MiMedx Group, Inc. (Nasdaq: MDXG) (“MiMedx” or the “Company”), an
industry leader in advanced wound care and a therapeutic biologics
company, today announced the filing of its third quarter 2020 Form
10-Q for the period ended September 30, 2020.
Timothy R. Wright, MiMedx Chief Executive
Officer, commented, “We are pleased to have achieved several key
objectives, including a strong rebound in sequential sales growth,
the launch of EpiCord® Expandable, and importantly, the relisting
of our shares today on Nasdaq. We are investing across Commercial,
Research and Development, and Manufacturing, with strategic
initiatives designed to achieve profitable growth and expand our
core market. Bolstered by the recent addition of coverage for
EpiFix® by the largest U.S. Commercial payor, we will be increasing
the size of our salesforce and are scaling our field sales
territories to ensure we have the right capacity in the right
places to capture market growth. We are advancing our promising
late-stage Investigational New Drug (IND) clinical trials to
address unmet patient needs in large markets, and recently
completed enrollment in our Plantar Fasciitis and Knee
Osteoarthritis studies. Finally, the buildout of our Current Good
Manufacturing Practices (CGMP) facility remains on track,
positioning us to benefit from favorable cost and quality controls
throughout our entire product portfolio.”
Key Third Quarter
2020 Metrics
- Third quarter net sales of $64.3
million
- Adjusted net sales1, which excludes
impacts of the Company’s transition in revenue recognition, of
$63.3 million
- Net loss of $19.4 million,
reflecting $12.0 million of investigation, restatement and other
related expenses and $8.2 million loss on extinguishment of
debt
- Adjusted EBITDA2 of $6.9
million
|
Quarter Ended September
30, |
|
|
Year-to-Date September
30, |
|
(in thousands) |
|
|
(in thousands) |
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
Net sales |
$ |
64,303 |
|
|
$ |
88,863 |
|
|
$ |
179,686 |
|
|
$ |
222,855 |
|
Net
(loss)
income |
|
(19,417 |
) |
|
|
12,379 |
|
|
|
(32,704 |
) |
|
|
(18,104 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA2 |
|
(7,864 |
) |
|
|
16,235 |
|
|
|
(23,997 |
) |
|
|
(10,266 |
) |
Adjusted
EBITDA2 |
|
6,939 |
|
|
|
7,586 |
|
|
|
20,294 |
|
|
|
27,988 |
|
Net loss per common
share - basic |
$ |
(0.48 |
) |
|
$ |
0.12 |
|
|
$ |
(0.60 |
) |
|
$ |
(0.17 |
) |
Net loss per common
share - diluted |
$ |
(0.48 |
) |
|
$ |
0.11 |
|
|
$ |
(0.60 |
) |
|
$ |
(0.17 |
) |
- Adjusted Net Sales is a non-GAAP
financial measure. See “Reconciliation of GAAP Net Sales to
Adjusted Net Sales and Reconciliation of GAAP Net Income to EBITDA
and Adjusted EBITDA” for a reconciliation of Adjusted Net Sales to
Net Sales, located in “Selected Unaudited Financial Information” of
this release.
- EBITDA and Adjusted EBITDA are
non-GAAP financial measures. See “Reconciliation of GAAP Net Sales
to Adjusted Net Sales and Reconciliation of GAAP Net Income to
EBITDA and Adjusted EBITDA” for a reconciliation of EBITDA and
Adjusted EBITDA to Net loss, located in “Selected Unaudited
Financial Information” of this release.
Net sales for the third quarter of 2020 were
$64.3 million, primarily recognized on an “as-shipped” basis, a 28%
decrease compared to net sales for the same period in 2019 of $88.9
million, recognized on a “cash-receipts” basis. Net sales for the
quarter ended September 30, 2019, include a benefit of $21.4
million resulting from a change in the Company’s methods for
recognizing revenue from the time of cash collection to the time of
shipment (the “Transition”). For more information regarding the
Transition, refer to Note 3 to the Consolidated Financial
Statements included in the Company’s 2019 Annual Report on Form
10-K. Included in the three months ended September 30, 2020, is
$1.0 million of cash collected related to sales made prior to the
transition in the Company’s revenue recognition methodology.
Adjusted net sales, which excludes impacts of
the Company’s transition in revenue recognition and cash collected
on the remaining contracts, were $63.3 million, a decrease of 6.2%
from the third quarter of 2019. Cash collections in the third
quarter of 2019 were higher than shipments in that period. On an
“as-shipped” basis, revenue between the two periods were relatively
consistent.
Gross margin in the third quarter of 2020 was
84.0% as compared to 85.1% in the third quarter of 2019. Excluding
the impact of the transition in revenue recognition, gross margin
in the current period was 84.0%, compared to 84.8% for the year ago
period. This decrease is primarily a result of the higher quality
standards of CGMP and lower production yield.
Selling, general and administrative expenses for
the third quarter of 2020 were $48.0 million, or a decrease of 6.3%
compared to the third quarter of 2019. The decrease was driven, in
part, by lower expenses related to travel restrictions implemented
by the Company, reduced severance expenses, and the result of fewer
legal, consulting, and accounting expenses, exclusive of those
recognized in investigation, restatement and related expenses.
Investigation, restatement and related expenses
for the third quarter of 2020 were $12.0 million, consisting of
costs incurred under indemnification agreements with the Company’s
former management and the resolution of certain legal matters
involving the Company. These expenses were $7.2 million in the
third quarter of 2019, which primarily consisted of legal and
restatement expenses.
Research and development expenses were $3.4
million for the third quarter of 2020, compared to $2.7 million for
the third quarter of 2019. The increase is driven by consulting
fees related to the Company’s clinical research efforts. The
Company expects these costs to increase over time as it invests in
additional clinical and scientific research, including internal
product development, clinical efficacy and economic data, and
pre-clinical research supportive of future growth objectives.
Net loss in the third quarter of 2020 was $19.4
million, and reflected the investigation, restatement and related
expenses of $12.0 million, along with the $8.2 million loss on
extinguishment of debt early in the quarter. This compares to net
income of $12.4 million in the third quarter of 2019 that included
a net benefit of $18.6 million related to the transition in the
Company’s revenue recognition methodology and $7.2 million of
investigation, restatement and related expenses.
Adjusted EBITDA was $6.9 million in the third
quarter of 2020, or 10.8% of net sales, compared to $7.6 million in
the third quarter of 2019, or 8.5% of net sales. The current period
amount is 11.0% of adjusted net sales, compared to 11.2% of
adjusted net sales in the prior year period, as the impact of
continued cost management offset the higher level of R&D
spending.
As of September 30, 2020, the Company had
approximately $109.6 million of cash and cash equivalents, compared
to $69.1 million as of December 31, 2019. Cash and cash
equivalents, net of debt, were $62.0 million at September 30, 2020,
compared to $3.4 million at December 31, 2019.
Peter M. Carlson, MiMedx Chief Financial
Officer, said, “By adapting to the current environment, we continue
to manage our costs well and will remain prudent in our spending.
Our healthy cash position, supported by $150 million in proceeds
from our private equity and debt financings in July, gives us the
financial flexibility to invest in initiatives that strengthen our
core business, and to pursue new growth opportunities, including
our late-stage pipeline that targets unmet patient needs, while
also addressing remaining legal contingencies.”
Recent Developments
- In November, announced that the
largest U.S. commercial payor will provide coverage for EpiFix in
the treatment of diabetic foot ulcers.
- In October, announced relisting on
The Nasdaq Stock Market under the ticker symbol “MDXG”.
- In September, concluded enrollment
for Phase 2B study of its micronized injectable amniotic tissue
product in patients with osteoarthritis of the knee.
- In September, concluded enrollment
for Phase 3 study of plantar fasciitis, an inflammation of the
fibrous tissue along the bottom of the foot that results in intense
pain.
- In September, launched EpiCord
Expandable, the first and only expandable allograft derived from
the umbilical cord, as the latest advancement to its product
portfolio. This new placental tissue allograft provides healthcare
professionals an additional option to support the advanced wound
care needs of their patients with larger, chronic, and hard-to-heal
wounds.
Conference Call and
Webcast
MiMedx will host a conference call and webcast
to review its third quarter 2020 results on Thursday, November 5,
2020, beginning at 8:30 am, Eastern Time. The call can be accessed
using the following information:
Webcast:
https://edge.media-server.com/mmc/p/btane6hp U.S. Investors:
877-359-9508International Investors: 224-357-2393Conference ID:
9580567
A replay of the webcast will be available for
approximately thirty days on the Company’s website at
www.mimedx.com following the conclusion of the webcast.
Important Cautionary
Statement
This press release contains forward-looking
statements. All statements relating to events or results that may
occur in the future are forward-looking statements, including,
without limitation, statements regarding future profitable growth,
expansion of our core market, advancement of our clinical trials,
the buildout of our CGMP facility, potential future cost and
quality control benefits, and the anticipated effects of the
COVID-19 pandemic. Other forward-looking statements generally can
be identified by words such as “expect,” “will,” “intend,” “seek,”
“target,” “future,” “plan,” “continue,” “potential,” “possible,”
“could,” “would,” “may,” “anticipate,” “to be” and similar
expressions. These statements are based on numerous assumptions and
involve known and unknown risks, uncertainties and other factors
that could significantly affect the Company’s operations and may
cause the Company’s actual actions, results, financial condition,
performance or achievements to differ materially from those
expressed or implied by any such forward-looking statements.
Factors that may cause such a difference include, without
limitation, those discussed under the heading “Risk Factors” in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2019 and the Company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020.
Unless required by law, the Company does not
intend, and undertakes no obligation, to update or publicly release
any revision to any forward-looking statements, whether as a result
of the receipt of new information, the occurrence of subsequent
events, a change in circumstances or otherwise. Each
forward-looking statement contained in this release is specifically
qualified in its entirety by the aforementioned factors. Readers
are advised to carefully read this release in conjunction with the
important disclaimers set forth above prior to reaching any
conclusions or making any investment decisions and not to place
undue reliance on forward-looking statements.
About MiMedx
MiMedx® is an industry leader in advanced wound
care and a therapeutic biologics company developing and
distributing human placental tissue allografts with
patent-protected processes for multiple sectors of healthcare. The
Company processes the human placental tissue utilizing its
proprietary PURION® process methodology, among other processes, to
produce allografts by employing aseptic processing techniques in
addition to terminal sterilization. MiMedx has supplied over two
million allografts, through both direct and consignment shipments.
For additional information, please visit www.mimedx.com.
Contact
Hilary DixonInvestor Relations & Corporate
Communications770.651.9066investorrelations@mimedx.com
Selected Unaudited
Financial Information
MiMedx Group, Inc.Condensed Consolidated
Balance Sheets |
(Unaudited) |
(in thousands) |
|
September 30,2020 |
|
December 31,2019 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
109,595 |
|
|
$ |
69,069 |
|
Accounts receivable, net |
|
33,042 |
|
|
|
32,327 |
|
Inventory, net |
|
11,023 |
|
|
|
9,104 |
|
Prepaid expenses |
|
1,492 |
|
|
|
6,669 |
|
Income tax receivable |
|
10,853 |
|
|
|
18 |
|
Other current assets |
|
5,469 |
|
|
|
6,058 |
|
Total current assets |
|
171,474 |
|
|
|
123,245 |
|
Property and equipment, net |
|
10,255 |
|
|
|
12,328 |
|
Right of use asset |
|
4,031 |
|
|
|
3,397 |
|
Goodwill |
|
19,976 |
|
|
|
19,976 |
|
Intangible assets, net |
|
7,168 |
|
|
|
7,777 |
|
Other assets |
|
420 |
|
|
|
443 |
|
Total assets |
$ |
213,324 |
|
|
$ |
167,166 |
|
|
|
|
|
LIABILITIES,
CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
9,049 |
|
|
$ |
8,710 |
|
Accrued compensation |
|
18,528 |
|
|
|
21,302 |
|
Accrued expenses |
|
28,363 |
|
|
|
32,161 |
|
Current portion of long-term debt |
|
— |
|
|
|
3,750 |
|
Other current liabilities |
|
1,357 |
|
|
|
1,399 |
|
Total current liabilities |
|
57,297 |
|
|
|
67,322 |
|
Long-term debt, net |
|
47,627 |
|
|
|
61,906 |
|
Other liabilities |
|
4,422 |
|
|
|
3,540 |
|
Total liabilities |
$ |
109,346 |
|
|
|
132,768 |
|
Convertible preferred stock Series B |
$ |
91,108 |
|
|
$ |
— |
|
Stockholders’ equity |
|
|
|
|
|
|
|
Preferred stock Series A |
$ |
— |
|
|
$ |
— |
|
Common stock |
|
113 |
|
|
|
113 |
|
Additional paid-in capital |
|
158,318 |
|
|
|
147,231 |
|
Treasury stock |
|
(10,717 |
) |
|
|
(10,806 |
) |
Accumulated deficit |
|
(134,844 |
) |
|
|
(102,140 |
) |
Total stockholders' equity |
|
12,870 |
|
|
|
34,398 |
|
Total liabilities, convertible preferred stock, and stockholders'
equity |
$ |
213,324 |
|
|
$ |
167,166 |
|
|
MiMedx Group, Inc.Condensed
Consolidated Statements of
Operations |
(Unaudited) |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net sales |
$ |
64,303 |
|
|
$ |
88,863 |
|
|
$ |
179,686 |
|
|
$ |
222,855 |
|
Cost of sales |
|
10,289 |
|
|
|
13,205 |
|
|
|
28,513 |
|
|
|
30,372 |
|
Gross profit |
|
54,014 |
|
|
|
75,658 |
|
|
|
151,173 |
|
|
|
192,483 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
48,046 |
|
|
|
51,258 |
|
|
|
132,316 |
|
|
|
152,761 |
|
Investigation, restatement and related |
|
12,027 |
|
|
|
7,242 |
|
|
|
39,065 |
|
|
|
46,374 |
|
Research and development |
|
3,372 |
|
|
|
2,691 |
|
|
|
8,281 |
|
|
|
8,421 |
|
Amortization of intangible assets |
|
276 |
|
|
|
269 |
|
|
|
818 |
|
|
|
769 |
|
Impairment of intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
446 |
|
Operating (loss) income |
|
(9,707 |
) |
|
|
14,198 |
|
|
|
(29,307 |
) |
|
|
(16,288 |
) |
|
|
|
|
|
|
|
|
Other (expense) income,
net |
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
(8,201 |
) |
|
|
— |
|
|
|
(8,201 |
) |
|
|
— |
|
Interest expense, net |
|
(1,472 |
) |
|
|
(2,255 |
) |
|
|
(6,433 |
) |
|
|
(2,313 |
) |
Other income (expense), net |
|
1 |
|
|
|
127 |
|
|
|
(2 |
) |
|
|
272 |
|
|
|
|
|
|
|
|
|
(Loss) income before income
tax provision |
|
(19,379 |
) |
|
|
12,070 |
|
|
|
(43,943 |
) |
|
|
(18,329 |
) |
Income tax provision (expense)
benefit |
|
(38 |
) |
|
|
309 |
|
|
|
11,239 |
|
|
|
225 |
|
Net (loss) income |
$ |
(19,417 |
) |
|
$ |
12,379 |
|
|
$ |
(32,704 |
) |
|
$ |
(18,104 |
) |
Net (loss) income available to
common stockholders |
$ |
(51,982 |
) |
|
$ |
12,379 |
|
|
$ |
(65,269 |
) |
|
$ |
(18,104 |
) |
Net loss per common share –
basic |
$ |
(0.48 |
) |
|
$ |
0.12 |
|
|
$ |
(0.60 |
) |
|
$ |
(0.17 |
) |
Net loss per common share –
diluted |
$ |
(0.48 |
) |
|
$ |
0.11 |
|
|
$ |
(0.60 |
) |
|
$ |
(0.17 |
) |
Weighted average shares
outstanding – basic |
|
108,493,208 |
|
|
|
107,157,561 |
|
|
|
108,222,419 |
|
|
|
106,929,643 |
|
Weighted average shares
outstanding – diluted |
|
108,493,208 |
|
|
|
109,590,008 |
|
|
|
108,222,419 |
|
|
|
106,929,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiMedx Group, Inc.Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
(in thousands) |
|
Nine Months Ended September 30, |
|
|
2020 |
|
|
|
2019 |
|
Cash flows from operating
activities |
|
|
|
Net loss |
$ |
(32,704 |
) |
|
$ |
(18,104 |
) |
Adjustments to reconcile net loss to net cash flows used in
operating activities: |
|
|
|
Effect of change in revenue recognition |
|
— |
|
|
|
(17,382 |
) |
Share-based compensation |
|
11,452 |
|
|
|
9,199 |
|
Loss on extinguishment of debt |
|
8,201 |
|
|
|
— |
|
Depreciation |
|
4,494 |
|
|
|
4,981 |
|
Amortization of intangible assets |
|
818 |
|
|
|
769 |
|
Amortization of deferred financing costs |
|
1,811 |
|
|
|
752 |
|
Bad debt expense |
|
616 |
|
|
|
— |
|
Non-cash lease expenses |
|
702 |
|
|
|
714 |
|
Reserve for inventory obsolescence |
|
(171 |
) |
|
|
413 |
|
Loss on fixed asset disposal |
|
— |
|
|
|
318 |
|
Impairment of intangible assets |
|
— |
|
|
|
1,258 |
|
Increase (decrease) in cash resulting from changes in: |
|
|
|
Accounts receivable |
|
(1,331 |
) |
|
|
— |
|
Inventory |
|
(1,748 |
) |
|
|
3,539 |
|
Prepaid expenses |
|
5,177 |
|
|
|
4,778 |
|
Income taxes |
|
(10,835 |
) |
|
|
(389 |
) |
Other assets |
|
1,633 |
|
|
|
(3,515 |
) |
Accounts payable |
|
339 |
|
|
|
(5,444 |
) |
Accrued compensation |
|
(2,775 |
) |
|
|
(1,948 |
) |
Accrued expenses |
|
(4,835 |
) |
|
|
5,596 |
|
Other liabilities |
|
(840 |
) |
|
|
(1,825 |
) |
Net cash flows used in
operating activities |
|
(19,996 |
) |
|
|
(16,290 |
) |
Cash flows from investing
activities: |
|
|
|
Purchases of equipment |
|
(2,073 |
) |
|
|
(1,055 |
) |
Principal payments from note receivable |
|
— |
|
|
|
2,722 |
|
Patent application costs |
|
(209 |
) |
|
|
(370 |
) |
Net cash flows (used in)
provided by investing activities |
|
(2,282 |
) |
|
|
1,297 |
|
Cash flows from financing
activities: |
|
|
|
Proceeds from exercise of stock options |
|
370 |
|
|
|
108 |
|
Stock repurchases for tax withholdings on vesting of restricted
stock |
|
(2,409 |
) |
|
|
(1,283 |
) |
Deferred financing cost |
|
(2,782 |
) |
|
|
(6,640 |
) |
Proceeds from term loan |
|
59,500 |
|
|
|
72,750 |
|
Repayment of term loan |
|
(83,872 |
) |
|
|
(938 |
) |
Prepayment premium on early repayment of term loan |
|
(1,439 |
) |
|
|
— |
|
Proceeds from sale of Series B convertible preferred stock |
|
100,000 |
|
|
|
— |
|
Stock issuance costs |
|
(6,564 |
) |
|
|
— |
|
Net cash flows provided by financing activities |
|
62,804 |
|
|
|
63,997 |
|
Net change in cash |
|
40,526 |
|
|
|
49,004 |
|
Cash and cash equivalents,
beginning of period |
|
69,069 |
|
|
|
45,118 |
|
Cash and cash equivalents, end
of period |
$ |
109,595 |
|
|
$ |
94,122 |
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net
Sales to Adjusted Net Sales and Reconciliation of GAAP
Net Income to EBITDA and
Adjusted EBITDA
In addition to our GAAP results, we provide
certain non-GAAP metrics including Adjusted Net Sales, Earnings
Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
and Adjusted EBITDA. We believe that the presentation of these
measures provides important supplemental information to management
and investors regarding our performance. These measurements are not
a substitute for GAAP measurements. Company management uses these
Non-GAAP measurements as aids in monitoring our ongoing financial
performance from quarter-to-quarter and year-to-year on a regular
basis and for benchmarking against comparable companies. Adjusted
Net Sales is intended to allow one to understand the trend, if any,
in sales and to facilitate comparison of sales amounts in periods
that used different revenue recognition methods. EBITDA is intended
to provide a measure of the Company’s operating performance as it
eliminates the effects of financing and capital expenditures.
EBITDA consists of GAAP net loss excluding: (i) depreciation, (ii)
amortization of intangibles, (iii) interest expense, net and (iv)
loss on extinguishment of debt, and (v) income tax provision
(benefit). Adjusted EBITDA is intended to provide a normalized view
of EBITDA and our broader business operations that we expect to
experience on an ongoing basis by removing items that may be
irregular, one-time, or non-recurring from EBITDA; most
significantly those expenses related to the Audit Committee
investigation and restatement. This enables us to identify
underlying trends in our business that could otherwise be masked by
such items. Adjusted EBITDA consists of GAAP net loss excluding:
(i) depreciation, (ii) amortization of intangibles, (iii) interest
expense, (iv) income tax provision (benefit), (v) costs incurred in
connection with the Audit Committee investigation and restatement,
(vi) the effect of the Company’s change in revenue recognition
pattern, (vii) impairment of intangibles, and (viii) share-based
compensation. A reconciliation of (i) Adjusted Net sales to GAAP
Net Sales, (ii) GAAP Net Loss to EBITDA, and (iii) Adjusted EBITDA
appears in the table below (in thousands).
|
Three Months Ended September 30, |
|
Nine Months Ended September 30 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Net sales |
$ |
64,303 |
|
|
$ |
88,863 |
|
|
$ |
179,686 |
|
|
$ |
222,855 |
|
|
Effect of change in revenue
recognition |
|
(1,039 |
) |
|
|
(21,385 |
) |
|
|
(7,240 |
) |
|
|
(21,385 |
) |
|
Adjusted net sales |
$ |
63,264 |
|
|
$ |
67,478 |
|
|
$ |
172,446 |
|
|
$ |
201,470 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Net (loss) income |
$ |
(19,417 |
) |
|
$ |
12,379 |
|
|
$ |
(32,704 |
) |
|
$ |
(18,104 |
) |
|
Net margin |
|
(30.2 |
%) |
|
|
13.9 |
% |
|
|
(18.2 |
%) |
|
|
(8.1 |
%) |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
Depreciation expense |
|
1,566 |
|
|
|
1,641 |
|
|
|
4,494 |
|
|
|
4,981 |
|
|
Amortization of intangible assets |
|
276 |
|
|
|
269 |
|
|
|
818 |
|
|
|
769 |
|
|
Interest expense, net |
|
1,472 |
|
|
|
2,255 |
|
|
|
6,433 |
|
|
|
2,313 |
|
|
Loss on extinguishment of debt |
|
8,201 |
|
|
|
— |
|
|
|
8,201 |
|
|
|
— |
|
|
Income tax provision expense (benefit), net |
|
38 |
|
|
|
(309 |
) |
|
|
(11,239 |
) |
|
|
(225 |
) |
|
EBITDA |
$ |
(7,864 |
) |
|
$ |
16,235 |
|
|
$ |
(23,997 |
) |
|
$ |
(10,266 |
) |
|
EBITDA margin |
|
(12.2 |
%) |
|
|
18.3 |
% |
|
|
(13.4 |
%) |
|
|
(4.6 |
%) |
|
Additional Non-GAAP
Adjustments |
|
|
|
|
|
|
|
|
Costs incurred in connection with the Audit Committee investigation
and restatement |
|
12,027 |
|
|
|
7,242 |
|
|
|
39,065 |
|
|
|
46,374 |
|
|
Effect of change in revenue recognition |
|
(893 |
) |
|
|
(18,577 |
) |
|
|
(6,226 |
) |
|
|
(18,577 |
) |
|
Impairment of intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,258 |
|
|
Share-based compensation |
|
3,669 |
|
|
|
2,686 |
|
|
|
11,452 |
|
|
|
9,199 |
|
|
Adjusted EBITDA |
$ |
6,939 |
|
|
$ |
7,586 |
|
|
$ |
20,294 |
|
|
$ |
27,988 |
|
|
Adjusted EBITDA margin |
|
10.8 |
% |
|
|
8.5 |
% |
|
|
11.3 |
% |
|
|
12.6 |
% |
|
Adjusted EBITDA, % of Adjusted
Net Sales |
|
11.0 |
% |
|
|
11.2 |
% |
|
|
11.8 |
% |
|
|
13.9 |
% |
|
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