111.6 million USD (2013)
S&P 600 Component|
Mark J. Foley
Taylor C. Harris
| Mark J. Foley, President and Chief Executive Officer|
ZLTQ (NASDAQ) US$ 55.61 -0.16 (-0.29%)31 Mar, 4:00 PM GMT-4 - Disclaimer
Pleasanton, California, United States
ZELTIQ Aesthetics is a public company based in Pleasanton, California that markets and licenses the CoolSculpting cryolipolysis procedure. The company holds the largest market share for non-invasive fat reduction procedures. Its sole product, CoolSCulpting, is "the main Cryolipolysis device available in the market". The company was founded in 2005 and raised $75 million in funding before going public in 2011. Its CoolSculpting procedure was approved by the Food and Drug Administration for "body-sculpting" on the flanks (sides) in 2010, stomach fat in 2012 and thighs in 2014.
Zeltiq Aesthetics Wikipedia
ZELTIQ was founded in 2005 by Mitch Levinson as Juniper Medical Systems. It was originally a healthcare-focused division of a wireless technology holding company, Juniper Group. The company changed its name to ZELTIQ in July 2007.
ZELTIQ's CoolSculpting procedure was invented by Dieter Manstein from the Massachusetts General Hospital and Rox Anderson, from Harvard Medical School. An early prototype was created to advance cryolipolysis studies being done on pigs in 2008. The device underwent clinical trials later that year, and an exclusive license was awarded to ZELTIQ to commercialize the technology.
In 2009 Gordie Nye was appointed CEO, replacing founder Levinson, who remained on the board. By this time, CoolSculpting had already been approved by the Food and Drug Administration for cooling skin before dermatological procedures and other uses, but had not yet been approved for killing fat cells. ZELTIQ waited for FDA approval before marketing the device, however a growing number of doctors were using it off-label for "body-sculpting" procedures. By 2010, the company had raised $50 million in financing over three rounds of funding. An additional $25 million in funding was raised in June 2010.
The company's CoolSculpting procedure was approved by the Food and Drug Administration for flanks (sides) in September 2010 and for stomach fat in 2012. It has also been approved by Health Canada and the European Union. By late 2010 CoolSculpting had been introduced as a body-sculpting procedure in Europe, Asia and Canada. By 2011 ZELTIQ was approved to market the procedure in 46 countries.
CoolSculpting became popular in the United States around 2011. In the first half of that year, ZELTIQ's revenues grew four-fold to $31.6 million, though it was still operating at a small loss. ZELTIQ filed for an initial public offering later that year. The IPO raised $91 million.
By January 2012, there had been 150,000 CoolSculpting treatments. In 2014, ZELTIQ introduced a new model of the CoolSculpting device that didn't use a suction cup and was cleared by the FDA for use on thighs.
CoolSculpting is a noninvasive body sculpting procedure. It is based on cryolipolysis, a method of controlled cold exposure that causes an inflammatory response in fat cells, resulting in gradual cell death and consumption by macrophages, without causing damage to other tissues. It is intended for body contouring and not general weight loss. As of 2013, clinical trials have found that Cryolipolysis is moderately effective and has mostly mild and temporary side-effects.
ZELTIQ's revenues come from selling CoolSculpting equipment and from a fee doctors pay for each treatment they perform. It is the company's sole product and the main brand used for Cryolipolysis. The CoolSculpting treatment process involves a fatty area of the body being sucked into a suction cup-type device and cooled. Different shapes of suction cup and different programming in the machine are used for different areas of the body. Typically an individual treatment lasts one hour for each part of the body being treated and involves two treatments, eight weeks apart. The number and duration of treatments vary.