Castle Biosciences, Inc. (Nasdaq: CSTL), a company improving health through innovative tests that guide patient care, today announced its financial results for the second quarter and six months ended June 30, 2022.
"In the second quarter, we saw strong execution across the Castle team, which produced another quarter of record test report volume," said Derek Maetzold, president and chief executive officer of Castle Biosciences. "In our core dermatology business, we delivered a 44% increase in test report volume over the second quarter of 2021 and a 16% increase over the first quarter of 2022. We believe our continued momentum is directly linked to the clinical value our tests provide to clinicians and their patients, coupled with the focused investments we have made and continue to make in our business.
"We are excited about the Company's ongoing collaboration with the National Cancer Institute (NCI) to link DecisionDx®-Melanoma testing data with data from the Surveillance, Epidemiology and End Results (SEER) program registries on cutaneous melanoma cases. Data from this real-world cohort showed that patients diagnosed with melanoma and tested with DecisionDx-Melanoma had improved survival?27% improvement in melanoma-specific survival?compared to untested patients. We expect to generate data from this collaboration, as we expand our matched data beyond the initial cohort.
"Turning to our newest franchises, gastroenterology and mental health, we are making great progress with our integration efforts, and the initial reception from clinicians for both tests is strong. We made these acquisitions to contribute meaningfully to our top-line growth in the mid-to long-term, and along with focused investments, we believe they will contribute to our anticipated operating cash-flow neutrality by 2025.
"Our progress is the direct result of our dedicated team of professionals at Castle, who are committed to improving health through the innovative tests we offer. Thanks to their efforts, we believe Castle will continue with the current momentum we have seen and continue creating value for stockholders."
Second Quarter Ended June 30, 2022, Financial and Operational Highlights
Six Months Ended June 30, 2022, Financial and Operational Highlights
Cash and Cash Equivalents
As of June 30, 2022, the Company's cash and cash equivalents totaled $273 million.
2022 Revenue Guidance
Second Quarter and Recent Accomplishments and Highlights
Dermatology
Uveal Melanoma
Gastroenterology
Mental Health
Conference Call and Webcast Details
Castle Biosciences will hold a conference call on Monday, Aug. 8, 2022, at 4:30 p.m. Eastern time to discuss its second quarter 2022 results and provide a corporate update.
A live webcast of the conference call can be accessed here: https://events.q4inc.com/attendee/949303499 or via the webcast link on the Investor Relations page of the Company's website, https://ir.castlebiosciences.com/overview/default.aspx. Please access the webcast at least 10 minutes before the conference call start time. An archive of the webcast will be available on the Company's website until Aug. 31, 2022.
To access the live conference call via phone, please dial 844 200 6205 from the United States, or +1 929 526 1599 internationally, at least 10 minutes prior to the start of the call, using the conference ID 705869.
There will be a brief Question & Answer session following management commentary.
Use of Non-GAAP Financial Measures (UNAUDITED)
In this release, we use the metrics of Adjusted Revenue, Adjusted Gross Margin, Adjusted Operating Cash Flow and Adjusted EBITDA, which are non-GAAP financial measures and are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). Adjusted Revenue and Adjusted Gross Margin reflect adjustments to net revenues to exclude changes in variable consideration related to test reports delivered in previous periods. Adjusted Gross Margin further excludes acquisition-related intangible asset amortization. Adjusted Operating Cash Flow excludes the effects of repayments to Medicare of COVID-19 government relief advancements to healthcare providers. Adjusted EBITDA excludes from net loss interest expense, depreciation and amortization expense, income tax (benefit) expense, stock compensation expense, acquisition-related transaction costs and change in fair value of contingent consideration.
We use Adjusted Revenue, Adjusted Gross Margin, Adjusted Operating Cash Flow and Adjusted EBTIDA internally because we believe these metrics provide useful supplemental information in assessing our revenue and cash flow performance reported in accordance with GAAP, respectively. We believe Adjusted Revenue and Adjusted Gross Margin are also useful to investors because they provide additional information on current-period performance by removing the effects of revenue adjustments related to tests delivered in previous periods and, with respect to Adjusted Gross Margin, acquisition-related intangible asset amortization, which we believe may facilitate revenue and gross margin comparisons to historical periods. We believe Adjusted Operating Cash Flow is also useful to investors as a supplement to GAAP measures in the assessment of our cash flow performance by removing the effects of COVID-19 government relief payments, which we believe are not indicative of our ongoing operations. We believe Adjusted EBITDA may enhance an evaluation of our operating performance based on recent revenue generation and product/overhead cost control because it excludes the impact of prior decisions made about capital investment, financing and other expenses. However, these non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes.
These non-GAAP financial measures are not meant to be considered in isolation or used as substitutes for net revenues, gross margin, net cash (used in) provided by operating activities or net loss reported in accordance with GAAP; should be considered in conjunction with our financial information presented in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that we may exclude for purposes of these non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of these non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by us in this press release and the accompanying reconciliation tables have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables at the end of this release.
1Centers for Medicare & Medicaid Services: https://www.cms.gov/Medicare/Medicare-Fee-for-Service-Payment/ClinicalLabFeeSched/Downloads/Guidance-for-Laboratories-on-ADLTs.pdf
About Castle Biosciences
Castle Biosciences (Nasdaq: CSTL) is a leading diagnostics company improving health through innovative tests that guide patient care. The Company aims to transform disease management by keeping people first: patients, clinicians, employees and investors.
Castle's current portfolio consists of tests for skin cancers, uveal melanoma, Barrett's esophagus and mental health conditions. Additionally, the Company has active research and development programs for tests in other diseases with high clinical need, including its test in development to predict systemic therapy response in patients with moderate-to-severe psoriasis, atopic dermatitis and related conditions. To learn more, please visit www.CastleBiosciences.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.
DecisionDx-Melanoma, DecisionDx-CMSeq, DecisionDx-SCC, myPath Melanoma, DecisionDx DiffDx-Melanoma, DecisionDx-UM, DecisionDx-PRAME, DecisionDx-UMSeq, TissueCypher and IDgenetix are trademarks of Castle Biosciences, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These forward-looking statements include, but are not limited to, statements concerning: the value that our tests have to answer clinical questions; our expectation that we will continue to generate data from our collaboration with the NCI as we expand our matched data beyond the initial cohort; our belief in the progress of our ongoing integration efforts of our newly acquired gastroenterology and mental health franchises and the belief that these franchises will contribute meaningfully to our top-line growth in the mid-to long-term, and along with focused investments, contribute to our anticipated operating cash-flow neutrality by 2025; our belief that we will continue with current momentum and continue creating value for stockholders; our expectation that we will generate $130-135 million in total revenue in 2022; the ability of DecisionDx-SCC to independently and accurately risk-stratify patients with cutaneous squamous cell carcinoma and one or more risk factors according to their biologic risk of metastasis and provide significant prognostic information independent from current risk prediction methods; and the ability of TissueCypher to accurately predict progression to HGD or EAC in BE patients who are initially diagnosed with LGD and provide an objective solution to observer variability, identifying more progressors early and helping to inform management decisions and standardize care plans for patients with BE. The words "anticipates," "believes," "can," "may," "potential," "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation: the effects of the COVID-19 pandemic on our business and our efforts to address its impact on our business; subsequent study or trial results and findings may contradict earlier study or trial results and findings or may not support the results discussed in this press release, including with respect to the diagnostic and prognostic tests discussed in this press release; actual application of our tests may not provide the aforementioned benefits to patients; and the risks set forth under the heading "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended June 30, 2022, and in our other filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements, except as may be required by law.
The COVID-19 situation continues to evolve and brings along with it a high level of uncertainty surrounding potential future impacts. Therefore, trends in revenues and test report volumes are not necessarily indicative of the Company's results of operations that can be expected for future interim periods or for the year ending December 31, 2022.
CASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
NET REVENUES |
$ |
34,838 |
|
|
$ |
22,758 |
|
|
$ |
61,690 |
|
|
$ |
45,571 |
|
OPERATING EXPENSES AND OTHER OPERATING INCOME |
|
|
|
|
|
|
|
||||||||
Cost of sales (exclusive of amortization of acquired intangible assets) |
|
7,686 |
|
|
|
3,697 |
|
|
|
13,630 |
|
|
|
6,725 |
|
Research and development |
|
11,926 |
|
|
|
6,793 |
|
|
|
22,687 |
|
|
|
12,701 |
|
Selling, general and administrative |
|
37,498 |
|
|
|
20,822 |
|
|
|
67,951 |
|
|
|
38,983 |
|
Amortization of acquired intangible assets |
|
2,097 |
|
|
|
256 |
|
|
|
3,745 |
|
|
|
256 |
|
Change in fair value of contingent consideration |
|
(20,398 |
) |
|
|
? |
|
|
|
(17,836 |
) |
|
|
? |
|
Total operating expenses, net |
|
38,809 |
|
|
|
31,568 |
|
|
|
90,177 |
|
|
|
58,665 |
|
Operating loss |
|
(3,971 |
) |
|
|
(8,810 |
) |
|
|
(28,487 |
) |
|
|
(13,094 |
) |
Interest income |
|
370 |
|
|
|
24 |
|
|
|
400 |
|
|
|
28 |
|
Interest expense |
|
(4 |
) |
|
|
? |
|
|
|
(7 |
) |
|
|
? |
|
Loss before income taxes |
|
(3,605 |
) |
|
|
(8,786 |
) |
|
|
(28,094 |
) |
|
|
(13,066 |
) |
Income tax (benefit) expense |
|
(1,957 |
) |
|
|
5 |
|
|
|
(1,823 |
) |
|
|
5 |
|
Net loss and comprehensive loss |
$ |
(1,648 |
) |
|
$ |
(8,791 |
) |
|
$ |
(26,271 |
) |
|
$ |
(13,071 |
) |
|
|
|
|
|
|
|
|
||||||||
Loss per share, basic and diluted |
$ |
(0.06 |
) |
|
$ |
(0.35 |
) |
|
$ |
(1.02 |
) |
|
$ |
(0.52 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding, basic and diluted |
|
26,064 |
|
|
|
25,091 |
|
|
|
25,746 |
|
|
|
25,002 |
|
Stock-Based Compensation Expense |
|||||||||||
Stock-based compensation expense is included in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): |
|||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Cost of sales (exclusive of amortization of acquired intangible assets) |
$ |
897 |
|
$ |
415 |
|
$ |
1,750 |
|
$ |
925 |
Research and development |
|
1,831 |
|
|
1,073 |
|
|
3,659 |
|
|
2,131 |
Selling, general and administrative |
|
6,055 |
|
|
3,278 |
|
|
11,793 |
|
|
6,623 |
Total stock-based compensation expense |
$ |
8,783 |
|
$ |
4,766 |
|
$ |
17,202 |
|
$ |
9,679 |
CASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||||
|
|
||||||
|
June 30, 2022 |
|
December 31, 2021 |
||||
ASSETS |
(unaudited) |
|
|
||||
Current Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
273,166 |
|
|
$ |
329,633 |
|
Accounts receivable, net |
|
22,606 |
|
|
|
17,282 |
|
Inventory |
|
3,365 |
|
|
|
2,021 |
|
Prepaid expenses and other current assets |
|
5,775 |
|
|
|
4,807 |
|
Total current assets |
|
304,912 |
|
|
|
353,743 |
|
Long-term accounts receivable, net |
|
1,367 |
|
|
|
1,308 |
|
Property and equipment, net |
|
11,203 |
|
|
|
9,501 |
|
Operating lease assets |
|
7,004 |
|
|
|
7,383 |
|
Goodwill and other intangible assets, net |
|
132,671 |
|
|
|
88,922 |
|
Other assets ? long-term |
|
1,223 |
|
|
|
1,715 |
|
Total assets |
$ |
458,380 |
|
|
$ |
462,572 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current Liabilities |
|
|
|
||||
Accounts payable |
$ |
3,281 |
|
|
$ |
2,546 |
|
Accrued compensation |
|
14,850 |
|
|
|
15,483 |
|
Operating lease liabilities |
|
1,211 |
|
|
|
1,179 |
|
Other accrued and current liabilities |
|
8,177 |
|
|
|
5,678 |
|
Total current liabilities |
|
27,519 |
|
|
|
24,886 |
|
Noncurrent portion of contingent consideration |
|
1,949 |
|
|
|
18,287 |
|
Noncurrent operating lease liabilities |
|
6,480 |
|
|
|
6,900 |
|
Deferred tax liability |
|
614 |
|
|
|
635 |
|
Other liabilities |
|
158 |
|
|
|
124 |
|
Total liabilities |
|
36,720 |
|
|
|
50,832 |
|
Stockholders' Equity |
|
|
|
||||
Common stock |
|
26 |
|
|
|
25 |
|
Additional paid-in capital |
|
541,672 |
|
|
|
505,482 |
|
Accumulated deficit |
|
(120,038 |
) |
|
|
(93,767 |
) |
Total stockholders' equity |
|
421,660 |
|
|
|
411,740 |
|
Total liabilities and stockholders' equity |
$ |
458,380 |
|
|
$ |
462,572 |
|
CASTLE BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
|||||||
|
Six Months Ended June 30, |
||||||
|
2022 |
|
2021 |
||||
OPERATING ACTIVITIES |
|
|
|
||||
Net loss |
$ |
(26,271 |
) |
|
$ |
(13,071 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
4,779 |
|
|
|
867 |
|
Stock-based compensation expense |
|
17,202 |
|
|
|
9,679 |
|
Change in fair value of contingent consideration |
|
(17,836 |
) |
|
|
? |
|
Deferred income taxes |
|
(1,839 |
) |
|
|
? |
|
Other |
|
39 |
|
|
|
69 |
|
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(5,628 |
) |
|
|
(5,275 |
) |
Prepaid expenses and other current assets |
|
(707 |
) |
|
|
1,347 |
|
Inventory |
|
(1,066 |
) |
|
|
223 |
|
Operating lease assets |
|
437 |
|
|
|
462 |
|
Other assets |
|
504 |
|
|
|
(95 |
) |
Accounts payable |
|
302 |
|
|
|
(683 |
) |
Operating lease liabilities |
|
(445 |
) |
|
|
(590 |
) |
Accrued compensation |
|
(1,013 |
) |
|
|
(523 |
) |
Medicare advance payment |
|
? |
|
|
|
(2,173 |
) |
Other accrued liabilities |
|
1,111 |
|
|
|
(306 |
) |
Net cash used in operating activities |
|
(30,431 |
) |
|
|
(10,069 |
) |
|
|
|
|
||||
INVESTING ACTIVITIES |
|
|
|
||||
Purchases of property and equipment |
|
(1,807 |
) |
|
|
(1,663 |
) |
Asset acquisition |
|
547 |
|
|
|
(33,184 |
) |
Acquisition of business, net of cash and cash equivalents acquired |
|
(26,661 |
) |
|
|
? |
|
Proceeds from sale of property and equipment |
|
8 |
|
|
|
2 |
|
Net cash used in investing activities |
|
(27,913 |
) |
|
|
(34,845 |
) |
|
|
|
|
||||
FINANCING ACTIVITIES |
|
|
|
||||
Payment of common stock offering costs |
|
? |
|
|
|
(336 |
) |
Proceeds from exercise of common stock options |
|
509 |
|
|
|
2,345 |
|
Payment of employees' taxes on vested restricted stock units |
|
(88 |
) |
|
|
? |
|
Proceeds from contributions to the employee stock purchase plan |
|
1,511 |
|
|
|
1,392 |
|
Repayment of principal portion of finance lease liabilities |
|
(55 |
) |
|
|
? |
|
Net cash provided by financing activities |
|
1,877 |
|
|
|
3,401 |
|
|
|
|
|
||||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
(56,467 |
) |
|
|
(41,513 |
) |
Beginning of period |
|
329,633 |
|
|
|
409,852 |
|
End of period |
$ |
273,166 |
|
|
$ |
368,339 |
|
CASTLE BIOSCIENCES, INC. Reconciliation of Non-GAAP Financial Measures (UNAUDITED)
|
|||||||||||||||
The table below presents the reconciliation of adjusted revenue and adjusted gross margin, which are non-GAAP financial measures. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures. |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
(in thousands) |
|
|
|
|
|
|
|
||||||||
Adjusted revenue |
|
|
|
|
|
|
|
||||||||
Net revenues (GAAP) |
$ |
34,838 |
|
|
$ |
22,758 |
|
|
$ |
61,690 |
|
|
$ |
45,571 |
|
Revenue associated with test reports delivered in prior periods |
|
(578 |
) |
|
|
166 |
|
|
|
300 |
|
|
|
(5,092 |
) |
Adjusted revenue (Non-GAAP) |
$ |
34,260 |
|
|
$ |
22,924 |
|
|
$ |
61,990 |
|
|
$ |
40,479 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted gross margin |
|
|
|
|
|
|
|
||||||||
Gross margin (GAAP)1 |
$ |
25,055 |
|
|
$ |
18,805 |
|
|
$ |
44,315 |
|
|
$ |
38,590 |
|
Amortization of acquired intangible assets |
|
2,097 |
|
|
|
256 |
|
|
|
3,745 |
|
|
|
256 |
|
Revenue associated with test reports delivered in prior periods |
|
(578 |
) |
|
|
166 |
|
|
|
300 |
|
|
|
(5,092 |
) |
Adjusted gross margin (Non-GAAP) |
$ |
26,574 |
|
|
$ |
19,227 |
|
|
$ |
48,360 |
|
|
$ |
33,754 |
|
|
|
|
|
|
|
|
|
||||||||
Gross margin percentage (GAAP)2 |
|
71.9 |
% |
|
|
82.6 |
% |
|
|
71.8 |
% |
|
|
84.7 |
% |
Adjusted gross margin percentage (Non-GAAP)3 |
|
77.6 |
% |
|
|
83.9 |
% |
|
|
78.0 |
% |
|
|
83.4 |
% |
________________________ |
||
1. |
Calculated as net revenues (GAAP) less the sum of cost of sales (exclusive of amortization of acquired intangible assets) and amortization of acquired intangible assets. |
|
2. |
Calculated as gross margin (GAAP) divided by net revenues (GAAP). |
|
3. |
Calculated as adjusted gross margin (Non-GAAP) divided by adjusted revenue (Non-GAAP). |
The table below presents the reconciliation of adjusted operating cash flow, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
(in thousands) |
|
|
|
|
|
|
|
||||||||
Adjusted operating cash flow |
|
|
|
|
|
|
|
||||||||
Net cash used in operating activities (GAAP) |
$ |
(9,001 |
) |
|
$ |
(6,438 |
) |
|
$ |
(30,431 |
) |
|
$ |
(10,069 |
) |
Medicare advance payment1 |
|
? |
|
|
|
2,173 |
|
|
|
? |
|
|
|
2,173 |
|
HHS provider relief funds2 |
|
? |
|
|
|
? |
|
|
|
? |
|
|
|
(1,882 |
) |
Adjusted operating cash flow (Non-GAAP) |
$ |
(9,001 |
) |
|
$ |
(4,265 |
) |
|
$ |
(30,431 |
) |
|
$ |
(9,778 |
) |
1. |
We received an advance payment of $8.3 million from the Centers for Medicare & Medicaid Service (CMS), for which recoupment has commenced in April 2021. We recorded the receipt of the payment as a liability on our balance sheet and, in accordance with GAAP, it was included in net cash provided by operating activities in the period received. We have excluded receipt of the advance payment from adjusted operating cash flow, but as claims were submitted for reimbursement and applied against this balance, we included the advance payment in adjusted operating cash flow to the extent that Medicare claims submitted for reimbursement were applied to the balance. |
|
2. |
We received a one-time payment of $1.9 million in relief funds automatically allocated to Medicare providers under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) from the U.S. Department of Health and Human Services (HHS). |
The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
(in thousands) |
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(1,648 |
) |
|
$ |
(8,791 |
) |
|
$ |
(26,271 |
) |
|
$ |
(13,071 |
) |
Interest expense |
|
4 |
|
|
|
? |
|
|
|
7 |
|
|
|
? |
|
Depreciation and amortization expense |
|
2,628 |
|
|
|
634 |
|
|
|
4,779 |
|
|
|
867 |
|
Income tax (benefit) expense |
|
(1,957 |
) |
|
|
5 |
|
|
|
(1,823 |
) |
|
|
5 |
|
Stock-based compensation expense |
|
8,783 |
|
|
|
4,766 |
|
|
|
17,202 |
|
|
|
9,679 |
|
Change in fair value of contingent consideration |
|
(20,398 |
) |
|
|
? |
|
|
|
(17,836 |
) |
|
|
? |
|
Acquisition related transaction costs |
|
1,711 |
|
|
|
? |
|
|
|
1,711 |
|
|
|
? |
|
Adjusted EBITDA (Non-GAAP) |
$ |
(10,877 |
) |
|
$ |
(3,386 |
) |
|
$ |
(22,231 |
) |
|
$ |
(2,520 |
) |
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