The shift is being made to reflect the company’s focus on dermatology and a broad range of conditions, according to CEO Michael Stewart.
“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 3rd quarter of 2015, our 1st full quarter of Xtrac operations, we generated revenues of $8.3 million, including $7.0 million or 84.45% of recurring high-margin revenues, representing year over year growth of 15.9%,” CEO Michael Stewart said in an SEC filing.
The company said it will trade under the symbol “SSKN” on the Nasdaq stock market.
Stewart reinforced the company’s initial guidance and estimated revenue growth in the mid-to-high teens, according to the SEC filing.
“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,” Stewart said in an SEC filing.
In June, Mela Sciences it agreed to purchased PhotoMedex‘s (NSDQ:PHMD) Xtrac and Vtrac laser business assets for $42.5 million.
Xtrac and Vtrac are devices used to treat psoriasis, vitiligo and other skin diseases, the company said.
In May, Mela Sciences recalled its flagship MelaFind melanoma diagnosis aid because some of its software wasn’t included in its pre-market approval from the FDA.