Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and
marketing innovative surgical solutions for peripheral nerve
injuries, today reported financial results and business highlights
for the second quarter ended June 30, 2022.
Second Quarter 2022 and Business Highlights
- Net revenue was $34.5 million during
the second quarter, an increase of 3% over the second quarter of
2021.
- Excluding revenue from Avive® Soft
Tissue Membrane of $1.8 million in the second quarter of 2021,
revenue in the second quarter of 2022 increased 9%. The company
voluntarily suspended market availability of Avive on June 1,
2021.
- Gross margin was 81.8% for the quarter compared to 78.9% in the
second quarter of 2021 which includes the impact of a one-time
charge of approximately $1.4 million reflecting the write-down of
inventory and related production costs related to the suspension of
Avive.
- Adjusted net loss for the quarter was
$2.6 million, or $0.06 per share, compared to adjusted net
loss of $3.7 million, or $0.09 per share, in the second
quarter of 2021.
- Adjusted EBITDA loss was $1.6 million
for the quarter, compared to an adjusted EBITDA loss of
$2.4 million in the second quarter of 2021.
- The balance of all cash and cash
equivalents and investments on June 30, 2022 was $64.3
million, as compared to a balance of $73.7 million on
March 31, 2022. The net change includes capital expenditures
of $3.9 million related to the construction of our new processing
facility in Dayton, OH, and $5.5 million net operating cash burn
including a $1.8 million increase in inventory primarily related to
accelerated purchases of certain production materials and donor
inventory.
“We are pleased with our execution in the quarter as procedure
volumes improved and hospitals continued to adapt to evolving
challenges," commented Karen Zaderej, chairman, CEO, and president
of Axogen, Inc. “As we announced in May, we are happy with the
positive top-line results of our RECONSM study, which is a
meaningful addition to our growing body of clinical data. We are
well positioned as we enter the second half of the year and look
forward to leveraging our data and broad commercial capabilities to
drive engagement and adoption with surgeons seeking advanced
solutions for their peripheral nerve injury patients.”
Additional Operational and Business
Highlights
- Core Accounts totaled 299, an increase
of 4% sequentially. Excluding the impact of Avive purchases in the
second quarter of 2021, Core Accounts grew 1% over an adjusted
prior year level of 294 which excludes the impact of Avive. Revenue
from Core Accounts continued to represent approximately 60% of
total revenue.
- Active Accounts totaled 941, an increase of 2% sequentially.
Excluding the impact of Avive purchases in the second quarter of
2021, Active accounts grew 2% over an adjusted prior year level of
921. Revenue from the top 10% of Active Accounts continued to
represent approximately 35% of total revenue.
- Announced positive top-line results from the RECON Phase 3
Study of Avance®, which met its primary endpoint and will provide
Level 1 clinical evidence in support of Avance Nerve Graft for
peripheral nerve repairs.
- Completed enrollment of 86 subjects in the comparative phase
study of REPOSESM (Axoguard Nerve Cap® compared to standard of
care) in July. We anticipate topline data read out from the study
in the fourth quarter of 2023.
- Ended the quarter with eight new peer-reviewed clinical
publications featuring Axogen’s nerve repair product portfolio,
which now totals 196.
- Ended the quarter with 116 direct sales representatives,
consistent with the first quarter of 2022, and compared to 109 one
year ago.
2022 Financial Guidance
The Company continues to expect 2022 revenue will be in the
range of $135.0 million to $142.0 million. This represents
approximately 10% to 15% growth over 2021 revenue excluding the
impact of $4.1 million of Avive revenue in 2021. Full-year 2022
gross margin is expected to be above 80%.
Conference Call
The Company will host a conference call and webcast for the
investment community today at 4:30 p.m. ET. Investors interested in
participating in the conference call by phone may do so by dialing
toll free at (888) 428-7458 or use the direct dial-in number at
(404) 267-0368. Those interested in listening to the conference
call live via the Internet may do so by visiting the Investors page
of the company's website at www.axogeninc.com and clicking on the
webcast link.
Following the conference call, a replay will be available in the
Investors section of the company's website at
www.axogeninc.com under Investors.
About RECON
RECON is a multicenter, prospective, randomized, subject and
evaluator blinded comparative clinical study of nerve cuffs
(manufactured conduits) and Avance Nerve Graft, evaluating recovery
outcomes for the repair of nerve discontinuities. The phase 3
pivotal study is designed to test for non-inferiority between the
static two-point discrimination outcomes for Avance Nerve Graft and
manufactured conduit. The study design also allows for a sequential
test for superiority of Avance Nerve Graft, following the
non-inferiority analysis.
About REPOSE
A Multicenter, Prospective, Randomized and Subject Blinded
Comparative Study of Axoguard Nerve Cap and Neurectomy for the
Treatment of Symptomatic Neuroma and Prevention of Recurrent
End-Neuroma Pain (REPOSE) is the company’s post-market study
comparing placement of Axoguard Nerve Cap to standard neurectomy
alone for subjects with symptomatic neuroma pain. The study design
includes a 15-subject open-label pilot phase and up to 86 subjects
in a randomized comparative phase. The study requires a one-year
follow-up period for all subjects and is designed to assess changes
in pain scores as measured by Visual Analog Scale, quality of life
outcomes, medication usage, and subject satisfaction.
About Axogen
Axogen (AXGN) is the leading company focused specifically on the
science, development, and commercialization of technologies for
peripheral nerve regeneration and repair. Axogen employees are
passionate about helping to restore peripheral nerve function and
quality of life to patients with physical damage or transection to
peripheral nerves by providing innovative, clinically proven, and
economically effective repair solutions for surgeons and health
care providers. Peripheral nerves provide the pathways for both
motor and sensory signals throughout the body. Every day, people
suffer traumatic injuries or undergo surgical procedures that
impact the function of their peripheral nerves. Physical damage to
a peripheral nerve, or the inability to properly reconnect
peripheral nerves, can result in the loss of muscle or organ
function, the loss of sensory feeling, or the initiation of
pain.
Axogen's platform for peripheral nerve repair features a
comprehensive portfolio of products, including Avance Nerve Graft,
a biologically active off-the-shelf processed human nerve allograft
for bridging severed peripheral nerves without the comorbidities
associated with a second surgical site; Axoguard Nerve Connector®,
a porcine submucosa extracellular matrix (ECM) coaptation aid for
tensionless repair of severed peripheral nerves; Axoguard Nerve
Protector®, a porcine submucosa ECM product used to wrap and
protect damaged peripheral nerves and reinforce the nerve
reconstruction while preventing soft tissue attachments; and
Axoguard Nerve Cap®, a porcine submucosa ECM product used to
protect a peripheral nerve end and separate the nerve from the
surrounding environment to reduce the development of symptomatic or
painful neuroma. The Axogen portfolio of products is available in
the United States, Canada, Germany, the United Kingdom, Spain,
South Korea, and several other countries.
Cautionary Statements Concerning
Forward-Looking Statements
This press release contains “forward-looking” statements as
defined in the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations or
predictions of future conditions, events, or results based on
various assumptions and management's estimates of trends and
economic factors in the markets in which we are active, as well as
our business plans. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,”
“forecasts,” “continue,” “may,” “should,” “will,” “goals,” and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Actual results or event
could differ materially from those described in any forward-looking
statements as a result of various factors, including, without
limitation, statements related to the impact of COVID-19 on our
business, including but not limited to global supply chain issues,
hospital staffing challenges and its impact on our business,
statements regarding our growth, our financial guidance and
performance, product development, product potential, regulatory
process and approvals, APC renovation timing and expense, sales
growth, product adoption, market awareness of our products,
anticipated capital requirements, including the potential of future
financings, data validation, expected clinical study enrollment,
timing and outcomes, our visibility at and sponsorship of
conferences and our educational events, regulatory process and
approvals and other factors, including legislative, regulatory,
political, geopolitical, and economic developments, including
global business disruption caused by Russia’s invasion of Ukraine
and related sanctions, not within our control. The forward-looking
statements are and will be subject to risks and uncertainties,
which may cause actual results to differ materially from those
expressed or implied in such forward-looking statements.
Forward-looking statements contained in this press release should
be evaluated together with the many risks and uncertainties that
affect our business and our market, particularly those risk factors
described under Part I, Item 1A., “Risk Factors,” of our Annual
Report on Form 10-K for the most recently ended fiscal year, as
well as other risks and cautionary statements set forth in our
filings with the U.S. Securities and Exchange Commission.
Forward-looking statements are not a guarantee of future
performance, and actual results may differ materially from those
projected. The forward-looking statements are representative only
as of the date they are made and, except as required by applicable
law, we assume no responsibility to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changed circumstances, or otherwise.
About Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
we use the non-GAAP financial measures of EBITDA, which measures
earnings before interest, income taxes, depreciation and
amortization, and Adjusted EBITDA which further excludes non-cash
stock compensation expense and litigation and related expenses. We
also use the non-GAAP financial measures of Adjusted Net Income or
Loss and Adjusted Net Income or Loss Per Common Share - basic and
diluted which excludes non-cash stock compensation expense and
litigation and related expenses from Net Loss and Net Loss Per
Common Share - basic and diluted, respectively. These non-GAAP
measures are not based on any comprehensive set of accounting rules
or principles and should not be considered a substitute for, or
superior to, financial measures calculated in accordance with GAAP,
and may be different from non-GAAP measures used by other
companies. In addition, these non-GAAP measures should be read in
conjunction with our financial statements prepared in accordance
with GAAP. The reconciliations of Axogen’s GAAP financial measures
to the corresponding non-GAAP measures should be carefully
evaluated.
We use these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate
period-to-period comparisons. We believe that these non-GAAP
financial measures provide meaningful supplemental information
regarding our performance and that both management and investors
benefit from referring to these non-GAAP financial measures in
assessing our performance and when planning, forecasting, and
analyzing future periods. We believe these non-GAAP financial
measures are useful to investors because (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making and (2) they are used by
our institutional investors and the analyst community to help them
analyze the performance of our business.
Contact:Axogen, Inc.Ed Joyce, Director, Investor
Relationsejoyce@axogeninc.com
Axogen, Inc.Condensed Consolidated
Balance Sheets(unaudited)(In
Thousands, Except Share and Per Share Amounts)
|
June 30,2022 |
|
December 31,2021 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
11,822 |
|
|
$ |
32,756 |
|
Restricted cash |
|
6,251 |
|
|
|
6,251 |
|
Investments |
|
46,210 |
|
|
|
51,330 |
|
Accounts receivable, net of allowance for doubtful accounts of $595
and $276, respectively |
|
20,370 |
|
|
|
18,158 |
|
Inventory |
|
19,222 |
|
|
|
16,693 |
|
Prepaid expenses and other |
|
2,900 |
|
|
|
1,861 |
|
Total current assets |
|
106,775 |
|
|
|
127,049 |
|
Property and
equipment, net |
|
70,988 |
|
|
|
62,923 |
|
Operating lease
right-of-use assets |
|
14,975 |
|
|
|
15,193 |
|
Intangible assets,
net |
|
3,346 |
|
|
|
2,859 |
|
Total assets |
$ |
196,084 |
|
|
$ |
208,024 |
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
21,838 |
|
|
$ |
22,459 |
|
Current maturities of long-term lease obligations |
|
1,762 |
|
|
|
1,834 |
|
Total current liabilities |
|
23,600 |
|
|
|
24,293 |
|
|
|
|
|
Long-term debt, net of
debt discount and financing fees |
|
45,263 |
|
|
|
44,821 |
|
Long-term lease
obligations |
|
20,655 |
|
|
|
20,798 |
|
Debt derivative
liabilities |
|
4,876 |
|
|
|
5,562 |
|
Total liabilities |
|
94,394 |
|
|
|
95,474 |
|
|
|
|
|
Commitments and
contingencies - see Note 12 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
Common stock, $0.01 par value per share; 100,000,000 shares
authorized; 42,134,504 and 41,736,950 shares issued and
outstanding |
|
420 |
|
|
|
417 |
|
Additional paid-in capital |
|
351,117 |
|
|
|
342,765 |
|
Accumulated deficit |
|
(249,847 |
) |
|
|
(230,632 |
) |
Total shareholders’ equity |
|
101,690 |
|
|
|
112,550 |
|
Total liabilities and shareholders’ equity |
$ |
196,084 |
|
|
$ |
208,024 |
|
Axogen, Inc.Condensed Consolidated
Statements of
Operations(unaudited)(In
Thousands, Except Per Share Amounts)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30,2022 |
|
June 30,2021 |
|
June 30,2022 |
|
June 30,2021 |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
34,454 |
|
|
$ |
33,580 |
|
|
$ |
65,461 |
|
|
$ |
64,617 |
|
Cost of goods
sold |
|
|
6,284 |
|
|
|
7,092 |
|
|
|
11,830 |
|
|
|
12,264 |
|
Gross profit |
|
|
28,170 |
|
|
|
26,488 |
|
|
|
53,631 |
|
|
|
52,353 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
19,669 |
|
|
|
19,250 |
|
|
|
40,557 |
|
|
|
37,224 |
|
Research and development |
|
|
7,022 |
|
|
|
5,723 |
|
|
|
13,296 |
|
|
|
11,471 |
|
General and administrative |
|
|
9,403 |
|
|
|
8,669 |
|
|
|
19,021 |
|
|
|
17,032 |
|
Total costs and expenses |
|
|
36,094 |
|
|
|
33,642 |
|
|
|
72,874 |
|
|
|
65,727 |
|
Loss from operations |
|
|
(7,924 |
) |
|
|
(7,154 |
) |
|
|
(19,243 |
) |
|
|
(13,374 |
) |
Other (expense)
income: |
|
|
|
|
|
|
|
|
Investment income |
|
|
32 |
|
|
|
29 |
|
|
|
(15 |
) |
|
|
63 |
|
Interest expense |
|
|
(249 |
) |
|
|
(565 |
) |
|
|
(603 |
) |
|
|
(1,010 |
) |
Change in fair value of derivatives |
|
|
434 |
|
|
|
(84 |
) |
|
|
686 |
|
|
|
(105 |
) |
Other expense |
|
|
(33 |
) |
|
|
(124 |
) |
|
|
(40 |
) |
|
|
(132 |
) |
Total other expense, net |
|
|
184 |
|
|
|
(744 |
) |
|
|
28 |
|
|
|
(1,184 |
) |
Net loss |
|
$ |
(7,740 |
) |
|
$ |
(7,898 |
) |
|
$ |
(19,215 |
) |
|
$ |
(14,558 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding — basic and diluted |
|
|
41,994,618 |
|
|
|
41,080,898 |
|
|
|
41,900,000 |
|
|
|
40,894,405 |
|
Loss per common share — basic
and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.36 |
) |
Axogen, Inc.RECONCILIATION OF GAAP
FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURESThree and Six Months ended June 30, 2022
and 2021(unaudited)(In Thousands,
Except Per Share Amounts)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30,2022 |
|
June 30,2021 |
|
June 30,2022 |
|
June 30,2021 |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(7,740 |
) |
|
$ |
(7,898 |
) |
|
$ |
(19,215 |
) |
|
$ |
(14,558 |
) |
Depreciation and amortization
expense |
|
|
777 |
|
|
|
682 |
|
|
|
1,550 |
|
|
|
1,501 |
|
Investment income |
|
|
(32 |
) |
|
|
(29 |
) |
|
|
15 |
|
|
|
(63 |
) |
Income tax expense |
|
|
33 |
|
|
|
52 |
|
|
|
33 |
|
|
|
47 |
|
Interest expense |
|
|
249 |
|
|
|
565 |
|
|
|
(603 |
) |
|
|
1,009 |
|
EBITDA - non
GAAP |
|
$ |
(6,713 |
) |
|
$ |
(6,628 |
) |
|
$ |
(17,014 |
) |
|
|
(12,064 |
) |
|
|
|
|
|
|
|
|
|
Non cash stock-based
compensation expense |
|
|
4,910 |
|
|
|
3,805 |
|
|
|
7,588 |
|
|
|
6,499 |
|
Litigation and related
costs |
|
|
216 |
|
|
|
400 |
|
|
|
483 |
|
|
|
1,236 |
|
Adjusted EBITDA - non
GAAP |
|
$ |
(1,587 |
) |
|
$ |
(2,423 |
) |
|
|
(8,943 |
) |
|
|
(4,329 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(7,740 |
) |
|
$ |
(7,898 |
) |
|
$ |
(19,215 |
) |
|
$ |
(14,558 |
) |
Non cash stock-based
compensation expense |
|
|
4,910 |
|
|
|
3,805 |
|
|
|
7,588 |
|
|
|
6,499 |
|
Litigation and related
costs |
|
|
216 |
|
|
|
400 |
|
|
|
483 |
|
|
|
1,236 |
|
Adjusted net loss -
non GAAP |
|
$ |
(2,614 |
) |
|
$ |
(3,693 |
) |
|
|
(11,143 |
) |
|
|
(6,823 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding basic and diluted |
|
|
41,994,618 |
|
|
|
41,080,898 |
|
|
|
41,900,000 |
|
|
|
40,894,405 |
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basis and diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.36 |
) |
Non cash stock-based
compensation expense |
|
$ |
0.12 |
|
|
$ |
0.09 |
|
|
$ |
0.18 |
|
|
$ |
0.16 |
|
Litigation and related
costs |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.03 |
|
Adjusted net loss per
common share - basis and diluted - non GAAP |
|
$ |
(0.06 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.17 |
) |
Axogen, Inc.Condensed Consolidated
Statements of Changes in Shareholders’
Equity(unaudited)(In Thousands,
Except Share Amounts)
|
Common Stock |
|
Additional Paid-inCapital |
|
AccumulatedDeficit |
|
Total Shareholders'Equity |
|
|
Shares |
|
Amount |
|
|
|
|
Three Months Ended
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2022 |
41,972,987 |
|
$ |
420 |
|
$ |
345,538 |
|
|
$ |
(242,107 |
) |
|
$ |
103,851 |
|
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(7,740 |
) |
|
|
(7,740 |
) |
|
Stock-based compensation |
— |
|
|
— |
|
|
4,910 |
|
|
|
— |
|
|
|
4,910 |
|
|
Issuance of restricted and
performance stock units |
44,054 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercise of stock options and
employee stock purchase plan |
117,463 |
|
|
— |
|
|
669 |
|
|
|
— |
|
|
|
669 |
|
|
Balance at June 30,
2022 |
42,134,504 |
|
$ |
420 |
|
$ |
351,117 |
|
|
$ |
(249,847 |
) |
|
$ |
101,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2022 |
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2021 |
41,736,950 |
|
|
417 |
|
$ |
342,765 |
|
|
$ |
(230,632 |
) |
|
$ |
112,550 |
|
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(19,215 |
) |
|
|
(19,215 |
) |
|
Stock-based compensation |
— |
|
|
— |
|
|
7,588 |
|
|
|
— |
|
|
|
7,588 |
|
|
Issuance of restricted and
performance stock units |
259,341 |
|
|
2 |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
Exercise of stock options and
employee stock purchase plan |
138,213 |
|
|
1 |
|
|
766 |
|
|
|
— |
|
|
|
767 |
|
|
Balance at June 30,
2022 |
42,134,504 |
|
$ |
420 |
|
$ |
351,117 |
|
|
$ |
(249,847 |
) |
|
$ |
101,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
Balance at March 31,
2021 |
40,842,717 |
|
$ |
408 |
|
$ |
329,603 |
|
|
$ |
(210,307 |
) |
|
|
119,704 |
|
|
Net loss |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
(7,898 |
) |
|
$ |
(7,898 |
) |
|
Stock-based compensation |
— |
|
|
— |
|
|
3,804 |
|
|
|
— |
|
|
|
3,804 |
|
|
Issuance of restricted and
performance stock units |
44,411 |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Exercise of stock options and
employee stock purchase plan |
449,980 |
|
|
5 |
|
|
3,088 |
|
|
|
— |
|
|
|
3,093 |
|
|
Balance at June 30,
2021 |
41,337,108 |
|
$ |
413 |
|
$ |
336,495 |
|
|
$ |
(218,205 |
) |
|
$ |
118,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2021 |
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2020 |
40,618,766 |
|
$ |
406 |
|
$ |
326,390 |
|
|
$ |
(203,647 |
) |
|
|
123,149 |
|
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(14,558 |
) |
|
|
(14,558 |
) |
|
Stock-based compensation |
— |
|
|
— |
|
|
6,499 |
|
|
|
— |
|
|
|
6,499 |
|
|
Issuance of restricted and
performance stock units |
138,944 |
|
|
1 |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
Exercise of stock options and
employee stock purchase plan |
579,398 |
|
|
6 |
|
|
3,607 |
|
|
|
— |
|
|
|
3,613 |
|
|
Balance at June 30,
2021 |
41,337,108 |
|
$ |
413 |
|
$ |
336,495 |
|
|
$ |
(218,205 |
) |
|
$ |
118,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Axogen, Inc.Condensed Consolidated
Statements of Cash
Flows(unaudited)(In
Thousands)
|
Six Months Ended |
|
June 30,2022 |
|
June 30,2021 |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(19,215 |
) |
|
$ |
(14,558 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
1,418 |
|
|
|
1,405 |
|
Amortization of right-of-use assets |
|
859 |
|
|
|
960 |
|
Amortization of intangible assets |
|
132 |
|
|
|
96 |
|
Amortization of debt discount and deferred financing fees |
|
442 |
|
|
|
227 |
|
Provision for bad debt |
|
550 |
|
|
|
(65 |
) |
Provision for inventory write-down |
|
928 |
|
|
|
2,455 |
|
Change in fair value of derivatives |
|
(686 |
) |
|
|
105 |
|
Investment losses |
|
145 |
|
|
|
31 |
|
Stock-based compensation |
|
7,588 |
|
|
|
6,499 |
|
Change in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(2,719 |
) |
|
|
(498 |
) |
Inventory |
|
(3,458 |
) |
|
|
(3,341 |
) |
Prepaid expenses and other |
|
(1,081 |
) |
|
|
199 |
|
Accounts payable and accrued expenses |
|
(786 |
) |
|
|
(5,061 |
) |
Operating lease obligations |
|
(856 |
) |
|
|
35 |
|
Cash paid for interest portion of operating and finance leases |
|
— |
|
|
|
(1 |
) |
Contract and other liabilities |
|
— |
|
|
|
(3 |
) |
Net cash used in
operating activities |
|
(16,739 |
) |
|
|
(11,515 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchase of property and equipment |
|
(9,086 |
) |
|
|
(10,924 |
) |
Purchase of investments |
|
(6,024 |
) |
|
|
(23,966 |
) |
Proceeds from sale of investments |
|
11,000 |
|
|
|
32,295 |
|
Cash payments for intangible assets |
|
(852 |
) |
|
|
(692 |
) |
Net cash used in
investing activities |
|
(4,962 |
) |
|
|
(3,287 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Proceeds from the issuance of long-term debt |
|
— |
|
|
|
15,000 |
|
Cash paid for debt portion of finance leases |
|
(1 |
) |
|
|
(8 |
) |
Proceeds from exercise of stock options and ESPP stock
purchases |
|
767 |
|
|
|
3,612 |
|
Net cash provided by
financing activities |
|
766 |
|
|
|
18,604 |
|
Net decrease in cash,
cash equivalents, and restricted cash |
|
(20,935 |
) |
|
|
3,802 |
|
Cash, cash
equivalents, and restricted cash, beginning of period |
|
39,007 |
|
|
|
55,609 |
|
Cash, cash
equivalents, and restricted cash, end of period |
$ |
18,073 |
|
|
$ |
59,411 |
|
|
|
|
|
Supplemental
disclosures of cash flow activity: |
|
|
|
Cash paid for interest, net of
capitalized interest |
$ |
— |
|
|
$ |
739 |
|
Supplemental
disclosure of non-cash investing and financing
activities: |
|
|
|
Acquisition of fixed assets in
accounts payable and accrued expenses |
$ |
1,817 |
|
|
$ |
3,035 |
|
Obtaining a right-of-use asset
in exchange for a lease liability |
$ |
700 |
|
|
$ |
371 |
|
Embedded derivative associated
with the long-term debt |
$ |
— |
|
|
$ |
1,173 |
|
Acquisition of intangible
assets in accounts payable and accrued expenses |
$ |
186 |
|
|
$ |
190 |
|
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