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 second quarter of
2021.
“Our second quarter results demonstrated further
growth as our WatchPAT™ technology continued to gain recognition as
a safe and effective method for home-based sleep apnea testing,”
said Gilad Glick, President and Chief Executive Officer of Itamar
Medical. “Core sleep in the U.S. continues to be our most
significant growth driver, with double digit growth in nearly every
region during the quarter. We also began to see the benefit of the
recent elimination of the G-code loophole in Medicare
Administrative Contractors (MACs) covering about 60% of Medicare
beneficiaries, paving the way for further share gains and
materially enhancing our competitive market positioning. In our
Cardiology business, we were pleased to see the American Heart
Association publish a formal statement on the importance of sleep
apnea management in cardiac care for the first time. We are very
encouraged by our increasing opportunity to be a meaningful part of
this estimated $2.7 billion market in the U.S.”
“We see continuing momentum as we enter the second
half of 2021, giving us the confidence to raise our guidance for
full year revenues. Investing for long-term growth remains top of
mind and importantly, we have the financial resources to do so,”
concluded Glick.
Second Quarter 2021 Highlights and
Recent Achievements
- Total revenues were $12.6 million, an increase of 41%
year-over-year.
- U.S WatchPAT revenues were $10.1 million, an increase of 53%
year-over-year.
- Added 121 new WatchPAT ONE customers, including 84 new to
Itamar Medical.
- Non-IFRS gross margin was 73%, compared to 70% in the second
quarter of 2020 and 72% in the first quarter of 2021. (See “Use of
Non-IFRS Measures” below).
- Increased full year 2021 revenue guidance to a range of $53 to
$54 million, representing growth of 29% to 32% over full year 2020
revenue.
- Appointed Brad Fluegel to the Company’s board of
directors.
- Launched enhancement to WatchPAT product line at SLEEP 2021:
WatchPAT ONE with SleepPath™ to further enhance diagnostic
comprehensiveness and automate home based testing
Second Quarter 2021 Financial
Results
Revenues for the second quarter of 2021 increased
41% to $12.6 million, compared to $8.9 million in the same quarter
in 2020. Revenue growth was mainly driven by an increase in
WatchPAT sales in the U.S.
Worldwide WatchPAT revenues for the second quarter
of 2021 increased 52% to $12.0 million, compared to $7.9 million in
the same quarter in 2020.
U.S. WatchPAT revenues for the second quarter of
2021 increased 53% to $10.1 million, compared to $6.6 million 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 77% of
WatchPAT revenues in the U.S. for the second quarter of 2021,
compared to 78% for the same quarter in 2020.
Gross profit for the second quarter of 2021
increased to $8.9 million, compared to $6.0 million in the same
quarter in 2020. Gross margin increased to 71%, compared to 68% in
the same quarter in 2020. 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
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 second quarter of 2021 was
$4.6 million, compared to $3.2 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:
- Selling and marketing expenses increased 26% to $7.5 million,
compared to $5.9 million in the same quarter in 2020, due to
expansion of field force related expenses, resuming of travel and
increased consulting fees relating to reimbursement in the U.S.,
Australia, China and Japan.
- Research and development expenses increased 145% to $3.4
million, compared to $1.4 million in the same quarter in 2020,
driven by expenses of $1.1 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 to support product
development, mainly related to the Company’s digital health
platform, and increased share-based payments.
- General and administrative expenses increased 39% to $2.7
million, compared to $1.9 million in the same quarter in 2020,
mainly driven by an increase in payroll and related expenses due to
increase in personnel, increase in directors’ and officers’
insurance premium, as well as increased legal expenses, including a
commercial dispute in defense of our intellectual property
initiated by the Company.
Non-IFRS operating loss for the second quarter of
2021 was $3.1 million, compared to $2.4 million in the same quarter
in 2020. Non-IFRS operating loss excluded approximately $1.5
million in share-based payments; depreciation and amortization of
property and equipment and intangible assets; change in provision
for doubtful and bad debt; and other non-recurring expenses,
compared to $0.8 million of similar expenses for the same quarter
in 2020 (see “Use of Non-IFRS Measures” below).
Net loss for the second quarter of 2021 was $4.7
million, compared to $3.2 million in the same quarter in 2020.
Non-IFRS net loss for the second quarter of 2021
was $3.2 million, compared to $2.4 million in the same quarter in
2020. Non-IFRS net loss excluded approximately $1.5 million in
share-based payments; depreciation and amortization of property and
equipment and intangible assets; change in provision for doubtful
and bad debt; and other non-recurring expenses, compared to $0.8
million of similar expenses and gains for the same quarter in 2020
(see “Use of Non-IFRS Measures” below).
As of June 30, 2021, the Company had cash, cash
equivalents and a short-term bank deposit of $73.0 million.
First Half 2020 Financial
Results
Revenues for the six months ended June 30, 2021
increased 42% to $24.5 million, compared to $17.3 million for the
six months ended June 30, 2020. Revenue growth was mainly driven by
an increase in WatchPAT sales in the U.S., and the increase in
total sales in Europe and in the rest of the world.
WatchPAT revenues for the six months ended June
30, 2021 increased 43% to $22.9 million, compared to $16.1 million
for the six months ended June 30, 2020.
U.S. WatchPAT revenues for the six months ended
June 30, 2021 increased 46% to $18.5 million, compared to $12.7
million for the six months ended June 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 78% of WatchPAT revenues in the U.S. for
the six months ended June 30, 2021, compared to 77% for the six
months ended June 30, 2020.
Gross profit for the six months ended June 30,
2021 increased to $17.0 million, compared to $12.3 million for the
six months ended June 30, 2020. Gross margin decreased to 69%,
compared to 72% the six months ended June 30, 2020. Gross margin
decline was mainly driven by non-recurring expenses of $0.4 million
related to relocating the Company’s production facilities to a new
location during the first quarter of 2021 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 in the second quarter
of 2021. Non-IFRS gross margin (see Reconciliation of IFRS to
Non-IFRS Financial Measures below) decreased to 72%, compared to
73% in the six months ended June 30, 2020. Non-IFRS gross margin
decline was mainly driven by the increase in 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 in the second quarter of 2021.
(See “Use of Non-IFRS Measures” below).
Operating loss for the six months ended June 30,
2021 was $9.9 million, compared to $5.2 million for the six months
ended June 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 $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 32% to $14.8 million,
compared to $11.2 million in the same period in 2020, due to the
planned expansion of the U.S. sales team into new geographical
territories and verticals (37 territories and verticals as of June
30, 2021, compared to 32 territories and verticals as of June 30,
2020), 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 134% to $6.3
million, compared to $2.7 million in the same period in 2020,
driven by expenses of $1.9 million associated with research and
development of the acquired RPM technology assets from SPRY,
including amortization of intangible assets of $0.7 million,
increased personnel to support product development, mainly related
to the Company’s digital health platform, and an increased
share-based payments, as mentioned above.
- General and administrative expenses increased 59% to $5.8
million, compared to $3.6 million in the same period in 2020,
mainly driven by an increase in payroll and related expenses due to
increase in personnel, increase in directors’ and officers’
insurance premium, as well as increased legal expenses, including a
commercial dispute in defense of our intellectual property
initiated by the Company, and an increased share-based payments, as
mentioned above.
Non-IFRS operating loss for the six months ended
June 30, 2021 was $5.9 million, compared to $3.8 million for the
six months ended June 30, 2020. Non-IFRS operating loss excluded
approximately $4.0 million in 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 to a new
location; and other non-recurring expenses, compared to $1.4
million of similar expenses for the six months ended June 30, 2020
(see “Use of Non-IFRS Measures” below).
Net loss for the six months ended June 30, 2021
was $10.3 million, compared to $5.2 million for the six months
ended June 30, 2020.
Non-IFRS net loss for the for the six months ended
June 30, 2021 was $6.3 million, compared to $3.9 million for the
six months ended June 30, 2020. Non-IFRS net loss excluded
approximately $4.0 million in 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 to a new
location; and other non-recurring expenses, compared to $1.3
million of similar expenses and gains for the six months ended June
30, 2020 (see “Use of Non-IFRS Measures” below).
Conference Call and Webcast
Information
The Company will host a conference call today at
8:00 a.m. Eastern Time, 3:00 p.m. Israel Time to review financial
results and provide a corporate update.
To listen live via webcast, please
visit https://www.itamar-medical.com/, or by clicking
here.
To participate via phone, please use the dial in
information:
U.S. toll-free: 833-519-1272 International:
914-800-3844 Israel toll-free: 1-809-315-362
Conference ID: 3314287
Please log in approximately 10 minutes prior to
the scheduled start time. An archived webcast also will be provided
in the Events and Presentations section of the Company’s
website.
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) share-based payments; (ii)
depreciation and amortization of property and equipment and
intangible assets; (iii) change in provision for doubtful and bad
debt; (iv) non-recurring expenses related to relocating production
facilities to a new location; and (v) 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 2021 revenue guidance range, 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 Salvo Gilmartin Group Phone: +1-415-937-5412
investors@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)
|
June 30, 2021 |
|
December 31,2020 |
|
U.S. dollars in thousands |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
13,968 |
|
|
$ |
9,670 |
|
Short-term
bank deposits |
|
59,000 |
|
|
|
30,000 |
|
Trade
receivables |
|
9,099 |
|
|
|
8,354 |
|
Other
receivables |
|
2,605 |
|
|
|
2,251 |
|
Inventories |
|
7,566 |
|
|
|
7,164 |
|
Total current assets |
|
92,238 |
|
|
|
57,439 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Long-term
restricted deposits and prepaid expenses |
|
495 |
|
|
|
547 |
|
Long-term
trade receivables |
|
232 |
|
|
|
412 |
|
Property and
equipment |
|
3,308 |
|
|
|
2,904 |
|
Intangible
assets |
|
3,100 |
|
|
|
1,037 |
|
Right-of-use
assets |
|
5,056 |
|
|
|
1,801 |
|
Total non-current assets |
|
12,191 |
|
|
|
6,701 |
|
Total assets |
$ |
104,429 |
|
|
$ |
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 |
|
603 |
|
|
|
700 |
|
Trade
payables |
|
3,520 |
|
|
|
4,418 |
|
Other
payables |
|
4,592 |
|
|
|
5,973 |
|
Accrued
expenses |
|
1,831 |
|
|
|
1,091 |
|
Provisions |
|
349 |
|
|
|
321 |
|
Short-term
employee benefits |
|
741 |
|
|
|
354 |
|
Total current liabilities |
|
16,771 |
|
|
|
17,992 |
|
|
|
|
|
Non-current liabilities |
|
|
|
Long-term
loan |
|
86 |
|
|
|
154 |
|
Long-term
lease liabilities |
|
4,676 |
|
|
|
1,380 |
|
Recognized
liability for defined benefit plan, net |
|
267 |
|
|
|
271 |
|
Other
long-term liabilities |
|
1,326 |
|
|
|
1,271 |
|
Total non-current liabilities |
|
6,355 |
|
|
|
3,076 |
|
Total liabilities |
|
23,126 |
|
|
|
21,068 |
|
|
|
|
Equity |
|
|
Ordinary
share capital |
|
1,342 |
|
|
|
1,140 |
|
Additional
paid-in capital |
|
207,132 |
|
|
|
161,006 |
|
Accumulated
deficit |
|
(127,171 |
) |
|
|
(119,074 |
) |
Total equity |
|
81,303 |
|
|
|
43,072 |
|
Total liabilities and equity |
$ |
104,429 |
|
|
$ |
64,140 |
|
|
|
|
|
ITAMAR MEDICAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
U.S. dollars
in thousands (except per share and ADS data) |
|
|
|
|
|
Revenues |
$ |
12,560 |
|
|
$ |
8,885 |
|
|
$ |
24,537 |
|
|
$ |
17,263 |
|
Cost of
revenues |
|
3,618 |
|
|
|
2,869 |
|
|
|
7,586 |
|
|
|
4,919 |
|
Gross profit |
|
8,942 |
|
|
|
6,016 |
|
|
|
16,951 |
|
|
|
12,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing expenses |
|
7,470 |
|
|
|
5,943 |
|
|
|
14,795 |
|
|
|
11,206 |
|
Research and
development expenses |
|
3,371 |
|
|
|
1,377 |
|
|
|
6,260 |
|
|
|
2,679 |
|
General and
administrative expenses |
|
2,668 |
|
|
|
1,914 |
|
|
|
5,759 |
|
|
|
3,634 |
|
Total operating expenses |
|
13,509 |
|
|
|
9,234 |
|
|
|
26,814 |
|
|
|
17,519 |
|
Operating loss |
|
(4,567 |
) |
|
|
(3,218 |
) |
|
|
(9,863 |
) |
|
|
(5,175 |
) |
Financial income (expenses): |
|
|
|
|
Financial
income |
|
111 |
|
|
|
152 |
|
|
|
257 |
|
|
|
387 |
|
Financial
expenses |
|
(250 |
) |
|
|
(166 |
) |
|
|
(577 |
) |
|
|
(400 |
) |
Financial expenses, net |
|
(139 |
) |
|
|
(14 |
) |
|
|
(320 |
) |
|
|
(13 |
) |
Loss before
taxes on income |
|
(4,706 |
) |
|
|
(3,232 |
) |
|
|
(10,183 |
) |
|
|
(5,188 |
) |
Taxes on
income |
|
(40 |
) |
|
|
(10 |
) |
|
|
(86 |
) |
|
|
(52 |
) |
Net
loss |
$ |
(4,746 |
) |
|
$ |
(3,242 |
) |
|
$ |
(10,269 |
) |
|
$ |
(5,240 |
) |
|
|
|
|
|
Loss
per share – basic and diluted (in U.S. dollars) |
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
Weighted average number of shares used in computation of
loss per shares – basic and diluted (in thousands) |
|
492,090 |
|
|
|
423,137 |
|
|
|
477,857 |
|
|
|
406,624 |
|
|
|
|
|
|
Loss
per ADS – basic and diluted (in U.S. dollars) |
$ |
(0.29 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.39 |
) |
|
|
|
|
|
Weighted average number of ADSs used in computation of loss
per ADS – basic and diluted (in thousands) |
|
16,403 |
|
|
|
14,105 |
|
|
|
15,929 |
|
|
|
13,554 |
|
|
|
|
|
|
ITAMAR MEDICAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
U.S. dollars
in thousands |
Cash
flows from operating activities |
|
|
|
|
Net loss |
$ |
(4,746 |
) |
|
$ |
(3,242 |
) |
|
$ |
(10,269 |
) |
|
$ |
(5,240 |
) |
Adjustments
for: |
|
|
|
|
Depreciation
and amortization |
|
921 |
|
|
|
479 |
|
|
|
1,679 |
|
|
|
889 |
|
Share-based
payment |
|
553 |
|
|
|
309 |
|
|
|
2,173 |
|
|
|
671 |
|
Change in
provision for doubtful and bad debt |
|
233 |
|
|
|
126 |
|
|
|
230 |
|
|
|
158 |
|
Net
financial cost (income) |
|
32 |
|
|
|
(102 |
) |
|
|
199 |
|
|
|
(199 |
) |
Decrease
(increase) in trade receivables |
|
(1,016 |
) |
|
|
(728 |
) |
|
|
(794 |
) |
|
|
456 |
|
Decrease
(increase) in other receivables |
|
77 |
|
|
|
(832 |
) |
|
|
(392 |
) |
|
|
(604 |
) |
Increase in
inventories |
|
(479 |
) |
|
|
(1,054 |
) |
|
|
(612 |
) |
|
|
(1,815 |
) |
Increase
(decrease) in trade payables |
|
(993 |
) |
|
|
151 |
|
|
|
(898 |
) |
|
|
580 |
|
Increase
(decrease) in other payables |
|
405 |
|
|
|
866 |
|
|
|
(1,313 |
) |
|
|
(426 |
) |
Increase in
provisions |
|
16 |
|
|
|
10 |
|
|
|
28 |
|
|
|
61 |
|
Increase in
employee benefits |
|
134 |
|
|
|
166 |
|
|
|
383 |
|
|
|
245 |
|
Income tax
expenses |
|
40 |
|
|
|
10 |
|
|
|
86 |
|
|
|
52 |
|
Taxes paid
during the period |
|
- |
|
|
|
(29 |
) |
|
|
(16 |
) |
|
|
(30 |
) |
Interest
paid during the period |
|
(109 |
) |
|
|
(103 |
) |
|
|
(268 |
) |
|
|
(250 |
) |
Interest
received during the period |
|
60 |
|
|
|
230 |
|
|
|
114 |
|
|
|
303 |
|
Net
cash used in operating activities |
|
(4,872 |
) |
|
|
(3,743 |
) |
|
|
(9,670 |
) |
|
|
(5,149 |
) |
Cash
flows from investing activities |
|
|
|
|
Investment
in short-term bank deposits, net |
|
(32,000 |
) |
|
|
(7,500 |
) |
|
|
(29,000 |
) |
|
|
(7,500 |
) |
Investment
in restricted long-term deposits |
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
(50 |
) |
Purchase of
property and equipment, intangible assets and capitalization of
development expenditure |
|
(552 |
) |
|
|
(478 |
) |
|
|
(2,826 |
) |
|
|
(709 |
) |
Net
cash used in investing activities |
|
(32,552 |
) |
|
|
(8,028 |
) |
|
|
(31,826 |
) |
|
|
(8,259 |
) |
Cash
flows from financing activities |
|
|
|
|
Proceeds
from issuance of shares, net of share issuance costs (share
issuance costs) |
|
(479 |
) |
|
|
(876 |
) |
|
|
46,181 |
|
|
|
36,185 |
|
Repayment of
principal of lease liabilities |
|
(248 |
) |
|
|
(220 |
) |
|
|
(496 |
) |
|
|
(445 |
) |
Repayment of
long-term loan |
|
(33 |
) |
|
|
- |
|
|
|
(66 |
) |
|
|
- |
|
Issuance of
shares due to the exercise of stock options |
|
143 |
|
|
|
81 |
|
|
|
147 |
|
|
|
81 |
|
Net
cash provided by (used in) financing activities |
|
(617 |
) |
|
|
(1,015 |
) |
|
|
45,766 |
|
|
|
35,821 |
|
Increase (decrease) in cash and cash
equivalents |
|
(38,041 |
) |
|
|
(12,786 |
) |
|
|
4,270 |
|
|
|
22,413 |
|
Cash
and cash equivalents at beginning of period |
|
51,869 |
|
|
|
50,442 |
|
|
|
9,670 |
|
|
|
15,115 |
|
Effect of exchange rate fluctuations on balances of cash
and cash equivalents |
|
140 |
|
|
|
10 |
|
|
|
28 |
|
|
|
138 |
|
Cash
and cash equivalents at end of period |
$ |
13,968 |
|
|
$ |
37,666 |
|
|
$ |
13,968 |
|
|
$ |
37,666 |
|
Non-cash investing activity - acquisition of intangible
assets |
$ |
- |
|
|
$ |
- |
|
|
$ |
600 |
|
|
$ |
- |
|
Non-cash financing activity - share issuance
costs |
$ |
- |
|
|
$ |
38 |
|
|
$ |
- |
|
|
$ |
38 |
|
ITAMAR MEDICAL LTD.
RECONCILIATIONS OF IFRS TO NON-IFRS FINANCIAL
MEASURES (Unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
U.S. dollars
in thousands (except per ADS data) |
|
|
|
|
|
IFRS
operating loss |
$ |
(4,567 |
) |
|
$ |
(3,218 |
) |
|
$ |
(9,863 |
) |
|
$ |
(5,175 |
) |
IFRS
net loss |
$ |
(4,746 |
) |
|
$ |
(3,242 |
) |
|
$ |
(10,269 |
) |
|
$ |
(5,240 |
) |
Cost
of revenues: |
|
|
|
|
Share-based
payment |
|
17 |
|
|
|
5 |
|
|
|
60 |
|
|
|
7 |
|
Depreciation
and amortization of property and equipment and intangible
assets |
|
173 |
|
|
|
162 |
|
|
|
338 |
|
|
|
264 |
|
Non-recurring expenses related to relocating the Company’s
production facilities to a new location |
|
- |
|
|
|
- |
|
|
|
376 |
|
|
|
- |
|
Other
non-recurring expenses |
|
- |
|
|
|
27 |
|
|
|
- |
|
|
|
27 |
|
|
|
190 |
|
|
|
194 |
|
|
|
774 |
|
|
|
298 |
|
Operating expenses: |
|
|
|
|
Selling and
marketing: |
|
|
|
|
Share-based
payment |
|
196 |
|
|
|
80 |
|
|
|
839 |
|
|
|
199 |
|
Depreciation
and amortization of property and equipment and intangible
assets |
|
34 |
|
|
|
37 |
|
|
|
68 |
|
|
|
68 |
|
Other
non-recurring expenses |
|
- |
|
|
|
63 |
|
|
|
- |
|
|
|
63 |
|
|
|
230 |
|
|
|
180 |
|
|
|
907 |
|
|
|
330 |
|
Research and
development: |
|
|
|
|
Share-based
payment |
|
235 |
|
|
|
71 |
|
|
|
562 |
|
|
|
142 |
|
Depreciation
and amortization of property and equipment and intangible
assets |
|
429 |
|
|
|
31 |
|
|
|
723 |
|
|
|
50 |
|
Other
non-recurring expenses |
|
65 |
|
|
|
18 |
|
|
|
65 |
|
|
|
18 |
|
|
|
729 |
|
|
|
120 |
|
|
|
1,350 |
|
|
|
210 |
|
General and
administrative: |
|
|
|
|
Share-based
payment |
|
105 |
|
|
|
147 |
|
|
|
712 |
|
|
|
310 |
|
Depreciation
and amortization of property and equipment and intangible
assets |
|
20 |
|
|
|
18 |
|
|
|
43 |
|
|
|
34 |
|
Change in
provision for doubtful and bad debt |
|
233 |
|
|
|
126 |
|
|
|
230 |
|
|
|
158 |
|
Other
non-recurring expenses |
|
- |
|
|
|
9 |
|
|
|
- |
|
|
|
9 |
|
|
|
358 |
|
|
|
300 |
|
|
|
985 |
|
|
|
511 |
|
Financial income (expenses), net: |
|
|
|
|
Share-based
payment |
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
13 |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
13 |
|
|
|
|
|
|
Non-IFRS operating loss |
$ |
(3,060 |
) |
|
$ |
(2,424 |
) |
|
$ |
(5,847 |
) |
|
$ |
(3,826 |
) |
Non-IFRS net loss |
$ |
(3,239 |
) |
|
$ |
(2,442 |
) |
|
$ |
(6,253 |
) |
|
$ |
(3,878 |
) |
|
|
|
|
|
IFRS
loss per ADS – basic and diluted (in U.S. dollars) |
$ |
(0.29 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.39 |
) |
Non-IFRS loss per ADS – basic and diluted (in U.S.
dollars) |
$ |
(0.20 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.29 |
) |
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