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Sofwave Medical Reports First Half Financial Results and Business Highlights

Last Updated on August 16, 2022 by GlobeNewsWire

– Revenue Grew 34% YoY to $13.7M in the First Half

– Pulse Recurring Revenue Increased to $2.9M

– Announced a Key Agreement with Major Partner in China

SAN CLEMENTE, Calif., Aug. 16, 2022 (GLOBE NEWSWIRE) — Sofwave Medical Ltd (TASE: SOFW), an emerging leader in energy-based non-invasive, aesthetic medical devices for practitioners worldwide, reported results for the first half of fiscal year 2022, for the period ended June 30, 2022.

Financial Highlights (1H’22)

1H’22 Revenue of $13.7M, a year on year increase of 34% Recurring Revenue of $2.9M, a year on year increase of 203%, representing more than 20% of total revenueGross Profit was $10.1M an increase of 34%IFRS Gross Margin was 73.8%; Non-IFRS 74.7%IFRS Operating Loss was $9.0M; Non-IFRS $6.3MQ2’22 Revenue was $8.1MCash as of June 30, 2022 was $36M

Management Commentary

Mr. Louis Scafuri, Sofwave CEO commented, “Sofwave significantly grew revenues 34% in the first half of 2022 while garnering industry accolades for SUPERB(TM) lifting and wrinkle reduction technology. We are proud to have more than half of top ranking providers as users of Sofwave’s SUPERB medical aesthetic devices. Not only have they adopted SUPERB for use on their patients as an alternative to the shortfalls of aging, ablative treatment equipment but are now Key Opinion Leaders (KOLs) advocates of our treatment approach as well.”

“With half of the remaining fiscal reporting period to go, we have also surpassed the number of Sofwave treatments performed for the whole of fiscal 2021. We are also delighted to note our success in activating brand awareness and patient engagement campaigns across social media. As a critical part of our commercial growth strategy, we also seeded the necessary infrastructure to expand cross border sales in China, while supporting further market penetration in our core markets with headcount additions across key leadership and sales positions. Patient enrollment of our most recent clinical trial is now complete in the effort to expand into new indications while complementing our strong commercial framework,” concluded Mr. Scafuri.

“We continue to broaden the clinical indications of our SUPERB technology and are pleased to note that we completed the recruitment of patients in our multi-site US trial for treatment of cellulite. We believe that the unique advantages of SUPERB, clearly proven clinically and commercially in facial and neck treatments will also be demonstrated in our cellulite clinical data; and once cleared by the FDA will significantly expand the revenue streams of physicians using our technology,” noted Dr. Shimon Eckhouse, Chairman and co-founder.

Operational Highlights (1H’22)

Earned four major beauty awards including Cosmopolitan, Shape and Elle Magazines>25,000 Sofwave treatments administered in first half of fiscal 2022 versus <25,000 for all of fiscal 2021Signed key collaboration and distribution agreement with a major partner for the Chinese marketGrew social media following to >350,000 followers8 of 15 top cosmetologists as ranked* by Newsweek, June 2022 are now KOL advocates and users of SofwaveU.S. sales team expanded to 30 membersInternational leadership team strengthened with the addition of two highly-experienced regional managersCompleted patient enrollment in cellulite clinical trial

Financial Summary (1H’22)

IFRS Results(U.S. dollars in thousands) H1 2022H1 2021Revenues$13,651$10,156Gross Profit$10,070$7,496Gross Margin73.8%73.8%Operating Loss($9,045)($2,337)*Non-IFRS Results(U.S. dollars in thousands) H1 2022H1 2021Gross Profit$10,204$7,496Gross Margin74.7%73.8%Operating (Loss)/Profit($6,312)$754

(*) Excluding stock-based compensation

About

Sofwave Medical Ltd. has implemented an innovative approach to wrinkle reduction and lifting using proprietary breakthrough technology. Synchronous Ultrasound Parallel Beam technology is FDA-cleared to improve facial lines and wrinkles, lifting the eyebrow and lifting lax submental tissue (beneath the chin) and neck tissue providing physicians with smart yet simple, effective, and safe aesthetic solutions for their patients.

Investor Contact:Brian RitchieLifeSci Advisors LLC(212) 915-2578britchie@lifesciadvisors.com




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