– 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 –  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  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
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
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.
Chief Financial Officer
Telephone: + 972-4-617-7700
email@example.com  Investor Relations (US)
Lazar Partners Ltd.
|ITAMAR MEDICAL LTD.|
|CONSOLIDATED FINANCIAL STATEMENTS|
|31. March,||31.three.1919 31,|
|US hundreds of dollars|
|Trade receivables||19659067] Trade receivables|
|6.549||Different receivables||877||1018||1018||]||2,426 ||2.235|
|Complete Belongings Complete||29,556|
|Long Time period Restricted Deposits and Advances||385||365|
|Lengthy-term Trade Receivables|
|Long-term Trade Receivables|
|Long-term Trade Receivables||243|
|Complete long-term funds||3,945 ||2,119|
|Brief-term worker advantages||302||302||302||302||]||222|
|Brief-term maturities of leases||765||–|
|Brief-term financial institution loans|
|Other money owed||2,075||2 zero75 02]||2,063|
|Complete Current Liabilities||] 11 488|
|Long-term money owed|
|] 1,016||–||Derivatives||78||442||442||Worker Advantages||169||159|
|Different long-term money owed||1071||
|Long-term liabilities complete||] 2,334||1,653||1,653||1,653||to debts||13822||11704|
|Strange Share Capital||874||]|
|Capital at Further Fees||125,338||111 486|
|Complete equity [19659-945] 19679||6 688||6 688||debts and equity||$||33,501||$||18, 392|
|ITAMAR MEDICAL LTD.|
|CONSOLIDATED FINANCIAL STATEMENTS OF CASH FLOWS|
|US Dollars Hundreds|
|Business Cash Move|
|Change within the provision of doubtful and dangerous money owed||[13||) 19659070]||2|
|Internet financial bills ||389|
|Profit from Revaluation of Derivatives|
|19659071] (364||)||(1,400 ]|
|Reduction of commerce receivables (improve)||192||196,59071] (410||)|
|Other receivables decreased||128||30|
|] Improve in accounts receivable ||378|
|Growing Other Debts and Accrued Bills||(227||)|
|Growing Worker Benefits|
|]||[19659045||Revenue Taxes||Revenue Taxes||19659045]|
|Taxes paid in years||
|(27||) 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|||
|Money move from financing||
|Situation of shares without acquisition value of shares||13 968||–|
|Brief-term financial institution loans||||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 ||||||||])|
|Improve (decrease) in cash and money equivalents||13,346||
|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||$||19,887||
|Non-Cash Financing – Conversion of Banknotes into Related Loan||$||–||$||1076||1076|
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