Full Press Release Details
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net sales | $ | 95,690 | $ | 80,399 | $ | 181,312 | $ | 154,298 | |||||
| Cost of sales | 22,550 | 20,103 | 42,808 | 38,174 | |||||||||
| Gross profit | 73,140 | 60,296 | 138,504 | 116,124 | |||||||||
| Operating expenses: | |||||||||||||
| Selling, general and administrative | 66,188 | 53,137 | 128,163 | 106,787 | |||||||||
| Research and development | 34,426 | 33,234 | 65,152 | 68,405 | |||||||||
| Acquired in-process research and development | 2,500 | 3,000 | 14,229 | 3,000 | |||||||||
| Total operating expenses | 103,114 | 89,371 | 207,544 | 178,192 | |||||||||
| Loss from operations | (29,974) | (29,075) | (69,040) | (62,068) | |||||||||
| Non-operating expense: | |||||||||||||
| Interest income | 2,828 | 1,894 | 5,911 | 3,542 | |||||||||
| Interest expense | (3,354) | (3,399) | (6,804) | (6,807) | |||||||||
| Charges associated with convertible senior notes | (18,012) | - | (18,012) | - | |||||||||
| Other expense, net | (1,701) | (1,797) | (2,729) | (1,269) | |||||||||
| Total non-operating expense | (20,239) | (3,302) | (21,634) | (4,534) | |||||||||
| Loss before taxes | (50,213) | (32,377) | (90,674) | (66,602) | |||||||||
| Income tax provision | 331 | 435 | 708 | 836 | |||||||||
| Net loss | $ | (50,544) | $ | (32,812) | $ | (91,382) | $ | (67,438) | |||||
| Basic and diluted net loss per share | $ | (1.00) | $ | (0.68) | $ | (1.82) | $ | (1.40) | |||||
| Weighted average shares used to compute basic and diluted net loss per share | 50,715 | 48,281 | 50,169 | 48,082 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 68,075 | $ | 93,467 | |||
| Short-term investments | 193,589 | 201,964 | |||||
| Accounts receivable, net | 51,217 | 39,850 | |||||
| Inventory | 56,480 | 41,986 | |||||
| Prepaid expenses and other current assets | 14,420 | 18,194 | |||||
| Total current assets | 383,781 | 395,461 | |||||
| Restricted cash | 4,733 | 5,856 | |||||
| Property and equipment, net | 100,230 | 103,212 | |||||
| Operating lease right-of-use assets | 26,430 | 27,146 | |||||
| Finance lease right-of-use asset | 42,970 | 44,180 | |||||
| Intangible assets, net | 275,673 | 282,956 | |||||
| Goodwill | 66,134 | 66,134 | |||||
| Deposits and other assets | 19,725 | 15,469 | |||||
| Total assets | $ | 919,676 | $ | 940,414 | |||
| Liabilities and stockholders' equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 11,560 | $ | 13,440 | |||
| Accrued liabilities | 58,523 | 60,574 | |||||
| Total current liabilities | 70,083 | 74,014 | |||||
| Convertible senior notes | 56,692 | 282,773 | |||||
| Operating lease liability | 29,912 | 30,427 | |||||
| Finance lease liability | 70,009 | 70,538 | |||||
| Deferred tax liability, net | 7,142 | 7,144 | |||||
| Other liabilities | 20,678 | 13,752 | |||||
| Total liabilities | 254,516 | 478,648 | |||||
| Stockholders' equity: | |||||||
| Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding | - | - | |||||
| Common stock, $0.001 par value; 150,000 shares authorized; 54,852 and 49,148 shares issued and 54,824 and 49,120 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 55 | 49 | |||||
| Additional paid-in capital | 1,353,495 | 1,059,751 | |||||
| Accumulated other comprehensive income | 2,191 | 1,165 | |||||
| Accumulated deficit | (690,449) | (599,067) | |||||
| Less treasury stock (28 shares as of June 30, 2024 and December 31, 2023) | (132) | (132) | |||||
| Total stockholders' equity | 665,160 | 461,766 | |||||
| Total liabilities and stockholders' equity | $ | 919,676 | $ | 940,414 |
GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data)
| Q2 2024 | Q2 2023 | ||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||
| Cost of sales | $ | 22,550 | $ | (5,523) | (a) | $ | 17,027 | $ | 20,103 | $ | (5,523) | (a) | $ | 14,580 | |||||
| Gross Margin | 76.4 | % | 5.8 | % | 82.2 | % | 75.0 | % | 6.9 | % | 81.9 | % | |||||||
| Operating expenses: | |||||||||||||||||||
| Selling, general and administrative | $ | 66,188 | $ | (705) | (b) | $ | 65,483 | $ | 53,137 | $ | (705) | (b) | $ | 52,432 | |||||
| Loss from operations | $ | (29,974) | $ | 6,228 | $ | (23,746) | $ | (29,075) | $ | 6,228 | $ | (22,847) | |||||||
| Non-operating expense: | |||||||||||||||||||
| Charges associated with convertible senior notes | $ | (18,012) | $ | 18,012 | (c) | $ | - | $ | - | $ | - | $ | - | ||||||
| Net loss | $ | (50,544) | $ | 24,240 | (d) | $ | (26,304) | $ | (32,812) | $ | 6,228 | (d) | $ | (26,584) | |||||
| Basic and diluted net loss per share | $ | (1.00) | $ | 0.48 | $ | (0.52) | $ | (0.68) | $ | 0.13 | $ | (0.55) |
GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data)
| Year-to-Date Q2 2024 | Year-to-Date Q2 2023 | ||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||
| Cost of sales | $ | 42,808 | $ | (11,046) | (a) | $ | 31,762 | $ | 38,174 | $ | (11,046) | (a) | $ | 27,128 | |||||
| Gross Margin | 76.4 | % | 6.1 | % | 82.5 | % | 75.3 | % | 7.1 | % | 82.4 | % | |||||||
| Operating expenses: | |||||||||||||||||||
| Selling, general and administrative | $ | 128,163 | $ | (1,410) | (b) | $ | 126,753 | $ | 106,787 | $ | (1,410) | (b) | $ | 105,377 | |||||
| Loss from operations | $ | (69,040) | $ | 12,456 | $ | (56,584) | $ | (62,068) | $ | 12,456 | $ | (49,612) | |||||||
| Non-operating expense: | |||||||||||||||||||
| Charges associated with convertible senior notes | $ | (18,012) | $ | 18,012 | (c) | $ | - | $ | - | $ | - | $ | - | ||||||
| Net loss | $ | (91,382) | $ | 30,468 | (d) | $ | (60,914) | $ | (67,438) | $ | 12,456 | (d) | $ | (54,982) | |||||
| Basic and diluted net loss per share | $ | (1.82) | $ | 0.61 | $ | (1.21) | $ | (1.40) | $ | 0.26 | $ | (1.14) |
| Reported Sales vs. Prior Periods (in thousands) | ||||||||||||||||||||||
| Year-over-Year Percent Change | Quarter-over-Quarter Percent Change | |||||||||||||||||||||
| 2Q 2024 | 2Q 2023 | 1Q 2024 | Reported | Operations (1) | Currency (2) | Reported | Operations (1) | Currency (2) | ||||||||||||||
| International Glaucoma | $ | 26,131 | $ | 22,305 | $ | 25,238 | 17.1 | % | 21.0 | % | (3.9%) | 3.5 | % | 5.1 | % | (1.6%) | ||||||
| Total Net Sales | $ | 95,690 | $ | 80,399 | $ | 85,622 | 19.0 | % | 20.1 | % | (1.1%) | 11.8 | % | 12.2 | % | (0.4%) |