earnings operator. conference of our call quarter welcome, And Venus to merger. XXXX you, call, Concept's marks earnings also fourth quarterly since Thank which closing everyone, first our
call joined our on I'm Officer, Penna. Domenic Chief the with today Della Financial
level came our brief me a start our results, announced I a range. of revenue including fourth agenda what high quarter performance with we a remarks. Concept. with review which financial I'll overview start guidance brief during operating Venus at Let be prepared of our of the will during of Then first end previously our a of covering will in XXXX, high description and provide
quarter overview earnings will our in-depth you and an for more as this press afternoon. preliminary After quarterly my opening revenue remarks, release Domenic XXXX, of of first review provided results, the as provide of we well our with in a earlier fiscal financial results which year our
a coronavirus will questions. And thoughts and of some quarter some financial the crisis of I'll discussions first for the on procedure-related result open then COVID-XX. expected the caused the closing our call spread by Domenic's the we Following of global business then, up outlook, disruption as and share results
in overview mind, started. let's that get With
a few is be new the merger, minutes our company spend Concept's it helpful the we would thought quarterly a earnings as company. public this call close to As first Venus following of describing
Venus was originally in XXXX. founded Concept Limited
business the Over the than the since nine-year million $XXX period end the revenue of company's we of of XXXX. have to more grown inception, as
an Venus generated We XXXX, Restoration became million in Venus X, merger where Concept Concept entity Robotics entity transaction a we revenue with combined Inc. the XXXX $XXX.X and November of $XXX.X XXXX. combined generated pro Inc. closed basis, merged on GAAP and, forma in million the important on
developed and have including ARTAS XX NeoGraft We commercialized platforms, systems. technology the and
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end significant We with sales XXX XXXX. have of as of direct marketing people a infrastructure and the
with shipped treatments millions year XXXX customers than We are administering per and devices more of globally. systems our X,XXX in our
to provide of philosophy safe, success profitability and to develop our Our way and support technologies can easy the results post-sales and company world class effective and dedicate customers. the vision best-in-class deliver clinical to enhance our financial is in help that a to
systems to now family globally. restoration in surgery, base aesthetic which practice, market sell services of plastic dermatology We includes customers medical much for and non-traditional as spas, the hair general approximately customer medical increasingly aesthetic traditional of full practice, the suite larger and our which two-thirds such our market, and represent
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which our product in the paradigm and in have certain we subscription markets. option categories certain We use payment model, pricing geographical industry-first unique changed a with via
the and newest contract. for the a if can technology new to Our over subscription plan, model where to upgrade extending desired pay is very phone mid-contract cell technology time and similar you
year. first XX% of are subscription typically approximately three-year and agreements Our in we the contract capture models economics the
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both minimally well invasive Concept the in as global restoration surgical positioned leading aesthetics and believe market player invasive medical market. hair We minimally is non-invasive a Venus the and
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GAAP high In a coming preliminary million, results IX our XXXX, balance of we revenue legacy end that terms total commercial of in were up our the ARTAS $XXX.X GAAP in closing the merger the November guidance This business ARTAS and a range. following X% Concept revenue increase Venus driven services of of performance progress systems and on X. from year-over-year, from of and sale products was X% report in growth our included by the at the the
the slight total XXXX decrease period basis, in X% of $XXX.X X, forma the a XXXX, combined revenue sales million on million On pro of for a companies year-over-year. performance merger $XXX.X compared the to of was shows our year if January as occurred full which XXXX, had
was sales the total Restoration a in Legacy year-over-year Venus revenue in in by the period. offset The for by the X% change driven XX% same the in Robotics decline growth business,
merger. and for driven Restoration the quarter business the the for fourth Legacy revenue Robotics growth the from GAAP contributions XX% Venus XXXX year-over-year, following of X% Total increased closure of by the
declined quarter a in driven Restoration a year-over-year XXXX, by of sales QX forma decline XXXX. X% to On XX% the of in basis, the sales compared Robotics pro fourth
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operating quarter relative note. on with fourth pleased were our believe a ended sales we positive in We XXXX performance and and our plan, the to
objectives headwinds that resulted some execution less was total performance unanticipated strategic in and, candidly, of sales the than our into we Overall, in coming reflects XXXX year. strong the certain growth targeted
growth drivers quarter driven largest some protracted positive the new period On the introductions earning side, and Restoration us offset our by between were merger in we one closing helped of the which XXXX, product results, the of of in unanticipated announcement third business-related our the of Robotics. highlighted disruption with
product Bliss, Venus innovation year the on clearance in focus regulatory Heal new a in press of by August. development, and US, products in two announced of continued Venus via of and strong which the we XXXX. the latter the launches led new launched Our release products We
will no solution flanks. the cost there solution patients, Bliss for area our treatment, which results per is be We and fat comfortable compelling Bliss a for very as The for the is downtime. makes little to the excellent believe Bliss per the extremely and providers, Venus reduction no that is provides preferred to The for abdominal has profitability disposable procedure physicians.
category excited and initial fat the The XXXX we're QX reduction positive, was non-injectable categories product of growing this new in the very the our medical early aesthetic today. of during by introduction one feedback is launch prospects fastest of industry non-surgical from the procedure as
in – Epileve a Venus for and US, Heal, new four system hair for platforms the hair the NeoGraft total XXXX permanent Venus Venus Outside of of restoration. X.X reduction we launched Bliss,
half Robotics, our merger we as as With we XXXX, the discussed we to longer of second close both respect result. in to disruption over anticipated, a businesses than the Restoration significantly and took merger experienced with
of are we to two of integration of is The towards realize pleased We and XXXX. to our announce on fiscal savings during we that the of and closing are as progressing November year moving million $XX companies. identified that, the cost quickly X, we've expect execution synergies well the integration
new ARTAS had drive We years. products IX and to services, adoption ARTAS strategy a struggled which systems, and in recent developed commercial utilization for broad-based and
to key new strategy. three are this tenets commercial There
significant First, an to list compared improved we pricing cost reduction lowered previously, identified. $XXX,XXX gross of price profit the where the to ARTAS as model, the of that we in result of a $XXX,XXX improving margin profile still goods the
clinicians technicians, Second, practice like ARTAS customer-focused with targeted reinvigorate managers NeoGrafters team. our plan to engage systems, hair and including a enhancement underutilized to
most ARTAS for offering new commercial believe now third offer we growth able the hair we importantly, trends that is today. the key and And will restoration strategy, comprehensive the solutions to to the the are improve which fact tenet available
With be in $X.X and ARTAS NeoGraft, any really an now solutions, point billion This competitor can't we of to hair portfolio from global end market. end the unique minimally-invasive restoration overstated. have
driver opportunity growth While a see performance of the represents Concept, driver long represents near-term over potential a the significant term. we we R&D the compelling combined for improving strategy new of this commercial R&D Venus from teams, believe,
longer-term and Robotics' preoperative strategy technology, technologies Venus energy-based of on expertise combination Restoration aesthetic robotic R&D in potentially applications, in planning powerful Our expertise focused and is non-invasive, the for leveraging XD software.
aesthetic opportunity there that introduce to minimally-invasive that only procedures invasive solutions interventions treated compelling Specifically, medical are surgical we today. believe new, is with for a robotic
combined through We as share we will to opportunity teams the from long-term have XXXX. the much regarding R&D more progress
we be for excited team that For is know integration now, R&D for we just going long-term to and plan about continue the and our progressing technology. the well, the prospects
call and point, XXXX Della will review the year the Domenic conditions. and provide our turn who I'd of discuss like results fourth balance detailed a sheet this financial and quarter to Domenic? to At financial Penna fiscal over
