AtriCure, Inc. (Nasdaq: ATRC), a leading innovator in surgical
treatments for atrial fibrillation (Afib) and left atrial appendage
(LAA) management, today announced fourth quarter and full year 2014
financial results.
“Our fourth quarter and full year 2014 results reflect strong
performance, with meaningful progress and momentum as we continue to
expand treatment of atrial fibrillation and improve patient lives,”
said Mike Carrel, President and Chief Executive Officer of AtriCure.
“Entering 2015, our foundation is strong, and we plan to continue to
solidify the future of our market building strategy with thoughtful
investments into our growth initiatives - clinical data and validation,
education and training, and new products and indications. This gives us
great confidence for many exciting years ahead of us, with strong
commercial execution and market expansion.”
2014 Financial Results
Revenue for 2014 was $107.5 million, an increase of $25.6 million or
31.2% (31.4% on a constant currency basis), compared to 2013 revenue.
Domestic revenue increased 28.7% to $80.2 million, driven by strong
sales of ablation-related open-heart products, ablation-related
minimally invasive products, and AtriClip products. International
revenue was $27.3 million, an increase of $7.7 million or 39.2% (39.8%
on a constant currency basis) when compared to $19.6 million for 2013.
International revenue growth was driven primarily by increases in
product sales in Europe and Asia.
Gross profit for 2014 was $75.8 million compared to $59.6 million for
2013. Gross margin for 2014 was 70.5% compared to 72.7% for 2013. The
decrease in gross margin was primarily due to lower margins on products
obtained through the December 2013 Estech acquisition, an increased mix
of international sales, and heavier placement of loaned equipment.
Loss from operations for 2014 was $16.4 million as compared to $10.9
million for 2013. Adjusted EBITDA, a non-GAAP measure, was a loss of
$12.0 million for 2014 as compared to a loss of $5.8 million for 2013.
Net loss per share was $0.61 for 2014 and $0.56 for 2013.
Fourth Quarter 2014 Financial Results
Revenue for the fourth quarter of 2014 was $29.4 million, an increase of
$7.5 million or 34.4% (36.5% on a constant currency basis) compared to
fourth quarter 2013 revenue. Domestic revenue increased 34.9% to $22.1
million, driven by strong sales of ablation-related open-heart products,
ablation-related minimally invasive products, and AtriClip products.
International revenue was $7.3 million, an increase of $1.8 million or
33.1% (41.3% on a constant currency basis) when compared to $5.5 million
for the fourth quarter of 2013. International revenue growth was driven
primarily by an increase in product sales in Europe and Asia.
Gross profit for the fourth quarter of 2014 was $20.4 million compared
to $15.7 million for the fourth quarter of 2013. Gross margin for the
fourth quarter of 2014 and 2013 was 69.4% and 71.6%, respectively. The
decrease in gross margin was primarily due to lower margins on products
obtained through the December 2013 Estech acquisition, an increased mix
of international sales, and heavier placement of loaned equipment.
Operating expenses for the fourth quarter of 2014 increased 22.9%, or
$4.7 million, compared to the fourth quarter of 2013. The increase in
operating expenses was driven primarily by an increase in selling,
marketing, clinical, product development, and training expenses.
Loss from operations for the fourth quarter of 2014 was $4.8 million,
compared to $4.8 million for the fourth quarter of 2013. Adjusted
EBITDA, a non-GAAP measure, was a loss of $1.6 million for the fourth
quarter of 2014, compared to a $3.3 million loss for the fourth quarter
of 2013. Net loss per share was $0.20 for the fourth quarter of 2014 and
$0.24 for the fourth quarter of 2013.
2015 Guidance
Management projects that 2015 revenue will be in the range of $122.5
million to $124.5 million, which represents an increase of 14% to 16%
over 2014 (16% to 18% on a constant currency basis).
Adjusted EBITDA, a non-GAAP measure, is projected to be a loss in the
range of $7 million to $9 million for 2015 as we continue to make
strategic investments to drive our long-term growth plan.
Conference Call
AtriCure will host a conference call at 4:30 p.m. Eastern Time on
Monday, February 23, 2015 to discuss its fourth quarter and full year
2014 financial results. A live webcast of the conference call will be
available online from the investor relations page of AtriCure’s
corporate website at www.atricure.com.
You may also access this call through an operator by calling (866)
318-8619 for domestic callers and (617) 399-5138 for international
callers at least 15 minutes prior to the call start time using
participant passcode 24418587.
The webcast will be available on AtriCure’s website and a telephonic
replay of the call will be available through March 2, 2015. The replay
dial-in numbers are (888) 286-8010 for domestic callers and (617)
801-6888 for international callers. The participant passcode is 54221769.
About AtriCure, Inc.
AtriCure, Inc. is a medical device company providing innovative atrial
fibrillation (Afib) solutions designed to produce superior outcomes that
reduce the economic and social burden of atrial fibrillation. AtriCure’s
Synergy™ Ablation System is the first and only surgical device approved
for the treatment of Persistent and Longstanding Persistent forms of
Afib in patients undergoing certain open concomitant procedures.
AtriCure’s AtriClip Left Atrial Appendage Management (LAAM) exclusion
device is the most widely sold device worldwide that’s indicated for the
occlusion of the left atrial appendage. The company believes
cardiothoracic surgeons are adopting its ablation and LAAM devices for
the treatment of Afib and reduction of Afib related complications such
as stroke. Afib affects more than 33.5 million people worldwide.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements that address activities,
events or developments that AtriCure expects, believes or anticipates
will or may occur in the future, such as earnings estimates (including
projections and guidance), other predictions of financial performance,
launches by AtriCure of new products and market acceptance of AtriCure’s
products. Forward-looking statements are based on AtriCure’s experience
and perception of current conditions, trends, expected future
developments and other factors it believes are appropriate under the
circumstances and are subject to numerous risks and uncertainties, many
of which are beyond AtriCure’s control. These risks and uncertainties
include the rate and degree of market acceptance of AtriCure’s products,
AtriCure’s ability to develop and market new and enhanced products,
AtriCure’s ability to retain and attract key employees, the timing of
and ability to obtain and maintain regulatory clearances and approvals
for its products, the timing of and ability to obtain reimbursement of
procedures utilizing AtriCure’s products, AtriCure’s ability to continue
to be in compliance with applicable U.S. federal and state and foreign
government laws and regulations, AtriCure’s ability to consummate
acquisitions or, if consummated, to successfully integrate acquired
businesses into AtriCure’s operations, AtriCure’s ability to recognize
the benefits of acquisitions, including potential synergies and cost
savings, failure of an acquisition or acquired company to achieve its
plans and objectives generally, risk that proposed or consummated
acquisitions may disrupt operations or pose difficulties in employee
retention or otherwise affect financial or operating results,
competition from existing and new products and procedures, including the
development of drug or catheter-based technologies, or AtriCure’s
ability to effectively react to other risks and uncertainties described
from time to time in AtriCure’s SEC filings, such as fluctuation of
quarterly financial results, fluctuations in exchange rates for future
sales denominated in foreign currency, which represent a majority of
AtriCure’s sales outside of the United States, reliance on third party
manufacturers and suppliers, litigation or other proceedings, government
regulation and stock price volatility. AtriCure does not guarantee any
forward-looking statement, and actual results may differ materially from
those projected. AtriCure undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new information,
future events or otherwise. A further list and description of risks,
uncertainties and other matters can be found in our Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q.
Use of Non-GAAP Financial Measures
To supplement AtriCure’s condensed consolidated financial statements
prepared in accordance with U.S. generally accepted accounting
principles, or GAAP, AtriCure uses certain non-GAAP financial measures
in this release as supplemental financial metrics. Non-GAAP financial
measures provide an indication of performance excluding certain items.
Our management believes that in order to properly understand short-term
and long-term financial trends, investors may wish to consider the
impact of these excluded items in addition to GAAP measures. The
excluded items vary in frequency and/or impact on our continuing
operations and our management believes that the excluded items are
typically not reflective of our ongoing core business operations.
Further, management uses results of operations before these excluded
items as a basis for its strategic planning. The non-GAAP financial
measures used by AtriCure may not be the same or calculated the same as
those used by other companies. Reconciliations of the non-GAAP financial
measures used in this release to the most comparable GAAP measures for
the respective periods can be found in tables later in this release.
Non-GAAP financial measures have limitations as analytical tools and
should not be considered in isolation or as a substitute for AtriCure’s
financial results prepared and reported in accordance with GAAP.
|
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|
ATRICURE, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In Thousands, Except Per Share Amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-heart ablation
|
|
|
$
|
12,164
|
|
|
|
$
|
9,931
|
|
|
|
$
|
44,662
|
|
|
|
$
|
37,843
|
|
Minimally invasive ablation
|
|
|
|
4,276
|
|
|
|
|
3,519
|
|
|
|
|
16,050
|
|
|
|
|
13,648
|
|
AtriClip
|
|
|
|
4,819
|
|
|
|
|
2,936
|
|
|
|
|
16,675
|
|
|
|
|
10,820
|
|
Total ablation and AtriClip
|
|
|
|
21,259
|
|
|
|
|
16,386
|
|
|
|
|
77,387
|
|
|
|
|
62,311
|
|
Valve tools
|
|
|
|
838
|
|
|
|
|
-
|
|
|
|
|
2,816
|
|
|
|
|
-
|
|
Total domestic
|
|
|
|
22,097
|
|
|
|
|
16,386
|
|
|
|
|
80,203
|
|
|
|
|
62,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-heart ablation
|
|
|
|
4,270
|
|
|
|
|
3,529
|
|
|
|
|
16,445
|
|
|
|
|
13,064
|
|
Minimally invasive ablation
|
|
|
|
2,108
|
|
|
|
|
1,599
|
|
|
|
|
7,881
|
|
|
|
|
5,354
|
|
AtriClip
|
|
|
|
768
|
|
|
|
|
370
|
|
|
|
|
2,158
|
|
|
|
|
1,160
|
|
Total ablation and AtriClip
|
|
|
|
7,146
|
|
|
|
|
5,498
|
|
|
|
|
26,484
|
|
|
|
|
19,578
|
|
Valve tools
|
|
|
|
172
|
|
|
|
|
-
|
|
|
|
|
767
|
|
|
|
|
-
|
|
Total international
|
|
|
|
7,318
|
|
|
|
|
5,498
|
|
|
|
|
27,251
|
|
|
|
|
19,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
29,415
|
|
|
|
|
21,884
|
|
|
|
|
107,454
|
|
|
|
|
81,889
|
|
Cost of revenue
|
|
|
|
8,995
|
|
|
|
|
6,215
|
|
|
|
|
31,704
|
|
|
|
|
22,326
|
|
Gross profit
|
|
|
|
20,420
|
|
|
|
|
15,669
|
|
|
|
|
75,750
|
|
|
|
|
59,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
|
4,997
|
|
|
|
|
3,648
|
|
|
|
|
18,600
|
|
|
|
|
13,440
|
|
Selling, general and administrative expenses
|
|
|
|
20,202
|
|
|
|
|
16,859
|
|
|
|
|
73,510
|
|
|
|
|
57,014
|
|
Total operating expenses
|
|
|
|
25,199
|
|
|
|
|
20,507
|
|
|
|
|
92,110
|
|
|
|
|
70,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
(4,779
|
)
|
|
|
|
(4,838
|
)
|
|
|
|
(16,360
|
)
|
|
|
|
(10,891
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income, net
|
|
|
|
(568
|
)
|
|
|
|
(138
|
)
|
|
|
|
182
|
|
|
|
|
(553
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax expense
|
|
|
|
(5,347
|
)
|
|
|
|
(4,976
|
)
|
|
|
|
(16,178
|
)
|
|
|
|
(11,444
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense)
|
|
|
|
3
|
|
|
|
|
(4
|
)
|
|
|
|
(33
|
)
|
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(5,344
|
)
|
|
|
$
|
(4,980
|
)
|
|
|
$
|
(16,211
|
)
|
|
|
$
|
(11,462
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share
|
|
|
$
|
(0.20
|
)
|
|
|
$
|
(0.24
|
)
|
|
|
$
|
(0.61
|
)
|
|
|
$
|
(0.56
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
26,935
|
|
|
|
|
20,785
|
|
|
|
|
26,374
|
|
|
|
|
20,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATRICURE, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In Thousands, Except Per Share Amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
|
|
2013
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments
|
|
|
|
|
$
|
59,649
|
|
|
|
|
|
$
|
26,211
|
|
Accounts receivable, net
|
|
|
|
|
|
17,558
|
|
|
|
|
|
|
13,652
|
|
Inventories
|
|
|
|
|
|
14,257
|
|
|
|
|
|
|
10,214
|
|
Other current assets
|
|
|
|
|
|
2,044
|
|
|
|
|
|
|
2,410
|
|
Total current assets
|
|
|
|
|
|
93,508
|
|
|
|
|
|
|
52,487
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
11,552
|
|
|
|
|
|
|
5,643
|
|
Long-term investments
|
|
|
|
|
|
8,894
|
|
|
|
|
|
|
7,914
|
|
Goodwill and intangible assets, net
|
|
|
|
|
|
44,264
|
|
|
|
|
|
|
45,685
|
|
Other noncurrent assets
|
|
|
|
|
|
186
|
|
|
|
|
|
|
218
|
|
Total assets
|
|
|
|
|
$
|
158,404
|
|
|
|
|
|
$
|
111,947
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
$
|
21,662
|
|
|
|
|
|
$
|
24,675
|
|
Other current liabilities and maturities of debt and capital leases
|
|
|
|
|
|
3,981
|
|
|
|
|
|
|
2,038
|
|
Total current liabilities
|
|
|
|
|
|
25,643
|
|
|
|
|
|
|
26,713
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt and capital leases
|
|
|
|
|
|
74
|
|
|
|
|
|
|
4,412
|
|
Other noncurrent liabilities
|
|
|
|
|
|
149
|
|
|
|
|
|
|
8,218
|
|
Total liabilities
|
|
|
|
|
|
25,866
|
|
|
|
|
|
|
39,343
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
28
|
|
|
|
|
|
|
23
|
|
Additional paid-in capital
|
|
|
|
|
|
271,282
|
|
|
|
|
|
|
194,933
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
(348
|
)
|
|
|
|
|
|
(139
|
)
|
Accumulated deficit
|
|
|
|
|
|
(138,424
|
)
|
|
|
|
|
|
(122,213
|
)
|
Total stockholders' equity
|
|
|
|
|
|
132,538
|
|
|
|
|
|
|
72,604
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
158,404
|
|
|
|
|
|
$
|
111,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATRICURE, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(16,211
|
)
|
|
|
|
$
|
(11,462
|
)
|
Adjustments to reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
|
|
|
7,571
|
|
|
|
|
|
3,080
|
|
Depreciation and amortization of intangible assets
|
|
|
|
|
4,774
|
|
|
|
|
|
2,020
|
|
Amortization of deferred financing costs
|
|
|
|
|
113
|
|
|
|
|
|
115
|
|
Loss (gain) on disposal of equipment
|
|
|
|
|
118
|
|
|
|
|
|
(6
|
)
|
Loss from foreign exchange on intercompany transactions
|
|
|
|
|
544
|
|
|
|
|
|
-
|
|
Amortization/accretion on investments
|
|
|
|
|
500
|
|
|
|
|
|
49
|
|
Change in allowance for doubtful accounts
|
|
|
|
|
(34
|
)
|
|
|
|
|
(14
|
)
|
Change in fair value of contingent consideration
|
|
|
|
|
(8,032
|
)
|
|
|
|
|
-
|
|
Other
|
|
|
|
|
95
|
|
|
|
|
|
-
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(4,168
|
)
|
|
|
|
|
(1,248
|
)
|
Inventories
|
|
|
|
|
(4,343
|
)
|
|
|
|
|
(2,288
|
)
|
Other current assets
|
|
|
|
|
307
|
|
|
|
|
|
(1,257
|
)
|
Accounts payable and accrued liabilities
|
|
|
|
|
(2,791
|
)
|
|
|
|
|
5,559
|
|
Other non-current assets and liabilities
|
|
|
|
|
(43
|
)
|
|
|
|
|
230
|
|
Net cash used in operating activities
|
|
|
|
|
(21,600
|
)
|
|
|
|
|
(5,222
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchases of available-for-sale securities
|
|
|
|
|
(41,107
|
)
|
|
|
|
|
(21,243
|
)
|
Sales and maturities of available-for-sale securities
|
|
|
|
|
19,614
|
|
|
|
|
|
6,200
|
|
Purchases of property and equipment
|
|
|
|
|
(9,207
|
)
|
|
|
|
|
(2,864
|
)
|
Net proceeds from the sale of equipment
|
|
|
|
|
77
|
|
|
|
|
|
48
|
|
Cash acquired through business combination
|
|
|
|
|
-
|
|
|
|
|
|
3,708
|
|
Net cash used in investing activities
|
|
|
|
|
(30,623
|
)
|
|
|
|
|
(14,151
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Net proceeds from sale of stock
|
|
|
|
|
65,830
|
|
|
|
|
|
26,872
|
|
Payments on debt and capital leases
|
|
|
|
|
(6,382
|
)
|
|
|
|
|
(2,055
|
)
|
Proceeds from construction financing obligation
|
|
|
|
|
3,699
|
|
|
|
|
|
-
|
|
Payment of debt fees and premium on retirement of debt
|
|
|
|
|
(181
|
)
|
|
|
|
|
(99
|
)
|
Proceeds from stock option exercises
|
|
|
|
|
1,916
|
|
|
|
|
|
1,718
|
|
Shares repurchased for payment of taxes on stock awards
|
|
|
|
|
(331
|
)
|
|
|
|
|
(398
|
)
|
Proceeds from issuance of common stock under employee stock
purchase plan
|
|
|
|
|
1,320
|
|
|
|
|
|
790
|
|
Net cash provided by financing activities
|
|
|
|
|
65,871
|
|
|
|
|
|
26,828
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
(156
|
)
|
|
|
|
|
(316
|
)
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
13,492
|
|
|
|
|
|
7,139
|
|
Cash and cash equivalents - beginning of period
|
|
|
|
|
14,892
|
|
|
|
|
|
7,753
|
|
Cash and cash equivalents - end of period
|
|
|
|
$
|
28,384
|
|
|
|
|
$
|
14,892
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
|
|
$
|
115
|
|
|
|
|
$
|
473
|
|
Cash paid for income taxes
|
|
|
|
|
146
|
|
|
|
|
|
30
|
|
Noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
Accrued purchases of property and equipment
|
|
|
|
|
547
|
|
|
|
|
|
282
|
|
Assets acquired through capital lease
|
|
|
|
|
47
|
|
|
|
|
|
68
|
|
Capital lease asset early termination
|
|
|
|
|
38
|
|
|
|
|
|
24
|
|
Stock issuance for Estech acquisition
|
|
|
|
|
-
|
|
|
|
|
|
39,720
|
|
Contingent consideration for acquisition of Estech
|
|
|
|
|
-
|
|
|
|
|
|
8,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATRICURE, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS
|
(In Thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Adjusted Loss (Adjusted EBITDA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss, as reported
|
|
|
$
|
(5,344
|
)
|
|
|
$
|
(4,980
|
)
|
|
|
$
|
(16,211
|
)
|
|
|
$
|
(11,462
|
)
|
Income tax (income) expense
|
|
|
|
(3
|
)
|
|
|
|
4
|
|
|
|
|
33
|
|
|
|
|
18
|
|
Other expense (benefit), net (a)
|
|
|
|
568
|
|
|
|
|
138
|
|
|
|
|
(182
|
)
|
|
|
|
553
|
|
Depreciation and amortization expense
|
|
|
|
1,303
|
|
|
|
|
555
|
|
|
|
|
4,774
|
|
|
|
|
2,020
|
|
Share-based compensation expense
|
|
|
|
1,867
|
|
|
|
|
1,008
|
|
|
|
|
7,571
|
|
|
|
|
3,080
|
|
Change in fair value of contingent consideration
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(8,032
|
)
|
|
|
|
-
|
|
Non-GAAP adjusted income (loss) (adjusted EBITDA)
|
|
|
$
|
(1,609
|
)
|
|
|
$
|
(3,275
|
)
|
|
|
$
|
(12,047
|
)
|
|
|
$
|
(5,791
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
(a) Other includes:
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (expense)
|
|
|
$
|
17
|
|
|
|
$
|
(130
|
)
|
|
|
$
|
(209
|
)
|
|
|
$
|
(550
|
)
|
Grant income
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
731
|
|
|
|
|
-
|
|
(Loss) gain due to exchange rate fluctuation
|
|
|
|
(493
|
)
|
|
|
|
196
|
|
|
|
|
(523
|
)
|
|
|
|
269
|
|
Non-employee stock option (expense) income
|
|
|
|
(92
|
)
|
|
|
|
(204
|
)
|
|
|
|
183
|
|
|
|
|
(272
|
)
|
Other (expense) income, net
|
|
|
$
|
(568
|
)
|
|
|
$
|
(138
|
)
|
|
|
$
|
182
|
|
|
|
$
|
(553
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2015