Itamar Medical Ltd. (Nasdaq and TASE: ITMR), a leading medical
device and digital health company focused on the integration of
sleep apnea management into the cardiac patient care pathway, today
reported unaudited financial results for the third quarter of 2021.
“Third quarter results represent the strong traction our
WatchPAT™ platform technology has gained entering the second half
of 2021. Growth in the U.S. continues to outpace our overall growth
on top of expanding adoption in the markets we serve throughout
Europe and the rest of the world,” said Gilad Glick, President and
Chief Executive Officer of Itamar Medical.
Third Quarter
2021 Highlights
and Recent Achievements
- Total revenues were $13.6 million, an increase of 23%
year-over-year.
- U.S. WatchPAT revenues were $11.3 million, an increase of 27%
year-over-year.
- Added 137 new WatchPAT ONE customers, including 115 new to
Itamar Medical.
- Non-IFRS gross margin was 73%, compared to 70% in the third
quarter of 2020 and 73% in the second quarter of 2021. (See “Use of
Non-IFRS Measures” below(.
- Entered into a definitive agreement on September 13, 2021with
ZOLL Medical Corporation, an Ashai Kasei Company (ZOLL), under
which ZOLL will acquire all the outstanding ordinary shares of
Itamar Medical. The agreement was approved by the Company
shareholders on November 16, 2021 and closing is expected in
December 2021.
- IFRS Operating expenses include transaction costs incurred
during the third quarter of $1.7 million relating to the
acquisition of the Company by ZOLL.
- On November 2, 2021, the Centers for Medicare & Medicaid
Services (CMS) issued a final fee schedule under which Code 95800
reimbursement rate (average national) in 2022 will be $159.19, a
decrease of 6.5% from the 2021 rate of $170.28, while the
competitive Code 95806 will be decreased by 11.6% from $102.59 to
$90.68.
Third Quarter
2021 Financial
Results
Revenues for the third quarter of 2021
increased 23% to $13.6 million, compared to $11.0 million in the
same quarter in 2020. Revenue growth was mainly driven by an
increase in WatchPAT sales in the U.S. and Europe.
Worldwide WatchPAT revenues for the third quarter of 2021
increased 25% to $13.2 million, compared to $10.5 million in the
same quarter in 2020.
U.S. WatchPAT revenues for the third quarter of 2021increased
27% to $11.3million, compared to $8.9million in the same quarter in
2020, driven mainly by WatchPAT ONE sales, as well as WatchPAT
Direct sales. Sales from disposables and renewable products,
including WatchPAT ONE, comprised approximately 75% of WatchPAT
revenues in the U.S. for the third quarter of 2021, compared to 73%
for the same quarter in 2020.
Gross profit for the third quarter of 2021
increased to $9.2 million, compared to $7.5 million in the same
quarter in 2020. Gross margin was 68% in the third quarter of 2021
and 2020. Gross margin in the third quarter of 2021 was mainly
impacted by a non-recurring write-off of inventories of $0.4
million in such quarter, resulting from the relocating the
Company’s production facilities. Non-IFRS gross margin (see
Reconciliation of IFRS to Non-IFRS Financial Measures below)
increased to 73%, compared to 70% in the same quarter in 2020. The
improvement in Non-IFRS gross margin is primarily attributable to a
consistent decrease in WatchPAT ONE production costs and increased
efficiency and cost reduction in the production process. (See “Use
of Non-IFRS Measures” below(.
Operating loss for the third quarter of 2021 was $7.3 million,
compared to $2.5 million in the same quarter in 2020. The increase
in operating loss was primarily due to an increase in operating
expenses, partially offset by the increase in revenues. Operating
expense increase was mainly driven by the following:
- Operating expenses include transaction costs of $1.7 million
relating to the acquisition of the Company by ZOLL.
- Selling and marketing expenses increased 22% to $7.6 million,
compared to $6.2 million in the same quarter in 2020, due to the
planned expansion of the U.S. sales team into new geographical
territories and verticals (42 territories and verticals as of
September 30, 2021, compared to 32 territories and verticals as of
September 30, 2020), as well as additional sales commissions
resulting from the increase in revenues and resuming travel.
- Research and development expenses increased 153% to $3.5
million, compared to $1.4 million in the same quarter in 2020,
driven by expenses of $1.0 million associated with research and
development of the acquired Remote Patient Monitoring (RPM)
technology assets from SPRY, including amortization of intangible
assets of $0.4 million, increased personnel and consultants to
support product development, mainly related to the Company’s
digital health platform, and increased share-based payments.
- General and administrative expenses increased 56% to $3.8
million, compared to $2.4 million in the same quarter in 2020,
mainly driven by increased legal expenses, mainly attributed to the
commercial dispute in defense of Itamar Medical’s intellectual
property initiated by the Company, as well as an increase in
payroll and related expenses due to increase in personnel and an
increase in directors’ and officers’ insurance premium.
Non-IFRS operating loss for the third quarter of 2021 was $3.9
million, compared to $1.9 million in the same quarter in 2020.
Non-IFRS operating loss excluded approximately $3.4 million in
transaction costs relating to the acquisition of the Company by
ZOLL; share-based payments; depreciation and amortization of
property and equipment and intangible assets; change in provision
for doubtful and bad debt; non-recurring expenses related to
relocating our production facilities; and other non-recurring
expenses, compared to $0.6 million of similar expenses for the same
quarter in 2020 (see “Use of Non-IFRS Measures” below).
Net loss for the third quarter of 2021 was $8.0 million,
compared to $2.8 million in the same quarter in 2020.
Non-IFRS net loss for the third quarter of 2021 was $4.6
million, compared to $2.1 million in the same quarter in 2020.
Non-IFRS net loss excluded approximately $3.4 million in
transaction costs relating to the acquisition of the Company by
ZOLL; share-based payments; depreciation and amortization of
property and equipment and intangible assets; change in provision
for doubtful and bad debt; non-recurring expenses related to
relocating our production facilities; and other non-recurring
expenses, compared to $0.7 million of similar expenses and gains
for the same quarter in 2020 (see “Use of Non-IFRS Measures”
below).
As of September 30, 2021, the Company had cash, cash equivalents
and a short-term bank deposit of $68.7 million.
Nine Month Ended September 30,
2021 Financial
Results
Revenues for the nine months ended September 30, 2021 increased
35% to $38.1 million, compared to $28.3 million for the nine months
ended September 30, 2020. Revenue growth was mainly driven by an
increase in WatchPAT sales in the U.S., in Europe and in the rest
of the world.
Worldwide WatchPAT revenues for the nine months ended September
30, 2021 increased 36% to $36.1 million, compared to $26.6 million
for the nine months ended September 30, 2020.
U.S. WatchPAT revenues for the nine months ended September 30,
2021 increased 38% to $29.8 million, compared to $21.6 million for
the nine months ended September 30, 2020, driven mainly by WatchPAT
ONE sales, as well as WatchPAT Direct sales. Sales from disposables
and renewable products, including WatchPAT ONE, comprised
approximately 77% of WatchPAT revenues in the U.S. for the nine
months ended September 30, 2021, compared to 75% for the nine
months ended September 30, 2020.
Gross profit for the nine months ended September 30, 2021
increased to $26.2 million, compared to $19.9 million for the nine
months ended September 30, 2020. Gross margin decreased to 69%,
compared to 70% the nine months ended September 30, 2020. Gross
margin decline was mainly driven by non-recurring expenses of $0.8
million related to relocating the Company’s production facilities
and increased WatchPAT ONE sales, offset by improvement
attributable to a consistent decrease in WatchPAT ONE production
costs and increased efficiency and cost reduction in the production
process. Non-IFRS gross margin (see Reconciliation of IFRS to
Non-IFRS Financial Measures below) was 72% in the nine-month
periods ended September 30, 2021 and 2020.
Operating loss for the nine months ended
September 30, 2021 was $17.2 million, compared to $7.7 million for
the nine months ended September 30, 2020. The increase in operating
loss was primarily due to an increase in operating expenses,
partially offset by the increase in revenues. Operating expense
increase was mainly driven by the following:
- Operating expenses include total of $2.8 million comprised of:
(i) transaction costs of $1.7 million relating to the acquisition
of the Company by ZOLL; and (ii) $1.1 million (recorded in the
first quarter of 2021) related to non-recurring share-based
payments resulting from the extended exercise period of vested
service options from five to ten years.
- Selling and marketing expenses increased 28% to $22.4 million,
compared to $17.4 million in the same period in 2020, due to the
planned expansion of the U.S. sales team into new geographical
territories and verticals, as well as additional sales commissions
resulting from the increase in revenues, resuming travel, increased
consulting fees relating to reimbursement in the U.S., Australia,
China and Japan, and increased share-based payments, as mentioned
above.
- Research and development expenses increased 140% to $9.8
million, compared to $4.1 million in the same period in 2020,
driven by expenses of $2.9 million associated with research and
development of the acquired RPM technology assets from SPRY,
including amortization of intangible assets of $1.1 million,
increased personnel and consultants to support product development,
mainly related to the Company’s digital health platform, and
increased share-based payments, as mentioned above.
- General and administrative expenses increased 57% to $9.5
million, compared to $6.1 million in the same period in 2020,
mainly driven by an increase in legal expenses, mainly attributed
to the commercial dispute in defense of Itamar Medical’s
intellectual property initiated by the Company as well as increased
payroll and related expenses due to increase in personnel, increase
in directors’ and officers’ insurance premium, and increased
share-based payments, as mentioned above.
Non-IFRS operating loss for the nine months ended September 30,
2021 was $9.8 million, compared to $5.7 million for the nine months
ended September 30, 2020. Non-IFRS operating loss excluded
approximately $7.4 million in transaction costs relating to the
acquisition of the Company by ZOLL; share-based payments;
depreciation and amortization of property and equipment and
intangible asset; change in provision for doubtful and bad debt;
non-recurring expenses related to relocating our production
facilities; and other non-recurring expenses, compared to $2.0
million of similar expenses for the nine months ended September 30,
2020 (see “Use of Non-IFRS Measures” below).
Net loss for the nine months ended September 30, 2021 was $18.3
million, compared to $8.0 million for the nine months ended
September 30, 2020.
Non-IFRS net loss for the for the nine months ended September
30, 2021 was $10.8 million, compared to $6.0 million for the nine
months ended September 30, 2020. Non-IFRS net loss excluded
approximately $7.4 million in transaction costs relating to the
acquisition of the Company by ZOLL; share-based payments;
depreciation and amortization of property and equipment and
intangible assets; change in provision for doubtful and bad debt;
non-recurring expenses related to relocating our production
facilities; and other non-recurring expenses, compared to $2.0
million of similar expenses and gains for the nine months ended
September 30, 2020 (see “Use of Non-IFRS Measures” below).
ZOLL Medical Corporation Transaction Update
On September 13, 2021, Itamar Medical announced that it had
entered into a definitive agreement with ZOLL Medical
Corporation,an Ashai Kasei Company (ZOLL), pursuant to which ZOLL
will acquire all outstanding ordinary shares of Itamar Medical for
$1.0333333 per ordinary share, or $31.00 per American Depository
Share of the Company. On November 16, 2021, Itamar Medical’s
shareholders voted to approve the transaction at a shareholders
meeting. Based on this information, Itamar Medical believes the
acquisition remains on track to close in December 2021, subject to
the satisfaction of customary closing conditions.
In light of this transaction, Itamar Medical will not host a
conference call to review third quarter 2021 financial results.
Use of Non-IFRS Measures
In addition to disclosing financial results prepared in
accordance with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standard Board (IASB),
this press release contains Non-IFRS financial measures for
operating loss and net loss, which are adjusted from results based
on IFRS to exclude: (i) transaction costs relating to the
acquisition of the Company by ZOLL; (ii) share-based payments;
(iii) depreciation and amortization of property and equipment and
intangible assets; (iv) change in provision for doubtful and bad
debt; (v) non-recurring expenses related to relocating our
production facilities; and (vi) other non-recurring expenses.
Management believes that the Non-IFRS financial measures provided
in this press release are useful to investors’ understanding and
assessment of the Company’s performance. Management uses both IFRS
and Non-IFRS measures when operating and evaluating the Company’s
business internally and therefore decided to make these Non-IFRS
adjustments available to investors. The presentation of this
Non-IFRS financial information is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with IFRS. For further details, see a
reconciliation of operating loss and net loss on an IFRS basis to a
Non-IFRS basis that is provided in the table that accompanies this
press release.
About Itamar Medical Ltd.
Itamar Medical is a medical technology company focused on the
development and commercialization of non-invasive medical devices
and solutions to aid in the diagnosis of respiratory sleep
disorders. Itamar Medical commercializes a digital healthcare
platform to facilitate the continuum of care for effective sleep
apnea management with a focus on the core sleep, cardiology and
direct to consumer markets. Itamar Medical offers a Total Sleep
Solution to help physicians provide comprehensive sleep apnea
management in a variety of clinical environments to optimize
patient care and reduce healthcare system costs. The Company’s key
product, WatchPAT, is commercially available within major markets
including the U.S., Japan and Europe. Itamar Medical is a public
company traded on the Nasdaq and on the Tel Aviv Stock Exchanges,
and is based in Caesarea, Israel with U.S. headquarters based in
Atlanta, GA. For additional information visit
www.itamar-medical.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other applicable
securities laws. Statements preceded by, followed by, or that
otherwise include the words "believes", "expects", "anticipates",
"intends", "estimates", "plans", and similar expressions or future
or conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical
facts. For example, when we discuss the closing of the ZOLL Medical
Corporation acquisition of Itamar, we are using forward-looking
statements. Because such statements deal with future events, they
are subject to various risks, uncertainties and assumptions,
including events and circumstances out of Itamar Medical's control
and actual results, expressed or implied by such forward-looking
statements, could differ materially from Itamar Medical's current
expectations. Factors that could cause or contribute to such
differences include, but are not limited to, risks, uncertainties
and assumptions discussed from time to time by Itamar Medical in
reports filed with, or furnished to, the U.S. Securities and
Exchange Commission (SEC) and the Israel Securities Authority
(ISA), including the Company’s Annual Report on Form 20-F, which is
on file with the SEC (accessible at www.sec.gov) and the ISA.
Except as otherwise required by law, Itamar Medical undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events.
Itamar Medical Investor Relations Contact
(U.S.)Leigh SalvoGilmartin GroupPhone:
+1-415-937-5412investors@itamar-medical.com
* The contents of any website or hyperlinks mentioned in this
press release are for informational purposes and the contents
thereof are not part of this press release.
|
ITAMAR MEDICAL LTD. |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION |
(Unaudited) |
|
|
|
|
September 30, |
|
December 31, |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands |
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
10,654 |
|
|
$ |
9,670 |
|
Short-term bank deposits |
|
58,000 |
|
|
|
30,000 |
|
Trade receivables |
|
11,042 |
|
|
|
8,354 |
|
Other receivables |
|
2,756 |
|
|
|
2,251 |
|
Inventories |
|
7,379 |
|
|
|
7,164 |
|
Total current assets |
|
89,831 |
|
|
|
57,439 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Long-term restricted deposits and prepaid expenses |
|
508 |
|
|
|
547 |
|
Long-term trade receivables |
|
162 |
|
|
|
412 |
|
Property and equipment |
|
3,425 |
|
|
|
2,904 |
|
Intangible assets |
|
2,980 |
|
|
|
1,037 |
|
Right-of-use assets |
|
5,432 |
|
|
|
1,801 |
|
Total non-current assets |
|
12,507 |
|
|
|
6,701 |
|
Total assets |
$ |
102,338 |
|
|
$ |
64,140 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Short-term bank loan |
$ |
5,000 |
|
|
$ |
5,000 |
|
Current maturities of long-term loan |
|
135 |
|
|
|
135 |
|
Current maturities of lease liabilities |
|
682 |
|
|
|
700 |
|
Trade payables |
|
5,410 |
|
|
|
4,418 |
|
Other payables |
|
6,026 |
|
|
|
5,973 |
|
Accrued expenses |
|
3,529 |
|
|
|
1,091 |
|
Provisions |
|
352 |
|
|
|
321 |
|
Short-term employee benefits |
|
650 |
|
|
|
354 |
|
Total current liabilities |
|
21,784 |
|
|
|
17,992 |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Long-term loan |
|
53 |
|
|
|
154 |
|
Long-term lease liabilities |
|
4,978 |
|
|
|
1,380 |
|
Recognized liability for defined benefit plan, net |
|
269 |
|
|
|
271 |
|
Other long-term liabilities |
|
1,326 |
|
|
|
1,271 |
|
Total non-current liabilities |
|
6,626 |
|
|
|
3,076 |
|
Total liabilities |
|
28,410 |
|
|
|
21,068 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Ordinary share capital |
|
1,342 |
|
|
|
1,140 |
|
Additional paid-in capital |
|
207,170 |
|
|
|
161,006 |
|
Accumulated deficit |
|
(134,584 |
) |
|
|
(119,074 |
) |
Total equity |
|
73,928 |
|
|
|
43,072 |
|
Total liabilities and equity |
$ |
102,338 |
|
|
$ |
64,140 |
|
|
|
|
|
|
|
|
|
ITAMAR MEDICAL LTD. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
September 30, |
|
|
September 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands (except per share
and ADS data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
13,566 |
|
|
$ |
10,999 |
|
|
$ |
38,103 |
|
|
$ |
28,262 |
|
Cost of revenues |
|
4,357 |
|
|
|
3,471 |
|
|
|
11,943 |
|
|
|
8,390 |
|
Gross profit |
|
9,209 |
|
|
|
7,528 |
|
|
|
26,160 |
|
|
|
19,872 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
7,611 |
|
|
|
6,240 |
|
|
|
22,406 |
|
|
|
17,446 |
|
Research and development expenses |
|
3,498 |
|
|
|
1,385 |
|
|
|
9,758 |
|
|
|
4,064 |
|
General and administrative expenses |
|
3,763 |
|
|
|
2,417 |
|
|
|
9,522 |
|
|
|
6,051 |
|
Transaction costs relating to the acquisition of the Company by
ZOLL |
|
1,672 |
|
|
|
- |
|
|
|
1,672 |
|
|
|
- |
|
Total operating expenses |
|
16,544 |
|
|
|
10,042 |
|
|
|
43,358 |
|
|
|
27,561 |
|
Operating loss |
|
(7,335 |
) |
|
|
(2,514 |
) |
|
|
(17,198 |
) |
|
|
(7,689 |
) |
Financial income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
|
180 |
|
|
|
143 |
|
|
|
437 |
|
|
|
530 |
|
Financial expenses |
|
(376 |
) |
|
|
(293 |
) |
|
|
(953 |
) |
|
|
(693 |
) |
Financial expenses, net |
|
(196 |
) |
|
|
(150 |
) |
|
|
(516 |
) |
|
|
(163 |
) |
Loss before taxes on income |
|
(7,531 |
) |
|
|
(2,664 |
) |
|
|
(17,714 |
) |
|
|
(7,852 |
) |
Taxes on income |
|
(452 |
) |
|
|
(95 |
) |
|
|
(538 |
) |
|
|
(147 |
) |
Net loss |
$ |
(7,983 |
) |
|
$ |
(2,759 |
) |
|
$ |
(18,252 |
) |
|
$ |
(7,999 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share – basic and diluted (in U.S.
dollars) |
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computation of
loss per shares – basic and diluted (in thousands) |
|
492,330 |
|
|
|
424,010 |
|
|
|
482,752 |
|
|
|
412,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS – basic and diluted (in U.S.
dollars) |
$ |
(0.49 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.13 |
) |
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADSs used in computation of loss
per ADS – basic and diluted (in thousands) |
|
16,411 |
|
|
|
14,134 |
|
|
|
16,092 |
|
|
|
13,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITAMAR MEDICAL LTD. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands |
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,983 |
) |
|
$ |
(2,759 |
) |
|
$ |
(18,252 |
) |
|
$ |
(7,999 |
) |
Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
875 |
|
|
|
456 |
|
|
|
2,554 |
|
|
|
1,345 |
|
Share-based payment |
|
571 |
|
|
|
372 |
|
|
|
2,744 |
|
|
|
1,043 |
|
Change in provision for doubtful and bad debt |
|
48 |
|
|
|
48 |
|
|
|
278 |
|
|
|
206 |
|
Net financial cost (income) |
|
(128 |
) |
|
|
(18 |
) |
|
|
71 |
|
|
|
(217 |
) |
Increase in trade receivables |
|
(1,923 |
) |
|
|
(867 |
) |
|
|
(2,717 |
) |
|
|
(411 |
) |
Decrease (increase) in other receivables |
|
(160 |
) |
|
|
63 |
|
|
|
(552 |
) |
|
|
(541 |
) |
Decrease (increase) in inventories |
|
98 |
|
|
|
(1,958 |
) |
|
|
(514 |
) |
|
|
(3,773 |
) |
Increase in trade payables |
|
1,890 |
|
|
|
782 |
|
|
|
992 |
|
|
|
1,362 |
|
Increase in other payables |
|
2,731 |
|
|
|
754 |
|
|
|
1,418 |
|
|
|
328 |
|
Increase in provisions |
|
3 |
|
|
|
65 |
|
|
|
31 |
|
|
|
310 |
|
Increase (decrease) in employee benefits |
|
(89 |
) |
|
|
49 |
|
|
|
294 |
|
|
|
110 |
|
Income tax expenses |
|
452 |
|
|
|
95 |
|
|
|
538 |
|
|
|
147 |
|
Taxes paid during the period |
|
- |
|
|
|
(19 |
) |
|
|
(16 |
) |
|
|
(49 |
) |
Interest paid during the period |
|
(28 |
) |
|
|
(99 |
) |
|
|
(296 |
) |
|
|
(349 |
) |
Interest received during the period |
|
45 |
|
|
|
129 |
|
|
|
159 |
|
|
|
432 |
|
Net cash used in operating activities |
|
(3,598 |
) |
|
|
(2,907 |
) |
|
|
(13,268 |
) |
|
|
(8,056 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of (investment in) short-term bank deposits, net |
|
1,000 |
|
|
|
(8,500 |
) |
|
|
(28,000 |
) |
|
|
(16,000 |
) |
Redemption of (investment in) restricted long-term deposits |
|
86 |
|
|
|
- |
|
|
|
86 |
|
|
|
(50 |
) |
Purchase of property and equipment, intangible assets and
capitalization of development expenditure |
|
(708 |
) |
|
|
(895 |
) |
|
|
(3,534 |
) |
|
|
(1,604 |
) |
Net cash provided by (used in) investing
activities |
|
378 |
|
|
|
(9,395 |
) |
|
|
(31,448 |
) |
|
|
(17,654 |
) |
Cash flows from financing activities |
|
|
|
|
Proceeds from issuance of shares, net of share issuance costs
(share issuance costs) |
|
- |
|
|
|
(38 |
) |
|
|
46,181 |
|
|
|
36,147 |
|
Repayment of principal of lease liabilities |
|
(149 |
) |
|
|
(220 |
) |
|
|
(645 |
) |
|
|
(665 |
) |
Repayment of long-term loan |
|
(33 |
) |
|
|
- |
|
|
|
(99 |
) |
|
|
- |
|
Issuance of shares due to the exercise of stock options |
|
37 |
|
|
|
51 |
|
|
|
184 |
|
|
|
132 |
|
Net cash provided by (used in) financing
activities |
|
(145 |
) |
|
|
(207 |
) |
|
|
45,621 |
|
|
|
35,614 |
|
Increase (decrease) in cash and cash
equivalents |
|
(3,365 |
) |
|
|
(12,509 |
) |
|
|
905 |
|
|
|
9,904 |
|
Cash and cash equivalents at beginning of
period |
|
13,968 |
|
|
|
37,666 |
|
|
|
9,670 |
|
|
|
15,115 |
|
Effect of exchange rate fluctuations on balances of cash
and cash equivalents |
|
51 |
|
|
|
(4 |
) |
|
|
79 |
|
|
|
134 |
|
Cash and cash equivalents at end of period |
$ |
10,654 |
|
|
$ |
25,153 |
|
|
$ |
10,654 |
|
|
$ |
25,153 |
|
Non-cash investing activity - acquisition of intangible
assets |
$ |
- |
|
|
$ |
- |
|
|
$ |
551 |
|
|
$ |
- |
|
|
|
|
|
|
|
ITAMAR MEDICAL LTD. |
RECONCILIATIONS OF IFRS TO NON-IFRS FINANCIAL
MEASURES |
(Unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands (except per ADS
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS operating loss |
$ |
(7,335 |
) |
|
$ |
(2,514 |
) |
|
$ |
(17,198 |
) |
|
$ |
(7,689 |
) |
IFRS net loss |
$ |
(7,983 |
) |
|
$ |
(2,759 |
) |
|
$ |
(18,252 |
) |
|
$ |
(7,999 |
) |
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment |
|
27 |
|
|
|
10 |
|
|
|
87 |
|
|
|
17 |
|
Depreciation and amortization of property and equipment and
intangible assets |
|
266 |
|
|
|
152 |
|
|
|
604 |
|
|
|
416 |
|
Non-recurring expenses related to relocating the Company’s
production facilities* |
|
374 |
|
|
|
- |
|
|
|
750 |
|
|
|
- |
|
Other non-recurring expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27 |
|
|
|
667 |
|
|
|
162 |
|
|
|
1,441 |
|
|
|
460 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment |
|
202 |
|
|
|
142 |
|
|
|
1,041 |
|
|
|
341 |
|
Depreciation and amortization of property and equipment and
intangible assets |
|
31 |
|
|
|
34 |
|
|
|
99 |
|
|
|
102 |
|
Other non-recurring expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
63 |
|
|
|
233 |
|
|
|
176 |
|
|
|
1,140 |
|
|
|
506 |
|
Research and development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment |
|
197 |
|
|
|
70 |
|
|
|
759 |
|
|
|
212 |
|
Depreciation and amortization of property and equipment and
intangible assets |
|
430 |
|
|
|
29 |
|
|
|
1,153 |
|
|
|
79 |
|
Other non-recurring expenses |
|
- |
|
|
|
- |
|
|
|
65 |
|
|
|
18 |
|
|
|
627 |
|
|
|
99 |
|
|
|
1,977 |
|
|
|
309 |
|
General and administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment |
|
145 |
|
|
|
144 |
|
|
|
857 |
|
|
|
454 |
|
Depreciation and amortization of property and equipment and
intangible assets |
|
21 |
|
|
|
19 |
|
|
|
64 |
|
|
|
53 |
|
Change in provision for doubtful and bad debt |
|
48 |
|
|
|
48 |
|
|
|
278 |
|
|
|
206 |
|
Other non-recurring expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9 |
|
|
|
214 |
|
|
|
211 |
|
|
|
1,199 |
|
|
|
722 |
|
Transaction costs relating to the acquisition of the Company by
ZOLL |
|
1,672 |
|
|
|
- |
|
|
|
1,672 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment |
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
19 |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
19 |
|
Non-IFRS operating loss |
$ |
(3,922 |
) |
|
$ |
(1,866 |
) |
|
$ |
(9,769 |
) |
|
$ |
(5,692 |
) |
Non-IFRS net loss |
$ |
(4,570 |
) |
|
$ |
(2,105 |
) |
|
$ |
(10,823 |
) |
|
$ |
(5,983 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Including write-off of
inventories resulting from the relocating the Company’s production
facilities |
$ |
374 |
|
|
$ |
- |
|
|
$ |
374 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS loss per ADS – basic and diluted (in U.S.
dollars) |
$ |
(0.49 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.13 |
) |
|
$ |
(0.58 |
) |
Non-IFRS loss per ADS – basic and diluted (in U.S.
dollars) |
$ |
(0.28 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.44 |
) |
Itamar Medical (NASDAQ:ITMR)
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