UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 11, 2020
iCAD, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
001-09341 | 02-0377419 | |
(Commission File Number) |
(IRS Employer Identification No.) | |
98 Spit Brook Road, Suite 100, Nashua, New Hampshire | 03062 | |
(Address of Principal Executive Offices) | (Zip Code) |
(603) 882-5200
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered | ||
Common Stock, $0.01 par value | ICAD | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. | Results of Operations and Financial Condition. |
On May 11, 2020, iCAD, Inc. (the Company) issued a press release announcing its financial results for the quarter ended March 31, 2020. A copy of the Companys press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
Exhibit 99.1 is being furnished pursuant to Item 2.02, is not to be considered filed under the Securities Exchange Act of 1934, as amended (the Exchange Act), and shall not be incorporated by reference into any of the Companys previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act.
(d) Exhibits
Exhibit |
Exhibit Description | |
99.1 | Press Release dated May 11, 2020 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
iCAD, INC.
(Registrant) | ||
By: | /s/ Michael Klein | |
Michael Klein Chief Executive Officer |
Date: May 11, 2020
Exhibit 99.1
iCAD REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS
Recent Equity Offering Strengthens Balance Sheet and Increases Operating Flexibility with focus on Brain Cancer Initiatives
Conference Call Today at 4:30 p.m. ET
NASHUA, N.H. MAY 11, 2020 iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today reported its financial and operating results for the first quarter ended March 31, 2020.
Recent Highlights:
| Entered into a new credit facility and ended Q1 2020 with $14.3 million in cash followed by an equity offering with gross proceeds of $12.5 million in April 2020, strengthening balance sheet and increasing operational flexibility. |
| Equity offering enables post market clinical studies to expand the use of Xoft IORT for the treatment of brain cancers. |
| New Detection initiative positions Profound AI technology to assess risk and prioritize growing backlog of mammography screening. |
| Provider evaluation of IORT emerging in response to changing guidelines that recommend shorter course treatments. |
In the face of the significant challenges posed by the ongoing COVID-19 global health pandemic, the iCAD team continues to find innovative solutions to support customer needs, said Michael Klein, Chairman and Chief Executive Officer of iCAD, Inc. As previously communicated, we are experiencing a disruption in ordering patterns due to circumstances associated with COVID-19, which is impacting shipping, logistics, service, installation, and training. However, importantly, we believe that fundamental demand for both our Detection and Therapy offerings has not diminished. In fact, we are seeing an increased appreciation of the need for AI-enabled imaging and 10-minute on demand radiation therapy, delivered simultaneously with surgical procedures. With a backlog of patients overdue for regular mammography screening exams, the need to appropriately schedule and prioritize patient care further highlights the value proposition for ProFound AI. With ProFound AI, radiologists will have the ability to review prior year mammograms and prioritize which patients should not delay breast cancer screening.
In addition, in April, we closed an equity offering with gross proceeds of $12.5 million, continued Mr. Klein. The proceeds from this offering will be dedicated in part to conducting post market studies for our Xoft IORT for glioblastoma and other brain cancers, as well as evaluating our commercial launch strategy. This follows the first use of Xoft IORT to treat brain cancer in the US in February, as well as the release last fall of data from a study conducted at the European Medical Center in Moscow.
Due to the current market dynamics, we have reprioritized certain initiatives and redeployed resources to focus on and leverage near-term objectives and trends. We are moving to an efficient commercialization and product development infrastructure that allows us to reduce costs, while continuing a precise and focused approach towards the shifting market dynamics. While these are unprecedented times, we strongly believe that iCADs business and world-class technology are well-positioned to thrive for years to come, concluded Mr. Klein.
First Quarter 2020 Financial Results
Revenue: Total Detection and Therapy revenue for the first quarter of 2020 was $6.6 million, a decrease of $0.2 million, or 3%, compared to the first quarter of 2019, reflecting a 1% decrease in product revenue, and a 7% decrease in service and supplies revenue.
In $000s |
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Three months ended March 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Product revenue |
$ | 3,795 | $ | 3,822 | $ | (27 | ) | (1 | )% | |||||||
Service and supplies revenue |
2,756 | 2,951 | (195 | ) | (7 | )% | ||||||||||
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Total Revenue |
$ | 6,551 | $ | 6,773 | $ | (222 | ) | (3 | )% | |||||||
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Cancer Detection revenue for the first quarter 2020, which includes the Companys mammography, breast density, and the associated service and supplies revenue, increased by approximately $0.3 million, or 7%, as compared to the first quarter of 2019, driven by growth in both direct and OEM revenues with sales primarily in the Companys 3D imaging and Density products. Therapy revenue for the first quarter of 2020, which includes Xoft® Axxent® eBx® System® sales, as well as the associated service and supplies revenue, decreased by $0.5 million, or 20%, as compared to the first quarter of 2019.
In $000s |
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Three months ended March 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
Detection revenue |
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Product revenue |
$ | 3,100 | $ | 2,790 | $ | 310 | 11 | % | ||||||||
Service and supplies revenue |
1,376 | 1,378 | (2 | ) | (0 | )% | ||||||||||
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Detection Revenue |
$ | 4,476 | $ | 4,168 | $ | 308 | 7 | % | ||||||||
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Therapy revenue |
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Product revenue |
$ | 695 | $ | 1,032 | $ | (337 | ) | (33 | )% | |||||||
Service and supplies revenue |
1,380 | 1,573 | (193 | ) | (12 | )% | ||||||||||
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Therapy Revenue |
$ | 2,075 | $ | 2,605 | $ | (530 | ) | (20 | )% | |||||||
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Total Revenue |
$ | 6,551 | $ | 6,773 | $ | (222 | ) | (3 | )% | |||||||
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Gross Profit: Gross profit for the first quarter of 2020 was $4.5 million, or 69% of revenue, as compared to $5.3 million, or 78% of revenue, in the first quarter of 2019.
Operating Expenses: Total operating expenses for the first quarter of 2020 were $8.4 million, a $2.1 million, or 33%, increase from $6.3 million in the first quarter of 2019. The increase was driven by increased marketing and sales expenses in support of the Companys commercialization efforts to drive adoption of Profound AI, as well as an increase in general & administrative expenses during 2019 which remained in the first quarter of 2020.
GAAP Net Loss: Net loss for the first quarter of 2020 was ($11.8) million, or ($0.59) per diluted share, compared with a net loss of ($3.7) million, or ($0.22) per diluted share, for the first quarter of 2019.
Non-GAAP Adjusted Net loss: Non-GAAP adjusted net loss, a non-GAAP financial measure as defined below, for the first quarter of 2020 was ($3.9) million, or ($0.20) per diluted share, as compared to a Non-GAAP adjusted net loss of ($1.1) million, or ($0.07) per diluted share, for the first quarter of 2019. Please
refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the three-month periods ended March 31, 2020 and 2019, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP adjusted EBITDA, a non-GAAP financial measure as defined below, for the first quarter of 2020, was a loss of ($3.1) million, a $2.5 million increase compared to the first quarter 2019 non-GAAP adjusted EBITDA loss of ($0.6) million. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the three-month periods ended March 31, 2020 and 2019, respectively.
Cash and Cash Equivalents: As of March 31, 2020, the Company had cash and cash equivalents of $14.3 million, compared to cash and cash equivalents of $15.3 million at December 31, 2019. Subsequent to the close of the quarter, in April 2020, iCAD closed a registered direct offering for gross proceeds of approximately $12.5 million.
Conference Call
Monday, May 11, at 4:30 pm ET
Domestic: | 888-394-8218 |
International: | 323-794-2588 |
Conference ID: | 6904669 |
Webcast: | http://public.viavid.com/index.php?id=139680 |
Use of Non-GAAP Financial Measures
In its quarterly news releases, conference calls, slide presentations or webcasts, the Company may use or discuss non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. When analyzing the Companys operating performance, investors should not consider these non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP. The Companys quarterly news releases containing such non-GAAP reconciliations can be found on the Investors section of the Companys website at www.icadmed.com.
About iCAD, Inc.
Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this News Release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Companys ability to achieve business and strategic objectives, increase sales and acceptance of products, adoption by CMS of a new payment model, and that such model will prove beneficial to the Company, which is not assured, implement expansion plans, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other proprietary rights, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence of products, increased competition, to successfully defend itself in litigation matters, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served
by the Company; the effects of a Global Pandemic, and other risks detailed in the Companys filings with the Securities and Exchange Commission. The words believe, demonstrate, intend, expect, estimate, will, continue, anticipate, likely, seek, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SECs website at http://www.sec.gov.
Contact:
Media Inquiries:
Jessica Burns, iCAD
+1-201-423-4492
jburns@icadmed.com
Investor Relations:
Jeremy Feffer, LifeSci Advisors
+ 1-212-915-2568
jeremy@lifesciadvisors.com
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
March | December | |||||||
Assets | 2020 | 2019 | ||||||
Current assets: |
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Cash and cash equivalents |
$ | 14,256 | $ | 15,313 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $255 in 2020 and $136 in 2019 |
7,090 | 9,819 | ||||||
Inventory, net |
2,462 | 2,611 | ||||||
Prepaid expenses and other current assets |
1,497 | 1,453 | ||||||
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Total current assets |
25,305 | 29,196 | ||||||
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Property and equipment, net of accumulated depreciation of $6,580 in 2020 and $6,510 in 2019 |
636 | 551 | ||||||
Operating lease assets |
2,322 | 2,406 | ||||||
Other assets |
93 | 50 | ||||||
Intangible assets, net of accumulated amortization of $8,263 in 2020 and $8,186 in 2019 |
1,107 | 1,183 | ||||||
Goodwill |
8,362 | 8,362 | ||||||
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Total assets |
$ | 37,825 | $ | 41,748 | ||||
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Liabilities and Stockholders' Equity | ||||||||
Current liabilities: |
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Accounts payable |
$ | 1,674 | $ | 1,990 | ||||
Accrued and other expenses |
6,100 | 6,590 | ||||||
Notes payablecurrent portion |
| 4,250 | ||||||
Lease payablecurrent portion |
809 | 758 | ||||||
Deferred revenue |
5,259 | 5,248 | ||||||
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Total current liabilities |
13,842 | 18,836 | ||||||
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Notes payable, long-term portion |
6,957 | 2,003 | ||||||
Convertible debentures payable to non-related parties, at fair value |
| 12,409 | ||||||
Convertible debentures payable to related parties, at fair value |
| 1,233 | ||||||
Lease payablelong-term portion |
1,707 | 1,837 | ||||||
Deferred revenue, long-term portion |
232 | 356 | ||||||
Deferred tax |
4 | 3 | ||||||
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Total Liabilities |
22,742 | 36,677 | ||||||
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Stockholders' Equity: |
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Preferred stock, $ .01 par value: authorized 1,000,000 shares; none issued |
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Common stock, $ .01 par value: authorized 30,000,000 shares; issued 21,425,916 in 2020 and 19,546,151 in 2019 outstanding 21,240,085 in 2020 and 19,360,320 in 2019. |
215 | 196 | ||||||
Additional paid-in capital |
252,419 | 230,615 | ||||||
Accumulated deficit |
(236,136 | ) | (224,325 | ) | ||||
Treasury stock at cost, 185,831 shares in 2020 and 2019 |
(1,415 | ) | (1,415 | ) | ||||
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Total Stockholders' Equity |
15,083 | 5,071 | ||||||
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Total Liabilities and Stockholders' Equity |
$ | 37,825 | $ | 41,748 | ||||
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iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands except for per share data)
Three Months Ended March 31, |
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2020 | 2019 | |||||||
Revenue: |
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Products |
$ | 3,795 | $ | 3,822 | ||||
Service and supplies |
2,756 | 2,951 | ||||||
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Total revenue |
6,551 | 6,773 | ||||||
Cost of revenue: |
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Products |
1,017 | 680 | ||||||
Service and supplies |
927 | 717 | ||||||
Amortization and depreciation |
97 | 94 | ||||||
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Total cost of revenue |
2,041 | 1,491 | ||||||
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Gross profit |
4,510 | 5,282 | ||||||
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Operating expenses: |
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Engineering and product development |
2,211 | 2,127 | ||||||
Marketing and sales |
3,608 | 2,573 | ||||||
General and administrative |
2,532 | 1,546 | ||||||
Amortization and depreciation |
52 | 70 | ||||||
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Total operating expenses |
8,403 | 6,316 | ||||||
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Loss from operations |
(3,893 | ) | (1,034 | ) | ||||
Interest expense |
(130 | ) | (209 | ) | ||||
Loss on fair value of convertible debentures |
(7,464 | ) | (2,525 | ) | ||||
Loss on extinguishment of debt |
(341 | ) | | |||||
Other income |
42 | 59 | ||||||
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Other expense, net |
(7,893 | ) | (2,675 | ) | ||||
Loss before income tax expense |
(11,786 | ) | (3,709 | ) | ||||
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Tax expense |
(26 | ) | (8 | ) | ||||
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Net loss and comprehensive loss |
$ | (11,812 | ) | $ | (3,717 | ) | ||
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Net loss per share: |
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Basic |
$ | (0.59 | ) | $ | (0.22 | ) | ||
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Diluted |
$ | (0.59 | ) | $ | (0.22 | ) | ||
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Weighted average number of shares used in computing loss per share: |
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Basic |
20,175 | 17,200 | ||||||
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Diluted |
20,175 | 17,200 | ||||||
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iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
For the three months ended March 31, |
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2020 | 2019 | |||||||
Cash flow from operating activities: |
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Net loss |
$ | (11,812 | ) | $ | (3,717 | ) | ||
Adjustments to reconcile net loss to net cash used for operating activities: |
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Amortization |
78 | 95 | ||||||
Depreciation |
70 | 69 | ||||||
Bad debt provision |
119 | | ||||||
Stock-based compensation expense |
464 | 212 | ||||||
Amortization of debt discount and debt costs |
40 | 39 | ||||||
Change in fair value of convertible debentures |
7,464 | 2,525 | ||||||
Deferred tax |
1 | | ||||||
Loss on extinguishment of debt |
341 | | ||||||
Changes in operating assets and liabilities |
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Accounts receivable |
2,610 | (984 | ) | |||||
Inventory |
149 | (403 | ) | |||||
Prepaid and other current assets |
(72 | ) | (347 | ) | ||||
Accounts payable |
(316 | ) | 330 | |||||
Accrued expenses |
(439 | ) | 414 | |||||
Deferred revenue |
(113 | ) | (46 | ) | ||||
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Total adjustments |
10,396 | 1,904 | ||||||
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Net cash used for operating activities |
(1,416 | ) | (1,813 | ) | ||||
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Cash flow from investing activities: |
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Additions to patents, technology and other |
(1 | ) | (1 | ) | ||||
Additions to property and equipment |
(155 | ) | (28 | ) | ||||
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Net cash (used for) provided by investing activities |
(156 | ) | (29 | ) | ||||
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Cash flow from financing activities: |
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Stock option exercises |
196 | 1,175 | ||||||
Principal payments of capital lease obligations |
| (3 | ) | |||||
Principal repayment of debt financing |
(4,638 | ) | (200 | ) | ||||
Repayment line of credit |
(2,000 | ) | | |||||
Proceeds from debt financing |
7,000 | | ||||||
Debt issuance costs |
(43 | ) | | |||||
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Net cash provided by (used for) financing activities |
515 | 972 | ||||||
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Increase in cash and equivalents |
(1,057 | ) | (870 | ) | ||||
Cash and equivalents, beginning of period |
15,313 | 12,185 | ||||||
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Cash and equivalents, end of period |
$ | 14,256 | $ | 11,315 | ||||
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Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures
The Company reports its financial results in accordance with United States generally accepted accounting principles, or GAAP. However, management believes that in order to understand the Companys short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and/or impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in the Companys ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of the Companys ongoing business with prior periods more difficult, obscure trends in ongoing operations or reduce managements ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing the Companys financial and operational performance and comparing this performance to its peers and competitors.
Management defines Non-GAAP Adjusted EBITDA as the sum of GAAP Net Loss before provisions for interest expense, other income, stock-based compensation expense, depreciation and amortization, tax expense, severance, gain on sale of assets, loss on disposal of assets, acquisition and litigation related expenses. Management considers this non-GAAP financial measure to be an indicator of the Companys operational strength and performance of its business and a good measure of its historical operating trends, in particular the extent to which ongoing operations impact the Companys overall financial performance.
The non-GAAP financial measures do not replace the presentation of the Companys GAAP financial results and should only be used as a supplement to, not as a substitute for, the Companys financial results presented in accordance with GAAP. The Company has provided a reconciliation of each non-GAAP financial measure used in its financial reporting and investor presentations to the most directly comparable GAAP financial measure.
Management excludes each of the items identified below from the applicable non-GAAP financial measure referenced above for the reasons set forth with respect to that excluded item:
| Interest expense: The Company excludes interest expense which includes interest from the facility agreement, interest on capital leases and interest on the convertible debentures from its non-GAAP Adjusted EBITDA calculation. |
| Stock-based compensation expense: excluded as these are non-cash expenses that management does not consider part of ongoing operating results when assessing the performance of the Companys business, and also because the total amount of expense is partially outside of the Companys control as it is based on factors such as stock price volatility and interest rates, which may be unrelated to our performance during the period in which the expense is incurred. |
| Amortization and Depreciation: Purchased assets and intangibles are amortized over a period of several years and generally cannot be changed or influenced by management after they are acquired. Accordingly, these non-cash items are not considered by management in making operating decisions, and management believes that such expenses do not have a direct correlation to future business operations. Thus, including such charges does not accurately reflect the performance of the Companys ongoing operations for the period in which such charges are incurred. |
| Severance relates to costs incurred due to the termination of certain employees. The Company provides compensation to certain employees as an accommodation upon termination of employment without cause. |
Management believes that excluding severance costs from operating results provides investors with a better means for measuring current Company performance. |
| Loss on fair value of convertible debentures. The Company excludes this non-cash item as it is not considered by management in making operating decisions, and management believes that such item does not have a direct correlation to future business operations. |
| Acquisition related: relates to professional service fees associated with acquisitions. The Company does not consider these acquisition-related costs to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. |
| Litigation related: These expenses consist primarily of settlement, legal and other professional fees related to litigation. The Company excludes these costs from its non-GAAP measures primarily because the Company believes that these costs have no direct correlation to the core operations of the Company. |
On occasion in the future, there may be other items, such as significant asset impairments, restructuring charges or significant gains or losses from contingencies that the Company may exclude if it believes that doing so is consistent with the goal of providing useful information to investors and management.
Non-GAAP Adjusted EBITDA
Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted EBITDA"
(Unaudited)
(In thousands except for per share data)
Three Months Ended March 31, |
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2020 | 2019 | |||||||
GAAP Net Loss |
$ | (11,812 | ) | $ | (3,717 | ) | ||
Interest Expense |
130 | 209 | ||||||
Other income |
(42 | ) | (59 | ) | ||||
Stock Compensation |
464 | 212 | ||||||
Depreciation |
71 | 69 | ||||||
Amortization |
78 | 95 | ||||||
Tax expense |
26 | 8 | ||||||
Loss on extinguishment of debt |
341 | | ||||||
Loss of fair value of convertible debentures |
7,464 | 2,525 | ||||||
Litigation related |
145 | 72 | ||||||
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Non-GAAP Adjusted EBITDA |
$ | (3,135 | ) | $ | (586 | ) | ||
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Three Months Ended March 31, |
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2020 | 2019 | |||||||
GAAP Net Loss |
$ | (11,812 | ) | $ | (3,717 | ) | ||
Adjustments to Net Loss: |
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Loss from extinguishment of debt |
341 | | ||||||
Litigation related |
145 | 72 | ||||||
Loss of fair value of convertible debentures |
7,464 | 2,525 | ||||||
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Non-GAAP Adjusted Net Loss |
$ | (3,862 | ) | $ | (1,120 | ) | ||
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Net Loss per share |
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GAAP Net Loss per share |
$ | (0.59 | ) | $ | (0.22 | ) | ||
Adjustments to Net Loss (as detailed above) |
0.39 | 0.15 | ||||||
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Non-GAAP Adjusted Net Loss per share |
$ | (0.20 | ) | $ | (0.07 | ) | ||
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