Strata Skin Sciences (SSKN) is a medical technology company that develops, commercializes, and markets devices for the treatment of dermatologic conditions. Revenue comes from recurring per-procedure fees generated by XTRAC excimer lasers placed in dermatology practices, as well as direct product sales of laser and lamp systems and acne therapy devices. The company acquired the XTRAC excimer laser and VTRAC excimer lamp businesses from PhotoMedex in June 2015 and added the TheraClear acne treatment business in January 2022. Net revenues were $30.7 million in FY2025, down 9% from $33.6 million in FY2024. The company reported a loss from operations of $4.7 million in FY2025. As of August 2025, Strata received a Nasdaq deficiency notification for failing to meet minimum stockholders' equity requirements and subsequently deregistered its unsold shares after delisting. The company is incorporated in Delaware and was formerly listed on the Nasdaq Capital Market.

Revenue model

Revenue is generated through recurring per-procedure fees from XTRAC excimer lasers placed in U.S. dermatology practices, plus direct domestic and international sales of XTRAC laser systems, VTRAC lamp systems, and TheraClear X Acne Therapy System devices. The company plans to fund operations through this recurring and transactional revenue mix across U.S. and international markets (per FY2025 10-K).

Products and services

XTRAC excimer laser systems (FDA-cleared, insurance-reimbursed phototherapy for psoriasis, vitiligo, and other skin conditions), VTRAC excimer lamp systems (phototherapy), and TheraClear X Acne Therapy System (treatment of mild to moderate inflammatory, comedonal, and pustular acne). The Pharos device and MelaFind system have been discontinued. A royalty obligation of 5% of TheraClear X device sales to Theravant begins no earlier than January 1, 2027, subject to revenue thresholds (per FY2025 10-K).

Customers and end markets

End customers are dermatology practices and dermatologists in the U.S. and international markets. End patients are individuals with psoriasis, vitiligo, other skin conditions, and mild to moderate acne. No individual customer concentration figures are disclosed in the excerpts.

Value-chain role

Device manufacturer and commercial distributor. Strata places XTRAC lasers in dermatology practices and earns recurring per-procedure fees, functioning as both an equipment provider and a revenue-share partner at the point of care.

Geographic exposure

Operations span U.S. and international markets. Revenue by geography is presented in the FY2025 10-K but specific country or regional breakdowns are not included in the provided excerpts.

Source: SEC 10-K, filed 2026-03-26

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