Surmodics Reports Fourth Quarter and Fiscal Year 2022 Financial Results; Introduces Fiscal Year 2023 Financial Guidance
Surmodics, Inc. (Nasdaq: SRDX) reported its fourth quarter and fiscal year 2022 financial results, posting a total revenue of $26.0 million, an 8% increase year-over-year. However, the company recorded a GAAP net loss of $(14.7) million, or $(1.06) per diluted share, including a $(10.2) million tax expense. Fiscal year revenue totaled $100.0 million, down 5% from the previous year. Surmodics targets 2023 revenue between $103 million and $107 million, with expected losses per share from $(2.80) to $(2.40>,
and potential milestone payments of up to $30 million linked to FDA approval of its SurVeil drug-coated balloon.
- Fourth quarter total revenue increased by 8% year-over-year to $26.0 million.
- Medical Device revenue grew by 12% year-over-year, driven by strong product sales.
- The company has potential milestone payments of up to $30 million in fiscal 2023.
- GAAP net loss increased to $(14.7) million compared to $(0.3) million the previous year.
- Fiscal year 2022 total revenue decreased by 5% to $100.0 million.
- Operating expenses rose significantly by 33% to $27.0 million.
Fourth Quarter 2022 Financial Summary
-
Total Revenue of
, an increase of$26.0 million 8% year-over-year -
GAAP Diluted EPS of
, including$(1.06) deferred tax valuation reserve, compared to$(0.73) in the prior-year period$(0.02) -
Non-GAAP Diluted EPS of
, compared to$(0.26) in the prior-year period$(0.10)
Fiscal Year 2022 Financial Summary
-
Total Revenue of
, a decrease of$100.0 million 5% year-over-year -
GAAP Diluted EPS of
, including$(1.96) deferred tax valuation reserve, compared to$(0.73) in the prior-year period$0.30 -
Non-GAAP Diluted EPS of
, compared to$(0.95) in the prior-year period$0.37
Business Highlights
-
On
October 11, 2022 ,Surmodics announced that six-month data from its SWING first-in-human study of the Company’s Sundance™ Sirolimus drug-coated balloon was presented at the Amputation Prevention Symposium (AMP) in Lugano,Switzerland , with Sundance demonstrating an excellent safety profile and the lowest binary restenosis at six months, compared to relevant below-the-knee trials. -
On
October 13, 2022 ,Surmodics submitted a complete response to FDA comments on its application for premarket approval of the SurVeil™ drug-coated balloon. -
On
October 17, 2022 ,Surmodics announced that it has entered into a new, five-year credit agreement withMidCap Financial , consisting of up to in term loans and a$100 million revolving credit facility.$25 million -
On
November 2, 2022 ,Surmodics announced that 24-month data from its TRANSCEND clinical trial of the Company’s SurVeil™ drug-coated balloon was presented at the Vascular InterVentional Advances (VIVA) annual conference inLas Vegas, Nevada , with SurVeil demonstrating sustained durability of safety and efficacy endpoints.
“We are pleased to bring fiscal 2022 to a strong conclusion, delivering revenue performance that exceeded our expectations for the fourth quarter, while continuing to invest in our business and make progress on our strategic objectives,” said
Fourth Quarter Fiscal 2022 Financial Results
|
Three Months Ended
|
|
|
Increase (Decrease) |
|
||||||||||
|
2022 |
|
|
|
|
|
$ |
|
|
% |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
Medical Device |
$ |
19,500 |
|
|
$ |
17,395 |
|
|
$ |
2,105 |
|
|
|
12 |
% |
In |
|
6,488 |
|
|
|
6,576 |
|
|
|
(88 |
) |
|
|
(1 |
)% |
Total revenue |
$ |
25,988 |
|
|
$ |
23,971 |
|
|
$ |
2,017 |
|
|
|
8 |
% |
Total revenue increased
Medical Device revenue increased
Product gross profit (defined as product sales less product costs) increased
Operating costs and expenses, excluding product costs, increased
GAAP net loss was
Adjusted EBITDA loss was
Fiscal Year 2022 Financial Results
|
Fiscal Year Ended
|
|
|
Increase (Decrease) |
|
||||||||||
|
2022 |
|
|
2021 |
|
|
$ |
|
|
% |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
Medical Device |
$ |
72,389 |
|
|
$ |
78,253 |
|
|
$ |
(5,864 |
) |
|
|
(7 |
)% |
In |
|
27,562 |
|
|
|
26,883 |
|
|
|
679 |
|
|
|
3 |
% |
Total revenue |
$ |
99,951 |
|
|
$ |
105,136 |
|
|
$ |
(5,185 |
) |
|
|
(5 |
)% |
Total revenue decreased
Medical Device revenue decreased
GAAP net loss was
Adjusted EBITDA loss was
Balance Sheet Summary
As of
On
Fiscal Year 2023 Financial Guidance
The Company expects fiscal 2023 GAAP diluted loss per share to range from
Conference Call Today at
An audio replay of the conference call will be available beginning at
About
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 future prospects; statements regarding position
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with
|
|||||||||||||||
Condensed Consolidated Statements of Operations |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
|
Fiscal Year Ended
|
|
||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
$ |
14,394 |
|
|
$ |
12,509 |
|
|
$ |
54,621 |
|
|
$ |
46,478 |
|
Royalties and license fees |
|
9,510 |
|
|
|
8,874 |
|
|
|
36,248 |
|
|
|
47,056 |
|
Research, development and other |
|
2,084 |
|
|
|
2,588 |
|
|
|
9,082 |
|
|
|
11,602 |
|
Total revenue |
|
25,988 |
|
|
|
23,971 |
|
|
|
99,951 |
|
|
|
105,136 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Product costs |
|
5,597 |
|
|
|
4,159 |
|
|
|
20,342 |
|
|
|
17,177 |
|
Research and development |
|
12,259 |
|
|
|
10,731 |
|
|
|
50,609 |
|
|
|
46,734 |
|
Selling, general and administrative |
|
13,779 |
|
|
|
7,865 |
|
|
|
46,947 |
|
|
|
30,680 |
|
Acquired intangible asset amortization |
|
966 |
|
|
|
1,117 |
|
|
|
4,150 |
|
|
|
2,793 |
|
Acquisition transaction, integration and other costs |
|
— |
|
|
|
588 |
|
|
|
— |
|
|
|
1,049 |
|
Total operating costs and expenses |
|
32,601 |
|
|
|
24,460 |
|
|
|
122,048 |
|
|
|
98,433 |
|
Operating (loss) income |
|
(6,613 |
) |
|
|
(489 |
) |
|
|
(22,097 |
) |
|
|
6,703 |
|
Other expense, net |
|
(179 |
) |
|
|
(73 |
) |
|
|
(396 |
) |
|
|
(357 |
) |
(Loss) income before income taxes |
(6,792 |
) |
(562 |
) |
(22,493 |
) |
6,346 |
||||||||
Income tax (expense) benefit |
|
(7,936 |
) |
|
|
273 |
|
|
|
(4,781 |
) |
|
|
(2,109 |
) |
Net (loss) income |
$ |
(14,728 |
) |
|
$ |
(289 |
) |
|
$ |
(27,274 |
) |
|
$ |
4,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic (loss) income per share |
$ |
(1.06 |
) |
|
$ |
(0.02 |
) |
|
$ |
(1.96 |
) |
|
$ |
0.31 |
|
Diluted (loss) income per share |
$ |
(1.06 |
) |
|
$ |
(0.02 |
) |
|
$ |
(1.96 |
) |
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
13,944 |
|
|
|
13,851 |
|
|
|
13,916 |
|
|
|
13,765 |
|
Diluted |
|
13,944 |
|
|
|
13,851 |
|
|
|
13,916 |
|
|
|
13,989 |
|
|
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
|
|
|||||
|
2022 |
|
|
2021 |
|
||
Assets |
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
18,998 |
|
|
$ |
31,153 |
|
Available-for-sale securities |
|
— |
|
|
|
7,717 |
|
Accounts receivable, net |
|
10,452 |
|
|
|
9,169 |
|
Contract assets — royalties and license fees |
|
7,116 |
|
|
|
7,091 |
|
Inventories, net |
|
11,819 |
|
|
|
6,760 |
|
Prepaids and other |
|
9,202 |
|
|
|
8,365 |
|
Total Current Assets |
|
57,587 |
|
|
|
70,255 |
|
Property and equipment, net |
|
27,148 |
|
|
|
30,090 |
|
Available-for-sale securities |
|
— |
|
|
|
2,002 |
|
Deferred income taxes |
|
— |
|
|
|
5,867 |
|
Intangible assets, net |
|
28,145 |
|
|
|
37,054 |
|
|
|
40,710 |
|
|
|
45,606 |
|
Other assets |
|
4,769 |
|
|
|
3,718 |
|
Total Assets |
$ |
158,359 |
|
|
$ |
194,592 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
||
Short-term borrowings |
|
10,000 |
|
|
|
10,000 |
|
Deferred revenue |
|
4,160 |
|
|
|
4,647 |
|
Other current liabilities |
|
17,919 |
|
|
|
15,168 |
|
Total Current Liabilities |
|
32,079 |
|
|
|
29,815 |
|
Deferred revenue |
|
5,088 |
|
|
|
10,301 |
|
Other long-term liabilities |
|
12,800 |
|
|
|
14,391 |
|
Total Liabilities |
|
49,967 |
|
|
|
54,507 |
|
Total Stockholders’ Equity |
|
108,392 |
|
|
|
140,085 |
|
Total Liabilities and Stockholders’ Equity |
$ |
158,359 |
|
|
$ |
194,592 |
|
|
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
Fiscal Year Ended |
|
|||||
|
2022 |
|
|
2021 |
|
||
Operating Activities: |
|
|
|
|
|
||
Net (loss) income |
$ |
(27,274 |
) |
|
$ |
4,237 |
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
|
|
||
Depreciation and amortization |
|
9,142 |
|
|
|
8,017 |
|
Stock-based compensation |
|
7,057 |
|
|
|
5,863 |
|
Deferred taxes |
|
5,268 |
|
|
|
1,651 |
|
Other |
|
860 |
|
|
|
478 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
||
Accounts receivable and contract assets |
|
(1,522 |
) |
|
|
(2,480 |
) |
Inventories |
|
(5,060 |
) |
|
|
(818 |
) |
Prepaids and other |
|
(665 |
) |
|
|
(2,391 |
) |
Accounts payable |
|
1,608 |
|
|
|
264 |
|
Accrued liabilities |
|
132 |
|
|
|
1,406 |
|
Income taxes |
|
(1,069 |
) |
|
|
210 |
|
Deferred revenue |
|
(5,700 |
) |
|
|
(1,048 |
) |
Net cash (used in) provided by operating activities |
|
(17,223 |
) |
|
|
15,389 |
|
Investing Activities: |
|
|
|
|
|
||
Purchases of property and equipment |
|
(3,370 |
) |
|
|
(5,279 |
) |
Payment for acquisition of intangible assets |
|
— |
|
|
|
(1,000 |
) |
Purchases of available-for-sale securities |
|
— |
|
|
|
(22,723 |
) |
Sales and maturities of available-for-sale securities |
|
9,600 |
|
|
|
43,317 |
|
Purchase of business, net of acquired cash |
|
— |
|
|
|
(39,553 |
) |
Net cash provided by (used in) investing activities |
|
6,230 |
|
|
|
(25,238 |
) |
Financing Activities: |
|
|
|
|
|
||
Proceeds from short-term borrowings |
|
— |
|
|
|
10,000 |
|
Issuance of common stock |
|
1,246 |
|
|
|
3,128 |
|
Payments for taxes related to net share settlement of equity awards |
|
(1,121 |
) |
|
|
(2,751 |
) |
Payments for acquisition of in-process research and development |
|
(500 |
) |
|
|
(150 |
) |
Net cash (used in) provided by financing activities |
|
(375 |
) |
|
|
10,227 |
|
Effect of exchange rate changes on cash |
|
(787 |
) |
|
|
(10 |
) |
Net change in cash and cash equivalents |
|
(12,155 |
) |
|
|
368 |
|
Cash and Cash Equivalents: |
|
|
|
|
|
||
Beginning of year |
|
31,153 |
|
|
|
30,785 |
|
End of year |
$ |
18,998 |
|
|
$ |
31,153 |
|
|
|||||||||||||||
Supplemental Segment Information |
|||||||||||||||
(in thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
|
Fiscal Year Ended
|
|
||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Medical Device Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
$ |
7,960 |
|
|
$ |
6,313 |
|
|
$ |
27,930 |
|
|
$ |
21,777 |
|
Royalties |
|
7,252 |
|
|
|
7,646 |
|
|
|
30,267 |
|
|
|
30,781 |
|
License fees |
|
2,258 |
|
|
|
1,228 |
|
|
|
5,981 |
|
|
|
16,275 |
|
Research, development and other |
|
2,030 |
|
|
|
2,208 |
|
|
|
8,211 |
|
|
|
9,420 |
|
Medical Device revenue |
|
19,500 |
|
|
|
17,395 |
|
|
|
72,389 |
|
|
|
78,253 |
|
In Vitro Diagnostics Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
|
6,434 |
|
|
|
6,196 |
|
|
|
26,691 |
|
|
|
24,701 |
|
Research, development and other |
|
54 |
|
|
|
380 |
|
|
|
871 |
|
|
|
2,182 |
|
In |
|
6,488 |
|
|
|
6,576 |
|
|
|
27,562 |
|
|
|
26,883 |
|
Total Revenue |
$ |
25,988 |
|
|
$ |
23,971 |
|
|
$ |
99,951 |
|
|
$ |
105,136 |
|
|
Three Months Ended
|
|
|
Fiscal Year Ended
|
|
||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Operating (Loss) Income: |
|
|
|
|
|
|
|
|
|
|
|
||||
Medical Device |
$ |
(6,211 |
) |
|
$ |
(797 |
) |
|
$ |
(22,923 |
) |
|
$ |
4,683 |
|
In |
|
2,811 |
|
|
|
3,363 |
|
|
|
13,073 |
|
|
|
13,770 |
|
Total segment operating (loss) income |
|
(3,400 |
) |
|
|
2,566 |
|
|
|
(9,850 |
) |
|
|
18,453 |
|
Corporate |
|
(3,213 |
) |
|
|
(3,055 |
) |
|
|
(12,247 |
) |
|
|
(11,750 |
) |
Total (Loss) Income from Operations |
$ |
(6,613 |
) |
|
$ |
(489 |
) |
|
$ |
(22,097 |
) |
|
$ |
6,703 |
|
|
|||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Amounts |
|||||||||||||||
Schedule of EBITDA and Adjusted EBITDA |
|||||||||||||||
(in thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
|
Fiscal Year Ended
|
|
||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net (Loss) Income |
$ |
(14,728 |
) |
|
$ |
(289 |
) |
|
$ |
(27,274 |
) |
|
$ |
4,237 |
|
Income tax expense (benefit) |
|
7,936 |
|
|
|
(273 |
) |
|
|
4,781 |
|
|
|
2,109 |
|
Depreciation and amortization |
|
2,240 |
|
|
|
2,407 |
|
|
|
9,142 |
|
|
|
8,017 |
|
Investment income, net |
|
(26 |
) |
|
|
(28 |
) |
|
|
(99 |
) |
|
|
(123 |
) |
Interest expense |
|
188 |
|
|
|
132 |
|
|
|
598 |
|
|
|
310 |
|
EBITDA |
|
(4,390 |
) |
|
|
1,949 |
|
|
|
(12,852 |
) |
|
|
14,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation expense |
|
1,859 |
|
|
|
1,545 |
|
|
|
7,057 |
|
|
|
5,863 |
|
Acquisition transaction, integration and other costs (1) |
|
— |
|
|
|
588 |
|
|
|
— |
|
|
|
1,049 |
|
CARES Act Employee Retention Credit (2) |
|
— |
|
|
|
(3,577 |
) |
|
|
— |
|
|
|
(3,577 |
) |
Adjusted EBITDA |
$ |
(2,531 |
) |
|
$ |
505 |
|
|
$ |
(5,795 |
) |
|
$ |
17,885 |
|
|
|||||||
Guidance Reconciliation: Estimated Non-GAAP Diluted EPS |
|||||||
For the Fiscal Year Ending |
|||||||
(Unaudited) |
|||||||
|
Fiscal 2023 Full-Year Estimate |
|
|||||
|
Low |
|
|
High |
|
||
GAAP Diluted EPS |
$ |
(2.80 |
) |
|
$ |
(2.40 |
) |
Amortization of acquired intangibles per diluted share (3) |
|
0.26 |
|
|
|
0.26 |
|
Non-GAAP Diluted EPS |
$ |
(2.54 |
) |
|
$ |
(2.14 |
) |
Diluted weighted average shares outstanding |
|
14,030 |
|
|
|
|
|
|
||||||||||||||||||||||
Net (Loss) Income and Diluted EPS GAAP to Non-GAAP Reconciliation |
||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
For the Three Months Ended |
|
||||||||||||||||||||
|
Revenue |
|
Operating Loss |
|
|
Loss
|
|
|
Net Loss
|
|
|
Diluted
|
|
|||||||||
GAAP |
$ |
25,988 |
|
$ |
(6,613 |
) |
|
|
(25.4 |
)% |
|
$ |
(6,792 |
) |
|
$ |
(14,728 |
) |
|
$ |
(1.06 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization of acquired intangible assets (3) |
|
— |
|
|
966 |
|
|
|
3.7 |
% |
|
|
966 |
|
|
|
906 |
|
|
|
0.07 |
|
Tax expense from full valuation allowance against |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,151 |
|
|
|
0.73 |
|
Non-GAAP |
$ |
25,988 |
|
$ |
(5,647 |
) |
|
|
(21.7 |
)% |
|
$ |
(5,826 |
) |
|
$ |
(3,671 |
) |
|
$ |
(0.26 |
) |
Diluted weighted average shares outstanding (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,944 |
|
|
For the Three Months Ended |
|
||||||||||||||||||||
|
Revenue |
|
Operating Loss |
|
|
Loss
|
|
|
Net Loss
|
|
|
Diluted
|
|
|||||||||
GAAP |
$ |
23,971 |
|
$ |
(489 |
) |
|
|
(2.0 |
)% |
|
$ |
(562 |
) |
|
$ |
(289 |
) |
|
$ |
(0.02 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization of acquired intangible assets (3) |
|
— |
|
|
1,117 |
|
|
|
4.7 |
% |
|
|
1,117 |
|
|
|
1,014 |
|
|
|
0.07 |
|
Acquisition transaction, integration and other costs (1) |
|
— |
|
|
588 |
|
|
|
2.4 |
% |
|
|
588 |
|
|
|
554 |
|
|
|
0.04 |
|
CARES Act Employee Retention Credit (2) |
|
— |
|
|
(3,577 |
) |
|
|
(14.9 |
)% |
|
|
(3,577 |
) |
|
|
(2,617 |
) |
|
|
(0.19 |
) |
Non-GAAP |
$ |
23,971 |
|
$ |
(2,361 |
) |
|
|
(9.8 |
)% |
|
$ |
(2,434 |
) |
|
$ |
(1,338 |
) |
|
$ |
(0.10 |
) |
Diluted weighted average shares outstanding (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,851 |
|
|||||
|
||||||||||||||||||||||
Net (Loss) Income and Diluted EPS GAAP to Non-GAAP Reconciliation (Continued) |
||||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
Fiscal Year Ended |
|
||||||||||||||||||||
|
Revenue |
|
Operating Loss |
|
|
Loss
Income
|
|
|
Net Loss
|
|
|
Diluted
|
|
|||||||||
GAAP |
$ |
99,951 |
|
$ |
(22,097 |
) |
|
|
(22.1 |
)% |
|
$ |
(22,493 |
) |
|
$ |
(27,274 |
) |
|
$ |
(1.96 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization of acquired intangible assets (3) |
|
— |
|
|
4,150 |
|
|
|
4.1 |
% |
|
|
4,150 |
|
|
|
3,888 |
|
|
|
0.28 |
|
Tax expense from full valuation allowance against |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,151 |
|
|
|
0.73 |
|
Non-GAAP |
$ |
99,951 |
|
$ |
(17,947 |
) |
|
|
(18.0 |
)% |
|
$ |
(18,343 |
) |
|
$ |
(13,235 |
) |
|
$ |
(0.95 |
) |
Diluted weighted average shares outstanding (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,916 |
|
|
Fiscal Year Ended |
|
||||||||||||||||||||
|
Revenue |
|
Operating Income |
|
|
Income
|
|
|
Net Income
|
|
|
Diluted
|
|
|||||||||
GAAP |
$ |
105,136 |
|
$ |
6,703 |
|
|
|
6.4 |
% |
|
$ |
6,346 |
|
|
$ |
4,237 |
|
|
$ |
0.30 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization of acquired intangible assets (3) |
|
— |
|
|
2,793 |
|
|
|
2.7 |
% |
|
|
2,793 |
|
|
|
2,600 |
|
|
|
0.19 |
|
Acquisition transaction, integration and other costs (1) |
|
— |
|
|
1,049 |
|
|
|
1.0 |
% |
|
|
1,049 |
|
|
|
1,015 |
|
|
|
0.07 |
|
CARES Act Employee Retention Credit (2) |
|
— |
|
|
(3,577 |
) |
|
|
(3.5 |
)% |
|
|
(3,577 |
) |
|
|
(2,617 |
) |
|
|
(0.19 |
) |
Non-GAAP |
$ |
105,136 |
|
$ |
6,968 |
|
|
|
6.6 |
% |
|
$ |
6,611 |
|
|
$ |
5,235 |
|
|
$ |
0.37 |
|
Diluted weighted average shares outstanding (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,989 |
|
|||||
(1) |
Represents expenses specifically associated with the fiscal 2021 business acquisition of |
|
(2) |
Represents the benefit recorded as a result of the employee retention credit that the Company filed for under the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted in |
|
(3) |
Represents amortization of business acquisition-related intangible assets and associated tax impact. A significant portion of the business acquisition-related amortization is not tax deductible. |
|
(4) |
Represents the non-cash charge to income tax expense that resulted from the establishment of a full valuation allowance against |
|
(5) |
Net (loss) income includes the effect of the above adjustments on the income tax (expense) benefit, taking into account deferred taxes and non-deductible items. Income tax impacts were estimated using the applicable statutory rate ( |
|
(6) |
Diluted weighted average shares outstanding used in the calculation of EPS was the same for GAAP EPS and Non-GAAP EPS. 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 EPS as their effect was antidilutive for the three months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221109005097/en/
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