ZELTIQ Aesthetics Inc. (ZLTQ) reported that its first-quarter net loss attributable to common stockholders was $10.35 million or $0.30 per share, compared to a loss of $2.39 million or $0.52 per share in the first quarter of 2011, and $0.22 per share in the fourth quarter of 2011.
Total net revenues for the first quarter were $17.4 million, compared to total net revenues of $14.3 million in the first quarter of 2011.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.14 per share on revenues of $18.17 million for the quarter. Analysts' estimates typically exclude special items.
In a separate announcement, the company also reported that Gordie Nye, President and Chief Executive Officer, has resigned his positions as both an officer and director of the Company for personal reasons. The company noted that its board will initiate an executive search process to find his replacement.
The company noted that Mark Foley, formerly Executive Chairman of ZELTIQ and Board Member since 2009, will serve as Interim President and Chief Executive Officer.
Separately, ZELTIQ Aesthetics announced that criminal judgments and monetary fines have been ordered by Seoul Central District Court in South Korea against two individuals for false and exaggerated advertising of a cooling device that has not been approved for fat reduction.
Criminal proceedings in South Korea were instituted against two individuals who were using Internet pages and blogs to falsely advertise that other cooling devices had the same fat reducing effect as ZELTIQ's approved device.
The company noted that Seoul Central District Court has now imposed monetary fines and finalized criminal judgments on the counts of false and exaggerated advertising. The Korean police are also currently investigating additional advertising activities and acts of trademark infringement.
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