Alliqua BioMedical, Inc. (Nasdaq:ALQA) ("Alliqua" or "the
Company"), a regenerative technologies company committed to
restoring tissue and rebuilding lives, today announced financial
results for the third quarter ended September 30, 2017.
Third Quarter 2017 Summary:
- Total revenue from continuing operations increased 12%
year-over-year to $4.9 million.
- Product revenue from continuing operations increased 14%
year-over-year to $4.4 million. ο Sales of Biologics
products franchise increased 70% year-over-year in the third
quarter to $1.6 million.
- Gross margin from continuing operations increased to 69%, from
63% in the same period last year.
- Adjusted EBITDA loss from continuing operations improved by
$2.1 million, or 53% year-over-year, to ($1.8) million.
- On August 31, 2017, the Company sold all assets associated with
its TheraBond® 3D Antimicrobial Barrier Systems (“TheraBond”)
product line to Argentum Medical, LLC (“Argentum”) and received
approximately $3.4 million in proceeds. Approximately $1.65 million
of the proceeds were used to partially repay Alliqua’s senior
secured lender. In connection with the transaction, the Company's
lender agreed to defer all further principal payments until January
31, 2018.
Highlights Subsequent to
Quarter-End:
- On October 5, 2017, the Company announced its intent to effect
a reverse stock split of issued and outstanding common stock at an
exchange ratio of 1-for-10 after the close of business. The
Company's common stock began trading on a split-adjusted basis on
Friday, October 6, 2017 under a new CUSIP number, 019621309, and
remains listed on The Nasdaq Capital Market under the symbol
“ALQA”.
- On October 27, 2017, the Company received $1 million under an
agreement with Soluble Systems, LLC (“Soluble”) in connection with
amounts advanced to Soluble by the Company in 2016 and 2017.
“We were pleased by the sales results that we
achieved in our regenerative medicine business during the third
quarter, driven by strong demand for our biologics: Biovance and
Interfyl,” said David Johnson, Chief Executive Officer of Alliqua
BioMedical. “We attribute our results to the successful execution
of our targeted sales strategy, which has focused our selling
resources on key segments of the market where our products are
well-positioned to encourage adoption. In addition to our revenue
performance, we also raised non-dilutive capital during the quarter
through the sale of our TheraBond product line.”
“We have updated our fiscal year 2017 revenue
guidance range to reflect both the strong growth performance we
have reported to-date and modestly higher growth expectations for
the fourth quarter. As we bring 2017 to a close, Alliqua is focused
on continuing the momentum we have seen in our business this year
by driving awareness and adoption of our regenerative therapies in
our key markets, while pursuing opportunities to further strengthen
our balance sheet.”
Third Quarter 2017 Results:
|
|
Alliqua BioMedical, Inc. and
Subsidiaries |
|
Revenue Summary* |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
($, Thousands) |
September 30, |
Increase / Decrease |
September 30, |
Increase / Decrease |
|
|
|
2017 |
|
2016 |
$ Change |
% Change |
|
2017 |
|
2016 |
$ Change |
% Change |
|
Products |
$4,406 |
$3,856 |
$550 |
14% |
|
$12,778 |
$9,970 |
$2,808 |
28% |
|
Contract Manufacturing |
$495 |
$519 |
($24) |
-5% |
$1,330 |
$1,881 |
($551) |
-29% |
|
Revenue,
net |
$4,901 |
$4,375 |
$526 |
12% |
$14,108 |
$11,851 |
$2,257 |
19% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Revenue summary reflects the Company's continued operations,
and, therefore, excludes approximately $346 million and 1.3 million
of TheraBond revenue recognized during the three and nine months
ended September 30, 2017, and $499 thousand and $1.5 million of
TheraBond revenue recognized during the three and nine months ended
September 30, 2016, respectively, that is included in discontinued
operations. It also excludes $0 million and $1.7 million of sorbion
revenue recognized during the three and nine months ended September
30, 2016, respectively, that is included in discontinued
operations. |
|
|
Total revenue from continuing operations for the
third quarter of 2017 increased by approximately $526 thousand, or
12% year-over-year, to $4.9 million. Total revenue for the three
months ended September 30, 2017 and September 30, 2016 exclude $346
thousand and $499 thousand, respectively, of revenue from sales of
TheraBond products, which are recorded as discontinued operations
following the Company’s sale of the product franchise. Sales of the
Company’s products – including Biovance, Interfyl, and UltraMIST –
increased by $550 thousand, or 14% year-over-year, to $4.4 million.
Third quarter product growth was driven by sales of the Company’s
Biologics.
Gross profit for the third quarter of 2017 was
$3.4 million, or 69% of sales, compared to a gross profit of $2.8
million, or 63% of sales, last year. Gross margin on product sales
was approximately 77% in the third quarter of 2017, compared to 76%
last year.
Operating expenses decreased 33% year-over-year
to $7.2 million. This decrease was driven primarily by a $1.5
million decrease in selling, general and administrative expenses.
Operating expenses in the prior year period also included a $1.0
million milestone payment related to the Company’s licensing
agreement for its biologic products and $715 thousand of
acquisition-related expenses, which did not recur during the third
quarter of 2017.
GAAP loss from operations for the third quarter
of 2017 was $3.8 million, improved from loss of $7.9 million for
the same period last year.
GAAP net loss for the third quarter of 2017 was
$2.7 million, or ($0.56) per diluted share, compared to GAAP net
loss of $8.6 million, or ($3.05) per diluted share, for the same
period last year. The change in GAAP net loss in the third quarter
of 2017 was driven primarily by a $4.1 million improvement in
operating income, compared to the prior year. GAAP net income for
the third quarter of 2017 included $1.8 million of income from
discontinued operations related to the Company’s sale of its
TheraBond product franchise, compared to $167 thousand of income
from discontinued operations in the third quarter of 2016.
Non-GAAP net loss from continuing operations for
the third quarter of 2017 improved by $1.9 million or 34%
year-over-year to $3.7 million, or ($0.79) per diluted share,
compared to a non-GAAP net loss from continuing operations of $5.6
million, or ($1.99) per diluted share, for the same period last
year. The Company defines non-GAAP net loss from continuing
operations as its reported net loss (GAAP), excluding income tax
expense, stock-compensation expense, one-time charges and other
non-recurring operating costs and expenses, depreciation and
amortization, change in fair value of contingent consideration,
change in value of warrant liability, impairment charges to
goodwill and other intangibles and income from discontinued
operations.
Adjusted EBITDA loss from continuing operations
for the third quarter of 2017 improved $2.1 million or 53%
year-over-year to $1.8 million, compared to an adjusted EBTIDA loss
from continued operations of $3.9 million for the same period last
year.
The Company defines adjusted EBITDA from
continuing operations as non-GAAP net loss from continuing
operations excluding income tax expense, net interest expense, and
depreciation and amortization.
Nine Months 2017 Results:
Total revenue for the nine months ended
September 30, 2017, increased by $2.3 million, or 19%
year-over-year, to $14.1 million. Total revenue for the nine months
ended September 30, 2017 and September 30, 2016 exclude $0.0 and
$1.7 million, respectively, of revenue from sales of sorbion
products, and $1.3 and $1.5 million, respectively, of revenue from
sales of TheraBond products, which are recorded as discontinued
operations following the Company’s sale of the product franchises.
Sales of the Company’s products – including Biovance, Interfyl and
UltraMIST – increased by $2.8 million, or 28% year-over-year to
$12.8 million. Sales of the Company’s Biologics were the largest
contributor to product growth during the first nine months of the
year.
Operating expenses decreased 24% year-over-year
to $23.1 million, excluding the impact of changes in the Company’s
contingent consideration liability in both periods. This decrease
was driven primarily by a $5.3 million decrease in selling, general
and administrative expenses.
GAAP net loss for the nine months ended
September 30, 2017 and 2016, was $13.9 million, or $(3.37) per
diluted share, and $11.1 million, or $(3.98) per diluted share,
respectively. GAAP net loss for the nine months ended September 30,
2017 and 2016 included $2.2 and $4.6 million, respectively, of
income from discontinued operations. GAAP net loss for the nine
months ended September 30, 2016 was favorably impacted by an $8.6
million change in fair value of contingent liability.
Non-GAAP net loss from continuing operations for
the nine months ended September 30, 2017 improved $5.5 million or
29% year-over year to $13.2 million, or $(3.21) per diluted share,
compared to the prior year period. The Company defines non-GAAP net
loss from continuing operations as its reported net loss (GAAP),
excluding income tax expense, stock-compensation expense, one-time
charges and other non-recurring operating costs and expenses,
depreciation and amortization, change in fair value of contingent
consideration, change in value of warrant liability, impairment
charges to goodwill and other intangibles and income from
discontinued operations.
Adjusted EBITDA loss from continuing operations
for the nine months ended September 30, 2017 improved by $6.4
million or 45% year-over-year to $7.6 million, compared to an
adjusted EBTIDA loss from operations of $13.9 million for the same
period last year.
The Company defines adjusted EBITDA from
continuing operations as non-GAAP net loss from continuing
operations excluding income tax expense, net interest expense, and
depreciation and amortization.
Cash and Cash Equivalents:
As of September 30, 2017, the Company had cash
and cash equivalents of approximately $2.1 million, compared to
$5.6 million at December 31, 2016. The decrease in cash during the
period was primarily driven by $9.8 million of cash used in
operating activities, approximately $1.6 million of cash used to
repay a portion of the Company’s long-term debt, approximately $675
thousand of cash used to pay a portion of the contingent
consideration related to the Celleration acquisition and $350
thousand of cash paid to Soluble as a bridge loan in connection
with the terminated acquisition. The decrease in cash during the
nine months ended September 30, 2017 was partially offset by $5.9
million received from net proceeds from the issuance of common
stock and $3.4 million of cash received in connection with the sale
of the rights to the TheraBond product franchise to Argentum.
On October 27, 2017, the Company received $1
million under an agreement with Soluble in connection with amounts
advanced to Soluble by the Company in 2016 and 2017.
Fiscal Year 2017 Financial
Outlook:
The Company is updating its revenue guidance for the fiscal year
2017 period, which was last updated on September 5, 2017. For the
fiscal year ending December 31, 2017, the Company now expects total
revenue of $19.3 million to $19.8 million, representing growth in
the range of approximately 18% to 22% year-over-year on a GAAP
basis.
The Company’s updated total revenue guidance assumes the
following:
- Product sales of $17.4 million to $17.9 million, representing
growth in the range of approximately 23% to 27%
year-over-year.
- Contract manufacturing sales of approximately $1.9 million,
compared to $2.2 million in the fiscal year ended December 31,
2016.
- For the fiscal year 2017, the Company still expects cash used
in operations to approximate $12.0 million, representing a decrease
of approximately $6.3 million year-over-year, compared to $18.3
million in fiscal year 2016.
Conference Call:
The Company will host a teleconference at 8:00
a.m. Eastern Time on November 9th to discuss the results of
the quarter, and host a question and answer session. Those
interested in participating on the call may dial 888-516-2447
(719-325-2115 for international callers) and provide access code
9266620 approximately 10 minutes prior to the start time. A live
webcast of the call will be made available on the investor
relations section of the Company's website
at http://ir.alliqua.com.
For those unable to participate, a replay of the call will be
available for two weeks at 888-203-1112 (719-457-0820 for
international callers); access code 9266620. The webcast will be
archived on the investor relations section of Alliqua’s
website.
About Alliqua BioMedical,
Inc.
Alliqua is a regenerative technologies company
committed to restoring tissue and rebuilding lives. Through its
sales and distribution network, together with its proprietary
products, Alliqua offers solutions that allow clinicians to utilize
the latest advances in regenerative technologies to bring improved
patient outcomes to their practices.
Alliqua currently markets the human biologic
regenerative technologies, Biovance® and Interfyl®. The Company
also markets its Mist Therapy System®, which uses painless,
noncontact low-frequency ultrasound to stimulate cells below the
wound bed to promote the healing process.
Alliqua can provide a custom manufacturing
solution to partners in the medical device and cosmetics industry,
utilizing its hydrogel technology. The Company has locations in
Yardley, Pennsylvania, Langhorne, Pennsylvania and Eden Prairie,
Minnesota.
For additional information, please visit
http://www.alliqua.com. To receive future press releases via email,
please visit http://ir.stockpr.com/alliqua/email-alerts.
Legal Notice Regarding Forward-Looking
Statements:
This release contains forward-looking statements.
Forward-looking statements are generally identifiable by the use of
words like "may," "will," "should," "could," "expect,"
"anticipate," "estimate," "believe," "intend," or "project" or the
negative of these words or other variations on these words or
comparable terminology. The reader is cautioned not to put undue
reliance on these forward-looking statements, as these statements
are subject to numerous factors and uncertainties outside of our
control that can make such statements untrue, including, but not
limited to, the adequacy of the Company’s liquidity to pursue its
complete business objectives; inadequate capital; the Company’s
ability to obtain reimbursement from third party payers for its
products; loss or retirement of key executives; adverse economic
conditions or intense competition; loss of a key customer or
supplier; entry of new competitors and products; adverse federal,
state and local government regulation; technological obsolescence
of the Company’s products; technical problems with the Company’s
research and products; the Company’s ability to expand its business
through strategic acquisitions; the Company’s ability to integrate
acquisitions and related businesses; price increases for supplies
and components; and the inability to carry out research,
development and commercialization plans. In addition, other
factors that could cause actual results to differ materially are
discussed in our filings with the SEC, including our most recent
Annual Report on Form 10-K filed with the SEC, and our most recent
Form 10-Q filings with the SEC. Investors and security holders are
urged to read these documents free of charge on the SEC's web site
at http://www.sec.gov. We undertake no obligation to publicly
update or revise our forward-looking statements as a result of new
information, future events or otherwise.
|
|
ALLIQUA BIOMEDICAL, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
(Unaudited) |
|
|
|
ASSETS: |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
$ |
2,106 |
|
|
$ |
5,580 |
|
|
Accounts
receivable, net |
|
|
|
|
2,926 |
|
|
|
2,453 |
|
|
Inventory,
net |
|
|
|
|
1,985 |
|
|
|
2,153 |
|
|
Prepaid expenses and other current assets |
|
|
|
296 |
|
|
|
735 |
|
|
Current assets of discontinued operations |
|
|
|
464 |
|
|
|
857 |
|
|
Total current
assets |
|
|
|
|
7,777 |
|
|
|
11,778 |
|
|
Improvements and
equipment, net |
|
|
|
|
1,692 |
|
|
|
2,092 |
|
|
Intangible assets,
net |
|
|
|
|
23,202 |
|
|
|
26,604 |
|
|
Goodwill, net |
|
|
|
|
11,959 |
|
|
|
11,959 |
|
|
Other assets |
|
|
|
|
173 |
|
|
|
173 |
|
|
Assets of
discontinued operations - noncurrent |
|
|
|
- |
|
|
|
1,893 |
|
|
Total
assets |
|
|
|
$ |
44,803 |
|
|
$ |
54,499 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
Accounts
payable |
|
|
|
$ |
1,603 |
|
|
$ |
2,614 |
|
|
Accrued expenses and other current liabilities |
|
|
|
3,876 |
|
|
|
5,224 |
|
|
Contingent
consideration, current |
|
|
|
|
- |
|
|
|
675 |
|
|
Senior secured
term loan, net |
|
|
|
|
10,736 |
|
|
|
11,541 |
|
|
Warrant
liability |
|
|
|
|
419 |
|
|
|
20 |
|
|
Current liabilities of discontinued operations |
|
|
|
37 |
|
|
|
60 |
|
|
Total current
liabilities |
|
|
|
|
16,671 |
|
|
|
20,134 |
|
|
Contingent
consideration, long-term |
|
|
|
|
- |
|
|
|
1,141 |
|
|
Deferred tax
liability |
|
|
|
|
758 |
|
|
|
749 |
|
|
Other long-term
liabilities |
|
|
|
|
316 |
|
|
|
385 |
|
|
Total
liabilities |
|
|
|
|
17,745 |
|
|
|
22,409 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
Preferred
Stock, par value $0.001 per share, 1,000,000 shares authorized, no
shares issued and outstanding |
|
|
- |
|
|
|
- |
|
|
Common Stock, par value $0.001 per share, 95,000,000 shares
authorized; 4,988,244 and 2,966,904 shares issued and outstanding
as of September 30, 2017 and December 31, 2016, respectively |
|
|
5 |
|
|
|
3 |
|
|
Additional paid-in
capital |
|
|
|
|
165,256 |
|
|
|
156,390 |
|
|
Accumulated
deficit |
|
|
|
|
(138,203 |
) |
|
|
(124,303 |
) |
|
Total stockholders'
equity |
|
|
|
|
27,058 |
|
|
|
32,090 |
|
|
Total liabilities and
stockholders' equity |
|
|
|
$ |
44,803 |
|
|
$ |
54,499 |
|
|
|
|
|
|
|
|
|
|
|
|
ALLIQUA BIOMEDICAL, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(Unaudited) |
|
(in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenue, net of
returns, allowances and discounts |
$ |
4,901 |
|
|
$ |
4,375 |
|
|
$ |
14,108 |
|
|
$ |
11,851 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
1,538 |
|
|
|
1,608 |
|
|
|
4,765 |
|
|
|
4,493 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
3,363 |
|
|
|
2,767 |
|
|
|
9,343 |
|
|
|
7,358 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Selling, general
and administrative |
|
7,004 |
|
|
|
8,458 |
|
|
|
21,729 |
|
|
|
27,019 |
|
|
Royalties |
|
200 |
|
|
|
271 |
|
|
|
593 |
|
|
|
746 |
|
|
Research and
product development |
|
1 |
|
|
|
164 |
|
|
|
121 |
|
|
|
692 |
|
|
Milestone
expense to licensor |
|
- |
|
|
|
1,000 |
|
|
|
- |
|
|
|
1,000 |
|
|
Acquisition-related |
|
- |
|
|
|
715 |
|
|
|
635 |
|
|
|
819 |
|
|
Change in fair
value of contingent consideration liability |
|
- |
|
|
|
97 |
|
|
|
35 |
|
|
|
(8,634 |
) |
|
Total operating
expenses |
|
7,205 |
|
|
|
10,705 |
|
|
|
23,113 |
|
|
|
21,642 |
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(3,842 |
) |
|
|
(7,938 |
) |
|
|
(13,770 |
) |
|
|
(14,284 |
) |
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
Interest
expense |
|
(577 |
) |
|
|
(685 |
) |
|
|
(1,746 |
) |
|
|
(1,957 |
) |
|
Interest
income |
|
1 |
|
|
|
9 |
|
|
|
5 |
|
|
|
24 |
|
|
Change in fair
value of warrant liability |
|
35 |
|
|
|
135 |
|
|
|
404 |
|
|
|
797 |
|
|
Warrant
modification expense |
|
- |
|
|
|
- |
|
|
|
(803 |
) |
|
|
- |
|
|
Loss on early
extinguishment of debt, net |
|
(214 |
) |
|
|
(373 |
) |
|
|
(214 |
) |
|
|
(373 |
) |
|
Other
income |
|
67 |
|
|
|
100 |
|
|
|
67 |
|
|
|
100 |
|
|
Total other
expense |
|
(688 |
) |
|
|
(814 |
) |
|
|
(2,287 |
) |
|
|
(1,409 |
) |
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before tax |
|
(4,530 |
) |
|
|
(8,752 |
) |
|
|
(16,057 |
) |
|
|
(15,693 |
) |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
(3 |
) |
|
|
(3 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations |
|
(4,533 |
) |
|
|
(8,755 |
) |
|
|
(16,066 |
) |
|
|
(15,702 |
) |
|
|
|
|
|
|
|
|
|
|
Discontinued
operations: |
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax of $0 for the three and nine
months ended September 30, 2017 and 2016 |
|
133 |
|
|
|
167 |
|
|
|
466 |
|
|
|
1,293 |
|
|
Gain on sale of
assets, net of tax of $0 for the three and nine months ended
September 30, 2017 and 2016 |
|
1,700 |
|
|
|
- |
|
|
|
1,700 |
|
|
|
3,311 |
|
|
Income from
discontinued operations, net of tax |
|
1,833 |
|
|
|
167 |
|
|
|
2,166 |
|
|
|
4,604 |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(2,700 |
) |
|
$ |
(8,588 |
) |
|
$ |
(13,900 |
) |
|
$ |
(11,098 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per basic and
diluted common share: |
|
|
|
|
|
|
|
|
Loss from
continuing operations |
$ |
(0.95 |
) |
|
$ |
(3.11 |
) |
|
$ |
(3.89 |
) |
|
$ |
(5.63 |
) |
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations |
|
0.03 |
|
|
|
0.06 |
|
|
|
0.11 |
|
|
|
0.46 |
|
|
Gain on sale of
assets |
|
0.36 |
|
|
|
- |
|
|
|
0.41 |
|
|
|
1.19 |
|
|
Total from
discontinued operations |
|
0.39 |
|
|
|
0.06 |
|
|
|
0.52 |
|
|
|
1.65 |
|
|
Net loss per basic and
diluted common share |
$ |
(0.56 |
) |
|
$ |
(3.05 |
) |
|
$ |
(3.37 |
) |
|
$ |
(3.98 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used in computing net loss per basic and diluted common share |
|
4,753,789 |
|
|
|
2,819,567 |
|
|
|
4,125,653 |
|
|
|
2,788,696 |
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
We present these non-GAAP measures because we believe these
measures are useful indicators of our operating performance. Our
management uses these non-GAAP measures principally as a measure of
our operating performance and believes that these measures are
useful to investors because they are frequently used by analysts,
investors and other interested parties to evaluate companies in our
industry. We also believe that these measures are useful to our
management and investors as a measure of comparative operating
performance from period to period.
The Company has presented the following non-GAAP financial
measures in this press release: non-GAAP net loss from continuing
operations, adjusted EBITDA from continuing operations and non-GAAP
net loss from continuing operations per share. The Company defines
non-GAAP net loss from continuing operations as its reported net
loss (GAAP) stock-compensation expense, one-time charges and other
non-recurring operating costs and expenses, intangible asset
amortization, change in fair value of contingent consideration,
change in value of warrant liability, impairment charges to
goodwill and other intangibles and income from discontinued
operations. The Company defines adjusted EBITDA from continuing
operations as non-GAAP net loss from continuing operations
excluding income tax expense, net interest expense, and
depreciation and amortization.
|
|
|
|
|
ALLIQUA BIOMEDICAL, INC. AND
SUBSIDIARIES |
|
|
|
|
Reconciliation of GAAP results to Non-GAAP
results from continuing operations |
|
|
|
|
(in thousands, except share and per share
data) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
Table of Reconciliation from GAAP Net (Loss)
Income to Non-GAAP Net Loss from Continuing
Operations |
|
|
|
|
GAAP Net (Loss)
Income |
$ |
(2,700 |
) |
$ |
(8,588 |
) |
|
$ |
(13,900 |
) |
$ |
(11,098 |
) |
|
Stock-based compensation |
|
686 |
|
|
1,189 |
|
|
|
1,604 |
|
|
4,276 |
|
|
Acquisition related expenses |
|
0 |
|
|
715 |
|
|
|
635 |
|
|
819 |
|
|
Change in
fair value of contingent consideration |
|
0 |
|
|
97 |
|
|
|
35 |
|
|
(8,634 |
) |
|
Change in
fair value of warrant liability |
|
(35 |
) |
|
(135 |
) |
|
|
(404 |
) |
|
(797 |
) |
|
Other* |
|
147 |
|
|
1,273 |
|
|
|
950 |
|
|
1,273 |
|
|
Income from discontinued ops, net |
|
(1,833 |
) |
|
(167 |
) |
|
|
(2,165 |
) |
|
(4,604 |
) |
|
Non-GAAP Net (Loss) Income from Continuing
Operations |
$ |
(3,735 |
) |
$ |
(5,616 |
) |
|
$ |
(13,245 |
) |
$ |
(18,765 |
) |
|
|
|
|
|
|
|
|
Income
tax expense |
|
3 |
|
|
3 |
|
|
|
9 |
|
|
9 |
|
|
Interest
expense, net |
|
577 |
|
|
676 |
|
|
|
1,741 |
|
|
1,933 |
|
|
Depreciation and amortization |
|
1,312 |
|
|
965 |
|
|
|
3,931 |
|
|
2,864 |
|
|
Adjusted EBITDA from Continuing Operations |
$ |
(1,843 |
) |
$ |
(3,972 |
) |
|
$ |
(7,564 |
) |
$ |
(13,959 |
) |
|
|
|
|
|
|
|
|
Table Comparing GAAP Diluted Net Loss Per Common Share to
Non-GAAP Diluted Net Loss from Continuing Operations Per Common
Share |
|
|
|
|
GAAP Diluted
Net (Loss) Income Per Common Share |
$ |
(0.56 |
) |
$ |
(3.05 |
) |
|
$ |
(3.37 |
) |
$ |
(3.98 |
) |
|
Non-GAAP diluted Net Loss from Continuing Operations Per
Common Share |
$ |
(0.79 |
) |
$ |
(1.99 |
) |
|
$ |
(3.21 |
) |
$ |
(6.73 |
) |
|
Non-GAAP
Diluted Net Loss from Continuing Operations Per Common
Share |
|
|
|
|
|
|
Shares used in
computing diluted GAAP net loss per common share & non-GAAP
diluted net loss from continued operations per common
share |
|
4,753,789 |
|
|
2,819,567 |
|
|
|
4,125,653 |
|
|
2,788,696 |
|
|
|
|
|
|
|
*"Other" for the three months ended September 30, 2017
includes $214 thousand of expenses related to a loss on the early
extinguishment of the Company’s debt and $67 thousand of other
income. "Other" for the nine months ended September 30, 2017
includes an $803 thousand warrant modification expense in
connection with an amendment of the warrant issued to Perceptive
Credit Opportunities Fund, L.P. in addition to the aforementioned
items. |
|
|
|
“Other” for the three and nine months ended September 30, 2016
includes a $1.0 million milestone expense related to its supply
agreement with Celularity, a $373 thousand expense related to a
loss on the early extinguishment of the Company’s debt and $100
thousand of other income. |
|
|
|
Investor Relations:
Westwicke Partners on behalf of Alliqua BioMedical, Inc.
Mike Piccinino, CFA +1-443-213-0500
AlliquaBiomedical@westwicke.com
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