Nanox Launches Nanox.ARC in
Management to host conference call and webcast
PETAH TIKVA,
Fourth Quarter 2023 Highlights and Recent Developments:
- Generated
$2.4 million in revenue in the fourth quarter of 2023, compared to$2.1 million in the fourth quarter of 2022. - Made significant progress in US deployment, with multiple Nanox.ARC systems now deployed in 5 states.
- The Nanox.ARC has begun to scan patients in the
U.S. - passed all required tests in three states conducted by a licensed and certified physicists.
- Nanox.AI secured FDA clearance for HealthFLD, an advanced AI-based software empowering clinicians in assessment of fatty liver disease, and which may deliver advantages to the biopharmaceutical industry.
- InterMountain Health has signed on to deploy HealthCCS and was part of a Nuance bundle.
- Initial data readout from the ADOPT study, being held at
Oxford University Hospital and other locations in theUK , demonstrated a sixfold increase in identifying previously undiagnosed patients with vertebral compression fracture using Nanox.AI’s HealthVCF solution. - Began multi-site clinical trial to study the Nanox.ARC use for chest indications.
- Continued to advance the process of securing CE-mark in the EU
“I am incredibly proud to announce another strong quarter and year for Nanox,” said
Financial results for three months ended December 31, 2023
For the three months ended
The Company reported revenue of
The Company’s gross loss during the reported period totaled
The Company’s revenue from teleradiology services for the reported period was
As mentioned above, during the reported period the Company generated revenue through the sales and deployment of its imaging systems which amounted to
The Company’s revenue from its AI solutions for the reported period was
Research and development expenses, net for the reported period were
Sales and marketing expenses for the reported period were
General and administrative expenses for the reported period were
There was no
Other income was
Non-GAAP net loss attributable to ordinary shares for the reported period was
Non-GAAP gross profit for the reported period was
The difference between the GAAP and non-GAAP financial measures above is mainly attributable to amortization of intangible assets, goodwill impairment, share-based compensation, change in contingent earnout liability, legal fees in connection with the class-action litigation and the
Liquidity and Capital Resources
As of
The decrease in the Company’s cash, cash equivalents, restricted deposits and marketable securities of
Other Assets
As of
As of
Shareholders’ Equity
As of
Conference Call and Webcast Details
Individuals interested in listening to the conference call may do so by joining the live webcast on the Investors section of the Nanox website under Events and Presentations. Alternatively, individuals can register online to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the event will be available for replay following the event.
About Nanox:
Nanox (NASDAQ: NNOX) is focused on applying its proprietary medical imaging technology and solutions to make diagnostic medicine more accessible and affordable across the globe. Nanox’s vision is to increase access, reduce costs and enhance the efficiency of routine medical imaging technology and processes, in order to improve early detection and treatment, which Nanox believes is key to helping people achieve better health outcomes, and, ultimately, to save lives. The Nanox ecosystem includes Nanox.ARC— a multi-source Digital Tomosynthesis system that is cost-effective and user-friendly; an AI-based suite of algorithms that augment the readings of routine CT imaging to highlight early signs often related to chronic disease (Nanox.AI); a cloud-based infrastructure (Nanox.CLOUD); and a proprietary decentralized marketplace, through Nanox’s subsidiary,
Forward-Looking Statements:
This press release may contain forward-looking statements that are subject to risks and uncertainties. All statements that are not historical facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, those relating to the initiation, timing, progress and results of the Company’s research and development, manufacturing, and commercialization activities with respect to its X-ray source technology and the Nanox.ARC, the ability to realize the expected benefits of its recent acquisitions and the projected business prospects of the Company and the acquired companies. In some cases, you can identify forward-looking statements by terminology such as “can,” “might,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “should,” “could,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information the Company has when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include: risks related to (i) Nanox’s ability to continue to develop of the Nanox imaging system; (ii) Nanox’s ability to successfully demonstrate the feasibility of its technology for commercial applications; (iii) Nanox’s expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its technology, the Nanox.ARC and Nanox.CLOUD from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; (iv) Nanox’s ability to realize the anticipated benefits of acquisitions, which may be affected by, among other things, competition, brand recognition, the ability of the acquired companies to grow and manage growth profitably and retain their key employees; (v) Nanox’s ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.ARC; (vi) the market acceptance of the Nanox imaging system and the proposed pay-per-scan business model; (vii) Nanox’s expectations regarding collaborations with third-parties and their potential benefits; and (viii) Nanox’s ability to conduct business globally; (ix) changes in global, political, economic, business, competitive, market and regulatory forces, including the continuation and escalation of the military conflicts in
For a discussion of other risks and uncertainties, and other important factors, any of which could cause Nanox’s actual results to differ from those contained in the Forward-Looking Statements, see the section titled “Risk Factors” in Nanox’s Annual Report on Form 20-F for the year ended
Except as required by law, Nanox undertakes no obligation to update publicly any forward-looking statements after the date of this press release to conform these statements to actual results or to changes in the Company’s expectations.
Non-GAAP Financial Measures
This press release includes information about certain financial measures that are not prepared in accordance with generally accepted accounting principles in
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS ( | ||||||||
2023 | 2022 | |||||||
Assets | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | 56,377 | 38,463 | ||||||
Restricted deposit | 46 | - | ||||||
Marketable securities | 26,006 | 39,161 | ||||||
Accounts receivables net of allowance for credit losses of | 1,484 | 977 | ||||||
Inventories | 2,356 | - | ||||||
Prepaid expenses | 1,274 | 2,414 | ||||||
Other current assets | 1,092 | 1,446 | ||||||
TOTAL CURRENT ASSETS | 88,635 | 82,461 | ||||||
NON-CURRENT ASSETS: | ||||||||
Restricted deposit | 327 | 66 | ||||||
Property and equipment, net | 42,343 | 43,545 | ||||||
Operating lease right-of-use asset | 4,573 | 1,157 | ||||||
Marketable securities | - | 25,198 | ||||||
Intangible assets | 80,607 | 91,219 | ||||||
- | 7,420 | |||||||
Other non-current assets | 2,163 | 2,867 | ||||||
TOTAL NON-CURRENT ASSETS | 130,013 | 171,472 | ||||||
TOTAL ASSETS | 218,648 | 253,933 | ||||||
Liabilities and Shareholders’ Equity | ||||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long term loan | 3,490 | - | ||||||
Accounts payable | 3,303 | 3,619 | ||||||
Accrued expenses | 3,920 | 12,240 | ||||||
Deferred revenue | 543 | 182 | ||||||
Contingent short term earnout liability | - | 4,250 | ||||||
Current maturities of operating lease liabilities | 861 | 740 | ||||||
Other current liabilities | 3,407 | 4,043 | ||||||
TOTAL CURRENT LIABILITIES | 15,524 | 25,074 | ||||||
NON-CURRENT LIABILITIES: | ||||||||
Non-current operating lease liabilities | 4,045 | 398 | ||||||
Long term loan | - | 3,481 | ||||||
Non-current deferred revenue | - | 398 | ||||||
Contingent long-term earnout liability | - | 4,089 | ||||||
Deferred tax liability | 2,953 | 3,330 | ||||||
Other long-term liabilities | 612 | 483 | ||||||
TOTAL NON-CURRENT LIABILITIES | 7,610 | 12,179 | ||||||
TOTAL LIABILITIES | 23,134 | 37,253 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Ordinary Shares, par value | 165 | 158 | ||||||
Additional paid-in capital | 515,887 | 477,953 | ||||||
Accumulated other comprehensive loss | (305 | ) | (1,974 | ) | ||||
Accumulated deficit | (320,233 | ) | (259,457 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 195,514 | 216,680 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 218,648 | 253,933 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS ( | ||||||||||||||||
Twelve Months Ended | Three Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
REVENUE | 9,905 | 8,578 | 2,397 | 2,132 | ||||||||||||
COST OF REVENUE | 16,497 | 15,458 | 4,113 | 3,879 | ||||||||||||
GROSS LOSS | (6,592 | ) | (6,880 | ) | (1,716 | ) | (1,747 | ) | ||||||||
OPERATING EXPENSES: | ||||||||||||||||
Research and development, net | 26,049 | 26,507 | 6,812 | 7,095 | ||||||||||||
Sales and marketing | 4,168 | 4,376 | 1,034 | 1,494 | ||||||||||||
General and administrative | 24,272 | 41,254 | 3,791 | 8,185 | ||||||||||||
7,420 | 50,878 | - | 36,540 | |||||||||||||
Change in contingent earnout liability | (4,488 | ) | (20,376 | ) | 18 | (9,074 | ) | |||||||||
Other expenses (income), net | (1,424 | ) | 8,191 | (2,684 | ) | 7,769 | ||||||||||
TOTAL OPERATING EXPENSES | 55,997 | 110,830 | 8,971 | 52,009 | ||||||||||||
OPERATING LOSS | (62,589 | ) | (117,710 | ) | (10,687 | ) | (53,756 | ) | ||||||||
REALIZED LOSS FROM SALE OF MARKETABLE SECURITIES | (178 | ) | - | - | - | |||||||||||
FINANCIAL INCOME (EXPENSES), net | 1,652 | 789 | 360 | (113 | ) | |||||||||||
OPERATING LOSS BEFORE INCOME TAXES | (61,115 | ) | (116,921 | ) | (10,327 | ) | (53,869 | ) | ||||||||
INCOME TAX BENEFIT | 339 | 3,678 | 79 | 1,032 | ||||||||||||
NET LOSS | (60,776 | ) | (113,243 | ) | (10,248 | ) | (52,837 | ) | ||||||||
BASIC AND DILUTED LOSS PER SHARE | (1.08 | ) | (2.17 | ) | (0.18 | ) | (1.01 | ) | ||||||||
Weighted average number of basic and diluted ordinary shares outstanding (in thousands) | 56,368 | 52,235 | 57,758 | 52,414 | ||||||||||||
Comprehensive Loss: | ||||||||||||||||
Net Loss | (60,776 | ) | (113,243 | ) | (10,248 | ) | (52,837 | ) | ||||||||
Other comprehensive gain (loss): | ||||||||||||||||
Reclassification of net losses realized in income statement | (178 | - | - | - | ||||||||||||
Unrealized gain (loss) from marketable securities | 1,847 | (1,367 | ) | 341 | 485 | |||||||||||
Total comprehensive loss | (59,107 | ) | (114,610 | ) | (9,907 | ) | (52,352 | ) |
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY ( | ||||||||||||||||||||||||
Ordinary shares | Additional | Accumulated other | ||||||||||||||||||||||
Number of shares | Amount | paid-in capital | comprehensive loss | Accumulated deficit | Total | |||||||||||||||||||
BALANCE AT | 51,791,441 | 149 | 438,820 | (607 | ) | (146,214 | ) | 292,148 | ||||||||||||||||
CHANGES DURING 2022: | ||||||||||||||||||||||||
Issuance of ordinary shares upon exercise of warrants | 192,927 | 1 | 369 | - | - | 370 | ||||||||||||||||||
Issuance of ordinary shares upon exercise of options | 372,159 | 1 | 578 | - | - | 579 | ||||||||||||||||||
Issuance of ordinary shares in connection with earnout liability | 89,286 | * | 953 | - | - | 953 | ||||||||||||||||||
Issuance of ordinary shares under settlement agreement with former shareholders of | 2,648,424 | 7 | 18,610 | - | - | 18,617 | ||||||||||||||||||
Share-based compensation | - | - | 18,623 | - | - | 18,623 | ||||||||||||||||||
Unrealized loss from marketable securities | - | - | - | (1,367 | ) | - | (1,367 | ) | ||||||||||||||||
Net loss for the year | - | - | - | - | (113,243 | ) | (113,243 | ) | ||||||||||||||||
BALANCE AT | 55,094,237 | 158 | 477,953 | (1,974 | ) | (259,457 | ) | 216,680 | ||||||||||||||||
CHANGES DURING 2023: | ||||||||||||||||||||||||
Issuance of ordinary shares and warrants, net of issuance expenses ** | 2,142,858 | 6 | 27,133 | - | - | 27,139 | ||||||||||||||||||
Issuance of ordinary shares upon exercise of RSUs | 34,750 | * | - | - | - | * | ||||||||||||||||||
Issuance of ordinary shares upon exercise of options | 251,391 | * | 903 | - | - | 903 | ||||||||||||||||||
Issuance of ordinary shares under settlement agreement with former stockholders of | 255,392 | 1 | 1,560 | - | - | 1,561 | ||||||||||||||||||
Reclassification of earn-out liability to equity | - | - | 1,500 | - | - | 1,500 | ||||||||||||||||||
Share-based compensation | - | - | 6,838 | - | - | 6,838 | ||||||||||||||||||
Unrealized gain from marketable securities, net | - | - | - | 1,669 | - | 1,669 | ||||||||||||||||||
Net loss for the year | - | - | - | - | (60,776 | ) | (60,776 | ) | ||||||||||||||||
BALANCE AT | 57,778,628 | 165 | 515,887 | (305 | ) | (320,233 | ) | 195,514 |
* | Less than |
** | Issuance expenses totaled to |
UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY ( | ||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||
Ordinary shares | Additional | other | ||||||||||||||||||||||
Number of | paid-in | comprehensive | Accumulated | |||||||||||||||||||||
shares | Amount | capital | deficit | deficit | Total | |||||||||||||||||||
BALANCE AT | 57,717,425 | 165 | 512,497 | (646 | ) | (309,985 | ) | 202,031 | ||||||||||||||||
Changes during the period: | ||||||||||||||||||||||||
Issuance of ordinary shares upon exercise of options | 26,453 | * | 33 | - | - | 33 | ||||||||||||||||||
Issuance of ordinary shares upon exercise of RSUs | 34,750 | * | - | - | - | * | ||||||||||||||||||
Reclassification of earn-out liability to equity | - | - | 1,500 | - | - | 1,500 | ||||||||||||||||||
Unrealized gain from marketable securities | - | - | - | 341 | - | 341 | ||||||||||||||||||
Share-based compensation | - | - | 1,857 | - | - | 1,857 | ||||||||||||||||||
Net loss for the period | - | - | - | - | (10,248 | ) | (10,248 | ) | ||||||||||||||||
BALANCE AT | 57,778,628 | 165 | 515,887 | (305 | ) | (320,233 | ) | 195,514 |
* | Less than |
Ordinary shares | Additional | Accumulated other | ||||||||||||||||||||||
Number of shares | Amount | paid-in capital | comprehensive loss | Accumulated deficit | Total | |||||||||||||||||||
BALANCE AT | 52,266,474 | 150 | 456,761 | (2,459 | ) | (206,620 | ) | 247,832 | ||||||||||||||||
CHANGES DURING THE PERIOD: | ||||||||||||||||||||||||
Issuance of ordinary shares to employees and non-employees upon exercise of options | 179,339 | 1 | 298 | - | - | 299 | ||||||||||||||||||
Issuance of ordinary shares under settlement agreement with former shareholders of | 2,648,424 | 7 | 18,610 | - | - | 18,617 | ||||||||||||||||||
Share-based compensation | - | - | 2,284 | - | - | 2,284 | ||||||||||||||||||
Unrealized gain from marketable securities | - | - | - | 485 | - | 485 | ||||||||||||||||||
Net loss for the period | - | - | - | - | (52,837 | ) | (52,837 | ) | ||||||||||||||||
BALANCE AT | 55,094,237 | 158 | 477,953 | (1,974 | ) | (259,457 | ) | 216,680 |
NANO-X IMAGING LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ( | ||||||||
Year ended | ||||||||
2023 | 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss for the year | (60,776 | ) | (113,243 | ) | ||||
Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||
Share-based compensation | 6,838 | 18,623 | ||||||
Amortization of intangible assets | 10,612 | 10,607 | ||||||
Impairment of goodwill | 7,420 | 50,878 | ||||||
Change in contingent earnout liability | (4,488 | ) | (20,376 | ) | ||||
Depreciation | 1,198 | 905 | ||||||
Deferred tax liability, net | (377 | ) | (3,733 | ) | ||||
Realized loss from sale of marketable securities | 178 | - | ||||||
Exchange rate differentials | 69 | (47 | ) | |||||
Amortization of premium, discount and accrued interest on marketable securities | 735 | 1,398 | ||||||
Impairment of property and equipment | - | 172 | ||||||
Loss from disposal of property and equipment | 1,297 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net | (507 | ) | 74 | |||||
Prepaid expenses and other current assets | 1,940 | 1,235 | ||||||
Other non-current assets | (251 | ) | (800 | ) | ||||
Accounts payable | (153 | ) | 469 | |||||
Accrued expenses and other liabilities | (8,956 | ) | 10,410 | |||||
Operating lease assets and liabilities | 352 | (125 | ) | |||||
Deferred revenue | (37 | ) | (82 | ) | ||||
Other long-term liabilities | 129 | 250 | ||||||
Net cash used in operating activities | (44,777 | ) | (43,385 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Investment in restricted deposits | (373 | ) | - | |||||
Proceeds from maturity of marketable securities | 38,287 | 31,241 | ||||||
Purchase of marketable securities | - | (8,454 | ) | |||||
Proceeds from sale of marketable securities | 822 | - | ||||||
Purchase of property and equipment | (3,303 | ) | (7,171 | ) | ||||
Investment in equity securities | - | (1,010 | ) | |||||
Net cash provided by investing activities | 35,433 | 14,606 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from issuance of ordinary shares and warrants, net of issuance costs | 27,139 | - | ||||||
Repayment of financial liability | - | (145 | ) | |||||
Payment due to settlement of contingent earnout liabilities | (790 | ) | - | |||||
Proceeds from issuance of ordinary shares upon exercise of warrants | - | 370 | ||||||
Proceeds from issuance of ordinary shares upon exercise of options and RSUs | 903 | 579 | ||||||
Net cash provided by financing activities | 27,252 | 804 | ||||||
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS | (60 | ) | (268 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS | 17,848 | (28,243 | ) | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 38,529 | 66,772 | ||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS AT END OF THE YEAR | 56,377 | 38,529 | ||||||
SUPPLEMENTARY INFORMATION ON ACTIVITIES INVOLVING CASH FLOWS: | ||||||||
Cash paid for income taxes | 3 | 147 | ||||||
Cash paid for interest | 149 | 90 | ||||||
SUPPLEMENTARY INFORMATION ON ACTIVITIES NOT INVOLVING CASH FLOWS: | ||||||||
Issuance of ordinary shares in connection with earnout liability. | 1,561 | 953 | ||||||
Issuance of ordinary shares under settlement agreement with former shareholders of | - | 18,617 | ||||||
Reclassification of earn-out liability to equity | 1,500 | - | ||||||
Operating lease liabilities arising from obtaining operating right-of use assets | 4,411 | 320 |
(*) | Less than |
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(
Use of non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with GAAP. The Company uses information about certain financial measures that are not prepared in accordance with GAAP, including non-GAAP net loss attributable to ordinary shares, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP other expenses (income) and non-GAAP basic and diluted loss per share. These non-GAAP measures are adjusted for (as applicable) amortization of intangible assets, goodwill impairment, share-based compensation expenses, change in contingent earnout liability, legal fees in connection with the class-action litigation and the
Reconciliation of GAAP net loss attributable to ordinary shares to non-GAAP net loss attributable to ordinary shares and non-GAAP basic and diluted loss per share (
Twelve Months Ended | Three Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP net loss attributable to ordinary shares | 60,776 | 113,243 | 10,248 | 52,837 | ||||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Less: Class-action litigation and | 2,504 | 7,730 | (1,699 | ) | 2,505 | |||||||||||
Less: Amortization of intangible assets | 10,612 | 10,607 | 2,653 | 2,649 | ||||||||||||
Less: Impairment of goodwill | 7,420 | 50,878 | - | 36,540 | ||||||||||||
Less (Add): Change in the fair value of earn out liabilities’ obligation | (4,488 | ) | (20,376 | ) | 18 | (9,073 | ) | |||||||||
Less: Change in accrual in connection with the estimated settlement of the | (2,350 | ) | 8,000 | (3,000 | ) | 8,000 | ||||||||||
Less: Share-based compensation | 6,838 | 18,623 | 1,857 | 2,284 | ||||||||||||
Non-GAAP net loss attributable to ordinary shares | 40,240 | 37,781 | 10,419 | 9,932 | ||||||||||||
BASIC AND DILUTED LOSS PER SHARE | 0.71 | 0.72 | 0.18 | 0.19 | ||||||||||||
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES (in thousands) | 56,368 | 52,235 | 57,758 | 52,414 |
Reconciliation of GAAP cost of revenue to non-GAAP cost of revenue (
GAAP cost of revenue | 16,497 | 15,458 | 4,113 | 3,879 | ||||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Amortization of intangible assets | 10,224 | 10,223 | 2,556 | 2,555 | ||||||||||||
Share-based compensation | 56 | 99 | 15 | 18 | ||||||||||||
Non-GAAP cost of revenue | 6,217 | 5,136 | 1,542 | 1,306 |
Reconciliation of GAAP gross loss to non-GAAP gross profit (
GAAP gross loss | (6,592 | ) | (6,880 | ) | (1,716 | ) | (1,747 | ) | ||||||||
Non-GAAP adjustments: | ||||||||||||||||
Amortization of intangible assets | 10, 224 | 10,223 | 2,556 | 2,555 | ||||||||||||
Share-based compensation | 56 | 99 | 15 | 18 | ||||||||||||
Non-GAAP gross profit | 3,688 | 3,442 | 855 | 826 |
Reconciliation of GAAP gross loss margin to non-GAAP gross profit margin (in percentage of revenue)
GAAP gross loss margin | (67 | )% | (80 | )% | (72 | )% | (82 | )% | ||||||||
Non-GAAP adjustments: | ||||||||||||||||
Amortization of intangible assets | 103 | % | 119 | % | 107 | % | 120 | % | ||||||||
Share-based compensation | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||
Non-GAAP gross profit margin | 37 | % | 40 | % | 36 | % | 39 | % |
Reconciliation of GAAP research and development expenses to non-GAAP research and development expenses (
GAAP research and development expenses, net | 26,049 | 26,507 | 6,812 | 7,095 | ||||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Share-based compensation | 3,818 | 4,806 | 925 | 927 | ||||||||||||
Non-GAAP research and development expenses, net | 22,231 | 21,701 | 5,887 | 6,168 |
Reconciliation of GAAP sales and marketing expenses to non-GAAP sales and marketing expenses (
GAAP sales and marketing expenses | 4,168 | 4,376 | 1,034 | 1,494 | ||||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Amortization of intangible assets | 388 | 384 | 97 | 94 | ||||||||||||
Share-based compensation | 484 | 997 | 150 | 334 | ||||||||||||
Non-GAAP sales and marketing expenses | 3,296 | 2,995 | 787 | 1,066 |
Reconciliation of GAAP general and administrative expenses to non-GAAP general and administrative expenses (
GAAP general and administrative expenses | 24,272 | 41,254 | 3,791 | 8,185 | ||||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Class-action litigation and | 2,504 | 7,730 | (1,699 | ) | 2,505 | |||||||||||
Share-based compensation | 2,480 | 12,721 | 767 | 1,005 | ||||||||||||
Non-GAAP general and administrative expenses | 19,288 | 20,803 | 4,723 | 4,675 |
Reconciliation of GAAP other expenses to non-GAAP other expenses (income) (
GAAP other expenses (income) | (1,424 | ) | 8,191 | (2,684 | ) | 7,769 | ||||||||||
Non-GAAP adjustments: | ||||||||||||||||
Change in accrual in connection with the estimated settlement of the | (2,350 | ) | 8,000 | (3,000 | ) | 8,000 | ||||||||||
Non-GAAP other expenses (income) | 926 | 191 | 316 | (231 | ) |
Source:
2024 GlobeNewswire, Inc., source