MINNEAPOLIS, March 9, 2017 /PRNewswire/ -- Cogentix
Medical, Inc. (NASDAQ: CGNT), a global medical device company
focused on providing the Urology, Uro/Gyn and Gynecology markets
with innovative and proprietary products, today reported financial
results for the fourth quarter and fiscal year ended December 31, 2016.
Fourth Quarter Highlights & Recent Corporate
Developments
- Cogentix Medical closed on a $25
million equity investment by Accelmed Growth Partners, L.P.
and completed the exchange of all debt and accrued interest (face
value totaling $29.5 million) into
17.7 million shares of common stock on November 3, 2016, as previously announced.
As a result of these transactions, and with cash generated from
operations during the fourth quarter, the Company finished the year
with $28.3 million of cash and
investments and no debt.
- Due to market demand, the Company continues to expand its sales
and marketing efforts for the Urgent® PC and PrimeSight™
product lines to targeted Uro/Gyn and Gynecology
practices.
- Cogentix Medical continues to aggressively pursue a vigorous
business development process. The process has advanced to
include active due diligence review of several inbound
opportunities. The business development process is designed to
enhance value for both our physician customers and our
shareholders.
- Fourth quarter revenue totaled $13.2
million vs. $13.6 million in
the fourth quarter of 2015; fourth quarter revenue from Urology
products totaled $11.8 million, an
increase of $0.7 million or 6.2% over
the fourth quarter of the prior year. Non-urology product
revenue declined by $1.1 million
versus the fourth quarter of the prior year.
- Fourth quarter gross margin was 69.8%, up 580 basis points from
the year ago quarter while operating expenses were down
$0.6 million compared to the same
quarter of the prior year.
- Fourth quarter GAAP operating profit was $0.5 million and increased $1.2 million from the operating loss of
$0.7 million in the year ago
quarter.
- Cash operating profit, a non-GAAP financial measure that
excludes non-cash items and one time charges, totaled $1.5 million in the fourth quarter (an increase
of $1.0 million from the same period
of last year) and is the fifth consecutive quarter the Company has
generated a cash operating profit.
"During 2016, Cogentix Medical successfully executed our plan to
grow our business in the urology market, broaden the number of deep
relationships with our customer base and dramatically improve the
Company's balance sheet. We've never been in a better
position to drive value for our customers as well as our
shareholders," said Darin Hammers,
President and CEO. "The Company's PrimeSight™ endoscopy
products for the urology market led the way in the fourth quarter
with 18 percent revenue growth and continue to represent a
meaningfully differentiated solution for our urology customers and
a significant growth opportunity for Cogentix. Our total
Urology revenue grew 6% in the fourth quarter, but our overall
revenue showed a slight decline from the prior year as our
non-urology Industrial and Airway Management products each saw a
significant reduction in revenue. As we look forward to 2017,
our team's key objectives are to drive the organic growth of the
urology business while expanding our sales efforts to targeted
Urology, Uro/Gyn and Gynecology practices. At the same time, we
expect to supplement our organic growth through the execution of
business development activities in our targeted market segments
enabled by our greatly improved balance sheet."
Financial Results for the Fourth Quarter Ended December 31, 2016
For the quarter ended December 31,
2016, the Company had total revenue of $13.2 million compared to $13.6 million in the year ago quarter. The
$0.4 million change in reported
revenue is attributable to a $1.1
million decrease in Industrial and Airway Management
revenue, partially offset by the $0.7
million increase in Urology revenue. Revenue from
PrimeSight™ endoscopy technologies totaled $4.1 million, up $0.6
million or 18% from the comparable year-ago period. Urgent®
PC revenue totaled $5.5 million
compared to $5.6 million in the
comparable year ago period, comprised of unit growth in the US of
4% offset by lower average selling prices. Macroplastique
revenue in the quarter of $1.9
million increased $0.1 million
compared to the prior year period.
Gross margin for the quarter ended December 31, 2016 was 69.8%, up 580 basis points
from the 64.0% gross margin in the year-ago period. Operating
expenses in the quarter totaled $8.8
million, representing a decrease of more than $0.6 million as compared to $9.4 million in the same period of the prior
year. The decrease is primarily attributable to lower sales
expense, partially offset by higher research and development
expenses.
Operating profit for the quarter was $0.5
million, representing an increase of $1.2 million as compared to the operating loss of
$0.7 million in the year ago period.
Cash operating profit, which is operating profit excluding all
non-cash items and one time charges, was $1.5 million for the quarter ended December 31, 2016, an increase of $1.0 million from the year-ago quarter. In the
fourth quarter of this year, the Company recorded non-cash debt
conversion expense of $18.8 million
as a result of the conversion of $29.5
million (face value) of debt and accrued interest into
equity. As a result, net loss was $18.6 million ($0.40 per share) in the quarter ended
December 31, 2016, compared to a net
loss of $1.1 million ($0.04 per share) in the comparable year-ago
period.
At December 31, 2016 the Company's
cash and investments totaled $28.3
million. The substantial increase in cash and investments
from the end of the third quarter is a result of the $25.0 million ($23.4
million after expenses) equity investment by Accelmed and
cash generated from operations. There were no borrowings under the
Company's $7.0 million line of credit
as of December 31, 2016.
Financial Results for the Fiscal Year Ended December 31, 2016
For the fiscal year ended December 31,
2016, total revenue of $51.9
million represented an increase of 5% when compared to the
pro forma combined revenue for the twelve months ended December 31, 2015 of $49.3
million. This $2.6
million increase is due to a $3.5
million increase in Urology revenue and a $0.9 million decrease in Industrial and Airway
Management revenue.
Operating loss for the year ended December 31, 2016 was $1.8
million, compared to the pro forma operating loss of
$12.0 million in the year ending
December 31, 2015. Cash
operating profit was $4.3 million for
the year ended December 31, 2016,
excluding all non-cash items and one time charges, an increase of
$6.3 million from the pro forma cash
operating loss for the year ended December
31, 2015.
Pro forma combined revenue and cash operating profit (loss) are
non-GAAP financial measures for the twelve months ended
December 31, 2015, calculated as if
Cogentix's predecessors Vision-Sciences, Inc. and Uroplasty, Inc.
had merged as of the earliest reported date. These pro forma
results include the sum of the historical results of each
predecessor company prior to the March 31,
2015 merger date, as well as post-merger historical results
for the combined company. For a reconciliation of these financial
measures to the most directly comparable GAAP financial measures,
and for more information on their disclosure and use, please see
"Non-GAAP Financial Measures" below.
Conference Call
Cogentix Medical will host a conference call and webcast today
at 11:00 a.m. Eastern Time
(10:00 a.m. Central Time).
Darin Hammers, President and Chief
Executive Officer, and Brett
Reynolds, Chief Financial Officer, will host the event.
Individuals wishing to participate in the conference call should
dial 877-303-1595 with the conference ID number 78544327. To access
a live webcast of the call, go to the investor relations section of
Cogentix Medical's website at ir.cogentixmedical.com.
An audio replay will be available for 30 days following the call
at 855-859-2056 with the conference ID number 78544327. An archived
webcast will also be available at ir.cogentixmedical.com.
About Cogentix Medical
Cogentix Medical, Inc., headquartered in Minnetonka, Minnesota, with additional
operations in New York,
Massachusetts, The Netherlands and the United Kingdom, is a global medical device
company. We design, develop, manufacture and market products
for flexible endoscopy with our unique PrimeSight™ product lines
featuring a streamlined visualization system and proprietary
sterile disposable microbial barrier providing users with efficient
and cost effective endoscope turnover while enhancing patient
safety. We also commercialize the Urgent® PC Neuromodulation
System, an FDA-cleared device that delivers percutaneous tibial
nerve stimulation (PTNS) for the office-based treatment of
overactive bladder (OAB). OAB is a chronic condition that affects
approximately 42 million U.S. adults. The symptoms include urinary
urgency, frequency and urge incontinence. We also offer
Macroplastique®, an injectable urethral bulking agent for the
treatment of adult female stress urinary incontinence primarily due
to intrinsic sphincter deficiency. For more information on Cogentix
Medical and our products, please visit us at
www.cogentixmedical.com. 'CGNT-G'
For Further Information:
Cogentix Medical, Inc.
Brett Reynolds, SVP and CFO
952-426-6152
EVC Group
Brian Moore/Doug Sherk
310-579-6199/415-652-9100
Cautionary Statements Related to Forward-Looking
Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as "anticipate," "expect," "plan," "could," "may,"
"will," "believe," "estimate," "forecast," "goal," "project," and
other words of similar meaning. Forward-looking statements in this
press release include, but are not limited to, statements about
expected revenue growth rates; the Company's expectations regarding
operating profit and cash operating profit; and plans, objectives,
expectations and intentions with respect to future operations,
products and services. Each forward-looking statement contained in
this press release is subject to risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statement. Applicable risks and uncertainties
include, among others, the effects of industry, economic or
political conditions outside of the Company's control; competitive
market factors; actual or contingent liabilities; the adequacy of
the Company's capital resources; and the risks identified under the
heading "Risk Factors" in the transition report on Form 10-K, for
the nine month transition period ended December 31, 2015, filed with the Securities and
Exchange Commission ("SEC") on March 29,
2016. Investors are cautioned to not to place considerable
reliance on the forward-looking statements contained in this
presentation. Investors are encouraged to read the Company's
filings with the SEC, available at www.sec.gov, for a discussion of
these and other risks and uncertainties. The forward-looking
statements in this presentation speak only as of the date of this
release, and the Company undertakes no obligation to update or
revise any of these statements. The Company's businesses are
subject to substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others should
give careful consideration to these risks and uncertainties.
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
CONDENSED
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
Three
Months
Ended
December
31
|
|
Twelve Months
Ended
December 31
|
|
Nine Months
Ended
December 31
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$13,232,333
|
|
$13,637,956
|
|
$51,851,159
|
|
$36,622,355
|
Cost of goods
sold
|
3,990,178
|
|
4,912,598
|
|
16,248,111
|
|
$12,519,443
|
|
|
|
|
|
|
|
|
Gross
profit
|
9,242,155
|
|
8,725,358
|
|
35,603,048
|
|
24,102,912
|
|
69.8%
|
|
64.0%
|
|
68.7%
|
|
65.8%
|
Operating
expenses
|
|
|
|
|
|
|
|
General and
administrative
|
1,690,139
|
|
1,701,895
|
|
6,778,010
|
|
5,530,909
|
Research and
development
|
1,445,936
|
|
1,070,667
|
|
4,701,539
|
|
3,168,753
|
Selling and
marketing
|
5,040,686
|
|
5,987,719
|
|
21,313,364
|
|
18,484,063
|
Amortization of
intangibles
|
590,858
|
|
634,191
|
|
2,363,432
|
|
1,902,573
|
Proxy settlement
costs
|
-
|
|
-
|
|
2,257,654
|
|
-
|
Merger related
costs
|
-
|
|
45,000
|
|
-
|
|
950,469
|
|
8,767,619
|
|
9,439,472
|
|
37,413,999
|
|
30,036,767
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
474,536
|
|
(714,114)
|
|
(1,810,951)
|
|
(5,933,855)
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest
income
|
24,926
|
|
455
|
|
25,455
|
|
3,337
|
Interest
expense
|
(150,783)
|
|
(374,499)
|
|
(1,298,253)
|
|
(1,071,441)
|
Debt conversion
expense
|
(18,841,407)
|
|
-
|
|
(18,841,407)
|
|
-
|
Foreign currency
exchange gain (loss)
|
14,443
|
|
9,803
|
|
(25,868)
|
|
14,313
|
Other
|
846
|
|
-
|
|
846
|
|
-
|
|
(18,951,975)
|
|
(364,241)
|
|
(20,139,227)
|
|
(1,053,791)
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(18,477,439)
|
|
(1,078,355)
|
|
(21,950,178)
|
|
(6,987,646)
|
|
|
|
|
|
|
|
|
Income tax
expense
|
92,647
|
|
11,722
|
|
144,769
|
|
39,832
|
|
|
|
|
|
|
|
|
Net loss
|
$(18,570,086)
|
|
$(1,090,077)
|
|
$(22,094,947)
|
|
$(7,027,478)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per common share
|
$(0.40)
|
|
$(0.04)
|
|
$(0.71)
|
|
$(0.28)
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic and
diluted
|
46,946,182
|
|
25,377,728
|
|
30,903,035
|
|
25,377,955
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
|
|
December 31,
2016
|
|
December 31,
2015
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash equivalents
|
$
9,369,624
|
|
$
1,976,594
|
Short-term investments
|
13,573,057
|
|
-
|
Accounts receivable, net
|
6,770,838
|
|
8,191,391
|
Inventories
|
7,235,043
|
|
4,584,844
|
Other
|
571,527
|
|
834,076
|
Total current
assets
|
37,520,089
|
|
15,586,905
|
|
|
|
|
Property, plant,
and equipment, net
|
2,115,316
|
|
2,554,822
|
Goodwill
|
18,749,888
|
|
18,749,888
|
Other intangible
assets, net
|
9,482,578
|
|
11,846,009
|
Long-term
investments
|
5,344,004
|
|
-
|
Deferred tax
assets and other
|
163,427
|
|
269,121
|
Total
assets
|
$73,375,302
|
|
$49,006,745
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$
2,689,035
|
|
$
2,209,473
|
Income tax payable
|
113,191
|
|
20,866
|
Accrued liabilities:
|
|
|
|
Compensation
|
4,670,640
|
|
3,281,809
|
Deferred revenue
|
597,524
|
|
307,936
|
Accrued legal fees
|
34,667
|
|
57,515
|
Accrued foreign and domestic sales tax/VAT
|
327,992
|
|
242,832
|
Accrued employee expenses
|
88,557
|
|
39,753
|
Other
|
387,056
|
|
301,461
|
|
|
|
|
Total current
liabilities
|
8,908,662
|
|
6,461,645
|
|
|
|
|
Convertible debt
– related party, net
|
-
|
|
23,336,854
|
Interest
payable
|
-
|
|
757,615
|
Accrued pension
liability
|
308,918
|
|
663,071
|
Deferred
rent
|
639,019
|
|
671,088
|
Other
|
278,780
|
|
157,453
|
|
|
|
|
Total
liabilities
|
10,135,379
|
|
32,047,726
|
|
|
|
|
Total
shareholders' equity
|
63,239,923
|
|
16,959,019
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$73,375,302
|
|
$49,006,745
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
CONDENSED
Consolidated Statements of Cash Flows
|
(unaudited)
|
|
|
Twelve months
ending
|
|
Nine
months
ending
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$(22,094,947)
|
|
$(7,027,478)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,136,109
|
|
2,569,636
|
Debt conversion
expense
|
18,841,407
|
|
-
|
Loss on disposal of
equipment
|
5,640
|
|
4,859
|
Amortization of
premium on available-for-sale securities
|
8,003
|
|
-
|
Share-based
compensation expense
|
748,119
|
|
978,952
|
Amortization of
discount on related party debt
|
940,923
|
|
807,356
|
Long term incentive
plan
|
(74,404)
|
|
(78,188)
|
Tax
benefit
|
57,536
|
|
65,799
|
Deferred
rent
|
3,777
|
|
636,615
|
Proceeds from
restricted stock exchanged for taxes
|
(57,343)
|
|
(20,132)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
1,359,056
|
|
(1,663,510)
|
Inventories
|
(2,655,221)
|
|
246,273
|
Other current
assets
|
253,553
|
|
696,742
|
Accounts payable
|
484,237
|
|
(1,759,500)
|
Interest payable
|
292,049
|
|
233,873
|
Accrued
compensation
|
1,609,281
|
|
(4,579)
|
Accrued liabilities,
other
|
270,612
|
|
(1,666,431)
|
Accrued pension
liability
|
(116,395)
|
|
(29,940)
|
Deferred revenue
|
288,329
|
|
154,684
|
Net cash
provided by (used in) operating activities
|
3,300,321
|
|
(5,854,969)
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of
available-for-sale securities
|
(18,945,717)
|
|
-
|
Purchases of
property, plant and equipment
|
(355,145)
|
|
(1,411,042)
|
Net cash
used in investing activities
|
(19,300,862)
|
|
(1,411,042)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
financing, net
|
23,428,900
|
|
-
|
Net cash
provided by financing activities
|
23,428,900
|
|
-
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
(35,329)
|
|
(19,298)
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
7,393,030
|
|
(7,285,309)
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
1,976,594
|
|
9,261,903
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$9,369,624
|
|
$1,976,594
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Cash paid during the
period for income tax
|
$42,957
|
|
$39,832
|
Cash paid during the
period for interest
|
$62,418
|
|
$30,213
|
|
|
|
|
Non-GAAP Financial Measures:
The table set forth below entitled "Cash Operating Profit
(Unaudited)" provides the non-GAAP cash operating profit for the
Company for the three months ended December
31, 2016 and December 31,
2015. This table reconciles the Company's operating income /
loss calculated in accordance with GAAP to the Company's cash
operating income, a non-GAAP financial measure that excludes
non-cash charges for share-based compensation, depreciation and
amortization as well as one-time costs.
The table set forth below entitled "Pro forma Combined Revenue
(Unaudited)" provides the non-GAAP, pro forma combined revenue for
the twelve months ended December 31,
2015 as if Vision-Sciences, Inc. and Uroplasty, Inc. had
merged as of the earliest reported date and includes the sum of the
historical results of each predecessor company prior to the
March 31, 2015 merger date.
This non-GAAP, pro forma information does not take into account any
purchase price adjustments.
The table set forth below entitled "Pro forma Cash Operating
Profit (Unaudited)" for the twelve months ended December 31, 2016 and December 31, 2015 provides the non-GAAP, pro
forma combined statement of operations of Vision-Sciences and
Uroplasty as if they had merged as of the earliest reported date
and is the sum of the historical results of each predecessor
company. This table reconciles the Company's operating loss
calculated in accordance with GAAP to the Company's pro forma cash
operating income / loss, a non-GAAP financial measure that excludes
non-cash charges for share-based compensation, depreciation and
amortization as well as one-time costs.
The non-GAAP and/or pro forma combined financial information
used by management and disclosed by us is not a substitute for, nor
superior to, financial information and consolidated financial
results calculated in accordance with GAAP, and you should
carefully evaluate our reconciliations to non-GAAP. We may
calculate our non-GAAP, pro forma combined financial information
differently from similarly titled measures used by other
companies. Therefore, our non-GAAP, pro forma combined
financial information may not be comparable to those used by other
companies. We have described the reconciliations of each of
our non-GAAP, pro forma combined financial measures described above
to the most directly comparable GAAP financial measures.
We use this non-GAAP financial information, and in particular
non-GAAP cash operating income / loss, for internal managerial
purposes because we believe such measures are important indicators
of the strength and operating performance of our business.
Analysts and investors frequently ask us for this
information. We believe that they use this information to
evaluate the overall operating performance of companies in our
industry, including as a means of comparing period-to-period
results and as a means of evaluating our results with those of
other companies.
Q4 Additional
Information
|
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
REVENUE BY
PRODUCT
|
QUARTER ENDED
December 31,
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
Market/Product
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
PrimeSight
|
|
$4,137
|
|
$3,511
|
|
$626
|
|
17.8%
|
Urgent PC
|
|
5,517
|
|
5,628
|
|
(111)
|
|
(2.0%)
|
Macroplastique
|
|
1,877
|
|
1,749
|
|
128
|
|
7.3%
|
Other
|
|
316
|
|
271
|
|
45
|
|
16.6%
|
Total
Urology
|
|
$11,847
|
|
$11,159
|
|
$688
|
|
6.2%
|
|
|
|
|
|
|
|
|
|
Airway
Management
|
|
$727
|
|
$1,068
|
|
$(341)
|
|
(31.9%)
|
Industrial
|
|
658
|
|
1,411
|
|
(753)
|
|
(53.4%)
|
Total
Other
|
|
$1,385
|
|
$2,479
|
|
$(1,094)
|
|
(44.1%)
|
|
|
|
|
|
|
|
|
|
Combined Revenue
|
|
$13,232
|
|
$13,638
|
|
$(406)
|
|
(3.0%)
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
CASH OPERATING PROFIT
(UNAUDITED)
(NON-GAAP)
|
QUARTER ENDED
December 31,
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
Revenue
|
|
$13,232
|
|
$13,638
|
|
$(406)
|
|
(3.0%)
|
Gross
profit
|
|
9,242
|
|
8,725
|
|
517
|
|
5.9%
|
|
|
69.8%
|
|
64.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
8,176
|
|
8,760
|
|
(584)
|
|
(6.7%)
|
Amortization of
intangibles
|
|
591
|
|
634
|
|
(43)
|
|
(6.8%)
|
One-time
costs
|
|
-
|
|
45
|
|
(45)
|
|
n/m
|
Operating
income (loss)
|
|
475
|
|
(714)
|
|
1,189
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Non cash operating
costs
|
|
1,070
|
|
1,232
|
|
(162)
|
|
(13.1%)
|
One-time
costs
|
|
-
|
|
45
|
|
(45)
|
|
n/m
|
Cash operating
profit, excluding one-time costs
|
|
$1,545
|
|
$563
|
|
$982
|
|
174.4%
|
|
|
|
|
|
|
|
|
YTD Additional
Information
|
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
PRO FORMA COMBINED
REVENUE (UNAUDITED)
(NON-GAAP)
|
TWELVE MONTHS ENDED
December 31,
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
Market/Product
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
PrimeSight
|
|
$15,016
|
|
$12,452
|
|
$2,564
|
|
20.6%
|
Urgent PC
|
|
21,237
|
|
20,169
|
|
1,068
|
|
5.3%
|
Macroplastique
|
|
7,387
|
|
7,555
|
|
(168)
|
|
(2.2%)
|
Other
|
|
1,109
|
|
1,098
|
|
11
|
|
1.0%
|
Total
Urology
|
|
$44,749
|
|
$41,274
|
|
$3,475
|
|
8.4%
|
|
|
|
|
|
|
|
|
|
Airway
Management
|
|
$3,206
|
|
$4,277
|
|
$(1,071)
|
|
(25.0%)
|
Industrial
|
|
3,896
|
|
3,756
|
|
140
|
|
3.7%
|
Total
Other
|
|
$7,102
|
|
$8,033
|
|
$(931)
|
|
(11.6)
|
|
|
|
|
|
|
|
|
|
Combined Revenue
|
|
$51,851
|
|
$49,307
|
|
$2,544
|
|
5.2%
|
COGENTIX MEDICAL,
INC. AND SUBSIDIARIES
|
PRO FORMA CASH
OPERATING PROFIT (UNAUDITED)
(NON-GAAP)
|
TWELVE MONTHS ENDED
December 31,
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands)
|
|
2016
|
|
2015
|
|
$
Change
|
|
%
Change
|
Revenue
|
|
$51,851
|
|
$49,307
|
|
$2,544
|
|
5.2%
|
Gross
profit
|
|
35,603
|
|
32,502
|
|
3,101
|
|
9.5%
|
|
|
68.7%
|
|
65.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs
|
|
32,793
|
|
38,343
|
|
(5,550)
|
|
(14.5%)
|
Amortization of
intangibles
|
|
2,363
|
|
1,910
|
|
453
|
|
23.7%
|
One-time
costs
|
|
2,258
|
|
4,275
|
|
(2,017)
|
|
(47.2%)
|
Operating
loss
|
|
(1,811)
|
|
(12,026)
|
|
10,216
|
|
(84.9%)
|
|
|
|
|
|
|
|
|
|
Non cash operating
costs
|
|
3,810
|
|
5,750
|
|
(1,940)
|
|
(33.7%)
|
One-time
costs
|
|
2,258
|
|
4,275
|
|
(2,017)
|
|
(47.2%)
|
Cash operating
profit, excluding one-time costs
|
|
$4,257
|
|
$(2,001)
|
|
$6,258
|
|
n/m
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cogentix-medical-reports-strong-fourth-quarter-operating-results-300420900.html
SOURCE Cogentix Medical, Inc.