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Itamar Medical Reports First Quarter of 2019 Financial Results

– WatchPAT ™ Revenue Increases 15% to $ 5.8 Million –

– US WatchPAT Revenue Grows 34% to $ Four.three Million –

– Complete Revenue Increases from 11% to $ 6.1 Million – [19659004] CAESAREA, Israel, Might 21, 2019 (GLOBE NEWSWIRE) – Itamar Medical Ltd (Nasdaq & TASE: ITMR), which develops, manufactures and markets invasive diagnostic medical units for sleep apnea, focusing on the cardiology market, stories right now on unaudited leads to the primary quarter of 2019.

”We’re delighted that investments within the US sales and advertising group present that US WatchPAT revenue will develop by 34% within the early half of the yr,” stated President Gilad Glick. Managing Director of Itamar Medical. “Cardiologists see the benefits of our WatchPAT technology in solving critical clinical needs when sleep apnea reaches epidemic proportions. We will continue to expand our sales force so that we can ensure the highest level of customer support and improve our ability to further penetrate our target market – especially the US cardiology market. ”

Highlights and Events of the First Quarter 2019 [19659007] Complete revenue for the first quarter of 2019 increased by 10.7% to $ 6.1 million in contrast with $ 5.5 million within the corresponding quarter last yr

  • Income from WatchPAT in the first quarter of 2019 elevated by 14.eight % to $ 5.8m in comparison with $ 5.1m in This fall
  • US. Revenue from WatchPAT in the first quarter of 2019 increased by 34.2% to EUR Four.3 million. Dollars compared to $ 3.2 million in the corresponding quarter last yr
  • Itamar Medical ADS started buying and selling on Nasdaq underneath the code "ITMR" in February 2019
  • Launched WatchPAT300, the newest WatchPAT innovation for house sleep apnea testing in April 2019, enhancing each efficiency and price construction
  • In Might 2019, I signed an info sharing agreement with ResMed Corp. so as to add CPAP compliance info to Philips Respironics knowledge to cover most of the units available on the market with the SleePath ™ management panel
  • First Quarter 2019 Financial Results

    Internet gross sales for the primary quarter of 2019 increased by 10.7% to $ 6.1 million in comparison with $ 5.5 million in the same quarter in 2018. Internet sales progress was primarily because of US WatchPAT gross sales progress and Japan's seasonal fluctuations.

    US. WatchPAT's internet gross sales for the primary quarter of 2019 increased by 34.2% to EUR Four.3 million. Dollars, whereas the corresponding quarter in 2018 was $ 3.2 million. Dollars. Sales of disposable merchandise and renewable merchandise accounted for about 65% ​​of US WatchPAT revenues within the first quarter of 2019.

    Income from WatchPAT in the first quarter of 2019 elevated by 14.8 % to $ 5.eight million compared to $ 5.1 million in the identical quarter in 2018.

    Gross margin for the first quarter of 2019 increased by $ 4.7 million compared to $ 4.2 million in the same quarter in 2018. Gross margin for both the first quarter of 2019 and 2018 was about 77% of complete revenue.

    Working profit for the first quarter of 2019 was $ 1.three million, compared with $ zero.9 million for the same interval in 2018. The rise in working loss was mainly because of an increase of $ 0.9 million in gross sales and advertising costs because of the improve in personnel prices, mainly associated to the enlargement of the US gross sales group to new geographical areas, partly offset by income progress

    The non-IFRS working loss within the first quarter of 2019 was 1, $ zero million compared to $ 0.5 million in the identical quarter 2018. Non-IFRS operating loss doesn’t embrace roughly $ zero.three million in share-based funds; depreciation and amortization of tangible and intangible belongings; and the change within the provision for uncertain and dangerous money owed compared to the equal of $ zero.4 million in the same quarter in 2018 (see under the use of non-IFRS measures)

    Internet loss for the primary quarter of 2019 was $ 1.2 million

    IFRS internet loss for the primary quarter of 2019 was $ 1.2 million, in contrast with $ 0.9 million compared to Q2 2018. $ 0.1 million for share-based funds; depreciation and amortization of tangible and intangible belongings; change in the provision for uncertain and dangerous money owed; and revenue from the revaluation of derivatives, compared to $ 1.0 million in the identical quarter of 2018 (see the use of IFRS under).

    On March 31, 2019, the company had money belongings of $ 19.9 million. This amount consists of the proceeds of a personal placement of $ 14.0 million in March 2019 with out the fee of a share concern

    Use of non-IFRS measures *

    In addition to the publication of monetary leads to accordance with Worldwide Financial Reporting Standards (IFRS), a press release revealed by the Worldwide Accounting Standards Board (IASB) accommodates IFRS-compliant non-IFRS monetary transactions which might be adjusted to IFRS-compliant outcomes to exclude: (i) share-based funds; (ii) depreciation and amortization of tangible and intangible belongings; (iii) change in the provision for uncertain and dangerous debts; and (iv) a achieve (achieve) arising from the revaluation of derivatives. The administration believes that the non-IFRS financing measures outlined on this press launch are helpful for investor understanding and evaluation of the company's performance. The administration uses each IFRS and Non-IFRS measures when they are operating and evaluating the corporate's inner operations and has subsequently determined to make non-IFRS modifications to buyers. Presentation of these non-IFRS financial statements is just not meant to be treated separately or to switch monetary info prepared and introduced in accordance with IFRS. Additional info is the reconciliation of IFRS operating loss and internet loss to the non-IFRS precept in the table

    from Itamar Medical Oy hooked up to this press launch

    to diagnose sleep issues in the respiratory tract, specializing in the cardiology market. The company gives a Complete Sleep Answer ™, which helps docs present comprehensive sleep apnea remedy in lots of medical settings to optimize patient care and scale back healthcare prices. Its flagship PAT-based product, WatchPAT ™, is a house diagnostic gadget for sleep respiration. It additionally offers the EndoPAT ™ system, a tool authorised by the FDA for testing endothelial illness and for assessing the danger of heart disease and other cardiovascular illnesses. Itamar Medical is a public firm traded on the Nasdaq and Tel Aviv exchanges and is situated in Caesarea, Israel, on the US headquarters in Atlanta, GA. Further info could be found at www.itamar-medical.com

    Ahead-looking statements

    This press launch accommodates forward-looking statements beneath the "safe harbor" guidelines for private securities disputes. The 1995 Reform Act and different applicable securities legislation. Statements preceded, followed, or in any other case containing the phrases "Believes", "Expect", "Forecasts," "Plans," "Estimates," "Plans," and Related Expressions or Future or Conditional Verbs, comparable to "Will", "Should" , "should", "may" and "could" are usually forward-looking and not historical information. For example, once we talk about our capacity to penetrate our target markets, we use forward-looking statements. Because such statements cope with future events, they are topic to totally different risks, uncertainties, and assumptions, together with occasions and circumstances resulting from Itamar Medical control, and the precise outcomes that such forward-looking statements have expressed or implied might considerably deviate from Itamar Medical's present expectations. Elements which will trigger or promote such differences embrace, but will not be restricted to, risks, uncertainties, and assumptions that Itamar Medical has periodically discussed in studies submitted or submitted to the US Securities and Change Commission (SEC). and Israeli Securities and Markets Authority (ISA), including the company's newest annual report on Type 20-F, with SEC and ISA. Until in any other case offered by regulation, Itamar Medical isn’t required to publicly disclose these forward-looking statements to mirror occasions or circumstances after this date or to mirror the prevalence of sudden events.

    Company Contact Info
    Itamar Medical Ltd.
    Shy Basson
    Chief Financial Officer
    Telephone: + 972-4-617-7700
    bshy@itamar-medical.com [19659029] Investor Relations (US)
    Lazar Partners Ltd.
    David Carey
    Telephone: 212-867-1762
    dcarey@lazarpartners.com

    * The contents of the websites or hyperlinks mentioned on this press launch are for info and its contents will not be part of this press release.

    19659046

    19659045

    ITAMAR MEDICAL LTD.
    CONSOLIDATED FINANCIAL STATEMENTS
    (unaudited)
    31. March, 31.three.1919 31,
    2019 2018
    US hundreds of dollars
    Equal
    Altering [19659071]
    Cash $ 19,887 $ 6, 471
    Trade receivables 19659067] Trade receivables
    Commerce receivables
    6.549 Different receivables 877 1018 1018 ] 2,426 [19659136] 2.235
    Complete Belongings Complete 29,556
    [19659046] 19659045 ] [19659046]
    Long Time period Restricted Deposits and Advances 385 365
    Lengthy-term Trade Receivables
    Long-term Trade Receivables
    Long-term Trade Receivables 243
    1.243 [19659045 1,732
    Intangible Belongings 338 338 298
    Complete long-term funds 3,945 [19659136] 2,119
    33501 33501 18392
    59046]
    19659045 $ $ 1.869 $ 1,517
    Brief-term worker advantages 302 302 302 302 ] 222
    Brief-term maturities of leases 765
    Brief-term financial institution loans
    5000 ] 5000
    Reservations 219 215
    Transfer debts 1,258 1,zero34
    Other money owed 2,075 2 zero75 02] 2,063
    Complete Current Liabilities ] 11 488
    [19659907]
    Long-term money owed
    ] 1,016 Derivatives 78 442 442 Worker Advantages 169 159
    Different long-term money owed 1071
  • ]
  • 1,052
    Long-term liabilities complete ] 2,334 1,653 1,653 1,653 to debts 13822 11704
    [19659069] MSM
    Own capital
    Strange Share Capital 874 ]
    Capital at Further Fees 125,338 111 486
    Accrued deficit 19659073] (105,546 )
    Complete equity [19659-945] 19679 6 688 6 688 debts and equity $ 33,501 $ 18, 392
    ITAMAR MEDICAL LTD. (19659046) Three Months 31 March 2019 2019 2019 2018 2018 2018 US dollars in hundreds (excl. Per share) Revenue $ ] $ 5,470 Revenue costs 1 402 2449 1 199 19659103] 4,654 [19659136] [19659045] Four,211 19659045 3 722 2.809 Analysis and Improvement 940 19659045 Basic and Administrative Costs 1,287 1313 5,949 5 , 105 Operating loss (19959104) [1965970] [1965970] (884 ) Cash and Investments 92 210 210 Financial Costs of Leases, Loans and on loans (298 ) (578 ) Internet positive aspects on by-product devices 364 1 400 Internet monetary revenue 158 [1965970] Revenue (losses) ) Earlier than Revenue Taxes (1,137 ) 148

    [19659102] ) Internet Revenue (Loss) $ (1.164 )

    19659158 112 19659515] Earnings per share (in US dollars): Primary Primary ] $ 0.00 diluted $ (zero.00 ) [1965973] $

    ITAMAR MEDICAL LTD.
    CONSOLIDATED FINANCIAL STATEMENTS OF CASH FLOWS
    (unaudited)
    Three Months
    31.three. 19659039] 2019 2018
    US Dollars Hundreds
    Business Cash Move
    Internet Revenue $ (1,164,949,696) 19659064]
    Corrections:
    Removing 331 115 115 115 115
    176 240
    Change within the provision of doubtful and dangerous money owed [13 ) 19659070] 2
    Internet financial bills [19659045] 389
    Profit from Revaluation of Derivatives
    19659071] (364 ) (1,400 [19659020]]
    Reduction of commerce receivables (improve) 192 196,59071] (410 )
    Other receivables decreased 128 30
    ] (273 ) (387 )
    ] Improve in accounts receivable [19659045] 378
    Growing Other Debts and Accrued Bills (227 )
    Growing Worker Benefits
    90
    ] [19659045 Revenue Taxes Revenue Taxes 19659045]
    Taxes paid in years

    (27 ) 19659070] [19659070] (4 )
    Curiosity paid in the course of the interval (8) Internet Cash Movement from Business (263 ) (1,627 ) )
    Sale of marketable securities on the market three,109
    Acquisition of actual estate, intangible belongings and capital improvement costs (146 [ (19 ) Money stream from funding activities [19659136]
    Money move from financing

    Situation of shares without acquisition value of shares 13 968
    Brief-term financial institution loans [19659045] 5,000
    The essential aspect of lease payments (224 ) 19659045 (9,939 )
    Switch of Shares Based mostly on Inventory Options 11 11 ] [
    Internet money from financial activities 13,755 [19659136] [1965970] [1965970] [19659058] ])
    Improve (decrease) in cash and money equivalents 13,346

    (three,499 [19659202]

    [19659067]
    originally of the interval 6,471 7,643
    The effect of trade fee fluctuations on cash balances 70 70 80
    Cash on the finish of the period $ 19,887

    [1965973]

    [1965973] ]
    Non-Cash Financing – Conversion of Banknotes into Related Loan $ $ 1076 1076
    ITAMAR MEDICAL LTD. IFRS RULES FOR CHANGING FINANCIAL MEASURES (unaudited) Three Months 31 March [19659069] 2019 2018 [19659069] US. dollars in hundreds IFRS working loss $ (19959071) 19659070] $ (884 ) Share-based payments [19659045] 240 Property Depreciation and Intangible Belongings 132 115 Change within the provision for uncertain and dangerous money owed (13 ]) 2 Non-IFRS loss $ (1,006 )

    IFRS Internet Revenue (Loss) $ (1.164 ) 112 112 112 112 112 [19659071] 176 240 Depreciation of tangible and intangible belongings 132 19659045] 115 Change within the provision of uncertain and dangerous money owed (13 ) 2 Revaluation of Derivatives 19659102] (364 ) (1,400 ) Non-IFRS loss (1 233 919) $ (931 )

    <img src = "https://ml.globenewswire.com/media/48062c62-a9d0-4778-bf42-645a607c8e3c/small/itamar-png .png "border =" 0 "width =" 150 "peak =" 71 "alt =" Primary Logo <img src = "https://ml.globenewswire.com/media/48062c62-a9d0-4778-bf42-645a607c8e3c/ small / Itamar-png.png "border =" 0 "width =" 150 "peak =" 71 "alt =".