DIH Holding US, Inc. ("DIH")(NASDAQ:DHAI), a global provider of
advanced robotic devices used in physical rehabilitation, which
incorporate visual stimulation in an interactive manner to enable
clinical research and intensive functional rehabilitation and
training in patients with walking impairments, reduced balance
and/or impaired arm and hand functions, today announced financial
results for the quarter ended June 30, 2024, which is the first
quarter of fiscal 2025.
Recent Highlights
- Revenue of $16.2 million for the quarter ended June 30, 2024,
representing growth of 24% over the prior year period
- Device revenue of $12.3 million and service revenue of $3.5
million for the quarter ended June 30, 2024, representing growth of
18% and 49%, respectively over the prior year period
- Revenue growth in both Europe, Middle East and Africa (EMEA)
and the Americas of 54% over the prior year period
- Gross Margin of 53.5%, representing a 12 percentage point
improvement over the prior year period
- Net loss of $0.6 million, representing improvement of $2.3
million over the prior year period
- DIH reiterates its expected full year 2025 revenue range of $74
million to $77 million, representing growth of approximately 15% to
20% over the full year 2024
“We are very pleased with the Company’s performance in the first
quarter of Fiscal Year 2025, showing significant progress over the
same quarter last year,” said Jason Chen, Chairman and CEO of DIH.
“I am excited that two of our major strategic markets, EMEA and the
Americas, each achieved growth of 54% and that recurring service
revenue grew by 49%. Our team has increased account penetration and
enhanced productivity through workflow efficiencies, as reflected
in the significant improvements in both gross margin and net
income. We will continue to enrich our product solution offerings
throughout the year and I remain excited about the significant
growth opportunities ahead of us.”
Financial Results for the First Fiscal Quarter Ended
June 30, 2024
Revenue for the three months ended June 30, 2024
increased by $3.1 million, or 24.1%, to $16.2 million from $13.0
million for the three months ended June 30, 2023. The overall
increase was primarily due to an increase in devices sold of $1.8
million, or 17.6% year over year. The increase in devices revenue
was primarily driven by higher sales volume in EMEA. Services
revenue represented an increase of $1.2 million, up 49.1% compared
to the prior period. Other revenues were consistent compared to the
prior period. Total revenue in EMEA and the Americas increased by
$3.6 million and $1.6 million, respectively, to $10.2 million and
$4.6 million for the three months ended June 30, 2024 compared to
$6.6 million and $3.0 million for the three months ended June 30,
2023. The increase was partially offset by a decrease in sales in
Asia.
The impact due to foreign currency translation resulted in a
decrease of approximately $0.1 million in revenue for the three
months ended June 30, 2024.
Gross profit for the first fiscal quarter ended
June 30, 2024, was $8.7 million, an increase of 60.6% compared to
the prior year period. The increase was driven by an increase of
$3.1 million in sales primarily in the EMEA region. Cost of sales
was improved as compared to June 30, 2023, and was driven in part
by a provision adjustment in the prior year that was not recurring
in the current period.
Selling, general and administrative expense for
the three months ended June 30, 2024 increased by $2.8 million, or
48.2%, to $8.7 million from $5.8 million for the three months ended
June 30, 2023. The increase was driven by a $0.7 million increase
in professional service costs related to audit, legal and other
professional services along with an investment in finance capacity
to support public company reporting obligations. Additionally, the
increase included a $0.7 million increase in performance-based
compensation and a $0.9 million increase in overhead expenses
supporting the current growth. In addition, the Company implemented
new guidance for the provision of credit losses during the three
months ended June 30, 2023 The adjustment during the prior period
reduced reserves on receivables in the prior year and, generated a
benefit to the Company in the prior year that is not recurring as
of the three months ended June 30, 2024.
Research and development costs for the three
months ended June 30, 2024 increased by $0.2 million, or 14.3%, to
$1.6 million from $1.4 million for the three months ended June 30,
2023. The increase was primarily attributable to a $0.2 million
increase in personnel expenses related to increased employee
compensation.
Cash and cash equivalents on June 30, 2024
totaled $2.7 million.
Fiscal Year 2025 Outlook
The Company continues to expect gross revenue for fiscal year
2025 to range between $74 million and $77 million, representing
approximately 15%-20% growth over fiscal year 2024.
About DIH Holding US, Inc.
DIH stands for the vision to “Deliver
Inspiration & Health” to improve the daily lives of millions of
people with disabilities and functional impairments through
providing devices and solutions enabling intensive rehabilitation.
DIH is a global provider of advanced robotic devices used in
physical rehabilitation, which incorporate visual stimulation in an
interactive manner to enable clinical research and intensive
functional rehabilitation and training in patients with walking
impairments, reduced balance and/or impaired arm and hand
functions. Built through the mergers of global-leading niche
technology providers, DIH is a transformative rehabilitation
solutions provider and consolidator of a largely fragmented and
manual-labor-driven industry.
Caution Regarding Forward-Looking
Statements
This press release contains certain statements which are not
historical facts, which are forward-looking statements within the
meaning of the federal securities laws, for the purposes of the
safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
certain statements made with respect to the business combination,
the services offered by DIH and the markets in which it operates,
and DIH’s projected future results. These forward-looking
statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are predictions
provided for illustrative purposes only, and projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties that could cause the actual results to differ
materially from the expected results. These risks and uncertainties
include, but are not limited to: general economic, political and
business conditions; the ability of DIH to achieve its projected
revenue, the failure of DIH realize the anticipated benefits of the
recently-completed business combination and access to sources of
additional debt or equity capital if needed. While DIH may elect to
update these forward-looking statements at some point in the
future, DIH specifically disclaims any obligation to do so.
Investor ContactGreg
Chodaczek332-895-3230Investor.relations@dih.com
DIH HOLDING US, INC.CONSOLIDATED BALANCE
SHEETS(in thousands, except share and per share
data, unaudited) |
|
|
As of June 30, 2024 |
|
|
As of March 31, 2024 |
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
2,749 |
|
|
$ |
3,225 |
|
Accounts receivable, net of allowances of $631 and $667,
respectively |
|
5,690 |
|
|
|
5,197 |
|
Inventories, net |
|
9,014 |
|
|
|
7,830 |
|
Due from related party |
|
5,728 |
|
|
|
5,688 |
|
Other current assets |
|
6,194 |
|
|
|
5,116 |
|
Total current assets |
|
29,375 |
|
|
|
27,056 |
|
Property, and equipment, net |
|
664 |
|
|
|
530 |
|
Capitalized software, net |
|
2,052 |
|
|
|
2,131 |
|
Other
intangible assets, net |
|
380 |
|
|
|
380 |
|
Operating lease, right-of-use assets, net |
|
4,388 |
|
|
|
4,466 |
|
Other
tax assets |
|
417 |
|
|
|
267 |
|
Other
assets |
|
933 |
|
|
|
905 |
|
Total
assets |
$ |
38,209 |
|
|
$ |
35,735 |
|
Liabilities and Deficit |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
5,368 |
|
|
$ |
4,305 |
|
Employee compensation |
|
3,991 |
|
|
|
2,664 |
|
Due to related party |
|
9,790 |
|
|
|
10,192 |
|
Current portion of deferred revenue |
|
6,350 |
|
|
|
5,211 |
|
Manufacturing warranty obligation |
|
549 |
|
|
|
513 |
|
Current portion of long-term operating lease |
|
1,509 |
|
|
|
1,572 |
|
Current maturities of convertible debt |
|
1,461 |
|
|
|
— |
|
Advance payments from customers |
|
9,272 |
|
|
|
10,562 |
|
Accrued expenses and other current liabilities |
|
9,950 |
|
|
|
9,935 |
|
Total
current liabilities |
|
48,240 |
|
|
|
44,954 |
|
Convertible debt, net of current maturities |
|
1,177 |
|
|
|
— |
|
Notes payable - related party |
|
10,722 |
|
|
|
11,457 |
|
Non-current deferred revenues |
|
4,747 |
|
|
|
4,670 |
|
Long-term operating lease |
|
2,925 |
|
|
|
2,917 |
|
Deferred tax liabilities |
|
89 |
|
|
|
112 |
|
Other non-current liabilities |
|
4,304 |
|
|
|
4,171 |
|
Total
liabilities |
$ |
72,204 |
|
|
$ |
68,281 |
|
Commitments and contingencies |
|
|
|
|
|
Deficit: |
|
|
|
|
|
Preferred stock, $0.00001 par value; 10,000,000 shares authorized;
no shares issued and outstanding at June 30, 2024 and March 31,
2024 |
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 100,000,000 shares authorized;
34,544,935 shares issued and outstanding at June 30, 2024 and March
31, 2024 |
|
3 |
|
|
|
3 |
|
Additional paid-in-capital |
|
3,685 |
|
|
|
2,613 |
|
Accumulated deficit |
|
(35,826 |
) |
|
|
(35,212 |
) |
Accumulated other comprehensive income (loss) |
|
(1,857 |
) |
|
|
50 |
|
Total
deficit |
$ |
(33,995 |
) |
|
$ |
(32,546 |
) |
Total
liabilities and deficit |
$ |
38,209 |
|
|
$ |
35,735 |
|
|
|
|
|
|
|
|
|
DIH HOLDING US, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per
share data, unaudited) |
|
|
For the Three Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
Revenue |
$ |
16,187 |
|
|
$ |
13,045 |
|
Cost of
sales |
|
7,521 |
|
|
|
7,648 |
|
Gross
profit |
|
8,666 |
|
|
|
5,397 |
|
Operating expenses: |
|
|
|
|
|
Selling, general, and administrative expense |
|
8,676 |
|
|
|
5,837 |
|
Research and development |
|
1,644 |
|
|
|
1,438 |
|
Total
operating expenses |
|
10,320 |
|
|
|
7,275 |
|
Operating loss |
|
(1,654 |
) |
|
|
(1,878 |
) |
Other
income (expense): |
|
|
|
|
|
Interest income (expense) |
|
(135 |
) |
|
|
(120 |
) |
Other income (expense), net |
|
1,898 |
|
|
|
(689 |
) |
Total
other income (expense) |
|
1,763 |
|
|
|
(809 |
) |
Income
(loss) before income taxes |
|
109 |
|
|
|
(2,687 |
) |
Income
tax expense |
|
723 |
|
|
|
226 |
|
Net
loss |
$ |
(614 |
) |
|
$ |
(2,913 |
) |
|
|
|
|
|
|
Net loss
per share, basic and diluted |
$ |
(0.02 |
) |
|
$ |
(0.12 |
) |
Weighted
average common shares outstanding, basic and diluted |
|
34,545 |
|
|
|
25,000 |
|
|
|
|
|
|
|
|
|
DIH HOLDING US, INC.CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS(in thousands, unaudited) |
|
For the Three Months Ended June 30, |
|
|
2024 |
|
2023 |
|
Net loss |
$ |
(614 |
) |
|
$ |
(2,913 |
) |
Other
comprehensive (loss) income, net of tax |
|
|
|
|
|
Foreign currency translation adjustments, net of tax of $0 and
$0 |
|
(1,388 |
) |
|
|
841 |
|
Pension liability adjustments, net of tax of $0 and $0 |
|
(291 |
) |
|
|
(420 |
) |
Other comprehensive (loss) income |
|
(1,679 |
) |
|
|
421 |
|
Comprehensive loss |
$ |
(2,293 |
) |
|
$ |
(2,492 |
) |
|
|
|
|
|
|
|
|
DIH HOLDING US, INC. AND SUBSIDIARIESINTERIM
CONDENSED COMBINED STATEMENTS OF CHANGES IN EQUITY
(DEFICIT)(in thousands, unaudited) |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
Shares(1) |
|
Amount |
|
Additional Paid-In Capital |
|
Accumulated Deficit |
|
Accumulated Other Comprehensive Income (Loss) |
|
Total Equity (Deficit) |
|
Balance, March 31, 2023 |
|
25,000,000 |
|
$ |
2 |
|
$ |
(1,898 |
) |
$ |
(26,769 |
) |
$ |
(289 |
) |
$ |
(28,954 |
) |
Net
loss |
|
— |
|
|
— |
|
|
— |
|
|
(2,913 |
) |
|
— |
|
|
(2,913 |
) |
Other
comprehensive loss, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
421 |
|
|
421 |
|
Balance, June 30, 2023 |
|
25,000,000 |
|
$ |
2 |
|
$ |
(1,898 |
) |
$ |
(29,682 |
) |
$ |
132 |
|
$ |
(31,446 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Additional Paid-In Capital |
|
Accumulated Deficit |
|
Accumulated Other Comprehensive Income (Loss) |
|
Total Equity (Deficit) |
|
Balance, March 31, 2024 |
|
34,544,935 |
|
$ |
3 |
|
$ |
2,613 |
|
$ |
(35,212 |
) |
$ |
50 |
|
$ |
(32,546 |
) |
Net
loss |
|
— |
|
|
— |
|
|
— |
|
|
(614 |
) |
|
— |
|
|
(614 |
) |
Transaction relates to reverse recapitalization |
|
— |
|
|
— |
|
|
710 |
|
|
— |
|
|
— |
|
|
710 |
|
Issuance of warrants |
|
— |
|
|
— |
|
|
362 |
|
|
— |
|
|
— |
|
|
362 |
|
Other
comprehensive income, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,907 |
) |
|
(1,907 |
) |
Balance, June 30, 2024 |
|
34,544,935 |
|
$ |
3 |
|
$ |
3,685 |
|
$ |
(35,826 |
) |
$ |
(1,857 |
) |
$ |
(33,995 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIH HOLDING US, INC.CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands, unaudited) |
|
For the Three Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ |
(614 |
) |
|
$ |
(2,913 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
91 |
|
|
|
79 |
|
Provision for credit losses |
|
(36 |
) |
|
|
(432 |
) |
Allowance for inventory obsolescence |
|
(13 |
) |
|
|
693 |
|
Pension contributions |
|
(150 |
) |
|
|
(150 |
) |
Pension expense |
|
77 |
|
|
|
66 |
|
Foreign exchange (gain) loss |
|
(1,899 |
) |
|
|
689 |
|
Noncash lease expense |
|
422 |
|
|
|
375 |
|
Noncash interest expense |
|
— |
|
|
|
7 |
|
Deferred and other noncash income tax (income) expense |
|
(166 |
) |
|
|
4 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(489 |
) |
|
|
705 |
|
Inventories |
|
(1,468 |
) |
|
|
(1,332 |
) |
Due from related parties |
|
(108 |
) |
|
|
1,522 |
|
Due to related parties |
|
(584 |
) |
|
|
(649 |
) |
Other assets |
|
(872 |
) |
|
|
(398 |
) |
Operating lease liabilities |
|
(425 |
) |
|
|
(518 |
) |
Accounts payable |
|
1,508 |
|
|
|
36 |
|
Employee compensation |
|
1,388 |
|
|
|
(160 |
) |
Other liabilities |
|
— |
|
|
|
189 |
|
Deferred revenue |
|
1,411 |
|
|
|
209 |
|
Manufacturing warranty obligation |
|
50 |
|
|
|
71 |
|
Advance payments from customers |
|
(1,136 |
) |
|
|
2,229 |
|
Accrued expense and other current liabilities |
|
1,003 |
|
|
|
(797 |
) |
Net cash
used in operating activities |
|
(2,010 |
) |
|
|
(475 |
) |
Cash flows from investing activities: |
|
|
|
|
|
Purchases of property and equipment |
|
(235 |
) |
|
|
(15 |
) |
Net cash
used in investing activities |
|
(235 |
) |
|
|
(15 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from issuance of convertible debt, net of issuance
costs |
|
2,509 |
|
|
|
— |
|
Payments on related party notes payable |
|
(735 |
) |
|
|
(1,936 |
) |
Net cash
provided by (used in) financing activities |
|
1,774 |
|
|
|
(1,936 |
) |
Effect
of currency translation on cash and cash equivalents |
|
(5 |
) |
|
|
13 |
|
Net
increase in cash, and cash equivalents, and restricted cash |
|
(476 |
) |
|
|
(2,413 |
) |
Cash,
and cash equivalents - beginning of period |
|
3,225 |
|
|
|
3,175 |
|
Cash,
and cash equivalents - end of period |
$ |
2,749 |
|
|
$ |
762 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
Interest paid |
$ |
135 |
|
|
$ |
113 |
|
Income tax paid |
$ |
— |
|
|
$ |
— |
|
Supplemental disclosure of non-cash investing and financing
activity: |
|
|
|
|
|
Accounts payable settled upon reverse recapitalization |
$ |
710 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
DIH Holdings US (NASDAQ:DHAI)
過去 株価チャート
から 7 2024 まで 8 2024
DIH Holdings US (NASDAQ:DHAI)
過去 株価チャート
から 8 2023 まで 8 2024