Fast track runner: Itamar Medical Ltd. (NASDAQ: ITMR)

On 02 April 2020, Itamar Medical Ltd. (NASDAQ: ITMR) changed 7.51% to recent value of $11.88. The stock transacted 11320 shares during most recent day however it has an average volume of 53.55K shares. It spotted trading -34.13% off 52-week high price. On the other end, the stock has been noted 55.09% away from the low price over the last 52-weeks.

Itamar Medical Ltd. (ITMR) recently stated unaudited financial results for the three-month period and year ended December 31, 2019.

Fourth Quarter 2019 Financial Results

Revenues for the fourth quarter of 2019 increased 48% to $9.8M, contrast to $6.6M in the same quarter in 2018. Revenue growth was driven by a raise in WatchPAT sales in the U.S. and Europe.

WatchPAT revenues for the fourth quarter of 2019 increased 51% to $9.1M, contrast to $6.0M in the same quarter in 2018.

U.S. WatchPAT revenues for the fourth quarter of 2019 increased 68% to $7.3M, contrast to $4.4M in the same quarter in 2018. Sales from disposables and renewable products were about 50% (and 70% not including an order of about $2.3M for WatchPAT 300, from a consumer mostly for an upgrade and expansion of its current WatchPAT fleet, before stated by the Company) of U.S. WatchPAT revenues in the fourth quarter of 2019, contrast to about 65% in the same quarter in 2018.

Gross profit for the fourth quarter of 2019 increased to $7.7M, contrast to $5.1M in the same quarter in 2018. Gross profit margin for the fourth quarter of 2019 increased to 78.3%, contrast to 77.4% in the same quarter in 2018.

Operating loss for the fourth quarter of 2019 was $0.9M, contrast to $0.6M in the same quarter in 2018. The increase in operating loss was mainly Because of a raise of $1.9M in selling and marketing expenses associated with the expansion of the U.S. sales team into new geographical territories and verticals (27 territories and verticals as of December 31, 2019, contrast to 19 territories and verticals as of December 31, 2018), a raise of $0.5M in research and development expenses, associated with a raise in research and development personnel, and a raise of $0.5M in general and administrative expenses, mainly Because of the listing of the Company’s American Depositary Shares (ADSs) on Nasdaq in February 2019, partially offset by the increase in revenues.

Non-IFRS operating loss for the fourth quarters of 2019 and 2018 was $0.2M. Non-IFRS operating loss excludes about $0.7M in share-based payments; depreciation and amortization of property and equipment and intangible assets; and change in provision for doubtful and bad debt, contrast to $0.4M of similar expenses for the same quarter in 2018 (see “Use of Non-IFRS Measures” below). The non-IFRS operating loss was influenced by the increase in revenues, offset by the increase in operating expenses as described above.

Net loss for the fourth quarter of 2019 increased to $1.0M, contrast to $0.2M in the same quarter in 2018.

Non-IFRS net loss for the fourth quarter of 2019 reduced to $0.3M, contrast to $0.4M in the same quarter in 2018. Non-IFRS net loss excludes about $0.7M in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; and gain from reevaluation of derivatives, contrast to $(0.2)M of similar expenses and gains for the same quarter in 2018 (see “Use of Non-IFRS Measures” below).

As of December 31, 2019, the Company had cash and cash equivalents of $15.1M. This does not include the net proceeds of $35.5M from the recently completed public offering in February 2020.

Full Year 2019 Financial Results

Revenues for the full year ended December 31, 2019 increased 29% to $31.3M, contrast to $24.2M in 2018. Revenue growth for the full year ended December 31, 2019 was mainly Because of the same reasons as mentioned above.

WatchPAT revenues for the full year ended December 31, 2019 increased 29% to $29.0M, contrast to $22.4M in 2018.

U.S. WatchPAT revenues for the full year ended December 31, 2019 increased 33% to $22.4M, contrast to $16.8M in 2018.

Gross profit for the full year ended December 31, 2019 increased to $24.3M, contrast to $18.5M in 2018. Gross profit margin for the full year ended December 31, 2019 was 77.7%, contrast to 76.3% in 2018.

Operating loss for the full year ended December 31, 2019 was $4.9M, contrast to $3.1M in 2018. The increase in operating loss was mainly Because of a raise of $5.6M in selling and marketing expenses associated with the expansion of the U.S. sales team into new geographical territories and verticals, as described above, a raise of $0.9M in research and development expenses, associated with a raise in research and development personnel, and a raise of $1.1M in general and administrative expenses, mainly Because of the listing of the Company’s ADSs on Nasdaq in February 2019, partially offset by the increase in revenues.

The company has 14.1M of outstanding shares and 7.97M shares were floated in the market. According to the most recent quarter its current ratio was # ref that represents company’s ability to meet its current financial obligations. The price moved ahead of 13.65% from the mean of 20 days, -12.08% from mean of 50 days SMA and performed 7.49% from mean of 200 days price. Company’s performance for the week was 12.82%, -19.68% for month and YTD performance remained -7.69%.