Venus cept (US:VERO)2024-04-01 11:10Revenue Performance - Total revenue for Q4 2023 was $18.1 million, a decrease of $6.2 million, or 25%, year-over-year[4] - Total revenue for fiscal year 2023 decreased by $23.1 million, or 23.3%, to $76.4 million from $99.5 million in fiscal year 2022[11] - Total revenue for the year ended December 31, 2023, was $76,354,000, a decrease of 23.2% compared to $99,497,000 in 2022[22] - The company expects total revenue for Q1 2024 to be at least $16.5 million[13] Operating Expenses - Operating expenses for Q4 2023 decreased by $5.0 million, or 20%, to $19.7 million compared to Q4 2022[8] - Operating expenses for the year were $80,476,000, a decrease of 20.2% from $100,847,000 in 2022[22] - The company achieved a 20% reduction in operating expenses as part of its strategic turnaround plan[3] Net Loss - GAAP net loss attributable to stockholders for Q4 2023 was $11.1 million, an increase of $1.2 million, or 12%, year-over-year[4] - Net loss for the year ended December 31, 2023, was $37,050,000, compared to a net loss of $43,584,000 in 2022, representing a 15% improvement[24] - The net loss for the twelve months ended December 31, 2023, was $(37,050) thousand, an improvement from $(43,584) thousand in the previous year[28] Cash Flow and Liquidity - Cash used in operations for fiscal year 2023 was $12.9 million, down 52% year-over-year from $27.0 million[4] - Cash and cash equivalents as of December 31, 2023, were $5.4 million, down from $11.6 million a year earlier[10] - Cash and cash equivalents decreased to $5,396,000 as of December 31, 2023, down from $11,569,000 in 2022, indicating a cash burn reduction[20] Subscription Revenue - Subscription revenue for systems in Q4 2023 was $6.1 million, representing 33.4% of total revenue, up from 23.8% in Q4 2022[6] - The percentage of total systems revenue derived from the subscription model was approximately 29% for the fiscal year 2023, down from 42% in the prior year[11] Assets and Liabilities - Total current assets decreased by 20.9% to $66,446,000 in 2023 from $84,008,000 in 2022[20] - Total liabilities decreased to $107,103,000 in 2023, down from $116,640,000 in 2022, reflecting a 8.2% reduction[20] Profitability Metrics - The company reported a gross profit of $52,167,000 for the year ended December 31, 2023, down from $65,971,000 in 2022, a decline of 20.9%[22] - Adjusted EBITDA for Q4 2023 was $(5,926) thousand, compared to $(6,347) thousand in Q4 2022, indicating a slight improvement year-over-year[28] Other Financial Metrics - Finance expenses increased to $6,893 thousand for the twelve months ended December 31, 2023, compared to $4,561 thousand in 2022[28] - The company recognized a loss on debt extinguishment of $2,040 thousand for the twelve months ended December 31, 2023, with no such loss reported in 2022[28] - Stock-based compensation expense for the twelve months ended December 31, 2023, was $1,569 thousand, down from $2,104 thousand in 2022[28] Strategic Focus - The company anticipates continued focus on restructuring and strategic alternatives to maximize shareholder value moving forward[21]