Adesto® Technologies Corporation (NASDAQ: IOTS), a leading provider
of innovative application-specific semiconductors and embedded
systems for the IoT era, today announced financial results for its
fourth quarter and year ended December 31, 2018.
Fourth Quarter & Recent
Highlights:
- Revenue increased 28.1% from the prior quarter to $28.1
million, including the first full quarter of revenue contribution
from the acquisition of Echelon Corporation (“Echelon”)
- GAAP gross margin was 41.1% and non-GAAP gross margin was
48.6%, a 290 basis point increase from 45.7% in the previous
quarter
- GAAP operating expenses were $19.6 million and non-GAAP
operating expenses were $13.9 million
- Adjusted EBITDA was a positive $0.5 million, representing the
7th consecutive quarter of positive adjusted EBITDA
- Signed a purchase agreement for the sale of the Echelon
Lighting Business
2018 Highlights:
- Revenue increased 48.8% to $83.5 million from $56.1 million in
2017
- Closed acquisition of S3 Semiconductors (“S3semi”) in May,
expanding portfolio with analog, mixed-signal, RF ASIC and IP
solutions
- Closed acquisition of Echelon in September to include broad
range of edge devices, communication gateways, network management
tools and software development kits targeting industrial IoT; also
achieved over 50% of expected cost synergies
- Exited year with industrial end market exceeding 50% of total
revenue
- Successfully expanded Tier-1 industrial customer base, enabling
additional opportunities for higher value-added solutions
- Secured first MavriqCM design win for camera modules
- Demonstrated first successful cross-selling opportunity turning
an ASIC design win into an EcoXiP win
- Executed on Tier-1 OEM customer penetration
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s President and CEO, stated, “2018 was a transformative year
for Adesto. We began last year with strong momentum as a supplier
of application-specific non-volatile memory and are now entering
2019 with a broader portfolio of value-added solutions including
semiconductor edge-devices and communication gateways as well as
system management and software tools. The acquisitions of
S3semi and Echelon have broadened our customer base, expanded our
revenue opportunity and served available market, while also
increasing our blended gross margin. Within the industrial segment
alone, we have strengthened our opportunities by becoming a more
complete technology stack provider from the edge to gateways to
software toolsets that our customers use as building blocks to
transform their businesses.
“On the product front, we continued to expand
our pipeline of design wins and revenue opportunities across our
entire business. We secured our first MavriqCM design win as well
as our first design win for our high-performance EcoXiP memory in a
fitness tracker product which is expected to launch late in 2019.
More recently, we were very pleased to announce Adesto’s new
SmartServer IoT edge server. This platform enables cloud-based
services such as the IBM Watson IoT platform to provide predictive
energy and operational analytics for smart buildings and other
industrial applications. Our open, multi-protocol IoT gateway will
usher in the next stage of networked industrial IoT systems across
our extensive worldwide customer base, while also enabling new
customer opportunities for Adesto.”
Mr. Derhacobian concluded, “With a significantly
expanded revenue base and a strengthened position within our
targeted customers and segments, we enter 2019 well positioned to
drive continued growth for our business while expanding margins and
improving profitability. The combination of our growing pipeline of
memory opportunities, our ASIC designs entering production and the
introduction of new solutions from our embedded systems group is
collectively expected to generate a sustainable revenue layering
effect for Adesto throughout the coming year and beyond.”
Fourth Quarter and 2018 Results
Revenue in the fourth quarter of 2018 was $28.1
million, which includes the first full quarter of revenue
contribution from Echelon, representing an increase of 73.8% from
the $16.2 million in the same quarter a year ago and 28.1% from the
$21.9 million in the previous quarter, which included approximately
$1.9 million of revenue from Echelon. For the full year 2018,
revenue increased 48.8% to $83.5 million from $56.1 million in
2017.
GAAP gross margin in the fourth quarter was
41.1% compared to 47.9% in the fourth quarter of 2017 and 43.7% in
the previous quarter. Non-GAAP gross margin for the fourth quarter
was 48.6% compared to 48.0% in the fourth quarter of 2017 and 45.7%
in the previous quarter. For the full year 2018, GAAP gross margin
was 43.2% as compared to 49.0% in 2017. Non-GAAP gross margin for
the full year 2018 was 46.3% compared to 49.2% in the previous
year.
GAAP operating expenses in the fourth quarter of
2018 were $19.6 million, compared to $7.7 million in the fourth
quarter of 2017 and $17.0 million in the prior quarter. On a
non-GAAP basis, operating expenses in the fourth quarter 2018 were
$13.9 million, compared to non-GAAP operating expenses of $6.8
million in the fourth quarter of 2017 and of $10.2 million in the
prior quarter. For the full year 2018, GAAP operating expenses were
$56.4 million as compared to $32.3 million last year, and non-GAAP
operating expenses in 2018 were $39.8 million as compared to $27.7
million in 2017.
GAAP net loss in the fourth quarter of 2018 was
$6.9 million, or ($0.23) per share, compared to a net loss of
$165,000, or ($0.01) per share, in the fourth quarter of 2017 and a
net loss of $8.4 million, or ($0.30) per share, in the previous
quarter. The full year 2018 GAAP net loss was $21.4 million, or
($0.85) per share, compared to a net loss of $5.7 million, or
($0.31) per share, in 2017.
On a non-GAAP basis, net loss for the fourth
quarter of 2018 was $1.2 million, or ($0.04) per share. This
compares to non-GAAP net income of $0.8 million, or $0.03 per
diluted share, in the fourth quarter of 2017 and a net loss of $0.8
million, or ($0.03) per share, in the previous quarter. The
non-GAAP net loss for full year 2018 was $3.7 million or ($0.15)
per share, compared to a net loss of $0.9 million, or ($0.05) per
share, in 2017.
Adjusted EBITDA for the fourth quarter of 2018
was a positive $0.5 million, compared to a positive $1.4 million in
the fourth quarter of 2017 and a positive $0.5 million in the
previous quarter. For the full year 2018, adjusted EBITDA was a
positive $1.4 million as compared to a positive $1.3 million in
2017.
A reconciliation of GAAP results to non-GAAP
results is provided in the financial statement tables following the
text of this press release.
Business OutlookFor the first
quarter of 2019, the Company expects revenue to range between $26.0
million and $28.0 million. Non-GAAP gross margin is expected to be
between 48% and 50% and non-GAAP operating expenses are expected to
range between $14.0 million and $15.0 million. Stock-based
compensation expense is expected to be approximately $1.2 million
and amortization of acquisition-related intangible assets
approximately $1.8 million.
Conference Call
InformationAdesto will host a conference call today at
2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its
fourth quarter and full year 2018 financial results. Investors and
analysts may join the call by dialing
1-844-419-1786 and providing confirmation code
8343019. International callers may join the
teleconference by dialing +1-216-562-0473 using the same
confirmation code. The call will also be available as a live and
archived webcast in the Investor Relations section of the Company’s
website at http://www.adestotech.com.
A telephone replay of the conference call will
be available approximately two hours after the conference call
until Thursday, February 28, 2019 at midnight Pacific Time. The
replay dial-in number is 1-855-859-2056. International callers
should dial +1-404-537-3406. The confirmation code is 8343019.
Non-GAAP Financial Information
To supplement our financial results presented in accordance with
generally accepted accounting principles (GAAP), this press release
and the accompanying tables and the related earnings conference
call contain certain non-GAAP financial measures, including
adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income
(loss) per share, non-GAAP gross profit, non-GAAP gross margin and
non-GAAP operating expenses. We believe these non-GAAP financial
measures are useful in evaluating our past financial performance
and future results. Our non-GAAP financial measures should not be
considered in isolation or as a substitute for comparable GAAP
measures and should be read in conjunction with our consolidated
financial statements prepared in accordance with GAAP. Our
management regularly uses our supplemental non-GAAP financial
measures internally to help us evaluate growth trends, establish
budgets, measure the effectiveness of our business strategies and
assess operational efficiencies. These non-GAAP financial measures
are not based on any standardized methodology prescribed by GAAP
and are not necessarily comparable to similar measures presented by
other companies. Our non-GAAP financial measures include
adjustments based on the following items:
- Stock-based compensation expenses: We have excluded the effect
of stock-based compensation expenses from our non-GAAP financial
measures. Although stock-based compensation is an important part of
our employees’ compensation affecting their performance, we
continue to evaluate our business performance excluding stock-based
compensation expenses. Stock-based compensation expenses will recur
in future periods.
- Amortization of intangible assets. We have excluded the effect
of amortization of intangible assets from our non-GAAP financial
measures. Amortization of intangible assets expenses are not
factored into our evaluation of potential acquisitions or our
performance after completion of acquisitions, because they are not
related to the Company's core operations. Adjustments of these
items provide investors with a basis to compare our performance to
other companies without the variability caused by purchase
accounting. Amortization of acquisition-related intangible assets
includes acquired intangible assets such as purchased technology,
patents, customer relationships, trademarks, backlog and
non-compete agreements.
- Acquisition-related expenses. We have excluded the effect
of acquisition-related expenses from our non-GAAP financial
measures. Acquisition-related expenses are not factored into our
evaluation of potential acquisitions or our performance after
completion of acquisitions, because they are not related to the
Company's core operations. Adjustments of these items provide
investors with a basis to compare our performance to other
companies without the variability caused by purchase accounting.
Acquisition-related expenses primarily include costs such as legal,
accounting and other professional or consulting fees directly
related to an acquisition.
- Inventory step-up related to acquisition accounting. In
connection with our Echelon acquisition, accounting rules require
us to adjust various balance sheet accounts, including inventory,
to fair value at the time of the acquisition. This expense is part
of cost of revenue. We exclude the amortization expense relating to
the step up in fair value of our inventory to arrive at our
non-GAAP measures as we believe it does not reflect the performance
of our ongoing operations.
- Debt amortization costs. Debt amortization costs are excluded
from non-GAAP results as they are non-cash. Excluding debt
amortization costs from non-GAAP measures provides investors with a
basis to compare us against the performance of other companies
without the variability associated with such items.
- Revaluation of earnout liability. In connection with our S3
acquisition, we are required to evaluate and revalue, as
appropriate, the projected earn out consideration payable under the
terms of the acquisition. Any changes to the earn out liability are
included in other income (expense). Any changes in the earn out
liability are not factored into our evaluation of potential
acquisitions or our performance after completion of acquisitions,
because they are not related to the Company's core operations on an
ongoing basis. Adjustments of these items provide investors with a
basis to compare our performance to other companies without the
variability caused by such items.
- Impairment and other charges. Impairment and other charges
consist primarily of impairment of equipment and office closure
costs. These costs are generally infrequent and, as a result, the
company excludes such costs from its internal operating forecasts
and models when evaluating its ongoing operations.
Our non-GAAP financial measures are described as
follows:
- Non-GAAP net income (loss) and non-GAAP net income (loss) per
share. Non-GAAP net income (loss) is GAAP net loss as reported on
our condensed consolidated statements of operations, excluding the
impact of stock-based compensation expense and acquisition-related
expenses. Non-GAAP net income (loss) per share is non-GAAP net
income (loss) divided by weighted average shares outstanding and,
if dilutive, incremental shares based upon the conversion of
outstanding stock options, restricted stock units and
warrants.
- Non-GAAP gross profit. Non-GAAP gross profit is GAAP
gross profit as reported in our condensed, consolidated statements
of operations, excluding the impact of stock-based compensation
expense and inventory step-up related to acquisition
accounting.
- Non-GAAP operating expense. Non-GAAP operating expenses are
GAAP operating expenses as reported in our condensed consolidated
statements of operations, excluding the impact of stock-based
compensation expense, amortization of intangible assets, and
acquisition-related expenses.
- Adjusted EBITDA is GAAP net loss as reported on our condensed
consolidated statements of operations, excluding the impact of the
same items excluded from the calculation of non-GAAP net income
(loss) as well as interest expense, depreciation and amortization,
and our provision for income taxes.
For reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures,
please see the section of the accompanying tables titled,
“Reconciliation of GAAP to Non-GAAP Financial Information.”
About Adesto TechnologiesAdesto
Technologies (NASDAQ:IOTS) is a leading provider of innovative
application-specific semiconductors and embedded systems for the
IoT era. The company’s technology is used by more than 2,000
customers worldwide who are creating differentiated solutions
across industrial, consumer, medical and communications markets.
With its growing portfolio of high-value technologies, Adesto is
helping its customers usher in the era of the Internet of Things.
See: www.adestotech.com.
Follow Adesto on Twitter.
Forward Looking StatementsThe
quotes of our Chief Executive Officer in this release regarding our
expansion opportunities, product mix impacts on our gross margins,
expanding our sales opportunities within our ASIC Division, the
integration of Echelon Corporation and the expected synergies and
benefits to Adesto and its customers, stockholders and investors
from integrating Echelon Corporation and S3 Semiconductors, as well
as all statements under “Business Outlook” are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
involve risks and uncertainties that could cause our actual results
to differ. Factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
include: the businesses of the Company, Echelon and S3
Semiconductors may not be combined successfully, or such
combinations may take longer, be more difficult, time-consuming or
costly to accomplish than expected; the risk that sales of S3
Semiconductors and Echelon products will not be as high as
anticipated; the expected growth opportunities from the
acquisitions may not be fully realized or may take longer to
realize than expected; customer losses and business disruption
following the acquisitions, including adverse effects on ability to
retain key personnel, may be greater than expected; and the risk
that the Company may incur unanticipated or unknown losses or
liabilities in the acquisition. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements include: our ability to predict the
timing of design wins entering production and the potential future
revenue associated with our design wins; our limited
operating history; our rate of growth; our ability to predict
customer demand for our existing and future products and to secure
adequate manufacturing capacity; consumer demand conditions
affecting our end markets; our ability to manage our growth; our
ability to hire, retain and motivate employees; the effects of
competition, including price competition; technological, regulatory
and legal developments; and developments in the economy and
financial markets.
For a detailed discussion of these and other
risk factors, please refer to our filings with the Securities and
Exchange Commission, including those discussed in the section
captioned “Risk Factors” contained in an exhibit to our Current
Report on Form 10-Q for the period ended September 30, 2018 and
filed with the SEC on November 9, 2018, which are available on our
investor relations Web site (ir.adestotech.com) and on the SEC’s
Web site (www.sec.gov).
All information provided in this release and in
the attachments is as of Thursday, February 21, 2019, and
stockholders of Adesto are cautioned not to place undue reliance on
our forward-looking statements, which speak only as of the date
such statements are made. Adesto does not undertake any obligation
to publicly update any forward-looking statements to reflect
events, circumstances or new information after this February 21,
2019 press release, or to reflect the occurrence of unanticipated
events.
Adesto and the Adesto logo are trademarks or registered
trademarks of Adesto Technologies Corporation or its subsidiaries
in the United States and other countries. Other company,
product, and service names may be trademarks or service marks of
others.
Adesto Technologies Media Contact: Jen
Bernier-Santarini +1-650-336-4222jen.bernier@adestotech.com
Adesto Technologies Investor Relations: Shelton
Group Leanne K. Sievers, President
+1-949-224-3874sheltonir@sheltongroup.com
|
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|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
2018 |
|
|
2017 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,348 |
|
|
$ |
30,078 |
|
Restricted cash |
|
|
458 |
|
|
|
- |
|
Short-term investments |
|
|
1,282 |
|
|
|
- |
|
Accounts receivable, net |
|
|
23,211 |
|
|
|
8,668 |
|
Inventories |
|
|
18,635 |
|
|
|
5,814 |
|
Prepaid expenses |
|
|
1,668 |
|
|
|
993 |
|
Other current assets |
|
|
871 |
|
|
|
52 |
|
Total current assets |
|
|
53,378 |
|
|
|
45,605 |
Property
and equipment, net |
|
|
7,085 |
|
|
|
7,183 |
Intangible
assets, net |
|
|
36,261 |
|
|
|
7,102 |
Other
non-current assets |
|
|
1,729 |
|
|
|
900 |
Goodwill |
|
|
38,640 |
|
|
|
22 |
Total
assets |
|
$ |
137,188 |
|
|
$ |
60,812 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
16,146 |
|
|
|
7,075 |
|
Accrued
compensation and benefits |
|
|
4,038 |
|
|
|
2,614 |
|
Accrued
expenses and other current liabilities |
|
|
5,172 |
|
|
|
2,359 |
|
Price
adjustments and other revenue reserves |
|
|
4,819 |
|
|
|
- |
|
Earn-out
liability, current |
|
|
10,450 |
|
|
|
- |
|
Line of
credit, current |
|
|
- |
|
|
|
1,500 |
|
Term loan,
current |
|
|
141 |
|
|
|
926 |
|
Total current liabilities |
|
|
40,766 |
|
|
|
14,474 |
Term loan,
non-current |
|
|
29,418 |
|
|
|
10,908 |
Deferred
rent, non-current |
|
|
1,947 |
|
|
|
2,404 |
Deferred
tax liability, non-current |
|
|
1,735 |
|
|
|
1 |
Other
non-current liabilities |
|
|
580 |
|
|
|
75 |
|
Total liabilities |
|
|
74,446 |
|
|
|
27,862 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
3 |
|
|
|
2 |
|
Additional
paid-in capital |
|
|
184,158 |
|
|
|
133,087 |
|
Accumulated
other comprehensive loss |
|
|
(135) |
|
|
|
(295) |
|
Accumulated
deficit |
|
|
(121,284) |
|
|
|
(99,844) |
Total
stockholders' equity |
|
|
62,742 |
|
|
|
32,950 |
Total
liabilities and stockholders' equity |
|
$ |
137,188 |
|
|
$ |
60,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
Year Ended December
31, |
|
|
|
|
2018 |
|
|
2017 |
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue,
net |
|
$ |
28,078 |
|
|
$ |
16,154 |
|
$ |
83,490 |
|
|
$ |
56,112 |
Cost of
revenue |
|
|
16,544 |
|
|
|
8,422 |
|
|
47,429 |
|
|
|
28,637 |
|
Gross
profit |
|
|
11,534 |
|
|
|
7,732 |
|
|
36,061 |
|
|
|
27,475 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
7,134 |
|
|
|
3,334 |
|
|
20,273 |
|
|
|
13,623 |
|
Selling,
general and administrative |
|
|
7,830 |
|
|
|
4,047 |
|
|
22,592 |
|
|
|
17,462 |
|
Amortization of intangible assets |
|
|
1,752 |
|
|
|
295 |
|
|
3,871 |
|
|
|
1,221 |
|
Acquisition related expenses |
|
|
236 |
|
|
|
- |
|
|
7,029 |
|
|
|
- |
|
Impairment and other charges |
|
|
2,680 |
|
|
|
- |
|
|
2,680 |
|
|
|
- |
|
Total operating expenses |
|
|
19,632 |
|
|
|
7,676 |
|
|
56,445 |
|
|
|
32,306 |
Income
(loss) from operations |
|
|
(8,098) |
|
|
|
56 |
|
|
(20,384) |
|
|
|
(4,831) |
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(1,423) |
|
|
|
(172) |
|
|
(3,791) |
|
|
|
(753) |
|
Other
income (expense), net |
|
|
2,639 |
|
|
|
(5) |
|
|
2,656 |
|
|
|
(3) |
|
Total other income (expense), net |
|
|
1,216 |
|
|
|
(177) |
|
|
(1,135) |
|
|
|
(756) |
Loss
before provision for (benefit from) income taxes |
|
(6,882) |
|
|
|
(121) |
|
|
(21,519) |
|
|
|
(5,587) |
Provision for (benefit from) income taxes |
|
|
1 |
|
|
|
44 |
|
|
(79) |
|
|
|
101 |
Net
loss |
|
$ |
(6,883) |
|
|
$ |
(165) |
|
$ |
(21,440) |
|
|
$ |
(5,688) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
$ |
(0.23) |
|
|
$ |
(0.01) |
|
$ |
(0.85) |
|
|
$ |
(0.31) |
Weighted
average number of shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
net loss
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
|
29,437,545 |
|
|
|
21,232,518 |
|
|
25,144,562 |
|
|
|
18,591,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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ADESTO TECHNOLOGIES CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(in thousands, except for share and per share
amounts) |
(unaudited) |
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Three Months Ended December 31, |
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Year Ended December 31, |
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2018 |
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2017 |
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2018 |
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2017 |
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GAAP gross
profit |
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$ |
11,534 |
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$ |
7,732 |
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$ |
36,061 |
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$ |
27,475 |
Stock-based
compensation expense |
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61 |
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26 |
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190 |
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|
112 |
Inventory
step-up related to acquisition accounting |
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2,055 |
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- |
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2,426 |
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- |
Non-GAAP
gross profit |
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$ |
13,650 |
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$ |
7,758 |
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$ |
38,677 |
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$ |
27,587 |
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GAAP
research and development expenses |
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$ |
7,134 |
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$ |
3,334 |
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$ |
20,273 |
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$ |
13,623 |
Stock-based
compensation expense |
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(417) |
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(235) |
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(1,203) |
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(1,172) |
Non-GAAP
research and development expenses |
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$ |
6,717 |
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$ |
3,099 |
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$ |
19,070 |
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$ |
12,451 |
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GAAP
selling, general and administrative expenses |
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$ |
7,830 |
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$ |
4,047 |
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$ |
22,592 |
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$ |
17,462 |
Stock-based
compensation expense |
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(627) |
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(368) |
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(1,815) |
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(2,218) |
Non-GAAP
selling, general and administrative expenses |
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$ |
7,203 |
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$ |
3,679 |
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$ |
20,777 |
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$ |
15,244 |
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GAAP
operating expenses |
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$ |
19,632 |
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$ |
7,676 |
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$ |
56,445 |
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$ |
32,306 |
Stock-based
compensation expense |
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(1,044) |
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(603) |
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(3,018) |
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(3,390) |
Amortization of intangible assets |
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(1,752) |
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(295) |
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(3,871) |
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(1,221) |
Acquisition
related expenses |
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(236) |
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- |
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(7,029) |
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- |
Impairment
and other charges |
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(2,680) |
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- |
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(2,680) |
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- |
Non-GAAP
operating expenses |
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$ |
13,920 |
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$ |
6,778 |
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$ |
39,847 |
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$ |
27,695 |
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GAAP income
(loss) from operations |
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$ |
(8,098) |
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$ |
56 |
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$ |
(20,384) |
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$ |
(4,831) |
Stock-based
compensation expense |
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1,105 |
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|
629 |
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3,208 |
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|
3,502 |
Inventory
step-up related to acquisition accounting |
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2,055 |
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- |
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2,426 |
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- |
Amortization of intangible assets |
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1,752 |
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295 |
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3,871 |
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1,221 |
Acquisition-related expenses |
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236 |
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- |
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7,029 |
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- |
Impairment
and other charges |
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2,680 |
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- |
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2,680 |
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- |
Non-GAAP
income (loss) from operations |
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$ |
(270) |
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$ |
980 |
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$ |
(1,170) |
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$ |
(108) |
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Reconciliation from GAAP net loss to adjusted EBITDA: |
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GAAP net
loss: |
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$ |
(6,883) |
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$ |
(165) |
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$ |
(21,440) |
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$ |
(5,688) |
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Stock-based
compensation expense |
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1,105 |
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|
629 |
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3,208 |
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3,502 |
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Inventory
step-up related to acquisition accounting |
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2,055 |
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- |
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2,426 |
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|
- |
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Amortization of intangible assets |
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1,752 |
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|
295 |
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3,871 |
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1,221 |
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Acquisition-related expenses |
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236 |
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- |
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7,029 |
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- |
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Impairment
and other charges |
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2,680 |
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- |
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|
2,680 |
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- |
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Revaluation
of earn-out liability |
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(2,569) |
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- |
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(2,569) |
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- |
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Debt
amortization costs |
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|
418 |
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|
18 |
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|
1,125 |
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|
82 |
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Non-GAAP net income (loss) |
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(1,206) |
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|
777 |
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(3,670) |
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(883) |
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Interest
expense |
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|
1,023 |
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|
152 |
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|
2,752 |
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|
699 |
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Provision
for (benefit from) income taxes |
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1 |
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|
44 |
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(79) |
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|
101 |
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Depreciation and amortization |
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|
691 |
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|
380 |
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|
2,378 |
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|
1,384 |
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Adjusted EBITDA |
$ |
509 |
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$ |
1,353 |
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$ |
1,381 |
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$ |
1,301 |
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Non-GAAP
diluted net income (loss) per share |
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($0.04) |
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$0.03 |
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($0.15) |
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($0.05) |
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Weighted-average number of shares used in calculating |
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non-GAAP basic net
income (loss) per share |
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29,437,545 |
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21,232,518 |
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25,144,562 |
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18,591,308 |
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Incremental
shares upon conversion of |
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stock
options, restricted stock units and warrants |
|
|
|
- |
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|
1,082,995 |
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- |
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- |
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Weighted-average shares used in calculating |
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non-GAAP
diluted net income (loss) per share |
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|
29,437,545 |
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22,315,513 |
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25,144,562 |
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18,591,308 |
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