Rockley Photonics Reports First Quarter of Fiscal 2022 Financial Results
Rockley Photonics Holdings Limited (NYSE: RKLY) announced a partnership with Medtronic to develop next-gen wearable healthcare devices using its Bioptx™ biomarker sensing platform. The company shipped its VitalSpex Pro technology to a tier-1 customer and confirmed the Baseline band design, aiming for fourth-quarter production.
First-quarter 2022 results showed revenues of $1 million, a gross loss of $2.4 million, and a net loss of $41.8 million. The company's financial outlook for 2022 anticipates revenues between $20 million and $30 million.
- Partnership with Medtronic to integrate wearable tech into healthcare solutions.
- VitalSpex Pro device shipped to a tier-1 customer, expanding product reach.
- Confirmed Baseline band design, with initial shipments expected in Q4 2022.
- Achieved 99% accuracy in hydration level predictions during human studies.
- Revenue decreased from $2.4 million in Q4 2021 to $1 million in Q1 2022.
- Net loss increased to $41.8 million compared to $14.7 million in the previous quarter.
- Significant cash burn of $38.8 million, raising concerns about future liquidity.
Collaboration Agreement Signed with Medtronic to Develop Next-Generation Wearable Healthcare Monitoring Devices, Utilizing Rockley’s Bioptx™ Biomarker Sensing Platform
VitalSpex™ Pro Biosensing Technology for Alcohol, Lactate, and Glucose Measurement Shipped to Tier-1 Customer
“We continue to make great progress on our biosensing platform, which we believe will provide a holistic view of a person’s health. This new, non-invasive, real-time solution has been designed to monitor multiple biomarkers, including heart rate, heart rate variation, respiratory rate, blood oxygen, core body temperature, hydration, blood pressure, alcohol, glucose, lactate, and more,” said Dr.
“We are pleased to have completed the financing we separately announced earlier today. With this financing, we believe we will have the financial resources to advance our opportunities in consumer wearables and medtech,” said
Business Highlights:
-
Medtronic Partnership Announced – In the first quarter,
Rockley entered into a development partnership with Medtronic, a global leader in healthcare technology. The Company plans to collaborate with Medtronic to integrate Rockley’s recently announced Bioptx biomarker sensing platform, which includes the Company’s wearable band, cloud analytics, and AI, into Medtronic’s solutions for use across various healthcare settings.Rockley now has 17 customers, expanding significantly from five customers a year ago.
- VitalSpex Pro Device Shipped to Tier-1 Customer – The Company achieved an important milestone, shipping the enhanced, higher-performance Pro version of its VitalSpex biosensing technology to one of its early access, tier-1 consumer wearables customers. VitalSpex Pro solution biomarkers include alcohol, glucose and lactate in addition to the biomarkers provided by the Baseline solution.
-
Baseline Band Design Confirmed – With plans to begin production in the second half of 2022, the Company finalized the design of its new Baseline band and began finalizing agreements with its contract manufacturers, building its supply chain and ecosystem as it moves to production. Initial shipments of Rockley’s Baseline band to customers are expected in the fourth quarter of 2022.
-
Blood Pressure Milestone Reached – During the quarter, the Company announced the results of its pilot blood pressure human study for the development of a cuffless, non-invasive measurement on the wrist using Rockley’s biomarker sensing platform. The results demonstrated improved ability to observe blood pressure trends with Rockley’s approach as compared to results from LED-based solutions. The results also demonstrated strong correlation of the
Rockley signal to commonly used electrocardiogram (ECG) equipment when measuring heart rate (HR) and heart rate variability (HRV), potentially providing an alternative method for measuring cardiovascular health. Additional human studies for blood pressure and other biomarkers are ongoing.
-
Preliminary Results of Hydration Human Study Announced and Novel Index Introduced – The Company announced the results of its human study measuring hydration levels using Rockley’s non-invasive biomarker sensing platform. The study showed that its wearable device was able to correctly predict body dehydration in human subjects
99% of the time and detect a normal state of body water content (euhydration)82% of the time.Rockley also announced that it has created a new measurement scale designed to provide a simple understanding of personal hydration levels.
-
Industry Veteran Nicolaus Henke Named to Board of Directors – Having experience with top teams in leading health systems, medical device companies and pharmaceutical companies,
Dr. Henke brings a wealth of strategy, operations and organizational experience as well as experience in artificial intelligence and machine learning. He founded McKinsey Analytics and chaired QuantumBlack, a McKinsey company that uses machine learning in applications for organizations including health systems.
First Quarter of Fiscal Year 2022 Financial Highlights:
(in millions except per share) |
Three Months Ended |
|||||
|
|
|
||||
Revenue |
$ |
1.0 |
|
$ |
2.4 |
|
Gross profit |
$ |
(2.4 |
) |
$ |
2.7 |
|
SG&A expense |
$ |
10.9 |
|
$ |
12.4 |
|
R&D expense |
$ |
24.8 |
|
$ |
12.6 |
|
Net loss |
$ |
(41.8 |
) |
$ |
(14.7 |
) |
Net loss per share |
$ |
(0.33 |
) |
$ |
(0.12 |
) |
Cash, cash equivalents, and investments at period end |
$ |
36.4 |
|
$ |
81.4 |
|
Cash used in operations |
$ |
(38.8 |
) |
$ |
(34.1 |
) |
Non-GAAP Financial Highlights:
SG&A expense |
$ |
9.5 |
|
$ |
10.1 |
|
R&D expense |
$ |
21.2 |
|
$ |
8.1 |
|
Net loss |
$ |
(36.2 |
) |
$ |
(7.1 |
) |
Net loss per share |
$ |
(0.28 |
) |
$ |
(0.06 |
) |
Adjusted EBITDA |
$ |
(34.0 |
) |
$ |
(14.7 |
) |
A reconciliation of GAAP financial measures to non-GAAP financial measures is included in the financial statement tables included in this press release. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Measures" below.
Outlook for Fiscal Year 2022: |
|
Revenue |
|
Actual results may differ materially from Rockley’s financial outlook as a result of several factors, including the factors described under “Cautionary Statement Regarding Forward-Looking Statements” below.
Conference Call Information
The
Disclosure Information
In compliance with disclosure obligations under Regulation FD,
About
A global leader in photonics-based health monitoring and communications solutions,
Formed in 2013,
To learn more about
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release that are not historical facts constitute “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding Rockley’s future expectations, beliefs, plans, objectives, and assumptions regarding future events or performance. The words “anticipate,” “believe,” “continue,” “could,” “develop,” “enable,” “estimate,” “eventual,” “expect,” “future,” “intend,” “may,” “might,” “opportunity,” “outlook,” “plan,” “possible,” “position,” “potential,” “predict,” “project,” “revolutionize,” “seem,” “should,” “trend,” “will,” “would” and other terms that predict or indicate future events, trends, or expectations, and similar expressions or the negative of such expressions may identify forward-looking statements, but the absence of these words or terms does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding the following: (a) the potential of the Company’s solutions to improve individuals’ health and well-being and enable the transition from reactive to proactive healthcare; (b) the Company’s belief that its biosensing platform will provide a holistic view of a person’s health; (c) the Company’s belief that it will move to production in the second half of 2022; (d) the sufficiency of the Company’s financial resources, efficient use of cash and ability to reduce its cash burn (e) the anticipated and potential features, scope, goals, and benefits of the Company’s platform, products, technology, and partnerships with third parties; (f) financial projections, revenue and earnings guidance; (g) Rockley’s belief that photonics will eventually become as pervasive as micro-electronics; and (h) Rockley’s potential to support hyper-scale manufacturing, address a multitude of high-volume markets, and deliver the complex optical systems required to bring transformational products to market.
Forward-looking statements are subject to several risks and uncertainties (many of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: (i) the Company’s ability to achieve commercial production of its products and technology, including in a timely and cost-effective manner; (ii) the Company’s ability to achieve customer design wins, convert memoranda of understanding and development contracts into production contracts, and achieve customer acceptance of its products and technology; (iii) risks related to purchase orders, including the lack of long-term purchase commitments, the cancellation, reduction, delay, or other changes in customer purchase orders, and if and to the extent customers seek to enter into licensing arrangements in lieu of purchases; (iv) the Company’s history of losses and need for additional capital and its ability to access additional financing to support its operations and execute on its business plan, as well as the risks associated with any future financings; (v) legal and regulatory risks, including those related to its products and technology and any threatened or actual litigation; (vi) risks associated with its fabless manufacturing model and dependency on third-party suppliers; (vii) the Company’s reliance on a few significant customers for a majority of its revenue and its ability to expand and diversify its customer base; (viii) the Company’s financial performance; (ix) the impacts of COVID-19 on the Company, its customers and suppliers, its target markets, and the economy; (x) the Company’s ability to successfully manage growth and its operations as a public company; (xi) fluctuations in the Company’s stock price and the Company’s ability to maintain the listing of its ordinary shares on the NYSE; (xii) the Company’s ability to anticipate and respond to industry trends and customer requirements; (xiii) changes in the Company’s current and future target markets; (xiv) intellectual property risks; (xv) the Company’s ability to compete successfully; (xvi) market opportunity and market demand for, and acceptance of, the Company’s products and technology, as well as the customer products into which the Company’s products and technology are incorporated; (xvii) risks related to international operations; (xviii) risks related to cybersecurity, privacy, and infrastructure; (xix) risks related to financial and accounting matters; (xx) general economic, financial, legal, political, and business conditions and changes in domestic and foreign markets; (xxi) the Company’s ability to realize the anticipated benefits of the business combination; (xxii) changes adversely affecting the businesses or markets in which the Company is engaged; and (xxiii) risks related to the Company’s backlog, including the risk that backlog may not translate into future revenue, as well as other factors described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended 2021, and in other documents the Company files with the
First Quarter 2022 Financial Results
|
|||||||||||
Condensed Consolidated Statements of Operations |
|||||||||||
(Unaudited and in thousands, except share and per share amounts) |
|||||||||||
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
||||||
Revenue |
$ |
962 |
|
|
$ |
2,408 |
|
|
$ |
1,771 |
|
Cost of revenue |
|
3,395 |
|
|
|
(326 |
) |
|
|
3,734 |
|
Gross profit |
|
(2,433 |
) |
|
|
2,734 |
|
|
|
(1,963 |
) |
Operating expenses: |
|
|
|
|
|
||||||
Selling, general and administrative expenses |
|
10,938 |
|
|
|
12,388 |
|
|
|
7,305 |
|
Research and development expenses |
|
24,802 |
|
|
|
12,624 |
|
|
|
15,980 |
|
Total operating expenses |
|
35,740 |
|
|
|
25,012 |
|
|
|
23,285 |
|
Loss from operations |
|
(38,173 |
) |
|
|
(22,278 |
) |
|
|
(25,248 |
) |
Other income (expense): |
|
|
|
|
|
||||||
Other expense |
|
(14 |
) |
|
|
— |
|
|
|
— |
|
Interest expense, net |
|
(2,653 |
) |
|
|
(2,868 |
) |
|
|
(147 |
) |
Gain (loss) on equity method investment |
|
207 |
|
|
|
17 |
|
|
|
(163 |
) |
Change in fair value of debt instruments |
|
— |
|
|
|
— |
|
|
|
(39,653 |
) |
Change in fair value of warrant liabilities |
|
211 |
|
|
|
10,312 |
|
|
|
— |
|
(Loss) gain on foreign currency |
|
(1,228 |
) |
|
|
(31 |
) |
|
|
534 |
|
Total other expense |
|
(3,477 |
) |
|
|
7,430 |
|
|
|
(39,429 |
) |
Loss before income taxes |
|
(41,650 |
) |
|
|
(14,848 |
) |
|
|
(64,677 |
) |
Provision for income tax |
|
131 |
|
|
|
(141 |
) |
|
|
100 |
|
Net loss |
$ |
(41,781 |
) |
|
$ |
(14,707 |
) |
|
$ |
(64,777 |
) |
|
|
|
|
|
|
||||||
Net loss per share: |
|
|
|
|
|
||||||
Basic and diluted |
$ |
(0.33 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.77 |
) |
|
|
|
|
|
|
||||||
Weighted-average shares outstanding: |
|
|
|
|
|
||||||
Basic and diluted |
|
128,443,050 |
|
|
|
127,355,926 |
|
|
|
83,883,581 |
|
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited and in thousands, except share amounts and par value) |
|||||||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
11,863 |
|
|
$ |
36,786 |
|
Short-term investments, at fair value |
|
18,072 |
|
|
|
26,965 |
|
Accounts receivable, net of allowance of |
|
830 |
|
|
|
1,359 |
|
Other receivables, net of allowance of |
|
49,249 |
|
|
|
47,462 |
|
Prepaid expenses and other current assets |
|
6,749 |
|
|
|
6,802 |
|
Total current assets |
|
86,763 |
|
|
|
119,374 |
|
Long-term investments, at fair value |
|
6,445 |
|
|
|
17,659 |
|
Property, equipment, net |
|
10,075 |
|
|
|
10,187 |
|
Equity method investment |
|
5,213 |
|
|
|
4,879 |
|
Intangible assets |
|
3,048 |
|
|
|
3,048 |
|
Other non-current assets |
|
7,784 |
|
|
|
7,683 |
|
Total assets |
$ |
119,328 |
|
|
$ |
162,830 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity (Deficit) |
|
|
|
||||
Current liabilities |
|
|
|
||||
Trade payables |
$ |
4,458 |
|
|
$ |
6,882 |
|
Accrued expenses |
|
20,082 |
|
|
|
17,360 |
|
Debt, current portion |
|
21,316 |
|
|
|
26,312 |
|
Other current liabilities |
|
1,440 |
|
|
|
1,238 |
|
Total current liabilities |
|
47,296 |
|
|
|
51,792 |
|
Warrant liabilities |
|
3,266 |
|
|
|
3,477 |
|
Other long-term liabilities |
|
3,366 |
|
|
|
3,743 |
|
Total liabilities |
|
53,928 |
|
|
|
59,012 |
|
|
|
|
|
||||
Shareholders’ equity (deficit) |
|
|
|
||||
Ordinary shares, |
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
508,368 |
|
|
|
504,714 |
|
Accumulated other comprehensive loss |
|
(291 |
) |
|
|
— |
|
Accumulated deficit |
|
(442,677 |
) |
|
|
(400,896 |
) |
Total shareholders’ equity (deficit) |
|
65,400 |
|
|
|
103,818 |
|
Total liabilities and shareholders’ equity (deficit) |
$ |
119,328 |
|
|
$ |
162,830 |
|
|
||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||
(Unaudited and in thousands) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
||||||
Net loss |
|
$ |
(41,781 |
) |
|
$ |
(14,707 |
) |
|
$ |
(64,777 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||||||
Depreciation and amortization |
|
|
1,504 |
|
|
|
1,412 |
|
|
|
930 |
|
(Reversal) bad debt expense |
|
|
(141 |
) |
|
|
443 |
|
|
|
377 |
|
Accretion of marketable securities to redemption value |
|
|
(74 |
) |
|
|
(90 |
) |
|
|
— |
|
Net realized loss on sale of marketable securities |
|
|
(13 |
) |
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
4,029 |
|
|
|
6,157 |
|
|
|
1,725 |
|
Change in equity-method investment |
|
|
(334 |
) |
|
|
(23 |
) |
|
|
(113 |
) |
Change in fair value of debt instrument |
|
|
— |
|
|
|
— |
|
|
|
39,653 |
|
Change in fair value of warrant liabilities |
|
|
(211 |
) |
|
|
(10,312 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||||||
Accounts receivable |
|
|
529 |
|
|
|
(145 |
) |
|
|
2,243 |
|
Other receivables |
|
|
(1,646 |
) |
|
|
(22,637 |
) |
|
|
(2,369 |
) |
Prepaid expenses and other current assets |
|
|
53 |
|
|
|
2,991 |
|
|
|
(5,706 |
) |
Other non-current assets |
|
|
49 |
|
|
|
(4,465 |
) |
|
|
(1,497 |
) |
Trade payables |
|
|
(2,805 |
) |
|
|
516 |
|
|
|
1,972 |
|
Accrued expenses |
|
|
2,223 |
|
|
|
5,146 |
|
|
|
843 |
|
Other current and long-term liabilities |
|
|
(175 |
) |
|
|
1,615 |
|
|
|
1,820 |
|
Net cash used in operating activities |
|
|
(38,793 |
) |
|
|
(34,099 |
) |
|
|
(24,899 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||||||
Purchase of property and equipment |
|
|
(1,010 |
) |
|
|
(2,142 |
) |
|
|
(713 |
) |
Purchase of marketable securities |
|
|
— |
|
|
|
112 |
|
|
|
— |
|
Proceeds from sale and maturities of marketable securities |
|
|
19,903 |
|
|
|
5,000 |
|
|
|
— |
|
Proceeds from maturity of marketable securities |
|
|
— |
|
|
|
156 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
18,893 |
|
|
|
3,126 |
|
|
|
(713 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||||||
Proceeds from convertible loan notes |
|
|
— |
|
|
|
— |
|
|
|
76,723 |
|
Principal payments on long-term debt |
|
|
(4,995 |
) |
|
|
(5,000 |
) |
|
|
— |
|
Proceeds from exercise of options |
|
|
579 |
|
|
|
563 |
|
|
|
137 |
|
Proceeds from issuance of warrants |
|
|
— |
|
|
|
— |
|
|
|
263 |
|
Debt issuance costs incurred |
|
|
— |
|
|
|
— |
|
|
|
(1,140 |
) |
Transaction costs |
|
|
(248 |
) |
|
|
(2,995 |
) |
|
|
— |
|
Withheld taxes paid on behalf of employees on net settled stock-based awards |
|
|
(359 |
) |
|
|
— |
|
|
|
— |
|
Net cash (used in) provided by financing activities |
|
|
(5,023 |
) |
|
|
(7,432 |
) |
|
|
75,983 |
|
Net (decrease) increase in cash and cash equivalents |
|
|
(24,923 |
) |
|
|
(38,405 |
) |
|
|
50,371 |
|
Cash and cash equivalents: |
|
|
|
|
|
|
||||||
Beginning of period |
|
|
36,786 |
|
|
|
75,191 |
|
|
|
19,228 |
|
End of period |
|
$ |
11,863 |
|
|
$ |
36,786 |
|
|
$ |
69,599 |
|
Use of Non-GAAP Financial Measures
In addition to financial information presented in accordance with GAAP, this press release includes certain financial measures that are not prepared in accordance with generally accepted accounting principles in
The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. The Company uses these non-GAAP measures to help assess its operating performance and operating leverage in its business, analyze its financial results, establish operational goals, develop operating budgets, and make strategic decisions. The Company also believes that the presentation of these non-GAAP financial measures provides an additional tool for investors to use in comparing its core business and results of operations over multiple periods with other companies in its industry, many of which present similar non-GAAP financial measures to investors, and to help analyze the Company’s cash performance.
Other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies. Further, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. Accordingly, these non-GAAP financial measures should be considered as supplemental in nature, should not be considered as the sole measure of the Company’s performance, and are not intended to be construed, and should not be considered, in isolation from, or as a substitute for, the comparable or related financial information calculated in accordance with GAAP.
Adjusted EBITDA (unaudited, in thousands): |
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
Net Loss |
|
$ |
(41,781 |
) |
|
$ |
(14,707 |
) |
|
$ |
(64,777 |
) |
Interest expense, net |
|
|
2,653 |
|
|
|
2,868 |
|
|
|
147 |
|
Provision for income tax |
|
|
131 |
|
|
|
(141 |
) |
|
|
100 |
|
Depreciation and amortization |
|
|
1,504 |
|
|
|
1,412 |
|
|
|
930 |
|
EBITDA |
|
|
(37,493 |
) |
|
|
(10,568 |
) |
|
|
(63,600 |
) |
Non-capitalized transaction costs* |
|
|
— |
|
|
|
83 |
|
|
|
961 |
|
Stock-based compensation |
|
|
4,029 |
|
|
|
6,157 |
|
|
|
1,725 |
|
Change in equity method investment |
|
|
(334 |
) |
|
|
(23 |
) |
|
|
(113 |
) |
Change in fair value of debt instruments |
|
|
— |
|
|
|
— |
|
|
|
39,653 |
|
Change in fair value of warrant liabilities |
|
|
(211 |
) |
|
|
(10,312 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
(34,009 |
) |
|
$ |
(14,663 |
) |
|
$ |
(21,374 |
) |
Non-GAAP Net Income (unaudited, in thousands): |
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
Net Loss |
|
$ |
(41,781 |
) |
|
$ |
(14,707 |
) |
|
$ |
(64,777 |
) |
Cost of revenue adjustment |
|
|
508 |
|
|
|
848 |
|
|
|
268 |
|
Selling, general and administrative adjustment |
|
|
1,410 |
|
|
|
2,284 |
|
|
|
1,747 |
|
Research and development adjustment |
|
|
3,615 |
|
|
|
4,520 |
|
|
|
1,601 |
|
Non-GAAP Net Loss |
|
$ |
(36,248 |
) |
|
$ |
(7,055 |
) |
|
$ |
(61,161 |
) |
|
|
|
|
|
|
|
||||||
Non-GAAP net loss per share: |
|
|
|
|
|
|
||||||
Basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.73 |
) |
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
||||||
Basic and diluted |
|
|
128,443,050 |
|
|
|
127,355,926 |
|
|
|
83,883,581 |
|
Non-GAAP - Cost of Revenue (unaudited, in thousands): |
|
Three Months Ended |
||||||||
|
|
|
|
|
|
|
||||
Cost of revenue |
|
$ |
3,395 |
|
$ |
(326 |
) |
|
$ |
3,734 |
Adjustments: |
|
|
|
|
|
|
||||
Stock-based compensation |
|
|
508 |
|
|
848 |
|
|
|
268 |
Non-GAAP Cost of revenue |
|
$ |
2,887 |
|
$ |
(1,174 |
) |
|
$ |
3,466 |
Non-GAAP - Selling, General and Administrative Expenses (unaudited, in thousands): |
|
Three Months Ended |
|||||||
|
|
|
|
|
|
|
|||
Selling, general, and administrative expenses |
|
$ |
10,938 |
|
$ |
12,388 |
|
$ |
7,305 |
Adjustments: |
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
561 |
|
|
515 |
|
|
377 |
Stock-based compensation |
|
|
849 |
|
|
1,686 |
|
|
409 |
Non-capitalized transaction costs* |
|
|
— |
|
|
83 |
|
|
961 |
Non-GAAP selling, general and administrative expenses |
|
$ |
9,528 |
|
$ |
10,104 |
|
$ |
5,558 |
Non-GAAP - Research and Development Expenses (unaudited, in thousands): |
|
Three Months Ended |
|||||||
|
|
|
|
|
|
|
|||
Research and development expenses |
|
$ |
24,802 |
|
$ |
12,624 |
|
$ |
15,980 |
Adjustments: |
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
943 |
|
|
897 |
|
|
553 |
Stock-based compensation |
|
|
2,672 |
|
|
3,623 |
|
|
1,048 |
Non-GAAP research and development expenses |
|
$ |
21,187 |
|
$ |
8,104 |
|
$ |
14,379 |
|
|
* Non-capitalized transaction costs include non-recurring expense related to the issuance of convertible loan notes and the Business Combination. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220511006189/en/
Media
Rainemakers
Telephone: +1 415-349-7432
Email: rockleyphotonics@rainemakers.com
Investors
Telephone: +1 626-995-0001
Email: investors@rockleyphotonics.com
Source:
FAQ
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