INC. | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||||||
2017 |
2016 |
2017 |
2016 |
|||||||||||||||||
Net revenue | $ | 47,632 | $ | 37,875 | $ | 151,493 | $ | 118,056 | ||||||||||||
Cost of revenue | 20,299 | 15,962 | 65,383 | 49,921 | ||||||||||||||||
Gross profit | 27,333 | 21,913 | 86,110 | 68,135 | ||||||||||||||||
Gross margin % | 57 | % | 58 | % | 57 | % | 58 | % | ||||||||||||
Operating expenses: | ||||||||||||||||||||
Sales and marketing | 15,362 | 11,561 | 52,070 | 41,563 | ||||||||||||||||
Research and development | 3,481 | 2,897 | 12,874 | 11,232 | ||||||||||||||||
General and administrative | 3,947 | 3,010 | 14,090 | 12,943 | ||||||||||||||||
Lease termination | — | — | (4,000 | ) | — | |||||||||||||||
Total operating expenses | 22,790 | 17,468 | 75,034 | 65,738 | ||||||||||||||||
Income from operations | 4,543 | 4,445 | 11,076 | 2,397 | ||||||||||||||||
Interest and other income (expense), net | 138 | (204 | ) | 884 | 323 | |||||||||||||||
Income before income taxes | 4,681 | 4,241 | 11,960 | 2,720 | ||||||||||||||||
Provision (benefit) for income taxes | (18,199 | ) | 28 | (18,033 | ) | 143 | ||||||||||||||
Net income | $ | 22,880 | $ | 4,213 | $ | 29,993 | $ | 2,577 | ||||||||||||
Net income per share: | ||||||||||||||||||||
Basic | $ | 1.66 | $ | 0.31 | $ | 2.16 | $ | 0.19 | ||||||||||||
Diluted | $ | 1.57 | $ | 0.30 | $ | 2.04 | $ | 0.19 | ||||||||||||
Weighted-average number of shares | ||||||||||||||||||||
used in per share calculations: | ||||||||||||||||||||
Basic and diluted | 13,744 | 13,591 | 13,873 | 13,225 | ||||||||||||||||
Diluted | 14,569 | 14,201 | 14,728 | 13,753 | ||||||||||||||||
CUTERA, INC. | |||||||||||||
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
(in thousands, except per share data) | |||||||||||||
(unaudited) | |||||||||||||
Three Months Ended December 31, 2017 | |||||||||||||
GAAP | Adjustments* | Non-GAAP* | |||||||||||
Net revenue | $ | 47,632 | $ | — | $ | 47,632 | |||||||
Cost of revenue | 20,299 | (377 | ) | (a) | 19,922 | ||||||||
Gross profit | 27,333 | 377 | 27,710 | ||||||||||
Gross margin % | 57 | % | 58 | % | |||||||||
Operating expenses: | |||||||||||||
Sales and marketing | 15,362 | (586 | ) | (b) | 14,776 | ||||||||
Research and development | 3,481 | (314 | ) | (c) | 3,167 | ||||||||
General and administrative | 3,947 | (476 | ) | (d) | 3,471 | ||||||||
Total operating expenses | 22,790 | (1,376 | ) | 21,414 | |||||||||
Income from operations | 4,543 | 1,753 | 6,296 | ||||||||||
Interest and other income, net | 138 | — | 138 | ||||||||||
Income before income taxes | 4,681 | 1,753 | 6,434 | ||||||||||
Provision (benefit) for income taxes | (18,199 | ) | 18,491 | (e) | 292 | ||||||||
Net income | $ | 22,880 | $ | (16,738 | ) | $ | 6,142 | ||||||
Net income per share: | |||||||||||||
Basic | $ | 1.66 | $ | (1.22 | ) | $ | 0.45 | ||||||
Diluted | $ | 1.57 | $ | (1.15 | ) | $ | 0.42 | ||||||
Weighted-average number of shares used in per share calculations: | |||||||||||||
Basic | 13,744 | 13,744 | 13,744 | ||||||||||
Diluted | 14,569 | 14,569 | 14,569 | ||||||||||
* Fiscal fourth quarter 2017 Non-GAAP results exclude the effect of the below mentioned adjustments ($000s): | |||||||||||||
(a) Adjustment of $377 included non-cash expenses of $94 related to depreciation and $283 of stock based compensation. | |||||||||||||
(b) Adjustment of $586 included a non-cash expenses of $159 related to depreciation and $427 of stock based compensation. | |||||||||||||
(c) Adjustment of $314 included a non-cash expenses of $11 related to depreciation and $303 of stock based compensation. | |||||||||||||
(d) Adjustment of $476, included a non-cash expenses of $2 related to depreciation and $474 of stock based compensation. | |||||||||||||
(e) Adjustment of $18,491 included: (i) $18,741 for the release of a significant portion of our valuation allowance against certain U.S. deferred tax assets, partially offset by our revised measurement of U.S. deferred tax assets resulting from the 2017 US Tax Reform; offset by (ii) $248 for establishing a foreign transfer pricing contingency reserve; and (iii) $2 for adjusting the tax effect of the $4 million lease termination fee received in Q3'2017. | |||||||||||||
CUTERA, INC. |
||||||||||||
RECONCILIATION OF GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
TO NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(in thousands, except per share data) |
||||||||||||
(unaudited) |
||||||||||||
Twelve Months Ended December 31, 2017 |
||||||||||||
GAAP |
Adjustments* | Non-GAAP* |
||||||||||
Net revenue | $ | 151,493 | $ | — | $ | 151,493 | ||||||
Cost of revenue | 65,383 | (989 | ) | (a) | 64,394 | |||||||
Gross profit | 86,110 | 989 | 87,099 | |||||||||
Gross margin % | 57 | % | 57 | % | ||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 52,070 | (2,300 | ) | (b) | 49,770 | |||||||
Research and development | 12,874 | (961 | ) | (c) | 11,913 | |||||||
General and administrative | 14,090 | (1,876 | ) | (d) | 12,214 | |||||||
Lease termination | (4,000 | ) | 4,000 | (e) | — | |||||||
Total operating expenses | 75,034 | (1,137 | ) | 73,897 | ||||||||
Income from operations | 11,076 | 2,126 | 13,202 | |||||||||
Interest and other income, net | 884 | — | 884 | |||||||||
Income before income taxes | 11,960 | 2,126 | 14,086 | |||||||||
Provision (benefit) for income taxes | (18,033 | ) | 18,411 | (f) | 378 | |||||||
Net income | $ | 29,993 | $ | (16,285 | ) | $ | 13,708 | |||||
Net income per share: | ||||||||||||
Basic | $ | 2.16 | $ | (1.17 | ) | $ | 0.99 | |||||
Diluted | $ | 2.04 | $ | (1.11 | ) | $ | 0.93 | |||||
Weighted-average number of shares used in per share calculations: | ||||||||||||
Basic | 13,873 | 13,873 | 13,873 | |||||||||
Diluted | 14,728 | 14,728 | 14,728 | |||||||||
* Fiscal year 2017 Non-GAAP results exclude the effect of the below mentioned adjustments ($000s) | ||||||||||||
(a) Adjustment of $989 included non-cash expenses of $329 related to depreciation and amortization, and $660 of stock based compensation. | ||||||||||||
(b) Adjustment of $2,300 included a non-cash expenses of $658 related to depreciation and $1,642 of stock based compensation. | ||||||||||||
(c) Adjustment of $961 included a non-cash expenses of $25 related to depreciation and $936 of stock based compensation. | ||||||||||||
(d) Adjustment of $1,876 included non-cash expenses of $4 for depreciation and $1,872 for stock based compensation. | ||||||||||||
(e) Adjustment of $4,000 represents non-recurring lease termination income. | ||||||||||||
(f) Adjustment of $18,411 relates to: (i) $18,741 for the release of a significant portion of our valuation allowance against certain U.S. deferred tax assets, partially offset by our revised measurement of U.S. deferred tax assets resulting from the 2017 US Tax Reform; offset by (ii) $248 for establishing a foreign transfer pricing contingency reserve; and (iii) $82 for the tax effect of the $4 million lease termination fee received in Q3'2017. | ||||||||||||
CUTERA, INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income | $ | 22,880 | $ | 4,213 | $ | 29,993 | $ | 2,577 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Stock-based compensation | 1,487 | 1,061 | 5,110 | 3,713 | |||||||||||||||
Depreciation and amortization | 266 | 249 | 1,016 | 982 | |||||||||||||||
Change in deferred tax assets | (18,678 | ) | 22 | (18,678 | ) | 22 | |||||||||||||
Other | 15 | 38 | (52 | ) | (7 | ) | |||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||
Accounts receivable | (1,181 | ) | (4,838 | ) | (4,229 | ) | (4,899 | ) | |||||||||||
Inventories | (5,054 | ) | 1,501 | (13,805 | ) | (2,899 | ) | ||||||||||||
Accounts payable | 1,197 | (685 | ) | 4,404 | 639 | ||||||||||||||
Accrued liabilities | 4,588 | 2,575 | 9,345 | 3,461 | |||||||||||||||
Deferred revenue | 905 | 361 | 1,557 | (826 | ) | ||||||||||||||
Other | 257 | 244 | (374 | ) | (771 | ) | |||||||||||||
Net cash provided by operating activities | 6,682 | 4,741 | 14,287 | 1,992 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Acquisition of property, equipment and software | (412 | ) | (226 | ) | (855 | ) | (537 | ) | |||||||||||
Disposal of property and equipment | - | 3 | 53 | 20 | |||||||||||||||
Net change in marketable investments | 13,886 | (5,219 | ) | 18,496 | (2,875 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 13,474 | (5,442 | ) | 17,694 | (3,392 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repurchases of common stock | (21,391 | ) | — | (35,167 | ) | (4,873 | ) | ||||||||||||
Proceeds from exercise of stock options and employee stock purchase plan | 869 | 3,313 | 5,435 | 10,111 | |||||||||||||||
Taxes paid related to net share settlement of equity awards | (137 | ) | (17 | ) | (1,469 | ) | (618 | ) | |||||||||||
Payments on capital lease obligations | (97 | ) | (95 | ) | (371 | ) | (313 | ) | |||||||||||
Net cash provided by (used in) financing activities | (20,756 | ) | 3,201 | (31,572 | ) | 4,307 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (600 | ) | 2,500 | 409 | 2,907 | ||||||||||||||
Cash and cash equivalents at beginning of period | 14,784 | 11,275 | 13,775 | 10,868 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 14,184 | $ | 13,775 | $ | 14,184 | $ | 13,775 | |||||||||||
CUTERA, INC. | |||||||||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||
(in thousands, except percentage data) | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Three Months Ended | % Change | Twelve Months Ended | % Change | ||||||||||||||||||||||||
Q4 | Q4 | Q4 '17 Vs | Q4 | Q4 | YTD Q4 '17 Vs | ||||||||||||||||||||||
2017 |
2016 |
Q4 '16 | 2017 |
2016 |
YTD Q4 '16 | ||||||||||||||||||||||
Revenue By Geography: | |||||||||||||||||||||||||||
United States | $ | 30,524 | $ | 23,297 | +31 | % | $ | 94,581 | $ | 65,513 | +44 | % | |||||||||||||||
Rest of World | 17,108 | 14,578 | +17 | % | 56,912 | 52,543 | +8 | % | |||||||||||||||||||
$ | 47,632 | $ | 37,875 | +26 | % | $ | 151,493 | $ | 118,056 | +28 | % | ||||||||||||||||
Rest of World as a percentage of total revenue | 36 | % | 38 | % | 38 | % | 45 | % | |||||||||||||||||||
Revenue By Product Category: | |||||||||||||||||||||||||||
Systems | |||||||||||||||||||||||||||
- North America | $ | 29,383 | $ | 21,787 | +35 | % | $ | 88,338 | $ | 58,595 | +51 | % | |||||||||||||||
- International | 11,531 | 9,678 | +19 | % | 37,544 | 34,126 | +10 | % | |||||||||||||||||||
Total Systems | 40,914 | 31,465 | +30 | % | 125,882 | 92,721 | +36 | % | |||||||||||||||||||
Service | 4,660 | 4,750 | -2 | % | 18,833 | 19,028 | -1 | % | |||||||||||||||||||
Hand Piece Refills | 692 | 612 | +13 | % | 2,436 | 2,498 | -2 | % | |||||||||||||||||||
Skincare | 1,366 | 1,048 | +30 | % | 4,342 | 3,809 | +14 | % | |||||||||||||||||||
$ | 47,632 | $ | 37,875 | +26 | % | $ | 151,493 | $ | 118,056 | +28 | % | ||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
Q4 | Q4 | Q4 | Q4 | ||||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||||||||||||||
Pre-tax Stock-Based Compensation Expense: | |||||||||||||||||||||||||||
Cost of revenue | $ | 283 | $ | 87 | $ | 660 | $ | 341 | |||||||||||||||||||
Sales and marketing | 427 | 335 | 1,642 | 1,179 | |||||||||||||||||||||||
Research and development | 303 | 180 | 936 | 596 | |||||||||||||||||||||||
General and administrative | 474 | 459 | 1,872 | 1,597 | |||||||||||||||||||||||
$ | 1,487 | $ | 1,061 | $ | 5,110 | $ | 3,713 | ||||||||||||||||||||
CONTACTS:
Chief Financial Officer
415-657-5500
Investor Relations
Partner,
646-277-1254
john.mills@icrinc.com