Itamar hits revenue – capital market

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Itamar
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Medical, which is traded on the local stock exchange and on Wall Street at a value of about $ 400 million, reports record revenues in the last quarter of 2020 – $ 12.8 million, compared to analysts’ expectations of $ 12.3 million; Revenue in 2021 is expected to total $ 52-53 million, compared to analysts’ expectations of $ 52 million. On the bottom line, the company lost more than expected in the quarter – 21 cents per share, compared with analysts’ expectations of 13 cents, mainly due to an increase in financing expenses (foreign exchange differences), legal expenses and an expansion of sales and marketing capabilities.

“Itamar Medical, which focuses on the development of devices that help diagnose and treat respiratory disorders, recently completed a large fundraising of about $ 50 million on NASDAQ. Among the participants – investment funds in the field of medical devices. Against the background of the results,” 2020 was a leap year for Itamar Medical, both financially and operationally, and during the year, we saw significant momentum in all of our major and long-term growth engines, including sleep, cardiology and international expansion.

“While the corona has undoubtedly provided an opportunity to accelerate the transition to home medicine options, we believe that physicians and patients together understand the additional and long-term benefits of a sleep apnea test at home over a sleep lab test. We are pleased to see fourth quarter sales “WatchPAT reusable bypassed pre-corona levels and 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 start 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 return from our recent public offering in the US, we will now have a greater leverage to grow organically with accelerated expansion of direct sales organization in the US and worldwide, and continue to accelerate growth through acquisitions and mergers and also increase US trading volume. “We plan to carefully manage our expenses in order to improve our operating efficiency and performance on the profit line,” Glick concluded.

In 2020 as a whole, revenues totaled $ 41 million. The company provided a forecast for 2021 –
Revenues in the range of about $ 52 million to about $ 53 million, reflecting a growth of about 27% to about 29% compared to 2020.

Despite the increase in revenue, the company is still losing and according to analysts’ forecast, it will continue to lose in 2021 as well. 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 United States in February 2021. That is, the company has cash in the amount of about $ 86 million.