ZELTIQ Aesthetics, Inc., a medical technology company, focuses on developing and commercializing products utilizing its proprietary controlled cooling technology platform. CoolSculpting System The company’s primary commercial product, the CoolSculpting system, is designed to selectively reduce stubborn fat bulges. CoolSculpting is based on the scientific principle that fat cells are more sensitive to cold than the overlying skin and surrounding tissues. CoolSculpting utilizes precisely controlled cooling to reduce the temperature of fat cells in the treated area, which is intended to cause fat cell elimination through a natural biological process known as apoptosis, without causing scar tissue or damage to the skin, nerves, or surrounding tissue. The company sells its CoolSculpting system primarily to dermatologists, plastic surgeons, and aesthetic specialists and generates revenue from sales of its CoolSculpting system and from sales of consumables to its customers. Consumables are the CoolSculpting procedure packs the company sells that are needed to perform procedures using its CoolSculpting system. The company markets CoolSculpting to dermatologists, plastic surgeons, and aesthetic specialists. The company utilizes its direct sales organization to market and sell CoolSculpting in its North American market, which includes the United States and related territories, as well as Canada. In its markets located outside of North America, the company markets and sells CoolSculpting through both a direct sales force and a network of distributors. The company’s sales force and distributors also target dermatologists, plastic surgeons and aesthetic specialists who have practices focused on aesthetic procedures and who express a willingness to position CoolSculpting as a premium, differentiated treatment and participate in its practice marketing and support programs. Markets outside of North America are located in the Asia-Pacific, Europe, the Middle East, Africa and Latin America. As of December 31, 2013, the company had an installed base of 2,175 CoolSculpting systems installed across approximately 1,900 practices worldwide. As of December 31, 2013, the company shipped 972,612 CoolSculpting cycles to its customers and distributors. The company generates revenue from sales of its CoolSculpting system and from sales of consumables to its customers. Sales of its CoolSculpting system include the CoolSculpting control unit and its CoolSculpting applicators. The company generates consumable revenue through sales of cycles in the form of consumable procedure packs, each of which includes its consumable CoolGels and CoolLiners and a disposable computer cartridge that the company markets as the CoolCard. The CoolCard contains enabling software that permits its customers to perform a fixed number of CoolSculpting cycles. CoolSculpting Control Unit The CoolSculpting control unit is the base of the CoolSculpting system and contains the simple user interface, power management and control functions, and chiller unit that is responsible for the controlled cooling. The company’s CoolSculpting control unit also contains a Health Insurance Portability and Accountability Act of 1996, or HIPAA, complaint connectivity and data management tool that locally tracks and collects data about each procedure performed, as well as any error messages that may be generated during the procedure. CoolSculpting Applicators The CoolSculpting applicator delivers vacuum suction and cooling to the fat bulge being treated; can be used to start and stop a CoolSculpting procedure and to turn the vacuum suction on and off; and has a thermoelectric cooling panel with temperature and pressure sensors which provide precise thermal control and monitoring of the fat bulge being treated and will automatically stop the procedure if a problem is detected. With the introduction of its CoolFit applicator in 2013, the company offers four CoolSculpting applicators for use with its CoolSculpting system. Each CoolSculpting applicator is designed to allow the physician to treat a different size and shape fat bulge. CoolSculpting Procedure Packs The company’s consumable CoolGels are cotton sheets saturated in a solution that protects the skin and ensures proper thermal coupling during a CoolSculpting procedure. Its consumable plastic CoolLiners protect the applicator from gel contact. Research and Development The company’s research and development expenses for the year ended December 31, 2013, included $17.1 million. Sales and Marketing In North America, the company utilizes a direct sales force to sell CoolSculpting. In international markets, it sells CoolSculpting primarily through a network of distributors. The company’s product has regulatory approval in 62 countries. Patents and Proprietary Technology As of December 31, 2013, the company’s patent portfolio comprised 89 issued patents and 102 pending patent applications. ZELTIQ, CoolSculpting, and the company’s logo are registered trademarks in the United States and in certain foreign countries. Seasonal Fluctuations Seasonal fluctuations in the number of doctors in their offices and available to take appointments have affected, and are likely to continue to affect, the company’s business. Specifically, the company’s customers often take vacation or are on holiday during the summer months and therefore tend to perform fewer procedures, particularly in Europe. These seasonal trends have caused and would likely continue to cause, fluctuations in the company’s quarterly results, including fluctuations in sequential revenue growth rates. Government Regulation The design, development, manufacture, testing and sale of the company’s products are subject to regulation by various governmental authorities, principally the Food and Drug Administration, and corresponding state and foreign regulatory agencies. Its operations are impacted by the federal Patient Protection and Affordable Care Act of 2010. History The company was founded in 2005. It was incorporated in Delaware in 2005 as Juniper Medical, Inc. and changed its name to ZELTIQ Aesthetics, Inc. in 2007.
zeltiq aesthetics inc (ZLTQ:NASDAQ GS)
4698 Willow Road
Pleasanton, CA 94588
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