July 31, 2012
San Jose Mercury News
Zeltiq shares jump 17 percent, bolstered by robust sales for its CoolSculpting fat reduction technology
Powered by a surge in sales for its CoolSculpting fat-reduction products, shares of Zeltiq Aesthetics soared on Tuesday by nearly 17 percent.
The revenue gains for Cool Sculpting were disclosed in the company's report about its quarterly financial results.
Pleasanton-based Zeltiq lost $8.1 million on sales of $22.3 million for its second quarter that ended in June. Compared to the year-ago quarter, when Zeltiq lost $559,000, revenue rose 28.3 percent. The loss equated to 24 cents a share.
Revenue from sales of the CoolSculpting technique rocketed higher by 85 percent. That is the cornerstone technology currently being offered by Zeltiq.
"We are very pleased with our performance during the second quarter of 2012," Zeltiq's Interim CEO Mark Foley said in a prepared release. "Our recently strengthened commercial organization, combined with an increased focus on execution, successfully drove physician adoption of CoolSculpting."
CoolSculpting is a non-invasive procedure to reduce fat and is being embraced by a growing number of physicians.
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