MELA Sciences Changing Name to STRATA Skin Sciences to Reflect Broader Dermatology Commitment
MELA Sciences, Inc. will be changing its corporate name to STRATA Skin Sciences, Inc. effective Tuesday, January 5, 2016 and it will trade under the symbol “SSKN” on the Nasdaq Stock Market.
Michael R. Stewart, President and Chief Executive Officer stated: “Our June 2015 XTRAC® acquisition has expanded the dermatological opportunities that the Company is pursuing with unique, innovative technologies. Today we have over 700 dermatology accounts that include over 3,000 dermatologists, covered with a 49 person sales and marketing organization of direct sales managers, sales management, clinical specialists, reimbursement specialists and call center support personnel. During the third quarter of 2015, our first full quarter of XTRAC operations, we generated revenues of $8.3 million, including $7.0 million or 84.5% of recurring high-margin revenues, representing year over year growth of 15.9%.”
STRATA’s portfolio of products currently includes its flagship product, the XTRAC laser system for the effective treatment of psoriasis and vitiligo, as well as the VTRAC® excimer lamp system and MelaFind, a multi-spectral digital skin lesion analysis system that assists in the identification of melanoma skin cancer.
STRATA advocates the need for personalized medical care and best practices in medical dermatology. Commercial momentum was gained when coverage policies for XTRAC treatments were secured from virtually all insurers, including Medicare. XTRAC more recently created an expanded market outreach and awareness program aimed at the approximately 10 million psoriasis and vitiligo sufferers in the United States. To support our customers we have developed and are continually enhancing a leading call center operation of patient advocates that bridge the gap between patients looking for solutions and our network of customers.
Continuing, Mr. Stewart added: “We reiterate our initial guidance of continuing revenue growth in the mid-to-high teens and further cash flow improvements going forward.
To better reflect the broader dermatology market being served by the Company and our vision going forward, we have selected STRATA Skin Sciences as our new corporate name and are excited to officially launch this new corporate identity. The new name embodies our commitment to a wide range of therapeutic and diagnostic dermatological conditions with the common goal of increasing access, lowering costs and improving patient quality.
STRATA Skin Sciences enters 2016 with an infrastructure that positions us as a best-in-class player in medical dermatology and a partner-of-choice for emerging technologies looking for a strong and effective enterprise that can quickly scale and exploit unmet needs in the dermatology market.”