Alphatec Holdings, Inc. (“ATEC” or the “Company”) (Nasdaq: ATEC),
today announced financial results and operating highlights for the
fourth quarter and full year ended December 31, 2018. The
Company also announced that it has secured an additional $30
million financing commitment from Squadron Capital to fund
continued growth initiatives.
Fourth Quarter and Full Year 2018 Financial
Highlights
|
Quarter Ended December
31, 2018 |
|
Year Ended December 31,
2018 |
|
|
|
|
Total
revenue |
$25.3 million |
|
$91.7 million |
Revenue
from U.S. products |
$23.1 million |
|
$83.7 million |
Gross
margin from U.S. products |
71.6% |
|
75.0% |
Operating expenses |
$24.3 million |
|
$85.7 million |
Non-GAAP
operating expenses |
$20.1 million |
|
$77.2 million |
Operating loss |
$(7.7) million |
|
$(22.4) million |
Non-GAAP
Adjusted EBITDA |
$(1.7) million |
|
$(7.1) million |
Organizational, Commercial, and Product
Highlights
- Received FDA 510(k) clearance for 12 products
- Released 12 products for alpha evaluation
- Acquired SafeOp Surgical, Inc. and received 510(k) clearance
for the SafeOp advanced neuromonitoring system
- Made significant progress transforming the salesforce,
generating nearly 30% year-over-year revenue growth from strategic
distribution partners
- Increased revenue per distributor by approximately 20% while
reducing total number of distributors by approximately 20%
- Doubled new surgeon revenue in 2018
- Continued the Company’s organizational and cultural
transformation, hiring nearly 45% of the current ATEC team in 2018,
the vast majority of which are focused on the product and
technology pipeline
“2018 was a pivotal year for
ATEC. We began to build a strong foundation through our 12
new alpha product releases, development of unprecedented
neuromonitoring technology, and the transformation of the cultural
mindset of our organization,” said Pat Miles, Chairman and Chief
Executive Officer. “Our revenue in the fourth quarter
accelerated at a double-digit rate on both a sequential and
year-over-year basis. This is the result of sales channel
improvements, and does not yet reflect the impact of our product
portfolio enhancements. We expect the clinical distinction of these
new solutions will continue to drive accelerated surgeon adoption
and attract an even greater number of high-caliber
distributors.”
Comparison of 2018 to 2017 Financial
Results
U.S. product revenue for the fourth quarter 2018
was $23.1 million, up 10% compared to $20.9 million in the fourth
quarter 2017. U.S. product revenue for the full year 2018 was $83.7
million, down 4% compared to $86.9 million in the full year 2017,
attributed to the transition or discontinuation of legacy,
non-strategic distribution. For the full year 2018, revenue
from strategic distribution grew $14.8 million, or 29%, while
revenue from legacy distribution decreased $18.2 million, or
51%. Revenue growth generated by strategic distributors is
increasingly offsetting the revenue impacts associated with
transitioning or discontinuing legacy distributor
relationships.
U.S. gross profit and gross margin for the
fourth quarter 2018 were $16.5 million and 71.6%, respectively,
compared to $16.0 million and 76.6%, respectively, for the fourth
quarter 2017. U.S. gross profit and gross margin the full
year 2018 were $62.7 million and 75.0%, respectively, compared to
$66.6 million and 76.6%, respectively, for the full year 2017.
U.S. gross margin was pressured in 2018 by increased excess
and obsolete inventory expense related to legacy products.
Gross profit and gross margin reflect the reclassification of
instrument depreciation from cost of sales to selling, general, and
administrative expenses for both 2018 and 2017. The
reclassification of depreciation expense was $5.3 million for 2018
and $5.9 million for 2017.
Total operating expenses for the fourth quarter
2018 were $24.3 million, reflecting an increase of $4.0 million
compared to $20.3 million in the fourth quarter 2017. Total
operating expenses for the full year 2018 were $85.7 million,
reflecting an increase of $8.5 million compared to $77.2 million in
the full year 2017.
On a non-GAAP basis, excluding restructuring
charges, stock-based compensation, transaction-related expenses,
litigation-related expenses, and fair value adjustments, and
one-time gains, total operating expenses in the fourth quarter 2018
increased to $20.1 million from $17.5 million in 2017, and
increased to $77.2 million for the full year 2018 from $71.6
million in 2017. These increases are attributed to increased
investments in organic product development, the support of new
product launches, and investment in the sales channel. Total
operating expenses reflect the reclassification of instrument
depreciation from cost of sales to selling, general, and
administrative expenses for both 2018 and 2017. The
reclassification of depreciation expense was $5.3 million for 2018
and $5.9 million for 2017.
Operating loss for the fourth quarter 2018 was
$7.7 million, compared to a loss of $3.6 million for the fourth
quarter 2017, of which $1.7 million was attributed to an increase
in restructuring and litigation-related expenses. Operating
loss for the full year 2018 was $22.4 million, compared to a loss
of $9.0 million for the full year 2017, of which $6.7 million was
attributed to an increase in stock-based compensation and
litigation-related expenses.
Non-GAAP Adjusted EBITDA in the fourth quarter
was a loss of $1.7 million, compared to income of $1.3 million in
the fourth quarter 2017. Non-GAAP Adjusted EBITDA in the full
year 2018 was a loss of $7.1 million, compared to income of $4.1
million in the full year 2017. For more detailed information,
please refer to the table, “Alphatec Holdings, Inc. Reconciliation
of Non-GAAP Financial Measures,” that follows.
Current and long-term debt includes $35.0
million in term debt and $11.0 million outstanding under the
Company’s revolving credit facility at December 31, 2018.
This compares to $32.4 million in term debt and $10.3 million
outstanding under the Company’s revolving credit facility at
December 31, 2017.
Cash and cash equivalents were $29.1 million at
December 31, 2018, compared to $22.5 million reported at December
31, 2017.
Expanded Credit Facility
On March 7, 2019, ATEC secured a commitment of
up to $30 million in additional secured financing from Squadron
Medical Finance Solutions. This capital will be made
available under the same material terms and conditions as the
existing term loan with Squadron, subject to customary closing
conditions.
In connection with this additional commitment,
ATEC will issue warrants to Squadron to purchase 4.8 million shares
of ATEC common stock at an exercise price of $2.17 at the time of
the first draw under the credit facility.
ATEC expects this transaction to close before
the end of March 2019.
“We are pleased to again be partnering with
Squadron, a well-informed, long-term strategic investor. Squadron
has consistently proven to be a strong supporter of the ATEC team
and our vision, " said Jeff Black, ATEC Chief Financial
Officer. “We anticipate that this financing will allow us to
execute our business and fund our growth initiatives into the
second half of 2020. Importantly, with this financing, we can
continue our focus on unlocking value through new innovative
technologies and partnerships."
2019 Financial Outlook
Alphatec expects total 2019 revenue between
$98.0 million and $103.0 million, with U.S. product revenue between
$94.0 million and $98.0 million, reflecting U.S. revenue growth of
13% to 17% compared to 2018.
Investor Conference Call
Alphatec will host a live webcast and audiocast
of the conference call today at 1:30 p.m. PT / 4:30 p.m. ET to
discuss the results. The webcast will be available
at https://edge.media-server.com/m6/p/345xttxs. The
audiocast will be available domestically at (877) 556-5251 and
internationally at (720) 545-0036. The conference ID number is
8267309. During today’s conference call, management will be
referring to a supplemental presentation that will be available on
the Investors section of the Company’s website and as part of the
live webcast.
About Alphatec Holdings,
Inc.Alphatec Holdings, Inc., through its wholly-owned
subsidiaries, Alphatec Spine, Inc. and SafeOp Surgical, Inc., is a
medical device company that designs, develops and markets spinal
fusion technology products and solutions for the treatment of
spinal disorders associated with disease and degeneration,
congenital deformities and trauma. The Company's mission is
to improve lives by providing innovative spine surgery solutions
through the relentless pursuit of superior outcomes. The
Company markets its products in the U.S. via independent sales
agents and a direct sales force.
Additional information can be found at
www.atecspine.com.
Non-GAAP Financial Information
To supplement the Company’s financial statements presented in
accordance with U.S. generally accepted accounting principles
(GAAP), the Company reports certain non-GAAP financial measures
such as Adjusted EBITDA. Adjusted EBITDA included in this
press release is a non-GAAP financial measure that represents net
income (loss), excluding the effects of interest, taxes,
depreciation, amortization, stock-based compensation expenses, and
other non-recurring income or expense items, such as sale of
assets, settlement gains, impairments, restructuring expenses,
severance expenses, fair market value adjustments, and
transaction-related expenses. The Company believes that non-GAAP
Adjusted EBITDA provides investors with an additional tool for
evaluating the Company's core performance, which management uses in
its own evaluation of continuing operating performance, and a
baseline for assessing the future earnings potential of the
Company. For completeness, management uses non-GAAP Adjusted
EBITDA in conjunction with GAAP earnings and earnings per common
share measures. The Company’s Adjusted EBITDA measure may not
provide information that is directly comparable to that provided by
other companies in the Company’s industry, as other companies in
the industry may calculate non-GAAP financial results differently,
particularly related to non-recurring, unusual items. Adjusted
EBITDA should be considered in addition to, and not as a substitute
for, or superior to, financial measures calculated in accordance
with GAAP. Included below are reconciliations of the non-GAAP
financial measures to the comparable GAAP financial measure.
Forward Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainty. Such
statements are based on management's current expectations and are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. The Company cautions investors
that there can be no assurance that actual results or business
conditions will not differ materially from those projected or
suggested in such forward-looking statements. Forward-looking
statements include the references to the Company’s 2019 revenue and
growth outlook, planned commercial launches and product
introductions, the Company’s strategy in significantly
repositioning the ATEC brand, turning the Company into a growth
organization and creating future market disruption, and the
Company’s future ability to finance its operations. The important
factors that could cause actual operating results to differ
significantly from those expressed or implied by such
forward-looking statements include, but are not limited to: the
uncertainty of success in developing new products or products
currently in the Company’s pipeline; the uncertainties in the
Company’s ability to execute upon its strategic operating plan; the
uncertainties regarding the ability to successfully license or
acquire new products, and the commercial success of such products;
failure to achieve acceptance of the Company’s products by the
surgeon community; failure to obtain FDA or other
regulatory clearance or approval for new products, or unexpected or
prolonged delays in the process; continuation of favorable third
party reimbursement for procedures performed using the Company’s
products; unanticipated expenses or liabilities or other adverse
events affecting cash flow or the Company’s ability to successfully
control its costs or achieve profitability; uncertainty of
additional funding; the Company’s ability to compete with other
products and with emerging new technologies; product liability
exposure; an unsuccessful outcome in any litigation in which the
Company is a defendant; patent infringement claims; claims related
to the Company’s intellectual property and the Company’s ability to
meet its financial obligations under its credit agreements and
the OrthoTec LLC settlement agreement. The words
“believe,” “will,” “should,” “expect,” “intend,” “estimate,” “look
forward” and “anticipate,” variations of such words and similar
expressions identify forward-looking statements, but their absence
does not mean that a statement is not a forward-looking
statement. A further list and description of these and other
factors, risks and uncertainties can be found in the Company's most
recent annual report, and any subsequent quarterly and current
reports, filed with the Securities and Exchange Commission.
ATEC disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise, unless required by law.
Investor/Media Contact:
Tina JacobsenInvestor Relations (760) 494-6790ir@atecspine.com
Company Contact:
Jeff BlackChief Financial OfficerAlphatec Holdings,
Inc. ir@atecspine.com
|
|
ALPHATEC HOLDINGS, INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except
per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
Revenue
from U.S. products |
$ |
23,050 |
|
|
$ |
20,949 |
|
|
$ |
83,656 |
|
|
$ |
86,925 |
|
|
Revenue
from international supply agreement |
|
2,293 |
|
|
|
5,334 |
|
|
|
8,038 |
|
|
|
14,814 |
|
|
Total
revenues |
|
25,343 |
|
|
|
26,283 |
|
|
|
91,694 |
|
|
|
101,739 |
|
|
Cost of revenues |
|
8,771 |
|
|
|
9,589 |
|
|
|
28,457 |
|
|
|
33,517 |
|
|
Gross profit |
|
16,572 |
|
|
|
16,694 |
|
|
|
63,237 |
|
|
|
68,222 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research
and development |
|
3,032 |
|
|
|
1,437 |
|
|
|
9,984 |
|
|
|
4,920 |
|
|
Sales,
general and administrative |
|
18,881 |
|
|
|
18,230 |
|
|
|
72,509 |
|
|
|
69,959 |
|
|
Litigation-related expenses |
|
1,540 |
|
|
|
155 |
|
|
|
5,683 |
|
|
|
308 |
|
|
Amortization of intangible assets |
|
187 |
|
|
|
172 |
|
|
|
738 |
|
|
|
688 |
|
|
Transaction-related expenses |
|
4 |
|
|
|
- |
|
|
|
1,550 |
|
|
|
- |
|
|
Gain on
settlement |
|
- |
|
|
|
- |
|
|
|
(6,168 |
) |
|
|
- |
|
|
Restructuring expenses |
|
623 |
|
|
|
308 |
|
|
|
1,381 |
|
|
|
2,206 |
|
|
Gain on
sale of assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(856 |
) |
|
Total operating
expenses |
|
24,267 |
|
|
|
20,302 |
|
|
|
85,677 |
|
|
|
77,225 |
|
|
Operating loss |
|
(7,695 |
) |
|
|
(3,608 |
) |
|
|
(22,440 |
) |
|
|
(9,003 |
) |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
and other expense, net |
|
(1,956 |
) |
|
|
(1,938 |
) |
|
|
(7,139 |
) |
|
|
(7,615 |
) |
|
Loss on
debt extinguishment |
|
(590 |
) |
|
|
- |
|
|
|
(590 |
) |
|
|
- |
|
|
Gain on
change of fair value of warrant |
|
- |
|
|
|
12,044 |
|
|
|
- |
|
|
|
12,044 |
|
|
Total other expense,
net |
|
(2,546 |
) |
|
|
10,106 |
|
|
|
(7,729 |
) |
|
|
4,429 |
|
|
Loss from continuing
operations before taxes |
|
(10,241 |
) |
|
|
6,498 |
|
|
|
(30,169 |
) |
|
|
(4,574 |
) |
|
Income
tax (benefit) provision |
|
336 |
|
|
|
(91 |
) |
|
|
(1,361 |
) |
|
|
(34 |
) |
|
Loss from continuing
operations |
|
(10,577 |
) |
|
|
6,589 |
|
|
|
(28,808 |
) |
|
|
(4,540 |
) |
|
Loss from
discontinued operations |
|
(51 |
) |
|
|
2,466 |
|
|
|
(167 |
) |
|
|
2,246 |
|
|
Net loss |
$ |
(10,628 |
) |
|
$ |
9,055 |
|
|
$ |
(28,975 |
) |
|
$ |
(2,294 |
) |
|
Recognition of beneficial conversion feature - Series B Preferred
Stock |
|
- |
|
|
|
- |
|
|
|
(13,488 |
) |
|
|
- |
|
|
Net loss
attributable to common shareholders |
$ |
(10,628 |
) |
|
$ |
9,055 |
|
|
$ |
(42,463 |
) |
|
$ |
(2,294 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic: |
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.24 |
) |
|
$ |
0.39 |
|
|
$ |
(0.82 |
) |
|
$ |
(0.36 |
) |
|
Discontinued operations |
|
(0.00 |
) |
|
|
0.14 |
|
|
|
(0.00 |
) |
|
|
0.18 |
|
|
Net loss per share,
basic |
$ |
(0.25 |
) |
|
$ |
0.53 |
|
|
$ |
(1.20 |
) |
|
$ |
(0.18 |
) |
|
Shares
used in calculating basic net loss per share |
|
43,201 |
|
|
|
17,062 |
|
|
|
35,315 |
|
|
|
12,788 |
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation included in: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
22 |
|
|
|
13 |
|
|
|
73 |
|
|
|
40 |
|
|
Research and
development |
|
290 |
|
|
|
(33 |
) |
|
|
482 |
|
|
|
206 |
|
|
Sales, general and
administrative |
|
1,550 |
|
|
|
2,332 |
|
|
|
4,749 |
|
|
|
3,735 |
|
|
|
$ |
1,862 |
|
|
$ |
2,312 |
|
|
$ |
5,304 |
|
|
$ |
3,981 |
|
|
|
|
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in
thousands) |
|
|
|
|
|
|
|
|
|
December
31, |
|
2018 |
|
2017 |
|
|
|
|
ASSETS |
Current assets: |
|
|
|
Cash |
$ |
29,054 |
|
|
$ |
22,466 |
|
Accounts
receivable, net |
|
15,095 |
|
|
|
14,822 |
|
Inventories, net |
|
28,765 |
|
|
|
27,292 |
|
Prepaid
expenses and other current assets |
|
2,380 |
|
|
|
1,767 |
|
Current
assets of discontinued operations |
|
242 |
|
|
|
131 |
|
Total current
assets |
|
75,536 |
|
|
|
66,478 |
|
|
|
|
|
Property and equipment,
net |
|
13,235 |
|
|
|
12,670 |
|
Goodwill |
|
13,897 |
|
|
|
- |
|
Intangibles, net |
|
26,408 |
|
|
|
5,248 |
|
Other assets |
|
347 |
|
|
|
208 |
|
Noncurrent assets of
discontinued operations |
|
54 |
|
|
|
56 |
|
Total assets |
$ |
129,477 |
|
|
$ |
84,660 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) |
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
4,399 |
|
|
$ |
3,878 |
|
Accrued
expenses |
|
22,316 |
|
|
|
22,246 |
|
Current
portion of long-term debt |
|
3,276 |
|
|
|
3,306 |
|
Current
liabilities of discontinued operations |
|
621 |
|
|
|
312 |
|
Total current
liabilities |
|
30,612 |
|
|
|
29,742 |
|
|
|
|
|
|
|
|
|
Total
long term liabilities |
|
57,688 |
|
|
|
57,973 |
|
Redeemable preferred stock |
|
23,603 |
|
|
|
23,603 |
|
Stockholders' equity (deficit) |
|
17,574 |
|
|
|
(26,658 |
) |
Total liabilities and
stockholders' equity (deficit) |
$ |
129,477 |
|
|
$ |
84,660 |
|
|
|
|
|
|
ALPHATEC HOLDINGS, INC. |
RECONCILIATION OF GEOGRAPHIC SEGMENT REVENUES
AND GROSS PROFIT |
(in thousands, except percentages -
unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues by
source: |
|
|
|
|
|
|
|
Revenue from U.S.
products |
$ |
23,050 |
|
|
$ |
20,949 |
|
|
$ |
83,656 |
|
|
$ |
86,925 |
|
Revenue from
international supply agreement |
|
2,293 |
|
|
|
5,334 |
|
|
|
8,038 |
|
|
|
14,814 |
|
Total revenues |
$ |
25,343 |
|
|
$ |
26,283 |
|
|
$ |
91,694 |
|
|
$ |
101,739 |
|
|
|
|
|
|
|
|
|
Gross profit by
source: |
|
|
|
|
|
|
|
Revenue from U.S.
products |
$ |
16,510 |
|
|
$ |
16,041 |
|
|
$ |
62,740 |
|
|
$ |
66,598 |
|
Revenue from
international supply agreement |
|
62 |
|
|
|
653 |
|
|
|
497 |
|
|
|
1,624 |
|
Total gross profit |
$ |
16,572 |
|
|
$ |
16,694 |
|
|
$ |
63,237 |
|
|
$ |
68,222 |
|
|
|
|
|
|
|
|
|
Gross profit margin by
source: |
|
|
|
|
|
|
|
Revenue from U.S.
products |
|
71.6 |
% |
|
|
76.6 |
% |
|
|
75.0 |
% |
|
|
76.6 |
% |
Revenue from
international supply agreement |
|
2.7 |
% |
|
|
12.2 |
% |
|
|
6.2 |
% |
|
|
11.0 |
% |
Total gross profit
margin |
|
65.4 |
% |
|
|
63.5 |
% |
|
|
69.0 |
% |
|
|
67.1 |
% |
|
|
|
|
|
|
|
|
|
|
ALPHATEC HOLDINGS, INC. |
|
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES |
|
(in thousands -
unaudited) |
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
24,267 |
|
|
|
20,302 |
|
|
|
85,677 |
|
|
|
77,225 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
(1,840 |
) |
|
|
(2,299 |
) |
|
|
(5,231 |
) |
|
|
(3,941 |
) |
|
Contingent consideration fair value adjustment |
|
|
|
(200 |
) |
|
|
- |
|
|
|
(846 |
) |
|
|
- |
|
|
Litigation-related expenses |
|
|
|
(1,540 |
) |
|
|
(155 |
) |
|
|
(5,683 |
) |
|
|
(308 |
) |
|
Restructuring |
|
|
|
(623 |
) |
|
|
(308 |
) |
|
|
(1,381 |
) |
|
|
(2,206 |
) |
|
Transaction-related expenses |
|
|
|
(4 |
) |
|
|
- |
|
|
|
(1,550 |
) |
|
|
- |
|
|
Gain on
settlement |
|
|
|
- |
|
|
|
- |
|
|
|
6,168 |
|
|
|
- |
|
|
Gain on
sale of assets |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
856 |
|
|
Non-GAAP operating
expenses |
|
|
$ |
20,060 |
|
|
$ |
17,540 |
|
|
$ |
77,154 |
|
|
$ |
71,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss, as
reported |
|
|
$ |
(7,695 |
) |
|
$ |
(3,608 |
) |
|
$ |
(22,440 |
) |
|
$ |
(9,003 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
1,597 |
|
|
|
1,959 |
|
|
|
6,051 |
|
|
|
6,793 |
|
|
Amortization of intangible assets |
|
|
|
187 |
|
|
|
172 |
|
|
|
738 |
|
|
|
688 |
|
|
Total EBITDA |
|
|
|
(5,911 |
) |
|
|
(1,477 |
) |
|
|
(15,651 |
) |
|
|
(1,522 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Add back significant
items: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
1,862 |
|
|
|
2,312 |
|
|
|
5,304 |
|
|
|
3,981 |
|
|
Contingent consideration fair value adjustment |
|
|
|
200 |
|
|
|
- |
|
|
|
846 |
|
|
|
- |
|
|
Litigation-related expenses |
|
|
|
1,540 |
|
|
|
155 |
|
|
|
5,683 |
|
|
|
308 |
|
|
Restructuring |
|
|
|
623 |
|
|
|
308 |
|
|
|
1,381 |
|
|
|
2,206 |
|
|
Transaction-related expenses |
|
|
|
4 |
|
|
|
- |
|
|
|
1,550 |
|
|
|
- |
|
|
Gain on
settlement |
|
|
|
- |
|
|
|
- |
|
|
|
(6,168 |
) |
|
|
- |
|
|
Gain on
sale of assets |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(856 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
$ |
(1,682 |
) |
|
$ |
1,298 |
|
|
$ |
(7,055 |
) |
|
$ |
4,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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