STRATA Skin Sciences is a small medical device company focused on treating skin conditions, primarily through its XTRAC excimer laser system. XTRAC emits a targeted ultraviolet B light beam that dermatologists use to treat psoriasis, vitiligo, atopic dermatitis, and leukoderma. STRATA's core business model places XTRAC lasers in U.S. dermatologist offices at no upfront cost to the physician, then charges a per-procedure fee each time a patient is treated. Revenue in this model is driven by two variables: the number of active devices placed in clinics (roughly 840 in the U.S.) and average revenue per device. STRATA's cost structure is largely fixed, so improving device utilization is management's primary focus. To drive utilization, STRATA runs a consulting program for underperforming partner clinics (Elevate360) and a direct-to-consumer marketing campaign to funnel patients to partner offices. A key upcoming catalyst is the January 2027 expansion of CPT code descriptors, which management argues will expand reimbursable indications from psoriasis-focused to over 30 autoimmune and inflammatory skin conditions, roughly tripling the addressable patient population. STRATA also sells devices as capital equipment internationally through country-by-country distributor agreements. A secondary device, the TheraClear X Acne Therapy System, uses vacuum and broadband light to treat acne and is placed in clinics on a similar usage-based model, with roughly 161 U.S. devices deployed.