RTI Surgical Holdings, Inc. (Nasdaq: RTIX), a global surgical
implant company, reported operating results for the third quarter
of 2019.
Third Quarter 2019 Highlights:
- Revenue of $76.1 million, up 10.2% compared to the third
quarter of 2018
- Net Loss of $4.9 million, or $0.06 per common share, inclusive
of $5.3 million of non-recurring costs
- Adjusted EBITDA of $7.1 million, or 9.3% of revenue
- Revenue and EBITDA guidance updated to reflect current business
progress
“RTI Surgical increased revenue by 10 percent in the third
quarter of 2019 driven by the addition of coflex and strong
performance in our OEM franchise, partially offset by lower than
expected revenue contribution from our global spine business,” said
Camille Farhat, President and CEO, RTI Surgical. “We remain
confident in our long-term strategy and our ability to drive growth
in the business.
Farhat continued, “We see early evidence of progress on the
implementation of our commercial operating system to drive adoption
of our Novel Therapies. We are dedicating resources and focus to
rapidly develop and introduce new products for Established
Therapies. We remain committed to our efforts to accelerate growth
in our global spine business as we continue to invest in
differentiation and scale. We are confident our efforts will
result in a return to growth in this business in 2020.”
Third Quarter 2019
RTI’s worldwide revenues for the third quarter of 2019 were
$76.1 million, an increase of $7.1 million, or 10.2% compared with
$69.1 million during the same period in the prior year. The
third quarter 2019 revenue included $8.2 million global
contribution from the acquisition of Paradigm Spine closed on March
9, 2019. Gross profit for the third quarter of 2019 was $41.5
million, or 54.5% of revenues, a 10.2% increase compared to $37.7
million, or 54.5% of revenues, in the third quarter of 2018.
Gross profit for the third quarter of 2019 included a $2.1 million
charge for the purchase accounting step-up of coflex
inventory. Gross profit adjusted for the impact of
non-recurring charges was 57.3% of revenue for the third quarter of
2019 compared to 54.5% of revenue for the prior year quarter.
During the third quarter of 2019, RTI incurred $3.2 million in
non-recurring pre-tax acquisition and integration costs related
primarily to activities to reduce complexity and accelerate
growth.
Net loss applicable to common shares was $4.9 million, or $0.06
per fully diluted common share in the third quarter of 2019,
compared to net income applicable to common shares of $2.9 million,
or $0.04 per fully diluted common share in the third quarter of
2018. As outlined in the reconciliation tables that follow,
excluding the impact of non-recurring charges, adjusted net loss
applicable to common shares was $1.0 million, or $0.01 per fully
diluted common share in the third quarter of 2019.
Adjusted earnings before interest, taxes, depreciation and
amortization (Adjusted EBITDA), for the third quarter of 2019 was
$7.1 million, or 9.3% of revenues, compared with $9.1 million, or
13.1% of revenues for the third quarter of 2018. The decrease
in Adjusted EBITDA was primarily driven by incremental operating
costs from the acquisition of Paradigm Spine completed in early
March of 2019.
Fiscal 2019 Outlook
Based on our recent financial results and current business
outlook, the Company has adjusted financial guidance for 2019:
- The Company expects full year revenues in the range of $305
million to $310 million, a reduction from the previous range of
$325 million to $335 million; and
- The Company expects full year Adjusted EBITDA to be in the
range of $30 million to $34 million, compared with the previous
range of $36 million to $40 million.
Conference CallRTI will host a
conference call and audio webcast at 9:00 a.m. ET today. The
conference call can be accessed by dialing (877) 383-7419 (U.S.) or
(760) 666-3754 (International), using conference ID 3768247. The
webcast can be accessed through the investor section of RTI’s
website at www.rtix.com/investors. A replay of the conference call
will be available on RTI’s website for one month following the
call.
About RTI Surgical Holdings, Inc.RTI Surgical
is a leading global surgical implant company providing surgeons
with safe biologic, metal and synthetic implants. Committed to
delivering a higher standard, RTI’s implants are used in sports
medicine, plastic surgery, spine, orthopedic and trauma procedures
and are distributed in over 50 countries. RTI has four
manufacturing facilities throughout the U.S. and Europe. RTI is
accredited in the U.S. by the American Association of Tissue Banks
and is a member of AdvaMed. For more information, please visit
www.rtix.com. Connect with us
on LinkedIn and Twitter.
Forward-Looking Statements
This communication contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, which may include statements regarding the
impact of operational priorities on costs and their impact on RTI’s
financial performance, RTI’s ability to meet its financial and
other commitments, the implementation of RTI’s strategic
initiatives, RTI’s ability to expand the number of patients
it is able to serve, the impact of the transition from map3® to
ViBone®, our growth strategy in spine, the expected integration of,
and potential financial impact from various acquisitions, the
success of our new product development and commercialization
efforts, anticipated financial results, growth rates, future
operational improvements, fiscal 2019 guidance and underlying
assumptions. These forward-looking statements are based on
management’s current expectations, estimates and projections about
our industry, our management's beliefs and certain assumptions made
by our management. Words such as "anticipates," "expects,"
"intends," "plans," "believes," "seeks," "estimates," variations of
such words and similar expressions are intended to identify such
forward-looking statements. The forward-looking statements are not
guarantees of future performance and are based on certain
assumptions including RTI’s ability to effectively manage expenses
and accomplish its goals and strategies, the quality of the new
product offerings from RTI, general economic conditions, as well as
those within RTI’s industry, RTI’s ability to integrate
acquisitions into existing operations, and numerous other factors
and risks identified in the Company’s Form 10-K for the fiscal year
ended December 31, 2018 and other filings with the Securities and
Exchange Commission (SEC). Our actual results may differ materially
from the anticipated results reflected in these forward-looking
statements. Copies of the Company's SEC filings may be obtained by
contacting the Company or the SEC or by visiting RTI's website
at www.rtix.com or the SEC's website at www.sec.gov.
We undertake no obligation to update these forward-looking
statements except as may be required by law.
MEDIA AND INVESTOR CONTACT:Molly
Poarchmpoarch@rtix.com+1 224 287 2661
RTI SURGICAL
HOLDINGS, INC. AND SUBSIDIARIES |
|
Condensed
Consolidated Statements of Operations |
|
(Unaudited,
in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
For the Nine
Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
Revenues |
$ |
76,129 |
|
|
$ |
69,064 |
|
|
$ |
228,177 |
|
|
$ |
209,639 |
|
|
Costs of
processing and distribution |
|
34,642 |
|
|
|
31,409 |
|
|
|
103,941 |
|
|
|
108,262 |
|
|
Gross
profit |
|
41,487 |
|
|
|
37,655 |
|
|
|
124,236 |
|
|
|
101,377 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Marketing,
general and administrative |
|
37,107 |
|
|
|
29,671 |
|
|
|
107,983 |
|
|
|
87,326 |
|
|
Research and
development |
|
4,271 |
|
|
|
3,606 |
|
|
|
12,475 |
|
|
|
10,297 |
|
|
Severance
and restructuring costs |
|
- |
|
|
|
824 |
|
|
|
- |
|
|
|
1,708 |
|
|
Gain on
acquisition contingency |
|
- |
|
|
|
- |
|
|
|
(1,590 |
) |
|
|
- |
|
|
Asset
impairment and abandonments |
|
- |
|
|
|
104 |
|
|
|
15 |
|
|
|
4,748 |
|
|
Acquisition
and integration expenses |
|
3,209 |
|
|
|
1,941 |
|
|
|
14,119 |
|
|
|
2,741 |
|
|
Cardiothoracic closure business divestiture contingency
consideration |
|
- |
|
|
|
(3,000 |
) |
|
|
- |
|
|
|
(3,000 |
) |
|
Total
operating expenses |
|
44,587 |
|
|
|
33,146 |
|
|
|
133,002 |
|
|
|
103,820 |
|
|
Operating
(loss) income |
|
(3,100 |
) |
|
|
4,509 |
|
|
|
(8,766 |
) |
|
|
(2,443 |
) |
|
Total other
expense - net |
|
(3,792 |
) |
|
|
(598 |
) |
|
|
(8,924 |
) |
|
|
(2,524 |
) |
|
(Loss)
income before income tax benefit (expense) |
|
(6,892 |
) |
|
|
3,911 |
|
|
|
(17,690 |
) |
|
|
(4,967 |
) |
|
Income tax
benefit (expense) |
|
2,040 |
|
|
|
(807 |
) |
|
|
4,495 |
|
|
|
1,646 |
|
|
Net (loss)
income |
|
(4,852 |
) |
|
|
3,104 |
|
|
|
(13,195 |
) |
|
|
(3,321 |
) |
|
Convertible
preferred dividend |
|
- |
|
|
|
(173 |
) |
|
|
- |
|
|
|
(2,120 |
) |
|
Net (loss)
income applicable to common shares |
$ |
(4,852 |
) |
|
$ |
2,931 |
|
|
$ |
(13,195 |
) |
|
$ |
(5,441 |
) |
|
|
|
|
|
|
|
|
|
|
Net (loss)
income per common share - basic |
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
Net (loss)
income per common share - diluted |
$ |
(0.06 |
) |
|
$ |
0.04 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.09 |
) |
|
Weighted
average shares outstanding - basic |
|
75,194,036 |
|
|
|
63,495,952 |
|
|
|
72,007,860 |
|
|
|
63,517,958 |
|
|
Weighted
average shares outstanding - diluted |
|
75,194,036 |
|
|
|
79,284,315 |
|
|
|
72,007,860 |
|
|
|
63,517,958 |
|
|
|
|
|
|
|
|
|
|
|
RTI SURGICAL
HOLDINGS, INC. AND SUBSIDIARIES |
Reconciliation of Revenues to Adjusted Gross
Profit |
(Unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
For the Nine
Months Ended |
|
September 30, |
|
September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Revenues |
$ |
76,129 |
|
$ |
69,064 |
|
$ |
228,177 |
|
$ |
209,639 |
Costs of
processing and distribution |
|
34,642 |
|
|
31,409 |
|
|
103,941 |
|
|
108,262 |
Gross
profit, as reported |
|
41,487 |
|
|
37,655 |
|
|
124,236 |
|
|
101,377 |
Inventory
write-off |
|
- |
|
|
- |
|
|
- |
|
|
7,582 |
Inventory
purchase price adjustment |
|
2,100 |
|
|
- |
|
|
5,036 |
|
|
456 |
Non-GAAP
gross profit, adjusted |
$ |
43,587 |
|
$ |
37,655 |
|
$ |
129,272 |
|
$ |
109,415 |
Non-GAAP
gross profit percentage, adjusted |
|
57.3% |
|
|
54.5% |
|
|
56.7% |
|
|
52.2% |
|
|
|
|
|
|
|
|
RTI SURGICAL
HOLDINGS, INC. AND SUBSIDIARIES |
|
Reconciliation of Net Loss Applicable to Commons Shares to
Adjusted EBITDA |
|
(Unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
For the Nine
Months Ended |
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Net (loss)
income applicable to common shares |
|
|
$ |
(4,852) |
|
$ |
2,931 |
|
$ |
(13,195) |
|
$ |
(5,441) |
|
|
Interest expense, net |
|
3,714 |
|
|
597 |
|
|
8,796 |
|
|
2,192 |
|
|
Provision for income taxes |
|
(2,040) |
|
|
807 |
|
|
(4,495) |
|
|
(1,646) |
|
|
Depreciation |
|
2,898 |
|
|
2,577 |
|
|
8,437 |
|
|
7,824 |
|
|
Amortization of intangible assets |
|
1,024 |
|
|
1,149 |
|
|
2,976 |
|
|
2,970 |
|
|
EBITDA |
|
744 |
|
|
8,061 |
|
|
2,519 |
|
|
5,899 |
|
|
Reconciling items impacting EBITDA |
|
|
|
|
|
|
|
|
|
Preferred dividend |
|
- 0 |
|
|
173 |
|
|
- 0 |
|
|
2,120 |
|
|
Non-cash stock based compensation |
|
969 |
|
|
1,080 |
|
|
3,399 |
|
|
3,650 |
|
|
Foreign exchange gain (loss) |
|
78 |
|
|
1 |
|
|
128 |
|
|
23 |
|
|
Other reconciling items * |
|
|
|
|
|
|
|
|
|
Inventory write-off |
|
- 0 |
|
|
- 0 |
|
|
- 0 |
|
|
7,582 |
|
|
Inventory purchase price adjustment |
|
2,100 |
|
|
- 0 |
|
|
5,036 |
|
|
456 |
|
|
Severance and restructuring costs |
|
- 0 |
|
|
824 |
|
|
- 0 |
|
|
1,708 |
|
|
Gain on acquisition contingency |
|
- 0 |
|
|
- 0 |
|
|
(1,590) |
|
|
- 0 |
|
|
Loss on extinguishment of debt |
|
- 0 |
|
|
- 0 |
|
|
- 0 |
|
|
309 |
|
|
Asset impairment and abandonments |
|
- 0 |
|
|
- 0 |
|
|
- 0 |
|
|
4,515 |
|
|
Acquisition and integration expenses |
|
3,209 |
|
|
1,941 |
|
|
14,119 |
|
|
2,741 |
|
|
Cardiothoracic closure business divestiture contingency
consideration |
|
- 0 |
|
|
(3,000) |
|
|
- 0 |
|
|
(3,000) |
|
|
Adjusted EBITDA |
$ |
7,100 |
|
$ |
9,080 |
|
$ |
23,611 |
|
$ |
26,003 |
|
|
Adjusted EBITDA as a percent of revenues |
|
9.3% |
|
|
13.1% |
|
|
10.3% |
|
|
12.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*See explanations in Use of Non-GAAP Financial Measures section
later in this release. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RTI SURGICAL
HOLDINGS, INC. AND SUBSIDIARIES |
|
Reconciliation of Net Income (Loss) Applicable to Common
Shares and Net Income (Loss) Per Diluted Share to |
|
Adjusted Net
Income Applicable to Common Shares and Adjusted Net Income Per
Diluted Share |
|
(Unaudited,
in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
Net |
|
|
|
Net |
|
|
|
|
Income
(Loss) |
|
Amount |
|
Income
(Loss) |
|
Amount |
|
|
Applicable
to |
|
Per
Diluted |
|
Applicable
to |
|
Per
Diluted |
|
|
Common Shares |
Share |
|
Common Shares |
Share |
|
As reported |
$ |
(4,852 |
) |
|
$ |
(0.06 |
) |
|
$ |
2,931 |
|
|
$ |
0.04 |
|
|
Severance
and restructuring costs |
|
- |
|
|
|
- |
|
|
|
824 |
|
|
|
0.01 |
|
|
Inventory
purchase price adjustment |
|
2,100 |
|
|
|
0.03 |
|
|
|
- |
|
|
|
- |
|
|
Acquisition
and integration expenses |
|
3,209 |
|
|
|
0.04 |
|
|
|
1,941 |
|
|
|
0.02 |
|
|
Cardiothoracic closure business divestiture contingency
consideration |
|
- |
|
|
|
- |
|
|
|
(3,000 |
) |
|
|
(0.04 |
) |
|
Tax effect on new tax legislation |
|
- |
|
|
|
- |
|
|
|
(650 |
) |
|
|
(0.01 |
) |
|
Tax effect on adjustments |
|
(1,505 |
) |
|
|
(0.02 |
) |
|
|
- |
|
|
|
- |
|
|
Adjusted
* |
$ |
(1,048 |
) |
|
$ |
(0.01 |
) |
|
$ |
2,046 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
Net |
|
|
|
Net |
|
|
|
|
Income
(Loss) |
|
Amount |
|
Income
(Loss) |
|
Amount |
|
|
Applicable
to |
|
Per
Diluted |
|
Applicable
to |
|
Per
Diluted |
|
|
Common Shares |
Share |
|
Common Shares |
Share |
|
As
reported |
$ |
(13,195 |
) |
|
$ |
(0.18 |
) |
|
$ |
(5,441 |
) |
|
$ |
(0.09 |
) |
|
Severance
and restructuring costs |
|
- |
|
|
|
- |
|
|
|
1,708 |
|
|
|
0.03 |
|
|
Asset
impairment and abandonments |
|
- |
|
|
|
- |
|
|
|
4,515 |
|
|
|
0.07 |
|
|
Gain on
acquisition contingency |
|
(1,590 |
) |
|
|
(0.02 |
) |
|
|
- |
|
|
|
- |
|
|
Inventory
purchase price adjustment |
|
5,036 |
|
|
|
0.06 |
|
|
|
456 |
|
|
|
0.01 |
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
309 |
|
|
|
0.00 |
|
|
Inventory
write-off |
|
- |
|
|
|
- |
|
|
|
7,582 |
|
|
|
0.12 |
|
|
Acquisition
and integration expenses |
|
14,119 |
|
|
|
0.16 |
|
|
|
2,741 |
|
|
|
0.04 |
|
|
Cardiothoracic closure business divestiture contingency
consideration |
|
- |
|
|
|
- |
|
|
|
(3,000 |
) |
|
|
(0.05 |
) |
|
Tax effect on new tax legislation |
|
- |
|
|
|
- |
|
|
|
(650 |
) |
|
|
(0.01 |
) |
|
Tax effect on adjustments |
|
(4,201 |
) |
|
|
(0.05 |
) |
|
|
(3,654 |
) |
|
|
(0.06 |
) |
|
Adjusted
* |
$ |
169 |
|
|
$ |
0.00 |
|
|
$ |
4,566 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See explanations in Use of Non-GAAP Financial Measures section
later in this release. |
|
|
|
|
|
Amount Per Diluted Share may not foot due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial
Measures
To supplement the Company’s unaudited condensed
consolidated financial statements presented on a GAAP basis, the
Company discloses certain non-GAAP financial measures that exclude
certain amounts, including EBITDA, Adjusted EBITDA and Adjusted Net
Income Applicable to Common Shares. The calculation of the tax
effect on the adjustments between GAAP net loss applicable to
common shares and non-GAAP net income applicable to common shares
is based upon our estimated annual GAAP tax rate, adjusted to
account for items excluded from GAAP net loss applicable to common
shares in calculating Adjusted Net Income Applicable to Common
Shares-Diluted. A reconciliation of the non-GAAP financial measures
to the corresponding GAAP measures is included in the tables listed
above.
The following are explanations of the adjustments that
management excluded as part of the non-GAAP measures for the three
and nine months ended September 30, 2019 and 2018. Management
removes the amount of these costs including the tax effect on the
adjustments from our operating results to supplement a comparison
to our past operating performance.
Severance and restructuring costs – These costs relate to the
reduction of our organizational structure, primarily driven by
simplification of our international operating infrastructure,
specifically our distribution model.
Gain on acquisition contingency – The gain on acquisition
contingency relates to an adjustment to our estimate of obligation
for future milestone payments on the Zyga acquisition.
Asset impairment and abandonments – This adjustment represents
an asset impairment and abandonments related to the suspension of
the map3® implant.
Acquisition and integration expenses – These costs relate to
acquisition and integration expenses due to the purchase of
Paradigm and Zyga in 2019 and 2018, respectively.
Inventory write-off – These costs relate to an inventory
write-off due to the rationalization of our international
distribution infrastructure.
Inventory purchase price adjustment – These costs relate to the
purchase price effects of acquired Paradigm and Zyga, respectively,
inventory that was sold during the nine months ended September 30,
2019 and 2018, respectively.
Loss on extinguishment of debt – This adjustment represents
costs relating to refinancing our debt.
Cardiothoracic closure business divestiture contingency
consideration – This adjustment represents the remaining cash
contingency consideration received from the sale of substantially
all of the assets of our Cardiothoracic closure business to A&E
Advanced Closure Systems, LLC (a subsidiary of A&E Medical
Corporation).
Tax effect on new tax legislation – This adjustment represents
charges relating to the Tax Cuts and Jobs Act tax legislation which
was enacted on December 22, 2017.
Material Limitations Associated with the Use of Non-GAAP
Financial Measures
EBITDA, Adjusted EBITDA and Adjusted Net Income Applicable to
Common Shares should not be considered in isolation, or as a
replacement for GAAP measures.
Usefulness of Non-GAAP Financial Measures to Investors
The Company believes that presenting EBITDA, Adjusted EBITDA and
Adjusted Net Income Applicable to Common Shares in addition to the
related GAAP measures provide investors greater transparency to the
information used by management in its financial
decision-making. The Company further believes that providing
this information better enables the Company’s investors to
understand the Company’s overall core performance and to evaluate
the methodology used by management to assess and measure such
performance.
RTI SURGICAL
HOLDINGS, INC. AND SUBSIDIARIES |
|
Condensed
Consolidated Revenues |
|
(Unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
For the Nine
Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenues: |
|
|
Spine |
$ |
23,661 |
|
$ |
20,741 |
|
$ |
70,337 |
|
$ |
58,938 |
|
Sports |
|
12,704 |
|
|
12,271 |
|
|
40,507 |
|
|
39,896 |
|
OEM |
|
32,341 |
|
|
30,092 |
|
|
93,815 |
|
|
91,382 |
|
International |
|
7,423 |
|
|
5,960 |
|
|
23,518 |
|
|
19,423 |
|
Total revenues |
$ |
76,129 |
|
$ |
69,064 |
|
$ |
228,177 |
|
$ |
209,639 |
|
|
|
|
|
|
|
|
|
|
RTI SURGICAL
HOLDINGS, INC. AND SUBSIDIARIES |
|
Condensed
Consolidated Balance Sheets |
|
(Unaudited,
in thousands) |
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
Assets |
|
|
|
|
|
|
Cash |
|
|
$ |
2,950 |
|
|
$ |
10,949 |
|
|
Accounts receivable - net |
|
|
|
56,556 |
|
|
|
48,351 |
|
|
Inventories - net |
|
|
|
130,913 |
|
|
|
107,471 |
|
|
Prepaid and other assets |
|
|
|
8,631 |
|
|
|
8,791 |
|
|
Total current assets |
|
|
|
199,050 |
|
|
|
175,562 |
|
|
|
|
|
|
|
|
|
Non-current inventories - net |
|
|
|
18,345 |
|
|
|
- 0 |
|
|
Property, plant and equipment - net |
|
|
|
81,206 |
|
|
|
77,954 |
|
|
Goodwill |
|
|
|
236,547 |
|
|
|
59,798 |
|
|
Other
assets - net |
|
|
|
52,583 |
|
|
|
47,872 |
|
|
Total assets |
|
|
$ |
587,731 |
|
|
$ |
361,186 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Accounts payable |
|
|
$ |
17,800 |
|
|
$ |
26,309 |
|
|
Accrued expenses and other current liabilities |
|
|
|
33,815 |
|
|
|
29,591 |
|
|
Total current liabilities |
|
|
|
51,615 |
|
|
|
55,900 |
|
|
|
|
|
|
|
|
|
Deferred revenue |
|
|
|
1,134 |
|
|
|
744 |
|
|
Long-term liabilities |
|
|
|
235,127 |
|
|
|
54,692 |
|
|
Total liabilities |
|
|
|
287,876 |
|
|
|
111,336 |
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
|
66,364 |
|
|
|
66,226 |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock and additional paid-in capital |
|
|
|
492,520 |
|
|
|
428,338 |
|
|
Accumulated other comprehensive loss |
|
|
|
(8,390 |
) |
|
|
(7,270 |
) |
|
Accumulated deficit |
|
|
|
(250,639 |
) |
|
|
(237,444 |
) |
|
Total stockholders' equity |
|
|
|
233,491 |
|
|
|
183,624 |
|
|
Total liabilities and stockholders' equity |
|
$ |
587,731 |
|
|
$ |
361,186 |
|
|
|
|
|
|
|
|
|
RTI SURGICAL
HOLDINGS, INC. AND SUBSIDIARIES |
Condensed
Consolidated Statements of Cash Flows |
(Unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended |
|
September 30, |
|
|
2019 |
|
|
|
2018 |
|
Cash
flows from operating activities: |
|
|
|
Net
loss |
$ |
(13,195 |
) |
|
$ |
(3,321 |
) |
Adjustments
to reconcile net loss to net cash (used in) provided by operating
activities: |
|
|
|
Depreciation
and amortization expense |
|
11,413 |
|
|
|
10,794 |
|
Stock-based
compensation |
|
3,399 |
|
|
|
3,650 |
|
Amortization
of deferred revenue |
|
(3,772 |
) |
|
|
(3,652 |
) |
Other
items to reconcile to net cash |
|
|
|
used
in operating activities |
|
(10,554 |
) |
|
|
6,536 |
|
Net cash
(used in) provided by operating activities |
|
(12,709 |
) |
|
|
14,007 |
|
Cash
flows from investing activities: |
|
|
|
Purchases of
property, plant and equipment |
|
(10,882 |
) |
|
|
(7,106 |
) |
Patent and
acquired intangible asset costs |
|
(1,786 |
) |
|
|
(2,798 |
) |
Acquisition
of Zyga Technology |
|
- |
|
|
|
(21,000 |
) |
Acquisition
of Paradigm Spine |
|
(99,692 |
) |
|
|
- |
|
Net cash
used in investing activities |
|
(112,360 |
) |
|
|
(30,904 |
) |
Cash
flows from financing activities: |
|
|
|
Proceeds
from long-term obligations |
|
118,000 |
|
|
|
74,425 |
|
Payments of
debt issuance costs |
|
(729 |
) |
|
|
- |
|
Payments on
long-term obligations |
|
(500 |
) |
|
|
(71,171 |
) |
Other
financing activities |
|
395 |
|
|
|
1,299 |
|
Net cash
provided by financing activities |
|
117,166 |
|
|
|
4,553 |
|
Effect of
exchange rate changes on cash and cash equivalents |
|
(96 |
) |
|
|
(15 |
) |
Net decrease
in cash and cash equivalents |
|
(7,999 |
) |
|
|
(12,359 |
) |
Cash and
cash equivalents, beginning of period |
|
10,949 |
|
|
|
22,381 |
|
Cash and
cash equivalents, end of period |
$ |
2,950 |
|
|
$ |
10,022 |
|
|
|
|
|
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