World News: 11:02 GMT Friday 15th March 2019. [Restoration Robotics, Inc. via Globe Newswire via SPi World News]
SAN JOSE, Calif., March 15, 2019 (GLOBE NEWSWIRE) -- Restoration Robotics, Inc. (NASDAQ:HAIR), a global leader in robotic hair restoration, announced today financial results for the fourth quarter and full year ended December 31, 2018.
Gross margin in the fourth quarter of 2018 was 39% compared to 47% in the fourth quarter of 2017. Gross margin for 2018 was 43%, flat from full year 2017. The change in gross margin for the fourth quarter and year-over-year was primarily driven by the implementation of certain cost efficiencies, which were partially offset by higher initial manufacturing, warranty and other costs associated with ARTAS iX.
Operating expenses in the fourth quarter of 2018 were $9.8 million, a 50% increase from $6.6 million in the fourth quarter of 2017. Operating expenses for 2018 were $35.4 million, an increase of 34% from $26.4 million for 2017. The increase in operating expenses in both periods was largely due to increased investments in the Company’s sales and marketing initiatives and reserves that were made for customers’ accounts receivable primarily outside of the United States.
Net loss for the fourth quarter of 2018 was $(8.0) million or $(0.20) per share, compared with a net loss of $(1.1) million, or $(0.04) per share, for the fourth quarter of 2017. Net loss for the full year 2018 was $(28.7) million or $(0.86) per share, compared to $(17.8) million or $(2.42) per share for the full year 2017.
Total cash and cash equivalents were $16.1 million as of December 31, 2018. Cash and cash equivalents as of December 31, 2018 does not include the proceeds of $5.0 million from the Company’s issuance of Convertible Promissory Notes finalized on February 28, 2019.
Globe Newswire: 11:02 GMT Friday 15th March 2019
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