Exhibit 99.1
STRATA Skin Sciences Reports Second Quarter 2024 Financial Results and Provides a Corporate Update
HORSHAM, Penn., August 14, 2024 – STRATA Skin
Sciences, Inc. (“STRATA” or the “Company”) (NASDAQ: SSKN), a medical technology company dedicated to developing, commercializing, and marketing innovative products for the treatment of dermatologic conditions, announces its financial results for
the quarter ended June 30, 2024 and provides a corporate update.
Second Quarter 2024 Highlights
|
• |
Revenue in the second quarter of 2024 was $8.4 million (+2% YOY) vs. $8.3 million in the second quarter of 2023
|
|
o |
Global net recurring revenue in the second quarter of 2024 was $5.3 million (-2% YOY) vs. $5.5 million in the second quarter of 2023, and was negatively impacted by deferred billings
|
|
o |
Gross domestic XTRAC® recurring billings were $4.7 million (-6% YOY) in the second quarter of 2024 vs. $5.1 million in the second quarter of 2023
|
|
• |
Operating expenses in the second quarter of 2024 were $5.4 million (-14% YOY) vs. $6.3 million in the second quarter of 2023
|
|
• |
Domestic installed base of 882 XTRAC® devices under the Company’s recurring revenue business model at June 30, 2024 vs. 907 XTRAC® devices at March 31, 2024 and 923 XTRAC®
devices at December 31, 2023, as the Company continues to realign its assets and remove underperforming accounts
|
|
• |
Domestic installed base of 117 TheraClear®X devices under the Company’s recurring revenue business model at June 30, 2024 vs. 104 TheraClear®X devices at March 31, 2024 and 92
TheraClear®X devices at December 31, 2023
|
Recent Corporate Highlights
|
• |
On July 23, 2024, closed a registered direct offering that raised $2.10 million in gross proceeds through the sale of 665,136 shares of common stock at an average purchase price of $3.16/share,
with participation from insiders and existing institutional shareholders
|
|
• |
Received approval for the XTRAC MomentumTM 1.0 device in Japan and will begin immediate commercial rollout through its Japanese strategic partner and distributor JMEC Co., Ltd.
|
|
• |
Announced that a multi-treatment study published in the July 11, 2024 issue of the Journal of Cosmetic and Laser Therapy
found the TheraClear®X Acne Therapy System reduced lesions and associated skin redness with improvement in skin texture and pore size after one to three treatments while being well tolerated, offering benefits as monotherapy
and/or as an adjuvant
|
|
• |
Sponsored two webinars discussing the benefits of using its XTRAC® excimer device for the treatment of psoriasis, vitiligo, and eczema and its TheraClear®X photopneumatic
device for the treatment of mild to moderate acne, each hosted by a leading dermatologist
|
|
• |
Announced that a seven-week open label study published in the June 2024 issue of the Journal of Clinical and Aesthetic Dermatology
found the TheraClear®X Acne Therapy System to be safe and effective for acne lesions across all Fitzpatrick skin types with favorable tolerability and patient satisfaction
|
|
• |
Renewed 3-year agreements with exclusive distributors in China and Japan with each agreement carrying minimum unit placements and/or purchases of the XTRAC® and VTRAC® devices
|
“During the second quarter of 2024, we continued to make financial and strategic progress. Revenue grew 2% year-over-year to $8.4M, gross margins improved from 52.3%
a year ago to 58.5%, and our cost control measures helped reduce total operating expenses by 14% year-over-year, or approximately $900,000. These factors helped reduce our operating loss from $2.0M in the second quarter of 2023 to a loss of $0.5
million in the recently completed quarter,” commented STRATA’s President and CEO Dr. Dolev Rafaeli. “Furthermore, our total cash increased sequentially from $6.6 million to $6.8 million in the second quarter of 2024, largely due to receipt of
$864,000 in the second quarter of 2024 from the Employee Retention Credit under the CARES Act.
“We continue to ramp our DTC marketing spend and expect this trend to continue across the remainder of 2024. Renewed focus on a DTC campaign is a key strategy for
STRATA, and we are seeing early positive signs that suggest an emphasis on DTC is paying off. The number of XTRAC® patient appointments that were sourced via DTC in the second quarter grew sequentially, while cost-per-lead and
cost-per-appointment were lower than those in 2021, the last time the company was using DTC at a comparable scale. These favorable metrics have enabled an expansion of our marketing efforts to 28 active designated marketing areas, or DMAs, and
leads are now generally driven nationwide with further focus on areas where growth is needed strategically.
“Our strategic efforts to optimize our installed base of devices also continues, with the ultimate goal of increasing the utilization of our devices. Quite simply, if
a dermatology practice has one of our devices installed but is not using it, then we prefer to remove that device and find a practice that will be more active in performing multiple daily procedures with it. To this end, our domestic base of
installed XTRAC® devices were down from 907 units at the end of March 2024 to 882 units at the end of June, consistent with our plan to shrink our installed base of devices in 2024.
“With TheraClear®X, our installed base of devices with dermatology practices continues to increase, with that base growing from 104 devices at the end of
March 2024 to 117 devices at the end of June. Moreover, the number of patients pre-approved by individual payers grew sequentially, with the northeast region leading that expansion. Two studies were recently published in respected journals that
highlight the effectiveness and safety with our TheraClear®X photopneumatic devices for mild-to-moderate acne, and we will continue to educate physicians and patients alike about this relatively new treatment offering that can be quite
effective both as monotherapy and as an adjuvant.
“Lastly, in July, we completed a financing that increased our cash balance by $2.1 million in gross proceeds. This offering had participation from insiders and some
current institutional shareholders that accounted for roughly half of the amount raised, which shows conviction in the leadership and corporate strategy. We look forward to continued progress with our turnaround with an eye towards profitability
and positive cash flow and will share additional corporate developments as warranted,” concluded Dr. Rafaeli.
Second Quarter 2024 Financial Results
Revenue for the second quarter of 2024 was $8.4 million, as compared to revenue of $8.3 million for the second quarter of 2023. Global recurring revenue for the
second quarter of 2024 was $5.3 million, as compared to global recurring revenue of $5.5 million for the second quarter of 2023. Equipment revenue was $3.1 million for the second quarter of 2024, as compared to $2.8 million for the second quarter
of 2023.
Gross profit for the second quarter of 2024 was $4.9 million, or 58.5% of revenue, as compared to $4.3 million, or 52.3% of revenue, for the second quarter of 2023.
Selling and marketing costs for the second quarter of 2024 were $3.0 million, as compared to $3.4 million for the second quarter of 2023. General and administrative
costs for the second quarter of 2024 were $2.2 million, as compared to $2.5 million for the second quarter of 2023.
Net loss for the second quarter of 2024 was $0.1 million, or a net loss of $0.03 per basic and diluted common share, as compared to a net loss of $3.1 million, or a
net loss of $0.90 per basic and diluted common share, in the second quarter of 2023.
Cash, cash equivalents, and restricted cash at June 30, 2024 were $6.8 million.
Second Quarter 2024 Earnings Conference Call
STRATA management will host a conference call today at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following management’s
formal remarks, there will be a question-and-answer session.
To listen to the conference call, interested parties within the U.S. should dial 1-877-270-2148 (domestic) or 1-412-902-6510 (international). All callers should dial
in approximately 10 minutes prior to the scheduled start time and ask to be joined into the STRATA Skin Sciences, Inc. conference call.
The conference call will also be available through a live webcast that can be accessed at STRATA Skin Sciences 2Q24 Earnings Webcast.
A telephonic replay of the call will be available until August 21, 2024 by dialing 1-877-344-7529 (or 1-412-317-0088 for international callers) and using replay access
code 7605445. To access the replay using an international dial-in number, please see here.
A webcast earnings call replay will be available approximately one hour after the live call until February 14, 2025.
Non-GAAP Financial Measures
STRATA has determined to supplement its consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of
America (“U.S. GAAP”), presented elsewhere within this report, with certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP gross profit, which excludes the non-cash expense of amortization of acquired
intangible assets classified as cost of revenues, and non-GAAP adjusted EBITDA, “Earnings Before Interest, Taxes, Depreciation, and Amortization.”
These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for Gross Profit or Net Earnings (Loss) determined in
accordance with U.S. GAAP, should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other
companies. STRATA considers these non-GAAP measures in addition to its results prepared under current accounting standards, but they are not a substitute for, nor superior to, U.S. GAAP measures. These non-GAAP measures are provided to enhance
readers’ overall understanding of STRATA’s current financial performance and to provide further information for comparative purposes. This supplemental presentation should not be construed as an inference that the Company's future results will be
unaffected by similar adjustments to Gross Profit or Net Earnings (Loss) determined in accordance with U.S. GAAP. Specifically, STRATA believes the non-GAAP measures provide useful information to management and investors by isolating certain
expenses, gains, and losses that may not be indicative of the Company’s core operating results and business outlook. In addition, STRATA believes non-GAAP measures enhance the comparability of results against prior periods.
Reconciliation to the most directly comparable U.S. GAAP measure of all non-GAAP measures included in this press release is as follows:
|
|
Three Months Ended June 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
Net loss
|
|
$
|
(99
|
)
|
|
$
|
(3,148
|
)
|
| |
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
1,250
|
|
|
|
1,428
|
|
|
Amortization of operating lease right-of-use assets
|
|
|
79
|
|
|
|
63
|
|
|
Loss on disposal of property and equipment
|
|
|
6
|
|
|
|
24
|
|
|
Interest expense, net
|
|
|
477
|
|
|
|
277
|
|
|
Non-GAAP EBITDA
|
|
|
1,713
|
|
|
|
(1,356
|
)
|
|
Employee retention credit
|
|
|
(864
|
)
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
|
163
|
|
|
|
352
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
909
|
|
|
Non-GAAP adjusted EBITDA
|
|
$
|
1,012
|
|
|
$
|
(95
|
)
|
| |
|
Six Months Ended June 30,
|
|
| |
|
2024
|
|
|
2023
|
|
|
Net loss
|
|
$
|
(3,467
|
)
|
|
$
|
(5,983
|
)
|
| |
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
2,499
|
|
|
|
2,825
|
|
|
Amortization of operating lease right-of-use assets
|
|
|
174
|
|
|
|
168
|
|
|
Loss on disposal of property and equipment
|
|
|
19
|
|
|
|
24
|
|
|
Interest expense, net
|
|
|
956
|
|
|
|
526
|
|
|
Non-GAAP EBITDA
|
|
|
181
|
|
|
|
(2,440
|
)
|
|
Employee retention credit
|
|
|
(864
|
)
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
|
275
|
|
|
|
677
|
|
|
Inventory write-off
|
|
|
141
|
|
|
|
—
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
909
|
|
|
Non-GAAP adjusted EBITDA
|
|
$
|
(267
|
)
|
|
$
|
(854
|
)
|
XTRAC Gross Domestic Recurring Billings
XTRAC gross domestic recurring billings represent the amount invoiced to partner clinics when treatment codes are sold to the physician. It does not include normal
GAAP adjustments, which are deferred revenue from prior quarters recorded as revenue in the current quarter, the deferral of revenue from the current quarter recorded as revenue in future quarters, adjustments for co-pay and other discounts. This
excludes international recurring revenues.
The following is a reconciliation of non-GAAP XTRAC gross domestic billings to domestic recorded revenue for the second quarter and first six months of 2024 and 2023
(in thousands), respectively:
| |
|
Three Months Ended June 30,
|
|
|
YTD
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Gross domestic recurring billings
|
|
$
|
4,735
|
|
|
$
|
5,057
|
|
|
$
|
9,313
|
|
|
$
|
9,792
|
|
|
Co-Pay adjustments
|
|
|
(83
|
)
|
|
|
(88
|
)
|
|
|
(163
|
)
|
|
|
(171
|
)
|
|
Other discounts
|
|
|
(26
|
)
|
|
|
(31
|
)
|
|
|
(56
|
)
|
|
|
(59
|
)
|
|
Deferred revenue from prior quarters
|
|
|
1,901
|
|
|
|
2,025
|
|
|
|
1,624
|
|
|
|
2,170
|
|
|
Deferral of revenue to future quarters
|
|
|
(1,812
|
)
|
|
|
(2,005
|
)
|
|
|
(1,812
|
)
|
|
|
(2,025
|
)
|
|
GAAP Recorded domestic revenue
|
|
$
|
4,715
|
|
|
$
|
4,958
|
|
|
$
|
8,906
|
|
|
$
|
9,707
|
|
About STRATA Skin Sciences, Inc.
STRATA Skin Sciences is a medical technology company dedicated to developing, commercializing, and marketing innovative products for the in-office treatment of various
dermatologic conditions, such as psoriasis, vitiligo, and acne. Its products include the XTRAC® excimer laser, VTRAC® lamp systems, and the TheraClear®X Acne Therapy System.
STRATA is proud to offer these exciting technologies in the U.S. through its unique Partnership Program. STRATA’s popular partnership approach includes a fee per
treatment cost structure versus an equipment purchase, installation and use of the device, on-site training for practice personnel, service and maintenance of the equipment, dedicated account and customer service associates, and co-op advertising
support to help raise awareness and promote the program within the practice.
Safe Harbor
This press release includes "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. These statements include but are not
limited to the Company’s plans, objectives, expectations and intentions and may contain words such as “will,” “may,” “seeks,” and “expects,” that suggest future events or trends. These statements, the Company’s ability to launch and sell products
recently acquired or to be developed in the future, the Company’s ability to develop social media marketing campaigns, direct to consumer marketing campaigns, and the Company’s ability to build a leading franchise in dermatology and aesthetics, are
based on the Company’s current expectations and are inherently subject to significant uncertainties and changes in circumstances. Actual results may differ materially from the Company’s expectations due to financial, economic, business,
competitive, market, regulatory, adverse market conditions labor supply shortages, or supply chain interruptions resulting from fiscal, political factors, international conflicts, responses, or conditions affecting the Company, the medical device
industry and our customers and patients in general, as well as more specific risks and uncertainties set forth in the Company’s SEC reports on Forms 10-Q and 10-K. Given such uncertainties, any or all these forward-looking statements may prove to
be incorrect or unreliable. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update
or revise these statements to reflect events or circumstances occurring after the date of this press release. The Company urges investors to carefully review its SEC disclosures available at www.sec.gov and www.strataskinsciences.com.
Investor Contact:
CORE IR
516-222-2560
IR@strataskin.com
STRATA Skin Sciences, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
| |
|
June 30, 2024
|
|
|
December 31, 2023
|
|
| |
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,483
|
|
|
$
|
6,784
|
|
|
Restricted cash
|
|
|
1,334
|
|
|
|
1,334
|
|
|
Accounts receivable, net of allowance for credit losses of $182 and $222 at June 30, 2024 and December 31, 2023,
respectively
|
|
|
3,979
|
|
|
|
4,440
|
|
|
Inventories
|
|
|
2,692
|
|
|
|
2,673
|
|
|
Prepaid expenses and other current assets
|
|
|
337
|
|
|
|
312
|
|
|
Total current assets
|
|
|
13,825
|
|
|
|
15,543
|
|
|
Property and equipment, net
|
|
|
11,149
|
|
|
|
11,778
|
|
|
Operating lease right-of-use assets
|
|
|
1,429
|
|
|
|
626
|
|
|
Intangible assets, net
|
|
|
6,334
|
|
|
|
7,319
|
|
|
Goodwill
|
|
|
6,519
|
|
|
|
6,519
|
|
|
Other assets
|
|
|
325
|
|
|
|
231
|
|
|
Total assets
|
|
$
|
39,581
|
|
|
$
|
42,016
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
2,886
|
|
|
$
|
3,343
|
|
|
Accrued expenses and other current liabilities
|
|
|
6,608
|
|
|
|
6,306
|
|
|
Deferred revenues
|
|
|
2,261
|
|
|
|
2,120
|
|
|
Current portion of operating lease liabilities
|
|
|
1,288
|
|
|
|
352
|
|
|
Current portion of contingent consideration
|
|
|
65
|
|
|
|
53
|
|
|
Total current liabilities
|
|
|
13,108
|
|
|
|
12,174
|
|
|
Long-term debt, net
|
|
|
15,114
|
|
|
|
15,044
|
|
|
Deferred revenues and other liabilities
|
|
|
473
|
|
|
|
552
|
|
|
Deferred tax liability
|
|
|
186
|
|
|
|
186
|
|
|
Operating lease liabilities, net of current portion
|
|
|
108
|
|
|
|
237
|
|
|
Contingent consideration, net of current portion
|
|
|
1,096
|
|
|
|
1,135
|
|
|
Total liabilities
|
|
|
30,085
|
|
|
|
29,328
|
|
|
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Series C convertible preferred stock, $0.10 par value; 10,000,000 shares authorized, no shares issued and outstanding
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $0.001 par value; 150,000,000 shares authorized; 3,506,025 shares issued and outstanding
at June 30, 2024 and December 31, 2023
|
|
|
35
|
|
|
|
35
|
|
|
Additional paid-in capital
|
|
|
250,986
|
|
|
|
250,711
|
|
|
Accumulated deficit
|
|
|
(241,525
|
)
|
|
|
(238,058
|
)
|
|
Total stockholders’ equity
|
|
|
9,496
|
|
|
|
12,688
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
39,581
|
|
|
$
|
42,016
|
|
STRATA Skin Sciences, Inc. and Subsidiary
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)
| |
|
Three Months Ended June 30,
|
|
| |
|
2024
|
|
|
2023
|
|
|
Revenues, net
|
|
$
|
8,435
|
|
|
$
|
8,250
|
|
|
Cost of revenues
|
|
|
3,498
|
|
|
|
3,932
|
|
|
Gross profit
|
|
|
4,937
|
|
|
|
4,318
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Engineering and product development
|
|
|
199
|
|
|
|
374
|
|
|
Selling and marketing
|
|
|
3,014
|
|
|
|
3,416
|
|
|
General and administrative
|
|
|
2,210
|
|
|
|
2,490
|
|
| |
|
|
5,423
|
|
|
|
6,280
|
|
|
Loss from operations
|
|
|
(486
|
)
|
|
|
(1,962
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
(909
|
)
|
|
Interest expense
|
|
|
(531
|
)
|
|
|
(298
|
)
|
|
Interest income
|
|
|
54
|
|
|
|
21
|
|
|
Employee retention credit
|
|
|
864
|
|
|
|
—
|
|
| |
|
|
387
|
|
|
|
(1,186
|
)
|
|
Net loss
|
|
$
|
(99
|
)
|
|
$
|
(3,148
|
)
|
| |
|
|
|
|
|
|
|
|
|
Net loss per share of common stock, basic and diluted
|
|
$
|
(0.03
|
)
|
|
$
|
(0.90
|
)
|
|
Weighted average shares of common stock outstanding, basic and diluted
|
|
|
3,506,025
|
|
|
|
3,488,145
|
|
STRATA Skin Sciences, Inc. and Subsidiary
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2024
|
|
|
2023
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(3,467
|
)
|
|
$
|
(5,983
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
2,499
|
|
|
|
2,825
|
|
|
Amortization of operating lease right-of-use assets
|
|
|
174
|
|
|
|
168
|
|
|
Amortization of deferred financing costs and debt discount
|
|
|
70
|
|
|
|
83
|
|
|
Change in allowance for credit losses
|
|
|
30
|
|
|
|
(138
|
)
|
|
Stock-based compensation expense
|
|
|
275
|
|
|
|
677
|
|
|
Loss on disposal of property and equipment
|
|
|
19
|
|
|
|
24
|
|
|
Inventory write-off
|
|
|
141
|
|
|
|
—
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
909
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
431
|
|
|
|
208
|
|
|
Inventories
|
|
|
6
|
|
|
|
886
|
|
|
Prepaid expenses and other assets
|
|
|
(25
|
)
|
|
|
190
|
|
|
Accounts payable
|
|
|
(466
|
)
|
|
|
351
|
|
|
Accrued expenses and other liabilities
|
|
|
290
|
|
|
|
211
|
|
|
Deferred revenues
|
|
|
74
|
|
|
|
(95
|
)
|
|
Operating lease liabilities
|
|
|
(170
|
)
|
|
|
(186
|
)
|
|
Other assets
|
|
|
(94
|
)
|
|
|
—
|
|
|
Net cash (used in) provided by operating activities
|
|
|
(213
|
)
|
|
|
130
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(1,070
|
)
|
|
|
(3,495
|
)
|
|
Net cash used in investing activities
|
|
|
(1,070
|
)
|
|
|
(3,495
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Payment of contingent consideration
|
|
|
(18
|
)
|
|
|
—
|
|
|
Proceeds from long-term debt
|
|
|
—
|
|
|
|
7,000
|
|
|
Payment of deferred financing costs
|
|
|
—
|
|
|
|
(35
|
)
|
|
Net cash (used in) provided by financing activities
|
|
|
(18
|
)
|
|
|
6,965
|
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash
|
|
|
(1,301
|
)
|
|
|
3,600
|
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
|
8,118
|
|
|
|
6,795
|
|
|
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
6,817
|
|
|
$
|
10,395
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,483
|
|
|
$
|
9,034
|
|
|
Restricted cash
|
|
|
1,334
|
|
|
|
1,361
|
|
|
|
|
$
|
6,817
|
|
|
$
|
10,395
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash paid during the year for interest
|
|
$
|
990
|
|
|
$
|
497
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental schedule of non-cash operating, investing and financing activities:
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities
|
|
$
|
977
|
|
|
$
|
—
|
|
|
Transfer of property and equipment to inventories
|
|
$
|
166
|
|
|
$
|
102
|
|
|
Accrued payment of contingent consideration
|
|
$
|
27
|
|
|
$
|
42
|
|
|
Modification of common stock warrants
|
|
$
|
—
|
|
|
$
|
384
|
|
|
Accrued exit fee recorded as debt discount
|
|
$
|
—
|
|
|
$
|
450
|
|
|
Deferred financing costs in accounts payable
|
|
$
|
—
|
|
|
$
|
62
|
|