MELA Sciences Reports Second Quarter 2015 Financial Results

HORSHAM, Pa., Aug. 13, 2015 (GLOBE NEWSWIRE) -- MELA Sciences, Inc. (NASDAQ:MELA), a medical technology company dedicated to developing and commercializing innovative products for the diagnosis and treatment of serious dermatological disorders, today reported financial results for the second quarter ended June 30, 2015.

Second Quarter and Recent Corporate Highlights
  • XTRAC and VTRAC businesses of PhotoMedex, Inc. purchased on June 22, 2015, for $42.5 million in cash and the assumption of certain business-related liabilities.
  • Installed base of XTRAC systems in the U.S. expands to 664 systems placed, up from 554 at the end of the second quarter 2014, as reported to us by PhotoMedex.
  • Full quarter revenue results for the acquired businesses of $7.7 million in line with expectations, of which $0.6 million was included in the operating results of the Company.
  • Integration of the business into MELA is on schedule and proceeding smoothly.
  • A new version of the MelaFind unit is in development. The new design will afford dermatologists all the benefits and functionalities of the current version but with a smaller footprint, allowing for greater mobility and overall user-friendliness. The new version will also significantly lower production cost. The Company plans to complete development by the first half of 2016. A significant portion of the existing MelaFind inventories was determined to be excess and /or obsolete and therefore a charge was recorded in the second quarter of $4.8 million.

The operating results of the Company for the three and six months ended June 30, 2015 include activity from the XTRAC and VTRAC businesses from June 23, 2015 through June 30, 2015. As a result of purchase accounting rules, the operating results of the XTRAC and VTRAC businesses for the three and six months ended June 30, 2014 are not included in consolidated statements of operations for the periods ended June 30, 2014.

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