Itamar Medical, a company that develops, manufactures, and markets non-invasive diagnostic medical devices for sleep apnea with a focus on the cardiology market, today reported financial results for the third quarter of 2018.
“We are pleased with the solid increase in third-quarter revenues, which reflects the growing recognition among U.S. cardiologists of the benefits that our WatchPAT technology enables for diagnosing sleep apnea at home,” said Gilad Glick, President and CEO of Itamar Medical. “We believe that continued positive WatchPAT product adoption trends among U.S. cardiologists, as well as our new sales model and recent favorable insurance reimbursement decision, will enable the Company to sustain its growth momentum.”
Third Quarter 2018 Financial Results
Revenues for the third quarter of 2018 totaled $6.1 million, an increase of 14.7%, compared to $5.3 million in the same quarter last year. Revenue growth was mainly due to a 29.3% increase in WatchPAT sales, due to the successful transition from a business model based on equipment sales to one based on the sale of WatchPAT tests, called Test as a Service (“TaaS”).
Gross profit increased by 12.5% to $4.5 million in the third quarter of 2018, compared to $4.0 million in the same quarter last year. Gross profit margin for the third quarter of 2018 was approximately 74.3% of total revenues.
Operating loss on a cash basis (non-IFRS) in the third quarter of 2018 decreased to $0.3 million, compared to an operating loss of $0.7 million in the same quarter last year. The improvement in the operating loss was primarily due to increased revenues, as well as a decrease in research and development and general and administrative expenses, which was partially offset by an increase in selling and marketing expenses that support the Company’s continued growth.
Nine Months 2018 Financial Results
Revenues in the first nine months of 2018 reached a record $17.6 million, an increase of 19.9% over the same period in 2017. Gross profit for the first nine months of 2018 reached $13.4 million, an increase of 20.2% compared to the same period last year. Gross profit margin in the first nine months of 2018 was 75.9% compared to 75.7% in the first nine months of 2017. Operating loss on a cash basis in the first nine months of 2018 decreased by 59% to $1.3 million.
See Full Press Release at the Source: Itamar Medical Reports Record Third Quarter 2018 Financial Results – NASDAQ.com
Press Release by Itamar Medical
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