Restoration Robotics® Reports Financial Results for First Quarter 2019

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SAN JOSE, Calif., May 15, 2019 (GLOBE NEWSWIRE) -- Restoration Robotics, Inc. (NASDAQ:HAIR), a global leader in robotic hair restoration, announced today financial results for the first quarter ended March 31, 2019.

Gross margin in the first quarter of 2019 was 54% compared to 36% in the first quarter of 2018. The change in gross margin for the first quarter was driven by a higher average selling price per system sold during the period and ongoing cost reduction initiatives.

Operating expenses in the first quarter of 2019 were $9.6 million, an 8% increase from $8.9 million in the first quarter of 2018. The increase in operating expenses was largely due to $1.5 million of merger-related expenses, which was largely offset by lower R&D and G&A expenses.

Net loss for the first quarter of 2019 was $(7.4) million or $(0.18) per share, compared with a net loss of $(7.4) million, or $(0.26) per share, for the first quarter of 2018. 

Total cash and cash equivalents were $15.0 million as of March 31, 2019. Cash and cash equivalents as of March 31, 2019 includes the proceeds of $5.0 million from our issuance of Convertible Promissory Notes on February 28, 2019.

Our results for the quarter ended March 31, 2019 are not necessarily indicative of our operating results for the full year 2019 or any other future periods.  

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Globe Newswire: 21:01 GMT Wednesday 15th May 2019

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