First quarter revenue increased by 40% to $5.6 million[1]

Louis Scafuri, Sofwave’s Chief Executive Officer

“We provide today voluntary disclosure for the first quarter of 2022 with an increase in revenue compared to the first quarter of 2021 including an increase in pulse revenue, an indicator of the extended usage of our device as well as customers’ endorsement with our technology. The first quarter of the year in our industry has seasonality and we expect to see accelerated growth in the following quarters based on the increasing demand for our technology, and our continued geographical expansion. Additionally, we continue to invest in our US sales force due to the large potential growth in this market and we believe our investment will demonstrate results in the near future. We are also reporting today on a major clinical milestone – completing patient enrollment in our clinical trial to demonstrate the effectiveness of our system for the improvement of cellulite, a major market demand in our industry. We also continue to work on additional indications for our ultrasound technology in the aesthetic non-invasive space and to expand our activities in the target markets”.

The medical aesthetic company, Sofwave, which completed an IPO on the Tel-Aviv stock exchange in May 2021, provides voluntary data for the first quarter of 2022 with a revenue increase of 40% to $5.6 million, compared to the first quarter of 2021.

Historically, the first quarter of the year in the Company’s industry has lower revenue compared to the second and fourth quarters.

The Company’s balance sheet continues to be strong and as of March 31, 2022 the Company had cash and cash equivalent of approximately $39.7 million.

The company estimates that the demand for anti-aging solutions will continue to grow and therefore the company continues to invest and grow the direct US sales force (currently at 24); penetrate major buying groups and achieve multi unit sales as well as expand to additional geographical regions.[2] In addition, during the first quarter, the Company’s expanded key opinion leader and digital presence grew significantly.

We are also happy to report today on a major clinical milestone – completing patients’ enrollment in our clinical trial to evaluate the effectiveness of our system for the improvement of cellulite. This is another major step in the process to receive an FDA approval for the treatment of cellulite with our device. In November 2021, we announced that the FDA approved clearance of additional indications for lifting the eyebrow and lifting lax submental tissue (beneath the chin) and neck tissue, which can also affect the appearance of lax tissue in the submental neck regions.

Sofwave, established in 2015 in the Alon Medtech Ventures incubator, is engaged in medical aesthetics based on parallel ultrasound radiation technology. The Company’s technology is approved by the FDA and C.E. and other regulatory authorities in key countries worldwide. In addition, the technology has been clinically proven in multiple clinical trials led by leading physicians in aesthetic technology and is in intensive daily use. The device developed by the Company allows targeted treatment through non-invasive action, firms patients’ skin, and reduces wrinkles. The Company is currently operating in the U.S and Israel and, in 2021, listed its shares in the TASE. The Company’s CEO is Mr. Louis Scafuri, and the Chairman of the Company is its co-founder, Dr. Shimon Eckhouse.

Contacts

Yossi Fink +972-52-4888857; Adva Nagler Katz+972-50-6801885;

Office: +972-3-7538828

[1] Since the Company prepares median financial statements and not quarterly financial statements, the data contained in this announcement are unreviewed and/or unaudited, based on the information available to the Company as of this date, and these data may be different after being reviewed and audited.

[2] It is hereby clarified that the Company’s estimation of the demand growth for anti-aging solutions in the United States is “forward-looking information”, as defined in the Israeli Securities Law. The Company has no certainty regarding such information, which is based, to a large extent, on factors beyond its control. Therefore, the data presented above in this matter may be different.

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