Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global
medical technology company focused on surgical solutions for the
treatment of spinal disorders, today reported financial and
operating results for the fourth quarter and year ended December
31, 2019.
Fourth Quarter 2019 Financial Highlights and
Recent Announcements:
- Revenue for the fourth quarter of
2019 was $17.0 million, compared to $18.3 million for the same
prior-year period.
- Operating expenses in the fourth
quarter of 2019 were $11.6 million, compared to $62.0 million for
the same prior-year period. Excluding non-cash impairment charges,
operating expenses were $13.8 million in the fourth quarter of
2018.
- Net loss incurred in the fourth
quarter of 2019 was $1.6 million, compared to a net loss of $56.7
million for the same prior-year period. Excluding non-cash
impairment charges and inventory reserves, net loss in the fourth
quarter of 2018 was $3.9 million.
- Non-GAAP Adjusted EBITDA for the
fourth quarter of 2019 was $1.2 million, compared to $1.7 million
for the same prior-year period.
Sean Browne, President and CEO of Xtant Medical,
said, “I am very pleased with the commitment and contributions made
by each of our team members. It is their commitment that allowed us
to execute numerous strategic and operational initiatives during
the year and to fulfill our mission of ‘Honoring the gift of
donation, by helping our patients live as full, and complete a life
as possible.’ I am looking forward to 2020 to see what the team can
accomplish as we roll out exciting new products that will update
some current product lines and expand our product offerings. We
understand our future success is tied to our ability to expand the
breadth and depth of our product offerings, and these new products
are a step in the right direction for our patients, surgeons,
distribution network partners, and the Company.”
Fourth Quarter and Full Year 2019
Financial Results
Fourth-quarter 2019 revenue was $17.0 million,
compared to $18.3 million for the same period in 2018. Full-year
2019 revenue was $64.7 million, compared to $72.2 million for 2018.
Fourth-quarter 2019 revenues benefitted from sales growth from the
Company’s key biologics customers, which was offset by discontinued
distributor arrangements related to the Company’s hardware business
and lower demand for certain hardware products.
Gross profit for the fourth quarter of 2019 was
66.8%, compared to 39.7% for the same period in 2018 and was 65.7%
for 2019, compared to 60.2% in 2018. In the fourth quarter of 2018,
the Company increased its inventory reserve by $4.6 million,
primarily due to excess inventory in the spinal implant product
line. Excluding the inventory reserve adjustment, gross profit in
2018 would have been 65.1% for the fourth quarter, and 67.1% for
the full year.
Operating expenses for the fourth quarter of
2019 were $11.6 million, compared to $62.0 million for the fourth
quarter of 2018, and were $44.8 million in 2019 compared to $103.6
million in 2018. In the fourth quarter of 2018, the Company
incurred non-cash impairment charges to goodwill and intangibles
attributed to the X-spine acquisition totaling $48.1 million.
Excluding the non-cash impairment charge, operating expenses were
$13.8 million in the fourth quarter of 2018 and $55.4 million in
2018. These decreases in operating expenses were primarily
attributable to lower sales commissions, reduced restructuring
expenses, and a decrease in amortization expense as a result of the
impairment of intangible assets that occurred in the fourth quarter
of 2018, which were partially offset by higher general and
administrative expenses.
Fourth-quarter 2019 net loss was $1.6 million,
or $0.12 per share, compared to the fourth quarter 2018 net loss of
$56.7 million, or $4.31 per share. Net loss for 2019 was $8.2
million, or $0.62 per share, compared to $70.1 million, or $5.97
per share, in 2018. Excluding the non-cash impairment charges and
the inventory reserve charges, the net loss was $3.9 million, or
$0.30 per share, in the fourth quarter of 2018, and $17.0 million,
or $1.45 per share, in 2018.
Non-GAAP Adjusted EBITDA for the fourth quarter
of 2019 was $1.2 million compared to $1.7 million for the same
period of 2018. Non-GAAP Adjusted EBITDA for 2019 was $3.9 million,
compared to $5.4 million for 2018. The Company defines non-GAAP
Adjusted EBITDA as net income/loss from operations before
depreciation, amortization, and interest expense, and as further
adjusted to add back in or exclude, as applicable, impairment of
goodwill and intangible assets, provision for losses on accounts
receivable and inventory, stock-based compensation, changes in
warrant derivative liability, remediation expenses,
separation-related expenses, litigation reserves, facility
consolidation costs, and restructuring expenses. A calculation and
reconciliation of non-GAAP Adjusted EBITDA to net loss and the
other non-GAAP financial measures included in this release to their
respective most comparable GAAP measures can be found in the
attached financial tables.
Conference Call
Xtant Medical will host a webcast and conference
call to discuss the fourth quarter and full-year 2019 financial
results on Thursday, March 5, 2020, at 9:00 AM ET. To access the
webcast, Click Here. To access the conference call, dial
877-407-6184 within the U.S. or 201-389-0877 outside the U.S. A
replay of the call will be available at www.xtantmedical.com, under
“Investor Info.”
About Xtant Medical Holdings,
Inc.
Xtant Medical Holdings, Inc.
(www.xtantmedical.com) is a global medical technology company
focused on the design, development, and commercialization of a
comprehensive portfolio of orthobiologics and spinal implant
systems to facilitate spinal fusion in complex spine, deformity and
degenerative procedures. Xtant people are dedicated and talented,
operating with the highest integrity to serve our customers.
The symbols ™ and ® denote trademarks and
registered trademarks of Xtant Medical Holdings, Inc. or its
affiliates, registered as indicated in the United States and in
other countries. All other trademarks and trade names referred to
in this release are the property of their respective owners.
Non-GAAP Financial Measures
To supplement the Company’s consolidated
financial statements prepared in accordance with U.S. generally
accepted accounting principles (GAAP), the Company uses certain
non-GAAP financial measures in this release, including Adjusted
EBITDA, net loss excluding non-cash impairment charges and
inventory reserve charges, operating expenses excluding non-cash
impairment charges and gross profit excluding inventory reserve
adjustment. Reconciliations of the non-GAAP financial measures used
in this release to the most comparable GAAP measures for the
respective periods can be found in tables later in this release.
The Company’s management believes that the presentation of these
measures provides useful information to investors. These measures
may assist investors in evaluating the Company’s operations, period
over period. Management uses the non-GAAP measures in this release
internally for evaluation of the performance of the business,
including the allocation of resources. Investors should consider
non-GAAP financial measures only as a supplement to, not as a
substitute for or as superior to, measures of financial performance
prepared in accordance with GAAP.
Important Cautions Regarding
Forward-looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
that are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as ‘‘expects,’’
‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘believes,’’
‘‘estimates,’’ “continue,” “future,” ‘‘will,’’ “potential” similar
expressions or the negative thereof, and the use of future dates.
The Company cautions that its forward-looking statements by their
nature involve risks and uncertainties, and actual results may
differ materially depending on a variety of important factors,
including, among others: the Company’s future operating results and
financial performance; the ability to increase or maintain revenue,
including the success of the Company’s initiatives to stabilize and
increase revenues; the ability to remain competitive; the ability
to innovate and develop new products; the impact of certain current
supply constraints; the effect of management changes and the
ability to attract, engage and retain qualified personnel; the
ability to obtain and maintain regulatory approvals and comply with
government regulations; government and third-party coverage and
reimbursement for Company products; the effect of product liability
claims and other litigation to which the Company may be subject;
the effect of future product recalls and defects; timing and
results of clinical studies; the ability to obtain and protect
Company intellectual property and proprietary rights and operate
without infringing the rights of others; the ability to retain and
recruit independent sales agents; the ability to service Company
debt and comply with debt covenants; the ability to raise
additional financing and other factors. Additional risk factors are
contained in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2018 filed with the Securities and Exchange
Commission (SEC) on April 1, 2019 and subsequent SEC filings by the
Company, including without limitation its most recent Quarterly
Report on Form 10-Q for the quarter ended September 30, 2019 filed
with the SEC on November 7, 2019 and its Annual Report on Form 10-K
for the year ended December 31, 2019 anticipated to be filed with
the SEC. 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 Company undertakes no
obligation to release publicly any revisions to any forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events, except as
required by law. All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in
their entirety by this cautionary statement.
Investor Relations Contact
David CareyLazar FINN PartnersPh: 212-867-1762Email:
david.carey@finnpartners.com
|
|
XTANT
MEDICAL HOLDINGS, INC. |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
(In thousands,
except number of shares and par value) |
|
|
|
|
|
As of December 31,2019 |
|
As of December 31,2018 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current Assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,237 |
|
|
$ |
6,797 |
|
|
Trade accounts receivable, net of allowance for doubtful accounts
of $500 and $2,140, respectively |
|
|
10,124 |
|
|
|
9,990 |
|
|
Inventories |
|
|
16,101 |
|
|
|
17,301 |
|
|
Prepaid and other current assets |
|
|
784 |
|
|
|
589 |
|
|
Total current assets |
|
|
32,246 |
|
|
|
34,677 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
4,695 |
|
|
|
7,174 |
|
|
Right-of -use asset, net |
|
|
2,100 |
|
|
|
- |
|
|
Goodwill |
|
|
3,205 |
|
|
|
3,205 |
|
|
Intangible assets, net |
|
|
515 |
|
|
|
573 |
|
|
Other assets |
|
|
394 |
|
|
|
793 |
|
|
Total Assets |
|
$ |
43,155 |
|
|
$ |
46,422 |
|
|
|
|
|
|
|
|
LIABILITIES
& STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
2,188 |
|
|
$ |
6,465 |
|
|
Accrued liabilities |
|
|
6,625 |
|
|
|
5,150 |
|
|
Warrant derivative liability |
|
|
7 |
|
|
|
10 |
|
|
Current portion of lease liability |
|
|
394 |
|
|
|
- |
|
|
Current portion of financing lease obligations |
|
|
176 |
|
|
|
426 |
|
|
Total current liabilities |
|
|
9,390 |
|
|
|
12,051 |
|
|
Long-term Liabilities: |
|
|
|
|
|
Lease liability, less current portion |
|
|
1,726 |
|
|
|
- |
|
|
Financing lease obligation, less current portion |
|
|
- |
|
|
|
204 |
|
|
Long-term debt, less issuance costs |
|
|
76,244 |
|
|
|
77,939 |
|
|
Total Liabilities |
|
|
87,360 |
|
|
|
90,194 |
|
|
|
|
|
|
|
|
Stockholders' Equity (Deficit) |
|
|
|
|
|
Preferred stock |
|
|
- |
|
|
|
- |
|
|
Common stock |
|
|
- |
|
|
|
- |
|
|
Additional paid-in capital |
|
|
179,061 |
|
|
|
171,273 |
|
|
Accumulated deficit |
|
|
(223,266 |
) |
|
|
(215,045 |
) |
|
Total Stockholders’ Equity (Deficit) |
|
|
(44,205 |
) |
|
|
(43,772 |
) |
|
|
|
|
|
|
|
Total Liabilities & Stockholders’ Equity (Deficit) |
|
$ |
43,155 |
|
|
$ |
46,422 |
|
|
|
|
|
|
|
|
XTANT
MEDICAL HOLDINGS, INC. |
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited, in
thousands, except number of shares and per share amounts) |
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Orthopedic product sales |
|
$ |
16,942 |
|
|
$ |
18,192 |
|
|
$ |
64,516 |
|
|
$ |
71,814 |
|
|
Other revenue |
|
|
22 |
|
|
|
70 |
|
|
|
166 |
|
|
|
389 |
|
|
Total revenue |
|
|
16,964 |
|
|
|
18,262 |
|
|
|
64,682 |
|
|
|
72,203 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
5,639 |
|
|
|
11,006 |
|
|
|
22,166 |
|
|
|
28,717 |
|
|
Gross profit |
|
|
11,325 |
|
|
|
7,256 |
|
|
|
42,516 |
|
|
|
43,486 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit % |
|
|
66.8 |
% |
|
|
39.7 |
% |
|
|
65.7 |
% |
|
|
60.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
4,540 |
|
|
|
3,801 |
|
|
|
17,936 |
|
|
|
14,277 |
|
|
Sales and marketing |
|
|
6,832 |
|
|
|
7,139 |
|
|
|
25,843 |
|
|
|
31,464 |
|
|
Research and development |
|
|
257 |
|
|
|
523 |
|
|
|
932 |
|
|
|
1,702 |
|
|
Amortization |
|
|
14 |
|
|
|
859 |
|
|
|
58 |
|
|
|
3,437 |
|
|
Impairment of goodwill and intangible assets |
|
|
- |
|
|
|
48,146 |
|
|
|
- |
|
|
|
48,146 |
|
|
Restructuring expenses |
|
|
- |
|
|
|
435 |
|
|
|
- |
|
|
|
2,970 |
|
|
Separation related expenses |
|
|
- |
|
|
|
1,078 |
|
|
|
- |
|
|
|
1,568 |
|
|
Total operating expenses |
|
|
11,643 |
|
|
|
61,981 |
|
|
|
44,769 |
|
|
|
103,564 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(318 |
) |
|
|
(54,725 |
) |
|
|
(2,253 |
) |
|
|
(60,078 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other
(expense) income |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(1,268 |
) |
|
|
(1,990 |
) |
|
|
(5,772 |
) |
|
|
(10,145 |
) |
|
Change in
warrant derivative liability |
|
|
11 |
|
|
|
38 |
|
|
|
3 |
|
|
|
121 |
|
|
Other
(expense) income |
|
|
- |
|
|
|
(14 |
) |
|
|
(101 |
) |
|
|
3 |
|
|
Total Other (Expense) Income |
|
|
(1,257 |
) |
|
|
(1,966 |
) |
|
|
(5,870 |
) |
|
|
(10,021 |
) |
|
Net Loss from Operations Before Provision for Income Taxes |
|
|
(1,575 |
) |
|
|
(56,691 |
) |
|
|
(8,123 |
) |
|
|
(70,099 |
) |
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
|
|
|
|
|
|
|
Current and deferred |
|
|
(30 |
) |
|
|
- |
|
|
|
(98 |
) |
|
|
- |
|
|
Net Loss from Operations |
|
$ |
(1,605 |
) |
|
$ |
(56,691 |
) |
|
$ |
(8,221 |
) |
|
$ |
(70,099 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.12 |
) |
|
$ |
(4.31 |
) |
|
$ |
(0.62 |
) |
|
$ |
(5.97 |
) |
|
Dilutive |
|
$ |
(0.12 |
) |
|
$ |
(4.31 |
) |
|
$ |
(0.62 |
) |
|
$ |
(5.97 |
) |
|
|
|
|
|
|
|
|
|
|
|
Shares used
in the computation: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
13,161,762 |
|
|
|
13,158,326 |
|
|
|
13,163,931 |
|
|
|
11,740,550 |
|
|
Dilutive |
|
|
13,161,762 |
|
|
|
13,158,326 |
|
|
|
13,163,931 |
|
|
|
11,740,550 |
|
|
|
|
|
|
|
|
|
|
|
|
XTANT
MEDICAL HOLDINGS, INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited, in
thousands) |
|
|
Twelve Months Ended December 31, |
|
|
|
2019 |
|
|
|
2018 |
|
Operating
activities: |
|
|
|
Net loss |
$ |
(8,221 |
) |
|
$ |
(70,099 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
3,143 |
|
|
|
6,590 |
|
Goodwill and intangible impairment |
|
- |
|
|
|
48,146 |
|
(Gain) loss on disposal of fixed assets |
|
(61 |
) |
|
|
103 |
|
Non-cash interest |
|
5,726 |
|
|
|
9,848 |
|
Non-cash rent expense |
|
20 |
|
|
|
- |
|
Stock-based compensation |
|
515 |
|
|
|
694 |
|
Change in warrant derivative liability |
|
(3 |
) |
|
|
(121 |
) |
Provision for reserve on accounts receivable |
|
513 |
|
|
|
188 |
|
Provision for excess and obsolete inventory |
|
509 |
|
|
|
4,932 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(647 |
) |
|
|
2,536 |
|
Inventories |
|
692 |
|
|
|
40 |
|
Prepaid and other assets |
|
204 |
|
|
|
1,055 |
|
Accounts payable |
|
(4,278 |
) |
|
|
(3,011 |
) |
Accrued liabilities |
|
1,475 |
|
|
|
311 |
|
Net cash provided by (used in) operating activities |
|
(413 |
) |
|
|
1,212 |
|
|
|
|
|
Investing
activities: |
|
|
|
Purchases of property and equipment |
|
(879 |
) |
|
|
(624 |
) |
Proceeds from sale of fixed assets |
|
335 |
|
|
|
257 |
|
Net cash used in investing activities |
|
(544 |
) |
|
|
(367 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Payments on financing leases |
|
(455 |
) |
|
|
(359 |
) |
Costs associated with Second Amended and Restated Credit
Agreement |
|
(148 |
) |
|
|
- |
|
Costs associated with private placement and convertible debt
exchange |
|
- |
|
|
|
(3,356 |
) |
Proceeds from equity private placement |
|
- |
|
|
|
6,810 |
|
Proceeds from issuance of stock |
|
- |
|
|
|
1 |
|
Net cash provided by (used in) financing activities |
|
(603 |
) |
|
|
3,096 |
|
|
|
|
|
Net change
in cash and cash equivalents |
|
(1,560 |
) |
|
|
3,941 |
|
Cash and
cash equivalents at beginning of period |
|
6,797 |
|
|
|
2,856 |
|
Cash and
cash equivalents at end of period |
$ |
5,237 |
|
|
$ |
6,797 |
|
|
|
|
|
XTANT
MEDICAL HOLDINGS, INC. |
|
CALCULATION
OF NON-GAAP CONSOLIDATED EBITDA AND ADJUSTED EBITDA |
|
(Unaudited, in
thousands) |
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss |
|
$ |
(1,605 |
) |
|
$ |
(56,691 |
) |
|
$ |
(8,221 |
) |
|
$ |
(70,099 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
|
- |
|
|
|
14 |
|
|
|
101 |
|
|
|
(3 |
) |
|
Depreciation and amortization |
|
|
807 |
|
|
|
1,646 |
|
|
|
3,143 |
|
|
|
6,589 |
|
|
Interest expense |
|
|
1,268 |
|
|
|
1,990 |
|
|
|
5,772 |
|
|
|
10,145 |
|
|
Tax expense |
|
|
30 |
|
|
|
- |
|
|
|
98 |
|
|
|
- |
|
|
Non-GAAP EBITDA |
|
|
500 |
|
|
|
(53,041 |
) |
|
|
893 |
|
|
|
(53,368 |
) |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA/Total revenue |
|
|
2.9 |
% |
|
|
-290.4 |
% |
|
|
1.4 |
% |
|
|
-73.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP ADJUSTED EBITDA CALCULATION |
|
|
|
|
|
|
|
|
|
Impairment of goodwill and intangible assets |
|
|
- |
|
|
|
48,146 |
|
|
|
- |
|
|
|
48,146 |
|
|
Provision for reserve on accounts receivable |
|
|
60 |
|
|
|
185 |
|
|
|
513 |
|
|
|
188 |
|
|
Provision for excess and obsolete inventory |
|
|
(8 |
) |
|
|
4,636 |
|
|
|
509 |
|
|
|
4,932 |
|
|
Stock-based compensation |
|
|
259 |
|
|
|
108 |
|
|
|
515 |
|
|
|
694 |
|
|
Change in warrant derivative liability |
|
|
(11 |
) |
|
|
(38 |
) |
|
|
(3 |
) |
|
|
(121 |
) |
|
Separation-related expenses |
|
|
- |
|
|
|
1,078 |
|
|
|
(37 |
) |
|
|
1,568 |
|
|
Remediation expenses |
|
|
253 |
|
|
|
- |
|
|
|
560 |
|
|
|
- |
|
|
Litigation reserve |
|
|
119 |
|
|
|
195 |
|
|
|
919 |
|
|
|
195 |
|
|
Facility consolidation costs |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
241 |
|
|
Restructuring expenses |
|
|
- |
|
|
|
435 |
|
|
|
- |
|
|
|
2,970 |
|
|
Non-GAAP Adjusted EBITDA |
|
$ |
1,172 |
|
|
$ |
1,705 |
|
|
$ |
3,869 |
|
|
$ |
5,445 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted EBITDA/Total revenue |
|
|
6.9 |
% |
|
|
9.3 |
% |
|
|
6.0 |
% |
|
|
7.5 |
% |
|
|
|
XTANT
MEDICAL HOLDINGS, INC. |
|
CALCULATION
ON NON-GAAP ADJUSTED NET INCOME, NON-GAAP ADJUSTED GROSS PROFIT AND
NON-GAAP ADJUSTED OPERATING EXPENSES AND RECONCILIATION TO GAAP NET
INCOME, GAAP GROSS PROFIT AND GAAP OPERATING EXPENSES |
|
|
(Unaudited, in
thousands, except number of shares and per share amounts) |
|
|
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
Orthopedic
product sales |
|
$ |
16,942 |
|
|
$ |
18,192 |
|
|
|
$ |
64,516 |
|
|
$ |
71,814 |
|
|
Other
revenue |
|
|
22 |
|
|
|
70 |
|
|
|
|
166 |
|
|
|
389 |
|
|
Total
revenue |
|
|
16,964 |
|
|
|
18,262 |
|
|
|
|
64,682 |
|
|
|
72,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Sales |
|
|
5,639 |
|
|
|
11,006 |
|
|
|
|
22,166 |
|
|
|
28,717 |
|
|
Reverse
Inventory Reserve |
|
|
8 |
|
|
|
(4,636 |
) |
|
|
|
(509 |
) |
|
|
(4,932 |
) |
|
Adjusted
Total Cost of sales |
|
|
5,647 |
|
|
|
6,370 |
|
|
|
|
21,657 |
|
|
|
23,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Gross profit |
|
|
11,317 |
|
|
|
11,892 |
|
|
|
|
43,025 |
|
|
|
48,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
% |
|
|
66.7 |
% |
|
|
65.1 |
% |
|
|
|
66.5 |
% |
|
|
67.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
|
4,540 |
|
|
|
3,801 |
|
|
|
|
17,936 |
|
|
|
14,277 |
|
|
Sales and
marketing |
|
|
6,832 |
|
|
|
7,139 |
|
|
|
|
25,843 |
|
|
|
31,464 |
|
|
Research and
development |
|
|
257 |
|
|
|
523 |
|
|
|
|
932 |
|
|
|
1,702 |
|
|
Amortization |
|
|
14 |
|
|
|
859 |
|
|
|
|
58 |
|
|
|
3,437 |
|
|
Goodwill
& Intangible Asset impairment |
|
|
- |
|
|
|
48,146 |
|
|
|
|
- |
|
|
|
48,146 |
|
|
Reverse
impairment charges |
|
|
- |
|
|
|
(48,146 |
) |
|
|
|
- |
|
|
|
(48,146 |
) |
|
Restructuring expenses |
|
|
- |
|
|
|
435 |
|
|
|
|
- |
|
|
|
2,970 |
|
|
Separation
related expenses |
|
|
- |
|
|
|
1,078 |
|
|
|
|
- |
|
|
|
1,568 |
|
|
Total
Adjusted Operating Expenses |
|
|
11,643 |
|
|
|
13,835 |
|
|
|
|
44,769 |
|
|
|
55,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(326 |
) |
|
|
(1,943 |
) |
|
|
|
(1,744 |
) |
|
|
(7,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(1,268 |
) |
|
|
(1,990 |
) |
|
|
|
(5,772 |
) |
|
|
(10,145 |
) |
|
Change in
warrant derivative liability |
|
|
11 |
|
|
|
38 |
|
|
|
|
3 |
|
|
|
121 |
|
|
Other
(expense) income |
|
|
- |
|
|
|
(14 |
) |
|
|
|
(101 |
) |
|
|
3 |
|
|
Total Other
(Expense) Income |
|
|
(1,257 |
) |
|
|
(1,966 |
) |
|
|
|
(5,870 |
) |
|
|
(10,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss from Operations Before Provision for Income Taxes |
|
(1,583 |
) |
|
|
(3,909 |
) |
|
|
|
(7,614 |
) |
|
|
(17,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for Income Taxes |
|
|
|
|
|
|
|
|
|
|
Current and
Deferred |
|
|
(30 |
) |
|
|
- |
|
|
|
|
(98 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Loss |
|
$ |
(1,613 |
) |
|
$ |
(3,909 |
) |
|
|
$ |
(7,712 |
) |
|
$ |
(17,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.12 |
) |
|
$ |
(0.30 |
) |
|
|
$ |
(0.59 |
) |
|
$ |
(1.45 |
) |
|
Dilutive |
|
$ |
(0.12 |
) |
|
$ |
(0.30 |
) |
|
|
$ |
(0.59 |
) |
|
$ |
(1.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used
in the computation: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
13,161,762 |
|
|
|
13,158,326 |
|
|
|
|
13,163,931 |
|
|
|
11,740,550 |
|
|
Dilutive |
|
|
13,161,762 |
|
|
|
13,158,326 |
|
|
|
|
13,163,931 |
|
|
|
11,740,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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