PLEASANTON -- 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.
Zeltiq also announced that its chief financial officer, Joshua Brumm, has decided to resign to pursue a new career opportunity. The departure of the financial chief is effective Aug. 8. Brumm has been the finance chief since January. Brumm joined the company in 2009 and led corporate development and strategy before being promoted to chief financial officer.
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Investors rushed to grab the company's stock on Tuesday. Zeltiq's stock rose 72 cents, or 16.6 percent, to finish at $5.07.
Wall Street had predicted a loss of 18 cents a share and sales of $20.8 million. The company's shares rose another 1 percent in after-hours trading.
"We continue to look forward to the increasing adoption of CoolSculpting by physicians and patients as we further build the non-invasive fat reduction market," Foley said.
Contact George Avalos at 925-977-8477. Follow him at twitter.com/george_avalos.