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, 2016.
Third Quarter 2016 Financial
Summary:
- Total revenue of $4.9 million, up 16% year-over-year, compared
to total revenue of $4.2 million in the third quarter of 2015.
Total revenue in the third quarter of 2015 excludes approximately
$828 thousand of sales that are now included in discontinued
operations following the sale of the Company’s sorbion product
franchise announced on July 7, 2016.
- Product revenue of $4.4 million from continuing operations is
up 18% year-over-year, compared to product revenue of $3.7
million.
- Gross margin was 64%, compared to 66% in the same period last
year and 64% in the second quarter of fiscal year 2016.
Third Quarter 2016 Operating
Highlights:
- In July, the Company announced that it had entered into a
definitive agreement with BSN medical, Inc. (“BSN”) for the sale of
Alliqua’s exclusive distribution rights for sorbion® sachet® and
sorbion® sana primary dressings in the United States, Canada and
Latin America. Under the terms and conditions of the agreement,
Alliqua received total consideration of $4.1 million from BSN for
the exclusive distribution rights and unsold inventory.
- In September, the Company announced the commercial introduction
of its latest regenerative technology, Interfyl™ Human Connective
Tissue Matrix.
Highlights Subsequent to
Quarter-End:
- In October, the Company signed a definitive agreement to
acquire the business of Soluble Systems, LLC (“Soluble”). The
transactions are expected to close in the first quarter of 2017 and
are contingent upon the Company securing debt or equity financing,
or combination, thereof, that results in gross proceeds of at least
$45 million, inclusive of any current indebtedness of Soluble or
the Company that is assumed, restructured or refinanced by the
combined company. The transactions are also subject to various
customary closing conditions, including the filing of a
registration statement with the Securities and Exchange Commission
(the “SEC”), the approval of Alliqua's stockholders and the receipt
of certain third party consents, including the senior lenders of
both Alliqua and Soluble.
- In October, the Company announced that its MIST Therapy System®
is eligible for Medicare reimbursement coverage in the geographic
regions covered by First Coast Service Options Inc. (“First
Coast”), a Medicare Administrative Contractor, or “MAC.” With the
addition of coverage from First Coast, Medicare coverage for MIST
Therapy now includes all Medicare Administrative Contractors in the
United States.
- In October, the Company hosted two symposia at the Fall 2016
Symposium on Advanced Wound Care (“SAWC”) in Las Vegas,
Nevada.
"We were excited by the strong revenue growth that
we saw in the third quarter, which was fueled by continued
commercial strength in sales of our biologic product, Biovance,
combined with record sales of our MIST Therapy platform,” said
David Johnson, Chief Executive Officer of Alliqua. “In addition to
our financial performance, we were also pleased to announce the
enhancement of our biologics portfolio with commercial introduction
of our Interfyl Human Connective Tissue Matrix during the third
quarter, as we continue to focus on building out our capabilities
as a provider of regenerative solutions. As the year draws to a
close, we remain focused on continuing the pace of commercial
progress that we have achieved in the third quarter, while working
to further enhance our competitive position in the marketplace by
combining our business with Soluble Systems.”
Third Quarter 2016 Results:
Alliqua
BioMedical, Inc. and Subsidiaries |
|
Revenue
Summary* |
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
|
($, Thousands) |
September 30, |
Increase / Decrease |
September 30, |
Increase / Decrease |
|
|
|
2016 |
|
|
2015 |
|
$ Change |
% Change |
|
2016 |
|
|
2015 |
|
$ Change |
% Change |
|
Products |
$ |
4,355 |
|
$ |
3,678 |
|
$ |
677 |
|
|
18 |
% |
$ |
11,417 |
|
$ |
6,608 |
|
$ |
4,809 |
|
|
73 |
% |
|
Contract
Manufacturing |
$ |
519 |
|
$ |
507 |
|
$ |
12 |
|
|
2 |
% |
$ |
1,881 |
|
$ |
1,626 |
|
$ |
255 |
|
|
16 |
% |
|
Revenue, net |
$ |
4,874 |
|
$ |
4,185 |
|
$ |
689 |
|
|
16 |
% |
$ |
13,298 |
|
$ |
8,234 |
|
$ |
5,064 |
|
|
61 |
% |
|
|
|
*Revenue summary
reflects the Company's continued operations, and, therefore,
excludes approximately $0 and $1.7 million of sorbion revenue
recognized during the three and nine months ended September 30,
2016, and $828 thousand and $2.0 million of sorbion revenue
recognized during the three and nine months ended September 30,
2015, respectively, that is included in discontinued
operations. |
|
|
|
Total revenue for the third quarter of 2016
increased by $689 thousand, or 16% year-over-year, to $4.9 million,
compared to $4.2 million last year. Total revenue for the third
quarter of 2015 excluded revenue from sales of sorbion products of
approximately $828 thousand that is included in discontinued
operations following the Company’s sale of the sorbion product
franchise. Sales of the Company’s products – including hydrogels,
Biovance, TheraBond and MIST Therapy – increased by $677 thousand,
or 18%, year-over-year, from $3.7 million to $4.4 million. Sales of
Biovance and MIST Therapy systems were the biggest contributors to
this growth.
Gross profit for the third quarter of 2016 was $3.1
million, or 64% of sales, compared to a gross profit of $2.7
million, or 66% of sales, last year. Gross margin on product sales
was approximately 75% in the third quarter of 2016, compared to 82%
of sales last year. The year-over-year decline in product gross
margin was due primarily to lower margins on MIST Therapy systems
in the third quarter 2016 compared to third quarter 2015. The
product gross margin in the third quarter of 2016 is consistent
with product gross margins reported in previous quarters of
2016.
Total operating expenses for the third quarter of
2016 decreased by $65 thousand, or 1% year-over-year, to $10.9
million. The decrease in total operating expenses in the period was
largely due to a decrease in selling, general and administrative
expenses of $1.2 million and a decrease in the fair value of the
Company’s contingent consideration liability of $488 thousand. The
year-over-year decrease in total operating expenses driven by these
items was nearly offset, by incremental expenses totaling $1.7
million driven by a milestone expense related to the launch of
Interfyl and acquisition expenses related to the transaction with
Soluble.
GAAP loss from operations for the third quarter of
2016 was $7.8 million, compared to a loss of $8.2 million for the
same period last year.
GAAP net loss for the third quarter of 2016 was
$8.6 million, or ($0.30) per diluted share, compared to a GAAP net
loss of $7.1 million, or ($0.26) per diluted share, for the same
period last year. The change in GAAP net loss over the prior year
period was driven by changes in fair value of the Company’s warrant
liability, which resulted in a gain of $135 thousand in the third
quarter of 2016, compared to a gain of $1.5 million last year. GAAP
net loss in the third quarter of 2015 also included $379 thousand
of income from discontinued operations related to the Company’s
sale of its sorbion product franchise.
Non-GAAP net loss from continuing operations for
the third quarter of 2016 was $4.6 million, or ($0.16) per diluted
share, compared to a non-GAAP net loss from continuing operations
of $5.1 million, or ($0.19) 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 (benefit), 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 and income from discontinued
operations.
Nine Months 2016 Results:
Total revenue for the nine months ended September
30, 2016, increased by $5.1 million, or 61% year-over-year, to
$13.3 million, compared to $8.2 million last year. Total revenue
for the nine months ended September 30, 2016 and September 30, 2015
exclude $1.7 million and $2.0 million, respectively, of revenue
from sales of sorbion products, recorded as discontinued operations
following the Company’s sale of the sorbion product franchise.
GAAP net loss for the nine months ended September
30, 2016 and 2015, was $11.1 million, or $(0.40) per diluted share,
and $21.8 million, or $(1.00) per diluted share, respectively. GAAP
net loss for the nine months ended September 30, 2016 and 2015
included $4.2 million and $799 thousand, respectively, of income
from discontinued operations.
Non-GAAP net loss from continuing operations for
the nine months ended September 30, 2016 was $15.7 million, or
$(0.56) per diluted share, compared to a non-GAAP net loss from
continuing operations of $13.4 million, or $(0.61) per diluted
share in the prior year period. The Company defines non-GAAP net
loss from continuing operations as its reported net loss (GAAP)
excluding income tax expense (benefit), 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 and
income from discontinued operations.
Cash and Cash Equivalents:
As of September 30, 2016, the Company had cash and
cash equivalents of approximately $10.7 million, compared to $26.1
million at December 31, 2015. The decrease in cash was driven
by $14.0 million of cash used in operating activities, $2.6 million
of cash used to pay a portion of the contingent consideration
related to the Celleration acquisition, $1.8 million of cash used
to repay a portion of the Company’s long-term debt, purchases of
improvements and equipment of $0.6 million and $0.5 million
provided to Soluble as a bridge loan. The decrease in cash during
the first nine months of 2016, was partially offset by $4.1 million
of cash received in connection with the sale of the rights to the
sorbion product from BSN.
Updated Fiscal Year 2016 Revenue
Outlook:
Alliqua now expects total revenue for the
twelve-months ending December 31, 2016, of $18.3 million to $19.0
million, which compares to the Company’s prior guidance for total
revenue of $18.3 million to $20.3 million. The Company’s guidance
range is based on revenue from continuing operations, which
excludes $1.7 million of revenue from sales of sorbion products for
the fiscal year period following the Company’s sale of the sorbion
product franchise.
The Company’s revenue guidance represents growth in
the range of approximately 50% to 56% year-over-year, compared to
$12.2 million for the fiscal year ended December 31, 2015. Fiscal
year 2015 revenue of $12.2 million is on a continuing operations
basis and excludes approximately $2.9 million of revenue from sales
of sorbion products which are now included in discontinued
operations.
The Company’s revenue guidance represents growth in
the range of approximately 13% to 17% year-over-year on a pro-forma
basis. Pro-forma growth rates are on a continuing operations basis
and assume Alliqua had acquired Celleration as of January 1, 2015
resulting in pro-forma revenue from continuing operations of $16.3
million for the twelve-month period ended December 31, 2015.
Conference Call:
The Company will host a teleconference at 8:00 a.m.
Eastern Time on November 4th to discuss the results of the
quarter, and to host a question and answer session. Those
interested in participating in the call may dial 877-591-4953
(719-325-4796 for international callers) and provide access code
2986730 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 2986730. 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. In addition to these
technologies, Alliqua markets its line of dressings for wound care
under the SilverSeal® and Hydress® brands, as well as its TheraBond
3D® advanced dressing which incorporates the TheraBond 3D®
Antimicrobial Barrier Systems technology.
In addition, 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, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
|
|
ASSETS: |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
$ |
10,701 |
|
|
$ |
26,080 |
|
|
Accounts receivable, net |
|
|
|
|
2,705 |
|
|
|
2,060 |
|
|
Inventory, net |
|
|
|
|
3,226 |
|
|
|
2,275 |
|
|
Prepaid expenses and
other current assets |
|
|
|
890 |
|
|
|
942 |
|
|
Current assets of
discontinued operations |
|
|
|
28 |
|
|
|
1,315 |
|
|
Total current assets |
|
|
|
|
17,550 |
|
|
|
32,672 |
|
|
Improvements and
equipment, net |
|
|
|
|
2,211 |
|
|
|
1,847 |
|
|
Intangible assets,
net |
|
|
|
|
31,056 |
|
|
|
33,667 |
|
|
Goodwill |
|
|
|
|
21,166 |
|
|
|
21,166 |
|
|
Other assets |
|
|
|
|
173 |
|
|
|
173 |
|
|
Note receivable |
|
|
|
|
503 |
|
|
|
- |
|
|
Assets of
discontinued operations - noncurrent |
|
|
|
- |
|
|
|
227 |
|
|
Total assets |
|
|
|
$ |
72,659 |
|
|
$ |
89,752 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
|
|
$ |
2,590 |
|
|
$ |
2,594 |
|
|
Accrued expenses and
other current liabilities |
|
|
|
3,947 |
|
|
|
3,071 |
|
|
Contingent consideration,
current |
|
|
|
|
1,399 |
|
|
|
2,573 |
|
|
Long-term debt, net |
|
|
|
|
11,336 |
|
|
|
- |
|
|
Warrant liability |
|
|
|
|
64 |
|
|
|
861 |
|
|
Current liabilities of
discontinued operations |
|
|
|
- |
|
|
|
103 |
|
|
Total current liabilities |
|
|
|
|
19,336 |
|
|
|
9,202 |
|
|
Long-term debt, net |
|
|
|
|
- |
|
|
|
12,126 |
|
|
Contingent consideration,
long-term |
|
|
|
|
1,848 |
|
|
|
14,455 |
|
|
Deferred tax liability |
|
|
|
|
1,477 |
|
|
|
1,468 |
|
|
Other long-term liabilities |
|
|
|
|
1,359 |
|
|
|
76 |
|
|
Total liabilities |
|
|
|
|
24,020 |
|
|
|
37,327 |
|
|
|
|
|
|
|
|
|
|
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; 29,672,025 and 27,668,913 shares issued and outstanding
as of September 30, 2016 and December 31, 2015, respectively |
|
|
30 |
|
|
|
28 |
|
|
Additional paid-in
capital |
|
|
|
|
155,767 |
|
|
|
148,457 |
|
|
Accumulated
deficit |
|
|
|
|
(107,158 |
) |
|
|
(96,060 |
) |
|
Total stockholders'
equity |
|
|
|
|
48,639 |
|
|
|
52,425 |
|
|
Total liabilities and
stockholders' equity |
|
|
|
$ |
72,659 |
|
|
$ |
89,752 |
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net of
returns, allowances and discounts |
|
$ |
4,874 |
|
|
$ |
4,185 |
|
|
$ |
13,298 |
|
|
$ |
8,234 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
1,766 |
|
|
|
1,436 |
|
|
|
4,955 |
|
|
|
3,658 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
3,108 |
|
|
|
2,749 |
|
|
|
8,343 |
|
|
|
4,576 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
|
8,902 |
|
|
|
10,151 |
|
|
|
28,307 |
|
|
|
24,661 |
|
|
Research and product
development |
|
|
164 |
|
|
|
192 |
|
|
|
692 |
|
|
|
493 |
|
|
Milestone expense to licensor |
|
|
1,000 |
|
|
|
- |
|
|
|
1,000 |
|
|
|
- |
|
|
Acquisition-related |
|
|
715 |
|
|
|
15 |
|
|
|
819 |
|
|
|
2,875 |
|
|
Change in fair value of contingent
consideration liability |
|
|
97 |
|
|
|
585 |
|
|
|
(8,634 |
) |
|
|
957 |
|
|
Total operating expenses |
|
|
10,878 |
|
|
|
10,943 |
|
|
|
22,184 |
|
|
|
28,986 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(7,770 |
) |
|
|
(8,194 |
) |
|
|
(13,841 |
) |
|
|
(24,410 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(686 |
) |
|
|
(667 |
) |
|
|
(1,957 |
) |
|
|
(900 |
) |
|
Interest income |
|
|
9 |
|
|
|
13 |
|
|
|
24 |
|
|
|
31 |
|
|
Change in fair value of warrant
liability |
|
|
135 |
|
|
|
1,466 |
|
|
|
797 |
|
|
|
1,388 |
|
|
Loss on early extinguishment of
debt |
|
|
(373 |
) |
|
|
- |
|
|
|
(373 |
) |
|
|
- |
|
|
Other income |
|
|
100 |
|
|
|
- |
|
|
|
100 |
|
|
|
- |
|
|
Total other (expense) income |
|
|
(815 |
) |
|
|
812 |
|
|
|
(1,409 |
) |
|
|
519 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before tax |
|
|
(8,585 |
) |
|
|
(7,382 |
) |
|
|
(15,250 |
) |
|
|
(23,891 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit |
|
|
(3 |
) |
|
|
(129 |
) |
|
|
(9 |
) |
|
|
1,308 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations |
|
|
(8,588 |
) |
|
|
(7,511 |
) |
|
|
(15,259 |
) |
|
|
(22,583 |
) |
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations: |
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of tax of $0 for the three and nine months ended
September 30, 2016 and 2015 |
|
|
- |
|
|
|
379 |
|
|
|
850 |
|
|
|
799 |
|
|
Gain on sale of assets, net of tax
of $0 for the three and nine months ended September 30, 2016 and
2015 |
|
|
- |
|
|
|
- |
|
|
|
3,311 |
|
|
|
- |
|
|
Income from
discontinued operations, net of tax |
|
|
- |
|
|
|
379 |
|
|
|
4,161 |
|
|
|
799 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,588 |
) |
|
$ |
(7,132 |
) |
|
$ |
(11,098 |
) |
|
$ |
(21,784 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per basic and
diluted common share: |
|
|
|
|
|
|
|
|
|
Loss from continuing
operations |
|
$ |
(0.30 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.55 |
) |
|
$ |
(1.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations |
|
|
- |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
Gain on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
0.12 |
|
|
|
- |
|
|
Total from discontinued
operations |
|
|
- |
|
|
|
0.01 |
|
|
|
0.15 |
|
|
|
0.04 |
|
|
Net loss per basic and
diluted common share |
|
$ |
(0.30 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.40 |
) |
|
$ |
(1.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used in computing basic and diluted net loss per common share |
|
|
28,195,674 |
|
|
|
26,930,880 |
|
|
|
27,886,959 |
|
|
|
21,742,504 |
|
|
|
|
|
|
|
|
|
|
|
|
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 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) excluding
income tax expense (benefit), 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 and income from
discontinued operations.
ALLIQUA BIOMEDICAL, INC. AND
SUBSIDIARIES |
Reconciliation of GAAP results to Non-GAAP
results from continuing operations |
(Unaudited) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(U.S.
dollars in thousands) |
|
2016 |
|
|
2015 |
|
|
|
2016 |
|
|
2015 |
|
|
Table of Reconciliation from GAAP Net Loss to
Non-GAAP Net Loss from Continuing Operations |
GAAP Net
Loss |
$ |
(8,588 |
) |
$ |
(7,132 |
) |
|
$ |
(11,098 |
) |
$ |
(21,784 |
) |
Income tax expense (benefit) |
|
3 |
|
|
129 |
|
|
|
9 |
|
|
(1,308 |
) |
Change in fair value of warrant
liability |
|
(135 |
) |
|
(1,466 |
) |
|
|
(797 |
) |
|
(1,388 |
) |
Stock-based compensation |
|
1,188 |
|
|
2,257 |
|
|
|
4,268 |
|
|
6,580 |
|
Intangible asset amortization |
|
870 |
|
|
870 |
|
|
|
2,610 |
|
|
1,500 |
|
Acquisition related expenses |
|
715 |
|
|
15 |
|
|
|
819 |
|
|
2,876 |
|
Change in fair value of contingent
consideration |
|
97 |
|
|
585 |
|
|
|
(8,634 |
) |
|
957 |
|
Other* |
|
1,273 |
|
|
- |
|
|
|
1,273 |
|
|
- |
|
(Income)/Loss from discontinued ops, net |
$ |
- |
|
$ |
(379 |
) |
|
$ |
(4,161 |
) |
$ |
(799 |
) |
Non-GAAP Net Loss from Continuing Operations |
$ |
(4,577 |
) |
$ |
(5,121 |
) |
|
$ |
(15,711 |
) |
$ |
(13,366 |
) |
|
|
|
|
|
|
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 Per Common Share |
$ |
(0.30 |
) |
$ |
(0.26 |
) |
|
$ |
(0.40 |
) |
$ |
(1.00 |
) |
Non-GAAP diluted Net Loss from Continuing Operations Per
Common Share |
$ |
(0.16 |
) |
$ |
(0.19 |
) |
|
$ |
(0.56 |
) |
$ |
(0.61 |
) |
Shares
used in computing GAAP net loss per common share & non-GAAP
diluted net loss from continued operations per common
share |
|
28,195,674 |
|
|
26,930,880 |
|
|
|
27,886,959 |
|
|
21,742,504 |
|
|
|
|
|
|
|
*"Other"
includes $1,000,000 of milestone expense for achieving two of the
three milestones under the license agreement with HLI related to
the launch of the Interfyl product, a loss on early extinguishment
of debt of $373,000, and other income of $100,000. |
|
Investor Relations:
Westwicke Partners on behalf of Alliqua BioMedical, Inc.
Mike Piccinino, CFA +1-443-213-0500
AlliquaBiomedical@westwicke.com
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