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107 mutual funds hold Itamar shares in the amount of NIS 79.22 million
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Provides revenue forecast for 2021: approximately $ 52-53 million;
Itamar Medical (NASDAQ & TASE: ITMR), A medical technology company, which focuses on the development and commercialization of non-invasive medical devices that help diagnose and treat respiratory disorders, reports its financial results for the fourth quarter and for the entire 2020 year and provides a forecast for 2021.
“2020 was a leap year for Itamar Medical, both financially and operationally. During the year, we saw significant momentum in all of our major and long-term growth engines, including sleep, cardiology and international expansion,” he said. Itamar President and CEO Gilad Glick noted. “While the corona has undoubtedly provided an opportunity to accelerate the transition to options of home medicine, we believe that physicians and patients together understand the additional and long-term benefits of sleep apnea testing at home over a sleep lab test.
We are pleased to see that fourth-quarter sales in all reusable WatchPAT tests surpassed pre-corona levels and that sales of WatchPAT ONE, our one-time test product, peaked. Orders using WatchPAT Direct continued to show significant growth over the trends we saw before the onset of the corona plague. “
“In 2021, we expect continued revenue growth in the U.S. sleep business lead and return to a pre-Corona non-IFRS gross profit margin of approximately 75% by the end of the year. With the proceeds from our recent public offering in the U.S., we will now have a greater leverage to grow organically with accelerated expansion of direct sales organization in the U.S. and worldwide, and continue to accelerate growth through acquisitions and mergers and also increase U.S. trading volume. We plan to carefully manage our expenses in order to improve our operating efficiency and performance on the profit line. ” Glick concluded.
Highlights for the fourth quarter of 2020, revenue forecast for 2021 and recent achievements
• Revenue in the fourth quarter of 2020 was $ 12.8 million, an increase of 31% compared to the same quarter in 2019 (and a 46% increase, excluding one-time sales of $ 1 million in the fourth quarter of 2019 to Kaiser Permanent).
• WatchPAT U.S. revenue in the fourth quarter of 2020 was $ 10.2 million, an increase of 39% compared to the same quarter last year (and a 61% increase, excluding a $ 1 million one-time sale in the fourth quarter of 2019 to Kaiser Permanent).
• Active centers using WatchPAT ONE reached 628, with an average of 40 new customers per month during the fourth quarter.
• Completion of a public offering in the United States in February 2021 with a gross total consideration for the company of approximately $ 50 million.
• Acquisition of assets from Spry Health provides an opportunity to bring to market the first device for continuous remote monitoring of patients.
Revenues in 2021 are expected to range from about $ 52 million to about $ 53 million, reflecting a growth of about 27% to about 29% compared to revenues of $ 41 million in 2020.
Financial results in the fourth quarter of 2020
Revenue in the fourth quarter of 2020 increased by 31% (and about 46%, excluding one-time sales of $ 1 million in the fourth quarter of 2019 to Kaiser Permanent) to $ 12.8 million, compared to $ 9.8 million in the same quarter in 2019. Revenue growth was due to an increase in WatchPAT sales in the US and Europe.
WatchPAT revenue in the fourth quarter of 2020 increased by 34% (and by 51%, excluding one-time sales of $ 1 million in the fourth quarter of 2019 to Kaiser) to $ 12.2 million, compared to $ 9.1 million in the fourth quarter of 2019 .
WatchPAT U.S. revenue in the fourth quarter of 2020 increased by 39% (and 61%, excluding one-time sales of $ 1 million in the fourth quarter of 2019 to Kaiser Permanent) to $ 10.2 million, compared to $ 7.3 million In the corresponding quarter in 2019, mainly as a result of WatchPAT ONE sales and WatchPAT sales through direct marketing channels to the consumer.
Sales of consumables and renewables, including WatchPAT ONE, accounted for approximately 80% of total WatchPAT sales in the U.S. in the fourth quarter of 2020, compared to 50% (and approximately 70% excluding the order of WatchPAT 300 from Kaiser Permanent in the fourth quarter of 2019, mainly For the purpose of upgrading and expanding the device fleet) in the corresponding quarter in 2019.
Gross profit in the fourth quarter of 2020 increased to $ 8.8 million, compared to $ 7.7 million in the same quarter in 2019. The gross profit margin in the fourth quarter of 2020 dropped to 69%, compared to 78% in the same period in 2019. The rate of gross profit on a non-IFRS basis in the fourth quarter of 2020 decreased to 71%, compared to 79% in the corresponding quarter in 2019. The decrease in the gross profit margin was mainly due to the increase in WatchPAT ONE sales.
The operating loss in the fourth quarter of 2020 was $ 2.7 million, compared to $ 0.9 million in the same quarter in 2019. The increase in operating loss is mainly due to an increase in operating expenses, and is partially offset by an increase in revenue. Sales and marketing expenses increased 34% to $ 7.1 million, compared to $ 5.3 million in the fourth quarter of 2019, due to a planned expansion of the U.S. sales team to new vertical geographic territories (33 territories as of December 31, 2020, compared to 27 territories As of December 31, 2019), as well as additional sales commissions resulting from an increase in revenue.
Research and development expenditures increased by 43% to $ 1.9 million, compared to $ 1.4 million in the fourth quarter of 2019. Mainly due to an increase in development support staff. Administrative and general expenses increased 32% to $ 2.5 million, compared to $ 1.9 million in the same quarter in 2019, mainly due to an increase in insurance premiums for directors and officers, as well as an increase in legal expenses, including for commercial litigation initiated by the Company to protect On its intellectual property.
On a non-IFRS basis, the operating loss in the fourth quarter of 2020 totaled $ 1.8 million, compared to $ 0.2 million in the corresponding quarter in 2019. The non-IFRS operating loss does not include about $ 0.8 million in share-based payments, depreciation and amortization of fixed assets and intangible assets and a change in the provision for doubtful and lost debts, compared to about $ 0.7 million of similar expenses in the corresponding quarter in 2019.
The net loss in the fourth quarter of 2020 was $ 2.9 million, compared to $ 1 million in the same quarter in 2019.
On a non-IFRS basis, the net loss in the fourth quarter of 2020 was $ 2.1 million, compared to $ 0.3 million in the same quarter in 2019. The net loss on a non-IFRS basis in the fourth quarter of 2020 does not include approximately $ 0.8 million in share-based payments, depreciation and amortization of fixed assets and intangible assets, a change in the provision for doubtful and lost debts, compared to approximately $ 0.7 million in similar components in the corresponding quarter in 2019 .
As of December 31, 2020, the Company has cash and cash equivalents and short-term bank deposits amounting to $ 39.7 million. This amount does not include the net consideration of $ 46.2 million from the last public offering in the US in February 2021.
Financial results for 2020
Revenue in 2020 increased by 31% (and 36%, excluding one-time sales of $ 1 million in the fourth quarter of 2019 to Kaiser Permanent) to $ 41.0 million, compared to $ 31.3 million in 2019. Revenue growth was largely due to an increase in WatchPAT sales in the US, Europe and Japan.
WatchPAT revenue in 2020 increased by 34% (and 39%, excluding a $ 1 million one-time sale in the fourth quarter of 2019 to Kaiser Permanent) to $ 38.8 million, compared to $ 29.0 million in 2019.
WatchPAT revenue in the U.S. in 2020 increased by 42% (and 49%, excluding one-time sales of $ 1 million in the fourth quarter of 2019 to Kaiser Permanent) to $ 31.8 million, compared to $ 22.4 million in 2019, mainly as a result of WatchPAT ONE sales and WatchPAT sales through direct marketing channels to consumers. Sales of consumable and renewable products, including WatchPAT ONE, accounted for approximately 77% of total WatchPAT sales in the US in 2020, compared to 64% (and approximately 71%). % Excluding order of WatchPAT 300 from Kaiser Permanent in the fourth quarter of 2019, mainly for the purpose of upgrading and expanding the device fleet) for 2019.
Gross profit in 2020 increased to $ 28.7 million, compared to $ 24.3 million in 2019. The gross profit margin in 2020 dropped to 70%, compared to 78% in 2019. The non-IFRS gross profit margin in 2020 decreased to 72%, compared to 79% in 2019. The decrease in the gross profit margin was mainly due to the increase in WatchPAT ONE sales.
The operating loss in 2020 was $ 10.3 million, compared to $ 4.9 million in 2019. The increase in operating loss is mainly due to an increase in operating expenses, and is partially offset by an increase in revenue. Sales and marketing expenses increased 34% to $ 24.6 million, compared to $ 18.3 million in 2019, due to a planned expansion of the U.S. sales team to new vertical geographic territories as well as additional sales commissions resulting from an increase in revenue. Research and development spending increased 33% to $ 6.0 million, compared to $ 4.5 million in 2019, mainly due to an increase in the development support staff, primarily the digital health platform. Administrative and general expenses increased by 34% to $ 8.5 million, compared to $ 6.4 million in 2019, mainly due to an increase in the insurance premiums of directors and officers, as well as due to an increase in legal expenses, including for commercial litigation initiated by the company to protect property Its spiritual.
On a non-IFRS basis, the operating loss for 2020 was $ 7.5 million, compared to $ 2.6 million in 2019. The non-IFRS operating loss for 2020 does not include about $ 2.8 million in share-based payments, depreciation and amortization of fixed assets and intangible assets, a change in the provision for doubtful and lost debts and expenses related to staff reduction, compared to $ 2.3 million of similar expenses in -2019.
The net loss in 2020 amounted to $ 10.9 million, compared to $ 5.3 million in 2019.
On a non-IFRS basis, the net loss in 2020 was $ 8.1 million, compared to $ 3.4 million in 2019. The net loss on a non-IFRS basis does not include about $ 2.8 million in share-based payments, depreciation and amortization of fixed assets and intangible assets, change in provision for doubtful and lost debts, expenses related to staff reduction and derivative revaluation gain, compared to $ 1.9 million in components Similar in 2019.