– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Surmodics, Inc. (Nasdaq: SRDX), a leading provider of medical device and in vitro diagnostic technologies to the healthcare industry, today announced results for its fiscal 2022 second quarter ended March 31, 2022 and updated its financial outlook for its fiscal 2022.
Summary of Second Quarter and Recent Highlights
“In our second quarter, we continued to grow our customer pipeline and secure new customer accounts for our Sublime™ radial and Pounce™ arterial thrombectomy platforms, further validating our commercialization strategy,” said Gary Maharaj, President and CEO of Surmodics, Inc. “In addition, we made progress on our SurVeil™ DCB PMA application by submitting responses to key information requested by the FDA.”
Second Quarter Fiscal 2022 Financial Results Total revenue for the second quarter of fiscal 2022 was $26.1 million, a sequential increase of 13% from total revenue of $23.0 million in the first quarter of fiscal 2022. Total revenue was $35.0 million in the prior-year second quarter, which included $10.8 million in revenue recognized on a $15 million clinical report milestone payment. Medical Device revenue was $18.5 million for the second quarter of fiscal 2022, compared to $27.9 million in the prior-year period. Medical Device revenue in the second quarter of fiscal 2022 includes $1.4 million from our Development and Distribution Agreement with Abbott Vascular, Inc. (“Abbott”) for the SurVeilTM drug-coated balloon, compared to $12.5 million in the prior-year quarter, which included the revenue recognized on the clinical report milestone payment. In Vitro Diagnostics revenue was $7.7 million for the second quarter of fiscal 2022, compared to $7.1 million in the prior-year quarter, an increase of 8% and a new record for the In Vitro Diagnostics business.
Diluted GAAP earnings per share in the second quarter of fiscal 2022 was a loss per share of $(0.29), compared to earnings per share of $0.58 in the same prior-year period. On a non-GAAP basis, loss per share in the second quarter of fiscal 2022 was $(0.22), compared to earnings per share of $0.62 in the same prior-year quarter.
As of March 31, 2022, Surmodics reported cash and investments totaling $26.7 million and $10 million in outstanding borrowings on its $25 million line of credit. Surmodics reported $4.2 million of cash used in operating activities and $1.2 million in capital expenditures for the second quarter of fiscal 2022.
Updated Fiscal 2022 Guidance As a result of our operating performance for the first six months of fiscal 2022, we are raising our full-year revenue and EPS guidance for fiscal 2022. We are increasing our fiscal 2022 revenue expectations to a range of $98 million to $101 million, from our previous range of $97 million to $101 million. We are raising our fiscal 2022 diluted GAAP EPS expectations to a range from a loss per share of $(1.70) to $(1.35), which reflects continued investments to accelerate the Company’s strategy. Non-GAAP diluted EPS for fiscal 2022 is expected to range from a loss per share of $(1.42) to $(1.07).
Surmodics has the potential to receive a $30 million milestone payment during fiscal 2022 or fiscal 2023 related to premarket approval of the SurVeil DCB pursuant to the Abbott Development and Distribution Agreement. The potential revenue associated with the $30 million milestone payment would be approximately $25 million. The milestone payment is reduced to $27 million if premarket approval is received after December 31, 2022. As has been the Company’s practice with past guidance, revenue from regulatory-related milestones is not included in guidance until they are achieved.
Conference Call Today at 7:30 a.m. CT (8:30 a.m. ET) Surmodics is hosting a webcast at 7:30 a.m. CT (8:30 a.m. ET) today to discuss second quarter results. To access the webcast, go to the investor relations portion of the Company’s website at https://surmodics.gcs-web.com and click on the webcast icon, or dial in at 888-394-8218 and enter conference call ID passcode 9978316. The webcast will be archived on the Company’s website for 90 days. A replay of the second quarter conference call will be available by dialing 888-203-1112 and entering conference call ID passcode 9978316. The audio replay will be available beginning at 10:30 a.m. CT on Wednesday, April 27, 2022, until 10:30 a.m. CT on Wednesday, May 4, 2022.
About Surmodics, Inc. Surmodics is a leading provider of surface modification technologies for intravascular medical devices and chemical components for in vitro diagnostic immunoassay tests and microarrays. Surmodics is pursuing development and commercialization of highly differentiated medical devices that are designed to address unmet clinical needs and engineered to the most demanding requirements. This key growth strategy leverages the combination of the Company’s expertise in proprietary surface technologies, along with enhanced device design, development, and manufacturing capabilities. The Company mission remains to improve the detection and treatment of disease. Surmodics is headquartered in Eden Prairie, Minnesota. For more information, visit www.surmodics.com. The content of Surmodics’ website is not part of this press release or part of any filings that the Company makes with the Securities and Exchange Commission (“SEC”).
Safe Harbor for Forward-looking Statements This press release, and disclosures related to it, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements regarding our fiscal 2022 strategic objectives and our ability to deliver on our fiscal 2022 financial and strategic objectives; our revenue and loss expectations for fiscal 2022 and beyond, including our fiscal 2022 financial guidance; expectations regarding full-year fiscal 2022 income tax benefit; expectations regarding revenue growth; expectations regarding actions related to the U.S. Food and Drug Administration’s (“FDA”) review of the premarket approval application for, and the potential FDA approval of, our SurVeil DCB; the potential receipt of a premarket approval milestone payment from Abbott; expectations regarding the potential presentation of data from the SWING first-in-human clinical trial; the Company’s strategy; expectations regarding the U.S. launch of the SurVeil DCB; plans for clinical product evaluations; expectations regarding revenue from our Sublime and Pounce product portfolios; expectations regarding fiscal 2022 operating expenses; and our anticipated fiscal 2022 year-end cash balance, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including, without limitation: (1) our ability to successfully develop and commercialize our SurVeil DCB (including realization of the full potential benefits of our agreement with Abbott), AvessTM DCB, SundanceTM DCB, and other proprietary products; (2) whether and when the FDA grants premarket approval to the SurVeil DCB; (3) our reliance on third parties (including our customers and licensees) and their failure to successfully develop, obtain regulatory approval for, market, and sell products incorporating our technologies; (4) possible adverse market conditions and possible adverse impacts on our cash flows; (5) the impacts, duration, and severity of the global COVID-19 pandemic and the effects of responses to it on healthcare systems, the general economy, our business partners, and our operations; (6) our ability to integrate the acquisition of Vetex Medical Limited successfully and realize the anticipated benefits of the acquisition; (7) current and future supply chain constraints; (8) whether anticipated increases in our operating expenses are effective in generating profitable revenues; and (9) the factors identified under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2021 and subsequent SEC filings. These reports are available in the Investors section of our website at https://surmodics.gcs-web.com and at the SEC website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
Use of Non-GAAP Financial Information In addition to reporting financial results in accordance with U.S. generally accepted accounting principles, or GAAP, Surmodics is reporting non-GAAP financial results including EBITDA and Adjusted EBITDA, non-GAAP operating (loss) income, non-GAAP operating (loss) income percentage, non-GAAP (loss) income before income taxes, non-GAAP net (loss) income, non-GAAP diluted (loss) earnings per share, and the non-GAAP effective income tax rate. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financial statements, provide meaningful insight into our operating performance excluding certain event-specific matters, and provide an alternative perspective of our results of operations. We use non-GAAP measures, including those set forth in this release, to assess our operating performance and to determine payouts under our executive compensation programs. We also are providing guidance on a range of non-GAAP diluted loss per share for fiscal 2022. We believe that presentation of certain non-GAAP measures allows investors to review our results of operations from the same perspective as management and our board of directors and facilitates comparisons of our current results of operations. The method we use to produce non-GAAP results is not in accordance with GAAP and may differ from the methods used by other companies. Non-GAAP results should not be regarded as a substitute for corresponding GAAP measures but instead should be utilized as a supplemental measure of operating performance in evaluating our business. Non-GAAP measures do have limitations in that they do not reflect certain items that may have a material impact on our reported financial results. As such, these non-GAAP measures should be viewed in conjunction with both our financial statements prepared in accordance with GAAP and the reconciliation of the supplemental non-GAAP financial measures to the comparable GAAP results provided for the specific periods presented, which are attached to this release.
Surmodics, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
March 31, |
|
March 31, |
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenue: |
|
|
|
|
|
|
|
|||||||||
Product sales |
$ |
13,964 |
|
|
$ |
11,783 |
|
|
$ |
26,308 |
|
|
$ |
21,885 |
|
|
Royalties and license fees |
|
9,844 |
|
|
|
20,052 |
|
|
|
17,943 |
|
|
|
29,386 |
|
|
Research, development and other |
|
2,298 |
|
|
|
3,160 |
|
|
|
4,858 |
|
|
|
6,021 |
|
|
Total revenue |
|
26,106 |
|
|
|
34,995 |
|
|
|
49,109 |
|
|
|
57,292 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|||||||||
Product costs |
|
5,107 |
|
|
|
4,170 |
|
|
|
9,604 |
|
|
|
7,913 |
|
|
Research and development |
|
13,712 |
|
|
|
12,875 |
|
|
|
25,375 |
|
|
|
23,757 |
|
|
Selling, general and administrative |
|
11,116 |
|
|
|
7,907 |
|
|
|
20,311 |
|
|
|
14,930 |
|
|
Acquired intangible asset amortization |
|
1,071 |
|
|
|
560 |
|
|
|
2,160 |
|
|
|
1,116 |
|
|
Total operating costs and expenses |
|
31,006 |
|
|
|
25,512 |
|
|
|
57,450 |
|
|
|
47,716 |
|
|
Operating (loss) income |
|
(4,900 |
) |
|
|
9,483 |
|
|
|
(8,341 |
) |
|
|
9,576 |
|
|
Other (expense) income |
|
(102 |
) |
|
|
42 |
|
|
|
(179 |
) |
|
|
(157 |
) |
|
(Loss) income before income taxes |
|
(5,002 |
) |
|
|
9,525 |
|
|
|
(8,520 |
) |
|
|
9,419 |
|
|
Income tax benefit (provision) |
|
919 |
|
|
|
(1,438 |
) |
|
|
1,625 |
|
|
|
(1,606 |
) |
|
Net (loss) income |
$ |
(4,083 |
) |
|
$ |
8,087 |
|
|
$ |
(6,895 |
) |
|
$ |
7,813 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic net (loss) income per share |
$ |
(0.29 |
) |
|
$ |
0.59 |
|
|
$ |
(0.50 |
) |
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted net (loss) income per share |
$ |
(0.29 |
) |
|
$ |
0.58 |
|
|
$ |
(0.50 |
) |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
13,917 |
|
|
|
13,746 |
|
|
|
13,896 |
|
|
|
13,699 |
|
|
Diluted |
|
13,917 |
|
|
|
13,981 |
|
|
|
13,896 |
|
|
|
13,915 |
|
|
Surmodics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) |
||||||
|
|
March 31, |
|
September 30, |
||
|
|
2022 |
|
2021 |
||
Assets |
|
(Unaudited) |
|
(See note) |
||
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
24,712 |
|
$ |
31,153 |
Available-for-sale securities |
|
|
2,007 |
|
|
7,717 |
Accounts receivable, net |
|
|
11,037 |
|
|
9,169 |
Contract assets — royalties and license fees |
|
|
7,242 |
|
|
7,091 |
Inventories, net |
|
|
9,471 |
|
|
6,760 |
Prepaids and other |
|
|
10,212 |
|
|
8,365 |
Total Current Assets |
|
|
64,681 |
|
|
70,255 |
Property and equipment, net |
|
|
29,079 |
|
|
30,090 |
Available-for-sale securities |
|
|
— |
|
|
2,002 |
Deferred tax assets |
|
|
7,181 |
|
|
5,867 |
Intangible assets, net |
|
|
33,511 |
|
|
37,054 |
Goodwill |
|
|
44,248 |
|
|
45,606 |
Other assets |
|
|
5,487 |
|
|
3,718 |
Total Assets |
|
$ |
184,187 |
|
$ |
194,592 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Short-term borrowings |
|
|
10,000 |
|
|
10,000 |
Deferred revenue |
|
|
4,019 |
|
|
4,647 |
Other current liabilities |
|
|
14,350 |
|
|
15,168 |
Total Current Liabilities |
|
|
28,369 |
|
|
29,815 |
Deferred revenue |
|
|
8,423 |
|
|
10,301 |
Other long-term liabilities |
|
|
14,132 |
|
|
14,391 |
Total Liabilities |
|
|
50,924 |
|
|
54,507 |
Total Stockholders’ Equity |
|
|
133,263 |
|
|
140,085 |
Total Liabilities and Stockholders’ Equity |
|
$ |
184,187 |
|
$ |
194,592 |
|
|
|
|
|
|
|
Note: Derived from audited financial statements as of the date indicated. |
||||||
|
||||||
Surmodics, Inc. and Subsidiaries Supplemental Segment Information (in thousands) (Unaudited) |
||||||||||||||||||
|
|
Three Months Ended March 31, |
|
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
||||||||||||
Revenue: |
|
|
|
% of Total |
|
|
|
% of Total |
|
%
|
||||||||
Medical Device |
|
$ |
18,453 |
|
|
70.7% |
|
$ |
27,907 |
|
|
79.7% |
|
(33.9)% |
||||
In Vitro Diagnostics |
|
|
7,653 |
|
|
29.3% |
|
|
7,088 |
|
|
20.3% |
|
8.0% |
||||
Total revenue |
|
$ |
26,106 |
|
|
|
|
$ |
34,995 |
|
|
|
|
(25.4)% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six Months Ended March 31, |
|
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
||||||||||||
Revenue: |
|
|
|
% of Total |
|
|
|
% of Total |
|
%
|
||||||||
Medical Device |
|
$ |
35,361 |
|
|
72.0% |
|
$ |
44,103 |
|
|
77.0% |
|
(19.8)% |
||||
In Vitro Diagnostics |
|
|
13,748 |
|
|
28.0% |
|
|
13,189 |
|
|
23.0% |
|
4.2% |
||||
Total revenue |
|
$ |
49,109 |
|
|
|
|
$ |
57,292 |
|
|
|
|
(14.3)% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
|
||||||||||||
|
|
March 31, |
|
March 31, |
|
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
||||||||
Operating (loss) income: |
|
|
|
|
|
|
|
|
|
|
||||||||
Medical Device |
|
$ |
(5,612 |
) |
|
$ |
8,564 |
|
|
$ |
(9,404 |
) |
|
$ |
7,971 |
|
|
|
In Vitro Diagnostics |
|
|
3,720 |
|
|
|
3,809 |
|
|
|
6,875 |
|
|
|
7,029 |
|
|
|
Total segment operating (loss) income |
|
|
(1,892 |
) |
|
|
12,373 |
|
|
|
(2,529 |
) |
|
|
15,000 |
|
|
|
Corporate |
|
|
(3,008 |
) |
|
|
(2,890 |
) |
|
(5,812 |
) |
|
|
(5,424 |
) |
|
|
|
Total operating (loss) income |
|
$ |
(4,900 |
) |
|
$ |
9,483 |
|
|
$ |
(8,341 |
) |
|
$ |
9,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Surmodics, Inc. and Subsidiaries Reconciliation of GAAP Measures to Non-GAAP Amounts Schedule of EBITDA, Adjusted EBITDA and Cash Flows from Operations (in thousands) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
March 31, |
|
March 31, |
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|||||||||
Net (loss) income |
$ |
(4,083 |
) |
|
$ |
8,087 |
|
|
$ |
(6,895 |
) |
|
$ |
7,813 |
|
|
Income tax (benefit) provision |
|
(919 |
) |
|
|
1,438 |
|
|
|
(1,625 |
) |
|
|
1,606 |
|
|
Depreciation and amortization |
|
2,320 |
|
|
|
1,906 |
|
|
|
4,696 |
|
|
|
3,766 |
|
|
Investment income, net |
|
(25 |
) |
|
|
(28 |
) |
|
|
(51 |
) |
|
|
(69 |
) |
|
Interest expense |
|
129 |
|
|
|
59 |
|
|
|
265 |
|
|
|
119 |
|
|
EBITDA |
|
(2,578 |
) |
|
|
11,462 |
|
|
|
(3,610 |
) |
|
|
13,235 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|||||||||
None |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
(2,578 |
) |
|
$ |
11,462 |
|
|
$ |
(3,610 |
) |
|
$ |
13,235 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash Flows from Operations |
|
|
|
|
|
|
|
|||||||||
Net cash (used in) provided by operating activities |
$ |
(4,200 |
) |
|
$ |
16,015 |
|
|
$ |
(11,226 |
) |
|
$ |
11,745 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Guidance Reconciliation: Estimated Non-GAAP Diluted Earnings Per Share For the Fiscal Year Ending September 30, 2022 (Unaudited) |
||||||||
|
Fiscal 2022 Full-Year Estimate |
|||||||
|
Low |
|
High |
|||||
GAAP diluted EPS |
$ |
(1.70 |
) |
|
$ |
(1.35 |
) |
|
Amortization of acquired intangibles per diluted share (1) |
|
0.28 |
|
|
|
0.28 |
|
|
Non-GAAP diluted EPS |
$ |
(1.42 |
) |
|
$ |
(1.07 |
) |
|
Surmodics, Inc., and Subsidiaries Net (Loss) Income and Diluted EPS GAAP to Non-GAAP Reconciliation (in thousands, except per share data) (Unaudited) |
|||||||||||||||||||||||||
|
|
For the Three Months Ended March 31, 2022 |
|||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Loss
|
|
Net
|
|
Diluted
|
|
Effective
|
|||||||||||
GAAP |
|
$ |
26,106 |
|
$ |
(4,900 |
) |
|
(18.8 |
)% |
|
$ |
(5,002 |
) |
|
$ |
(4,083 |
) |
|
$ |
(0.29 |
) |
|
18.4 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
1,071 |
|
|
4.1 |
% |
|
|
1,071 |
|
|
|
973 |
|
|
|
0.07 |
|
|
|
|
Non-GAAP |
|
$ |
26,106 |
|
$ |
(3,829 |
) |
|
(14.7 |
)% |
|
$ |
(3,931 |
) |
|
$ |
(3,110 |
) |
|
$ |
(0.22 |
) |
|
20.9 |
% |
|
|
For the Three Months Ended March 31, 2021 |
||||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Income
|
|
|
Net
|
|
|
Diluted
|
|
Effective
|
||||||||||
GAAP |
|
$ |
34,995 |
|
|
$ |
9,483 |
|
|
27.1 |
% |
|
$ |
9,525 |
|
|
$ |
8,087 |
|
|
$ |
0.58 |
|
|
15.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
|
560 |
|
|
1.6 |
% |
|
|
560 |
|
|
|
530 |
|
|
|
0.04 |
|
|
|
|
Non-GAAP |
|
$ |
34,995 |
|
|
$ |
10,043 |
|
|
28.7 |
% |
|
$ |
10,085 |
|
|
$ |
8,617 |
|
|
$ |
0.62 |
|
|
14.6 |
% |
|
|
For the Six Months Ended March 31, 2022 |
||||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Loss
|
|
Net
|
|
Diluted
|
|
Effective
|
||||||||||||
GAAP |
|
$ |
49,109 |
|
|
$ |
(8,341 |
) |
|
(17.0 |
)% |
|
$ |
(8,520 |
) |
|
$ |
(6,895 |
) |
|
$ |
(0.50 |
) |
|
19.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
|
2,160 |
|
|
4.4 |
% |
|
|
2,160 |
|
|
|
1,963 |
|
|
|
0.15 |
|
|
|
|
Non-GAAP |
|
$ |
49,109 |
|
|
$ |
(6,181 |
) |
|
(12.6 |
)% |
|
$ |
(6,360 |
) |
|
$ |
(4,932 |
) |
|
$ |
(0.35 |
) |
|
22.5 |
% |
|
|
For the Six Months Ended March 31, 2021 |
||||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Income
|
|
Net
|
|
Diluted
|
|
Effective
|
||||||||||||
GAAP |
|
$ |
57,292 |
|
|
$ |
9,576 |
|
|
16.7 |
% |
|
$ |
9,419 |
|
|
$ |
7,813 |
|
|
$ |
0.56 |
|
|
17.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
|
1,116 |
|
|
2.0 |
% |
|
|
1,116 |
|
|
|
1,056 |
|
|
|
0.08 |
|
|
|
|
Non-GAAP |
|
$ |
57,292 |
|
|
$ |
10,692 |
|
|
18.7 |
% |
|
$ |
10,535 |
|
|
$ |
8,869 |
|
|
$ |
0.64 |
|
|
15.8 |
% |
| (1) | Amortization of business acquisition-related intangible assets and associated tax impact. A significant portion of the business acquisition-related amortization is not tax deductible. |
|
| (2) | Net (loss) income includes the effect of the above adjustments on the income tax benefit (provision), taking into account deferred taxes and non-deductible items. Income tax impacts were estimated using the applicable statutory rate (21% in the U.S. and 12.5% in Ireland). |
|
| (3) | Potentially dilutive common shares resulting from dilutive common stock options and non-vested stock relating to restricted stock awards and restricted stock units have been excluded from the calculation of GAAP net loss per share as their effect was antidilutive for three and six months ended March 31, 2022 as a result of the GAAP net loss for these periods. |
ИДЕН-ПРЕРИ, МИННЕСОТА. - (ДЕЛОВАЯ ПЕРЕПИСКА) -Surmodics, Inc. (Nasdaq: SRDX), ведущий поставщик медицинского оборудования и технологий диагностики in vitro для отрасли здравоохранения, сегодня объявила результаты за второй квартал 2022 финансового года, закончившийся 31 марта 2022 года, и обновила свой финансовый прогноз на 2022 финансовый год.
Сводка за Второй квартал и последние основные события
“Во втором квартале мы продолжили расширять клиентскую базу и привлекать новых клиентов для наших платформ Sublime™ radial и Pounce™ для артериальной тромбэктомии, что еще больше подтверждает нашу стратегию коммерциализации”, - сказал Гэри Махарадж, президент и главный исполнительный директор Surmodics, Inc. “Кроме того, мы добились прогресса в нашем приложении SurVeil™ DCB PMA, представив ответы на ключевую информацию, запрошенную FDA”.
Финансовые результаты за Второй квартал 2022 финансового года Общая выручка за второй квартал 2022 финансового года составила 26,1 млн долларов, что на 13% больше, чем общая выручка в размере 23,0 млн долларов в первом квартале 2022 финансового года. Общая выручка во втором квартале предыдущего года составила 35,0 млн долларов, включая выручку в размере 10,8 млн долларов, признанную в результате поэтапной выплаты по клиническому отчету в размере 15 млн долларов. Выручка от продажи медицинского оборудования во втором квартале 2022 финансового года составила 18,5 млн долларов по сравнению с 27,9 млн долларов за аналогичный период прошлого года. Выручка от медицинского оборудования во втором квартале 2022 финансового года включает 1,4 миллиона долларов от нашего Соглашения о разработке и распространении с Abbott Vascular, Inc. (“Abbott”) для баллона с лекарственным покрытием SurVeilTM, по сравнению с 12,5 миллионами долларов в предыдущем квартале, который включал выручку, признанную в клиническом отчете поэтапный платеж. Выручка от диагностики In Vitro во втором квартале 2022 финансового года составила 7,7 млн долларов по сравнению с 7,1 млн долларов в предыдущем квартале, увеличившись на 8% и установив новый рекорд для бизнеса диагностики In Vitro.
Разводненная прибыль на акцию по ОПБУ во втором квартале 2022 финансового года составила убыток на акцию в размере 0,29 доллара США по сравнению с прибылью на акцию в размере 0,58 доллара США за аналогичный период предыдущего года. На основе без учета GAAP убыток на акцию во втором квартале 2022 финансового года составил $(0,22) по сравнению с прибылью на акцию в размере $0,62 в том же квартале предыдущего года.
По состоянию на 31 марта 2022 года Surmodics сообщила о денежных средствах и инвестициях на общую сумму 26,7 миллиона долларов и непогашенных займах на сумму 10 миллионов долларов по своей кредитной линии на сумму 25 миллионов долларов. Surmodics сообщил о 4,2 миллионах долларов США денежных средств, использованных в операционной деятельности, и 1,2 миллионах долларов США на капитальные затраты за второй квартал 2022 финансового года.
Обновленные Рекомендации на 2022 финансовый год В результате наших операционных показателей за первые шесть месяцев 2022 финансового года мы повышаем наши годовые показатели выручки и прибыли на акцию на 2022 финансовый год. Мы увеличиваем наши ожидания по доходам на 2022 финансовый год до диапазона от 98 до 101 миллиона долларов с нашего предыдущего диапазона от 97 до 101 миллиона долларов. Мы повышаем наши ожидания по разводненной прибыли на акцию по GAAP на 2022 финансовый год до диапазона от убытка на акцию в размере $ (1,70) до $ (1,35), что отражает продолжающиеся инвестиции в ускорение стратегии Компании. Ожидается, что разводненная прибыль на акцию без учета GAAP в 2022 финансовом году составит от убытка на акцию в размере $(1,42) до $(1,07).
Surmodics потенциально может получить промежуточный платеж в размере 30 миллионов долларов в течение 2022 или 2023 финансового года, связанный с предварительным одобрением SurVeil DCB на рынке в соответствии с Соглашением Abbott о разработке и распространении. Потенциальный доход, связанный с поэтапным платежом в размере 30 миллионов долларов, составит примерно 25 миллионов долларов. Поэтапный платеж сокращается до 27 миллионов долларов, если предварительное одобрение рынка будет получено после 31 декабря 2022 года. Как и в случае с предыдущими рекомендациями Компании, доходы от контрольных показателей, связанных с регулированием, не включаются в руководство до тех пор, пока они не будут достигнуты.
Селекторное совещание Сегодня в 7:30 утра по Североамериканскому времени (8:30 утра по Восточному времени) Surmodics проводит веб-трансляцию сегодня в 7:30 утра по североамериканскому времени (8:30 утра по восточному времени), чтобы обсудить результаты второго квартала. Чтобы получить доступ к веб-трансляции, перейдите в раздел по связям с инвесторами веб-сайта Компании по адресу https://Surmodics.gcs-web.com и нажмите на значок веб-трансляции или наберите номер 888-394-8218 и введите код доступа для конференц-связи 9978316. Веб-трансляция будет храниться на веб-сайте Компании в течение 90 дней. Воспроизведение конференц-звонка во втором квартале будет доступно, набрав номер 888-203-1112 и введя код доступа к идентификатору конференц-звонка 9978316. Аудиоповтор будет доступен с 10:30 утра по Восточному времени в среду, 27 апреля 2022 года, до 10:30 утра по Восточному времени в среду, 4 мая 2022 года.
О компании Surmodics, Inc. Surmodics является ведущим поставщиком технологий модификации поверхности для внутрисосудистых медицинских устройств и химических компонентов для диагностических иммунологических тестов и микрочипов in vitro. Surmodics занимается разработкой и коммерциализацией высокодифференцированных медицинских устройств, предназначенных для удовлетворения неудовлетворенных клинических потребностей и разработанных в соответствии с самыми строгими требованиями. Эта ключевая стратегия роста использует опыт компании в области запатентованных технологий surface, а также расширенные возможности проектирования, разработки и производства устройств. Миссия компании по-прежнему заключается в улучшении выявления и лечения заболеваний. Штаб-квартира Surmodics находится в Иден-Прери, штат Миннесота. Для получения дополнительной информации посетите веб-сайт www.Surmodics.com . Содержание веб-сайта Surmodics не является частью настоящего пресс-релиза или частью каких-либо заявлений, которые Компания подает в Комиссию по ценным бумагам и биржам (“SEC”).
Безопасная гавань для прогнозных заявлений Настоящий пресс-релиз и связанная с ним информация содержат прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Заявления, которые не являются историческими или текущими фактами, включая заявления о наших стратегических целях на 2022 финансовый год и нашей способности достичь наших финансовых и стратегических целей на 2022 финансовый год; наши ожидания по доходам и убыткам на 2022 финансовый год и последующий период, включая наши финансовые рекомендации на 2022 финансовый год; ожидания в отношении налоговых льгот на весь 2022 финансовый год; ожидания в отношении роста выручки; ожидания в отношении действий, связанных с рассмотрением Управлением по санитарному надзору за качеством пищевых продуктов и медикаментов США (“FDA”) заявки на предварительное одобрение и потенциальное одобрение FDA нашего SurVeil DCB; потенциальное получение от Abbott поэтапного платежа за предварительное одобрение; ожидания в отношении потенциального представления данных из первого клинического испытания SWING на людях; стратегия компании; ожидания относительно запуска SurVeil DCB в США; планы клинических оценок продуктов; ожидания относительно доходов от наших портфелей продуктов Sublime и Pounce; ожидания относительно операционных расходов на 2022 финансовый год; и наш ожидаемый остаток денежных средств на конец 2022 финансового года, являются прогнозными заявлениями. Прогнозные заявления связаны с присущими им рисками и неопределенностями, и важные факторы могут привести к тому, что фактические результаты могут существенно отличаться от ожидаемых, включая, помимо прочего: (1) наша способность успешно разрабатывать и коммерциализировать наш SurVeil DCB (включая реализацию всех потенциальных преимуществ нашего соглашения с Abbott), AvessTM DCB, SundanceTM DCB и другие запатентованные продукты; (2) предоставляет ли и когда FDA предварительное одобрение SurVeil DCB; (3) наша зависимость от третьих сторон (включая наших клиентов и лицензиатов) и их неспособность успешно разрабатывать, получать одобрение регулирующих органов, продавать и продавать продукты, использующие наши технологии; (4) возможные неблагоприятные рыночные условия и возможные неблагоприятные последствия для наших денежных потоков; (5) последствия, продолжительность, и серьезности глобальной пандемии COVID-19 и последствий ответных мер на нее для систем здравоохранения, экономики в целом, наших деловых партнеров и нашей деятельности; (6) наша способность успешно интегрировать приобретение Vetex Medical Limited и реализовать ожидаемые выгоды от приобретения; (7) текущие и будущие ограничения цепочки поставок; (8) является ли ожидаемое увеличение наших операционных расходов эффективным для получения прибыльных доходов; и (9) факторы, указанные в разделе “Факторы риска” в Части I, пункт 1A нашего Годового отчета по форме 10-K за финансовый год, закончившийся 30 сентября 2021 года, и последующие Заявки SEC. Эти отчеты доступны в разделе "Инвесторы" нашего веб-сайта по адресу https://Surmodics.gcs-web.com и на веб-сайте SEC по адресу www.sec.gov . Прогнозные заявления действуют только на дату их составления, и мы не берем на себя никаких обязательств обновлять их в свете новой информации или будущих событий.
Использование финансовой информации, не относящейся к ОПБУ В дополнение к отчетности о финансовых результатах в соответствии с общепринятыми принципами бухгалтерского учета США, или GAAP, Surmodics сообщает финансовые результаты, не относящиеся к GAAP, включая EBITDA и скорректированную EBITDA, операционный доход (убыток), не относящийся к GAAP, процентный доход от операционной деятельности (убыток), не относящийся к GAAP (убыток), доход до вычета доходов налоги, чистый (убыток) доход, не соответствующий ОПБУ, разводненная (убыток) прибыль на акцию, не соответствующая ОПБУ, и эффективная ставка налога на прибыль, не соответствующая ОПБУ. Мы считаем, что эти показатели, не относящиеся к GAAP, если рассматривать их в сочетании с финансовой отчетностью Компании по GAAP, дают значимое представление о наших операционных показателях, исключая некоторые вопросы, связанные с конкретными событиями, и предоставляют альтернативный взгляд на результаты нашей деятельности. Мы используем показатели, не относящиеся к GAAP, в том числе изложенные в этом выпуске, для оценки наших операционных показателей и определения выплат в рамках наших программ вознаграждения руководителей. Мы также предоставляем рекомендации по целому ряду разводненных убытков на акцию, не относящихся к GAAP, на 2022 финансовый год. Мы считаем, что представление определенных показателей, не относящихся к GAAP, позволяет инвесторам оценивать результаты нашей деятельности с той же точки зрения, что и руководство и наш совет директоров, и облегчает сравнение наших текущих результатов деятельности. Метод, который мы используем для получения результатов, не относящихся к GAAP, не соответствует GAAP и может отличаться от методов, используемых другими компаниями. Результаты, не относящиеся к GAAP, не должны рассматриваться как замена соответствующих показателей GAAP, а вместо этого должны использоваться в качестве дополнительного показателя операционной эффективности при оценке нашего бизнеса. Показатели, не относящиеся к GAAP, имеют ограничения в том смысле, что они не отражают определенные статьи, которые могут оказать существенное влияние на наши отчетные финансовые результаты. Таким образом, эти показатели, не относящиеся к GAAP, следует рассматривать в сочетании как с нашей финансовой отчетностью, подготовленной в соответствии с GAAP, так и с сверкой дополнительных финансовых показателей, не относящихся к GAAP, с сопоставимыми результатами GAAP, представленными за конкретные представленные периоды, которые прилагаются к этому релизу.
Surmodics, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
March 31, |
|
March 31, |
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenue: |
|
|
|
|
|
|
|
|||||||||
Product sales |
$ |
13,964 |
|
|
$ |
11,783 |
|
|
$ |
26,308 |
|
|
$ |
21,885 |
|
|
Royalties and license fees |
|
9,844 |
|
|
|
20,052 |
|
|
|
17,943 |
|
|
|
29,386 |
|
|
Research, development and other |
|
2,298 |
|
|
|
3,160 |
|
|
|
4,858 |
|
|
|
6,021 |
|
|
Total revenue |
|
26,106 |
|
|
|
34,995 |
|
|
|
49,109 |
|
|
|
57,292 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|||||||||
Product costs |
|
5,107 |
|
|
|
4,170 |
|
|
|
9,604 |
|
|
|
7,913 |
|
|
Research and development |
|
13,712 |
|
|
|
12,875 |
|
|
|
25,375 |
|
|
|
23,757 |
|
|
Selling, general and administrative |
|
11,116 |
|
|
|
7,907 |
|
|
|
20,311 |
|
|
|
14,930 |
|
|
Acquired intangible asset amortization |
|
1,071 |
|
|
|
560 |
|
|
|
2,160 |
|
|
|
1,116 |
|
|
Total operating costs and expenses |
|
31,006 |
|
|
|
25,512 |
|
|
|
57,450 |
|
|
|
47,716 |
|
|
Operating (loss) income |
|
(4,900 |
) |
|
|
9,483 |
|
|
|
(8,341 |
) |
|
|
9,576 |
|
|
Other (expense) income |
|
(102 |
) |
|
|
42 |
|
|
|
(179 |
) |
|
|
(157 |
) |
|
(Loss) income before income taxes |
|
(5,002 |
) |
|
|
9,525 |
|
|
|
(8,520 |
) |
|
|
9,419 |
|
|
Income tax benefit (provision) |
|
919 |
|
|
|
(1,438 |
) |
|
|
1,625 |
|
|
|
(1,606 |
) |
|
Net (loss) income |
$ |
(4,083 |
) |
|
$ |
8,087 |
|
|
$ |
(6,895 |
) |
|
$ |
7,813 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic net (loss) income per share |
$ |
(0.29 |
) |
|
$ |
0.59 |
|
|
$ |
(0.50 |
) |
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted net (loss) income per share |
$ |
(0.29 |
) |
|
$ |
0.58 |
|
|
$ |
(0.50 |
) |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
13,917 |
|
|
|
13,746 |
|
|
|
13,896 |
|
|
|
13,699 |
|
|
Diluted |
|
13,917 |
|
|
|
13,981 |
|
|
|
13,896 |
|
|
|
13,915 |
|
|
Surmodics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands) |
||||||
|
|
March 31, |
|
September 30, |
||
|
|
2022 |
|
2021 |
||
Assets |
|
(Unaudited) |
|
(See note) |
||
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
24,712 |
|
$ |
31,153 |
Available-for-sale securities |
|
|
2,007 |
|
|
7,717 |
Accounts receivable, net |
|
|
11,037 |
|
|
9,169 |
Contract assets — royalties and license fees |
|
|
7,242 |
|
|
7,091 |
Inventories, net |
|
|
9,471 |
|
|
6,760 |
Prepaids and other |
|
|
10,212 |
|
|
8,365 |
Total Current Assets |
|
|
64,681 |
|
|
70,255 |
Property and equipment, net |
|
|
29,079 |
|
|
30,090 |
Available-for-sale securities |
|
|
— |
|
|
2,002 |
Deferred tax assets |
|
|
7,181 |
|
|
5,867 |
Intangible assets, net |
|
|
33,511 |
|
|
37,054 |
Goodwill |
|
|
44,248 |
|
|
45,606 |
Other assets |
|
|
5,487 |
|
|
3,718 |
Total Assets |
|
$ |
184,187 |
|
$ |
194,592 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Short-term borrowings |
|
|
10,000 |
|
|
10,000 |
Deferred revenue |
|
|
4,019 |
|
|
4,647 |
Other current liabilities |
|
|
14,350 |
|
|
15,168 |
Total Current Liabilities |
|
|
28,369 |
|
|
29,815 |
Deferred revenue |
|
|
8,423 |
|
|
10,301 |
Other long-term liabilities |
|
|
14,132 |
|
|
14,391 |
Total Liabilities |
|
|
50,924 |
|
|
54,507 |
Total Stockholders’ Equity |
|
|
133,263 |
|
|
140,085 |
Total Liabilities and Stockholders’ Equity |
|
$ |
184,187 |
|
$ |
194,592 |
|
|
|
|
|
|
|
Note: Derived from audited financial statements as of the date indicated. |
||||||
|
||||||
Surmodics, Inc. and Subsidiaries Supplemental Segment Information (in thousands) (Unaudited) |
||||||||||||||||||
|
|
Three Months Ended March 31, |
|
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
||||||||||||
Revenue: |
|
|
|
% of Total |
|
|
|
% of Total |
|
%
|
||||||||
Medical Device |
|
$ |
18,453 |
|
|
70.7% |
|
$ |
27,907 |
|
|
79.7% |
|
(33.9)% |
||||
In Vitro Diagnostics |
|
|
7,653 |
|
|
29.3% |
|
|
7,088 |
|
|
20.3% |
|
8.0% |
||||
Total revenue |
|
$ |
26,106 |
|
|
|
|
$ |
34,995 |
|
|
|
|
(25.4)% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six Months Ended March 31, |
|
|
||||||||||||||
|
|
2022 |
|
2021 |
|
|
||||||||||||
Revenue: |
|
|
|
% of Total |
|
|
|
% of Total |
|
%
|
||||||||
Medical Device |
|
$ |
35,361 |
|
|
72.0% |
|
$ |
44,103 |
|
|
77.0% |
|
(19.8)% |
||||
In Vitro Diagnostics |
|
|
13,748 |
|
|
28.0% |
|
|
13,189 |
|
|
23.0% |
|
4.2% |
||||
Total revenue |
|
$ |
49,109 |
|
|
|
|
$ |
57,292 |
|
|
|
|
(14.3)% |
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
|
|
||||||||||||
|
|
March 31, |
|
March 31, |
|
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
||||||||
Operating (loss) income: |
|
|
|
|
|
|
|
|
|
|
||||||||
Medical Device |
|
$ |
(5,612 |
) |
|
$ |
8,564 |
|
|
$ |
(9,404 |
) |
|
$ |
7,971 |
|
|
|
In Vitro Diagnostics |
|
|
3,720 |
|
|
|
3,809 |
|
|
|
6,875 |
|
|
|
7,029 |
|
|
|
Total segment operating (loss) income |
|
|
(1,892 |
) |
|
|
12,373 |
|
|
|
(2,529 |
) |
|
|
15,000 |
|
|
|
Corporate |
|
|
(3,008 |
) |
|
|
(2,890 |
) |
|
(5,812 |
) |
|
|
(5,424 |
) |
|
|
|
Total operating (loss) income |
|
$ |
(4,900 |
) |
|
$ |
9,483 |
|
|
$ |
(8,341 |
) |
|
$ |
9,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Surmodics, Inc. and Subsidiaries Reconciliation of GAAP Measures to Non-GAAP Amounts Schedule of EBITDA, Adjusted EBITDA and Cash Flows from Operations (in thousands) (Unaudited) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
March 31, |
|
March 31, |
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|||||||||
Net (loss) income |
$ |
(4,083 |
) |
|
$ |
8,087 |
|
|
$ |
(6,895 |
) |
|
$ |
7,813 |
|
|
Income tax (benefit) provision |
|
(919 |
) |
|
|
1,438 |
|
|
|
(1,625 |
) |
|
|
1,606 |
|
|
Depreciation and amortization |
|
2,320 |
|
|
|
1,906 |
|
|
|
4,696 |
|
|
|
3,766 |
|
|
Investment income, net |
|
(25 |
) |
|
|
(28 |
) |
|
|
(51 |
) |
|
|
(69 |
) |
|
Interest expense |
|
129 |
|
|
|
59 |
|
|
|
265 |
|
|
|
119 |
|
|
EBITDA |
|
(2,578 |
) |
|
|
11,462 |
|
|
|
(3,610 |
) |
|
|
13,235 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjustments: |
|
|
|
|
|
|
|
|||||||||
None |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
(2,578 |
) |
|
$ |
11,462 |
|
|
$ |
(3,610 |
) |
|
$ |
13,235 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash Flows from Operations |
|
|
|
|
|
|
|
|||||||||
Net cash (used in) provided by operating activities |
$ |
(4,200 |
) |
|
$ |
16,015 |
|
|
$ |
(11,226 |
) |
|
$ |
11,745 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Guidance Reconciliation: Estimated Non-GAAP Diluted Earnings Per Share For the Fiscal Year Ending September 30, 2022 (Unaudited) |
||||||||
|
Fiscal 2022 Full-Year Estimate |
|||||||
|
Low |
|
High |
|||||
GAAP diluted EPS |
$ |
(1.70 |
) |
|
$ |
(1.35 |
) |
|
Amortization of acquired intangibles per diluted share (1) |
|
0.28 |
|
|
|
0.28 |
|
|
Non-GAAP diluted EPS |
$ |
(1.42 |
) |
|
$ |
(1.07 |
) |
|
Surmodics, Inc., and Subsidiaries Net (Loss) Income and Diluted EPS GAAP to Non-GAAP Reconciliation (in thousands, except per share data) (Unaudited) |
|||||||||||||||||||||||||
|
|
For the Three Months Ended March 31, 2022 |
|||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Loss
|
|
Net
|
|
Diluted
|
|
Effective
|
|||||||||||
GAAP |
|
$ |
26,106 |
|
$ |
(4,900 |
) |
|
(18.8 |
)% |
|
$ |
(5,002 |
) |
|
$ |
(4,083 |
) |
|
$ |
(0.29 |
) |
|
18.4 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
1,071 |
|
|
4.1 |
% |
|
|
1,071 |
|
|
|
973 |
|
|
|
0.07 |
|
|
|
|
Non-GAAP |
|
$ |
26,106 |
|
$ |
(3,829 |
) |
|
(14.7 |
)% |
|
$ |
(3,931 |
) |
|
$ |
(3,110 |
) |
|
$ |
(0.22 |
) |
|
20.9 |
% |
|
|
For the Three Months Ended March 31, 2021 |
||||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Income
|
|
|
Net
|
|
|
Diluted
|
|
Effective
|
||||||||||
GAAP |
|
$ |
34,995 |
|
|
$ |
9,483 |
|
|
27.1 |
% |
|
$ |
9,525 |
|
|
$ |
8,087 |
|
|
$ |
0.58 |
|
|
15.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
|
560 |
|
|
1.6 |
% |
|
|
560 |
|
|
|
530 |
|
|
|
0.04 |
|
|
|
|
Non-GAAP |
|
$ |
34,995 |
|
|
$ |
10,043 |
|
|
28.7 |
% |
|
$ |
10,085 |
|
|
$ |
8,617 |
|
|
$ |
0.62 |
|
|
14.6 |
% |
|
|
For the Six Months Ended March 31, 2022 |
||||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Loss
|
|
Net
|
|
Diluted
|
|
Effective
|
||||||||||||
GAAP |
|
$ |
49,109 |
|
|
$ |
(8,341 |
) |
|
(17.0 |
)% |
|
$ |
(8,520 |
) |
|
$ |
(6,895 |
) |
|
$ |
(0.50 |
) |
|
19.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
|
2,160 |
|
|
4.4 |
% |
|
|
2,160 |
|
|
|
1,963 |
|
|
|
0.15 |
|
|
|
|
Non-GAAP |
|
$ |
49,109 |
|
|
$ |
(6,181 |
) |
|
(12.6 |
)% |
|
$ |
(6,360 |
) |
|
$ |
(4,932 |
) |
|
$ |
(0.35 |
) |
|
22.5 |
% |
|
|
For the Six Months Ended March 31, 2021 |
||||||||||||||||||||||||
|
|
Total
|
|
Operating
|
|
Operating
|
|
Income
|
|
Net
|
|
Diluted
|
|
Effective
|
||||||||||||
GAAP |
|
$ |
57,292 |
|
|
$ |
9,576 |
|
|
16.7 |
% |
|
$ |
9,419 |
|
|
$ |
7,813 |
|
|
$ |
0.56 |
|
|
17.1 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amortization of acquired intangible assets (1) |
|
|
— |
|
|
|
1,116 |
|
|
2.0 |
% |
|
|
1,116 |
|
|
|
1,056 |
|
|
|
0.08 |
|
|
|
|
Non-GAAP |
|
$ |
57,292 |
|
|
$ |
10,692 |
|
|
18.7 |
% |
|
$ |
10,535 |
|
|
$ |
8,869 |
|
|
$ |
0.64 |
|
|
15.8 |
% |
| (1) | Amortization of business acquisition-related intangible assets and associated tax impact. A significant portion of the business acquisition-related amortization is not tax deductible. |
|
| (2) | Net (loss) income includes the effect of the above adjustments on the income tax benefit (provision), taking into account deferred taxes and non-deductible items. Income tax impacts were estimated using the applicable statutory rate (21% in the U.S. and 12.5% in Ireland). |
|
| (3) | Potentially dilutive common shares resulting from dilutive common stock options and non-vested stock relating to restricted stock awards and restricted stock units have been excluded from the calculation of GAAP net loss per share as their effect was antidilutive for three and six months ended March 31, 2022 as a result of the GAAP net loss for these periods. |
