Itamar™ Medical Announces First Quarter 2020 Preliminary Revenue Increase of Approximately 40%
GlobeNewswire GlobeNewswire•April 13, 2020
- Company Ramping Up WatchPAT™ ONE Production Capacity to Meet Demand for Disposable Home Sleep Apnea Tests -
CAESAREA, Israel, April 13, 2020 (GLOBE NEWSWIRE) -- Itamar Medical Ltd. (ITMR) (ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices, solutions and a digital health platform to aid in the diagnosis of respiratory sleep disorders, today provided an update on actions the Company is taking in response to the COVID-19 pandemic. The Company is also providing a preliminary range for its first quarter 2020 revenues and is withdrawing its full year 2020 financial guidance due to current global market uncertainties.
Preliminary First Quarter 2020 Update
Preliminary total revenue for the first quarter of 2020 is expected to be $8.4 to $8.6 million, an increase of 40% to 42% compared to the same period in 2019. The growth in revenue was primarily attributed to an increase in WatchPAT products sales in the U.S. and Japan. U.S. WatchPAT ONE drove a material portion of overall WatchPAT sales.
At March 31, 2020, Itamar Medical had an accumulated backlog of the recently introduced WatchPAT ONE orders of approximately $550,000, mostly created in the last three weeks of March 2020.
The Company had cash and cash equivalents of $50.4 million at March 31, 2020, compared to $15.1 million at December 31, 2019.
“The Itamar Medical team deeply appreciates the dedication of front-line responders and healthcare professionals who have made tremendous sacrifices during these challenging times,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical. “In response to the COVID-19 pandemic, we have taken broad measures to ensure the health and safety of our employees, our customers and the patients they serve. Additionally, to meet the increased demand home sleep apnea testing, especially, disposable tests, we are accelerating production of WatchPAT ONE and making our Digital Health Platform more broadly available at a time when millions of people are unable to leave their homes. Although we are experiencing softness in our reusable product line and the length and depth of this pandemic remains uncertain, we will continue to take prudent operational and strategic measures that will enable us to navigate through the current global crisis.” https://finance.yahoo.com/news/itamar-medical-announces-first-quarter-130010157.html