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what it is
It sells 3 laser and lamp products doctors use for psoriasis, vitiligo, and acne.
how it gets paid
Last year Strata Skin Sciences made $34M in revenue. XTRAC Partnership Program was the main engine at $20M, or 59% of sales.
what just happened
Revenue hit $21M, but EPS was still -$1.48.
At a glance
C balance sheet — red flag territory — real financial stress
45/100 earnings predictability — expect surprises
-$2.65 fy2024 eps est
$2B fy2026 rev est
27.6% operating margin
xvary composite: 27/100 — weak
What they do
It sells 3 laser and lamp products doctors use for psoriasis, vitiligo, and acne.
You are buying a clinic workflow, not a one-off box. The partnership model charges per treatment, not a big upfront purchase, so leaving is painful for doctors. Gross margin → money left after direct costs → 57.3% means the company keeps 57 cents of each sales dollar before overhead.
How they make money
$34M
annual revenue
XTRAC Partnership Program
$20M
+6.0%
TheraClear Acne Therapy System
$7M
+8.0%
VTRAC lamp systems
$4M
12.0%
Service, training, and consumables
$3M
+2.0%
The products that matter
clinic-based excimer therapy
XTRAC®
$15M recurring revenue base
This is the part you want to work. More than 3,000 treatment procedures are performed each quarter, and repeat usage is the closest thing this business has to stability. If you are looking for evidence that the product still matters, it starts here.
recurring revenue
excimer laser systems
Pharos®
$19M sales & lease revenue
These devices generated roughly $19M over the last year, but that line fell 8%. You still need clinics buying or leasing systems for the installed base to grow. Right now, the installed base story is carrying the company more than the company is expanding it.
56% of revenue
Key numbers
$34M
annual revenue
That is the full-size of the business. For a $2M stock, the sales base is the only reason anyone is still here.
57.3%
gross margin
Gross margin means money left after direct costs. At 57.3%, the company keeps 57 cents of every sales dollar before overhead.
27.6%
operating margin
Operating margin means profit before interest and taxes. At -27.6%, the company is still burning cash at the business level.
$14M
long-term debt
That debt stack is larger than the equity story. If cash flow stalls, lenders matter more than shareholders.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $14M (90% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for SSKN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $21M, but EPS was still -$1.48.
Revenue jumped 209% vs. prior year, and gross margin held at 57.3%. Losses stayed wide because operating costs still outran gross profit.
$21.0M
revenue
-$1.48
eps
57.3%
gross margin
revenue growth
The $21M quarter matters because it was up 209% vs. prior year, yet the company still lost $1.48 a share.
source: company earnings report, 2025
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What could go wrong
the risk is not abstract. this company already has a confirmed exchange exit, a weak balance sheet, and losses that keep outrunning gross profit.
med
Nasdaq delisting changes who can trade the stock
Nasdaq confirmed the company will be delisted on Feb. 19, 2026. That moves SSKN off a major exchange and into a market structure with lower visibility, thinner liquidity, and fewer buyers willing to bother.
For a company with only a $2M market cap, losing exchange support can matter as much as any product update. If the bid gets thin, the stock can move harder than the business does.
med
Losses keep outrunning gross margin
Q3 2025 produced $6.9M of revenue and $4.2M of gross profit, yet EPS still came in at -$0.36 versus a -$0.24 estimate. The company is proving the product has value while also proving the business model is not scaled enough.
That is the central tension. If 57.3% gross margin still cannot cover operating costs, you are betting on a future fix rather than owning a present one.
med
$14M of debt is heavy next to a $2M equity value
Long-term debt is $14M, or 90% of capital. Put next to roughly $34M in annual revenue and a C balance sheet grade, that is a tight setup.
If operations slip again, financing becomes the story faster. You do not need a collapse for this to stay painful. You just need the company to keep missing the path to profit.
med
The equipment line is shrinking faster than recurring revenue can offset it
Device sales and leases fell 8% while recurring procedures rose 5%. Recurring revenue helps, but clinics still need to buy or lease new systems for the installed base to expand.
If the equipment line keeps shrinking, the recurring line eventually runs on a stale base. That would leave a tiny company trying to stabilize rather than grow.
A delisted stock with $14M of debt, a $2M market cap, and ongoing EPS misses does not need one new problem. Several are already on the page.
source: institutional data · regulatory filings · risk analysis
Pay attention to
market structure
how OTC trading actually behaves
The delisting date is known. What matters next is spread, liquidity, and whether the stock becomes even harder for institutions and many retail accounts to trade.
earnings
Q4 2025 results
You want to see whether another $6M–$7M quarter still produces a heavy loss, or whether management can finally show operating discipline below gross profit.
revenue mix
recurring procedures versus device decline
The recurring line grew 5%, but equipment fell 8%. If that spread widens again, the installed-base story is not strong enough to offset the commercial problem.
balance sheet
debt load versus tiny equity value
$14M of long-term debt against a $2M market cap is the ratio that keeps this in distress territory. If that gap does not improve, the stock stays speculative no matter what a target says.
Analyst rankings
earnings predictability
45 / 100
This score says quarterly results are hard to forecast. In human-speak, analysts do not have a clean handle on the path from decent gross margin to actual profit.
risk rank
5
A risk rank of 5 means the stock is safer than only 5% of stocks. You are not buying stability here. You are buying a rescue story with public market plumbing attached.
source: institutional data
Institutional activity
institutional ownership data for SSKN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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