• LifeMD, Inc. Reports Second Quarter 2022 Results

    Источник: Nasdaq GlobeNewswire / 11 авг 2022 16:05:02   America/New_York

    • Record second quarter 2022 consolidated revenue of $30.5 million up 37% from the same year ago period.
    • Adjusted EPS of $(0.22), 52% improvement versus the prior year, 12% sequentially.
    • Remain on track to deliver consolidated Adjusted EBITDA profitability by fourth quarter 2022.
    • Consolidated Adjusted EBITDA loss was reduced to below $1 million in the month of June.
    • LifeMD published a second quarter Supplemental Investor Highlights Presentation, available on the Company’s Investor Relations site, ir.lifemd.com or via direct download at https://ir.lifemd.com/q2.

    NEW YORK, Aug. 11, 2022 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, reported results for the second quarter ended June 30, 2022. All figure comparisons are to the same year-ago quarter unless otherwise noted. Management will host a conference call today, August 11, 2022, at 4:30 p.m. Eastern time to discuss the results.

    Q2 2022 Financial Highlights

    • Record revenue of $30.5 million, up 37%
    • Record Gross Margins of 85%, up from 82% in the same year-ago period. Gross profit totaled $25.8 million
    • 93% of revenue generated by subscriptions, 71% of active subscribers on multi-month subscription terms up from 61% in the same year-ago period
    • $11.7 million of cash as of June 30, 2022 and no debt
    • Adjusted EBITDA loss reduced to below $1 million in the month of June with continued improvements expected
    • Adjusted EPS $(0.22), up 52% and a 12% sequential improvement versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below)

    Q2 and Recent Operational Highlights

    • Continued leverage of Selling and Marketing expenses, with second quarter expenses as a percentage of revenue reducing to 72%, a 300-basis point improvement versus the prior quarter and a 2,800-basis point improvement versus the same year-ago period.
    • Telehealth active subscribers increased 53% to approximately 168,000.
    • Increased blended Over-the-Counter (OTC) and Prescription (Rx) 1-year Lifetime Value to Customer Acquisition Costs (LTV-CAC) by 8% year-over-year.
    • Made significant progress in the WorkSimpli divestiture process with strong buyer interest. The Company expects to close a transaction by fourth quarter 2022.
    • Continued diversification of our core telehealth business with the launch of topical pain management, sleep, OTC skincare and new Virtual Primary Care (VPC) offerings. VPC experienced a 1,500% increase in patient subscribers versus the prior quarter. In the second quarter 2022, non-erectile dysfunction offerings combined for over 38% of new patient acquisitions, up from 22% in the year-ago period.

    Key Performance Metrics           
    ($ in 000s) Three Months Ended June 30  Y-o-Y 
    Key Performance Metrics 2022   2021  % Growth 
    Revenue          
    Telehealth$22,268  $15,799  41
    %
    WorkSimpli$8,191  $6,514  26
    %
    Total Revenue$30,459  $22,313  37
    %
               
    Subscription Revenue as % of Total 93%  93% 0%
               
    Telehealth Volume          
    Total Telehealth Orders 255,176   195,755  30
    %
    Total Active Subscribers 168,024   109,737  53
    %
               
    WorkSimpli          
    Active Subscribers 127,304   99,576  28
    %
               

    Management Commentary
    “During the second quarter 2022, LifeMD made significant progress against several of our most important strategic initiatives. These include driving our Adjusted EBITDA loss under $1 million in the month of June, beginning to scale Virtual Primary Care, generating a substantial increase in new patient volumes from recently launched telehealth indications and driving an 8% year-over-year improvement in our first year LTV-CAC ratio. In addition, during the quarter we made substantial progress on the divestiture of our non-core WorkSimpli business and remain confident that we can execute a transaction by year end. We highlighted many of these achievements and others in our second quarter Supplemental Investor Highlights Presentation made available after market close on the LifeMD Investor Relations site,” said Justin Schreiber, Chairman & CEO of LifeMD. “While we expect these achievements to position us for long-term profitable growth and shareholder value creation, we anticipate moderated sequential growth over the next two quarters in our core telehealth business as we transition more of our revenue to longer-term subscriptions with stronger unit economics and continue to scale our newly launched virtual primary care business. Importantly, executing upon these strategic initiatives is helping LifeMD transition from a rapidly scaling direct-to-patient telehealth products provider to a rapidly scaling, profitable and differentiated telehealth services company.”

    LifeMD CFO Marc Benathen, commented: “As noted in our second quarter Supplemental Investor Highlights Presentation available on our Investor Relations site, most of our Q2 loss was concentrated within the month of April. During the quarter, we made significant progress toward maximizing our unit economics through improved returns on our marketing investment and successfully reduced our Adjusted EBITDA loss to less than $1 million in June. During the quarter, we also made considerable progress in the process to divest our non-core subsidiary, WorkSimpli, and remain confident that we will be able close a transaction before the end of this year. Given our significant focus on continuing to diversify our telehealth revenue by investing in and growing newly launched indications, scaling Virtual Primary Care and driving longer-term subscriptions with more spaced-out re-billings, we expect sequential revenue growth for the next two quarters in our telehealth business to be more moderated. We expect to emerge from this period well-positioned to drive more accelerated top and bottom-line growth as a leading, differentiated direct-to-patient telehealth company. As such, while we reiterate our previous Adjusted EBITDA profitability guidance, we are revising our consolidated Revenue guidance to $122 to $128 million for 2022.”

    Q2 2022 Financial Summary

    • Revenue for the quarter ended June 30, 2022 increased 37% to $30.5 million from $22.3 million in 2021. The increase in revenues was attributable to a 41% increase in telehealth revenue and a 26% increase in WorkSimpli revenue versus the year-ago period. Following the execution of several key growth initiatives in the preceding quarters, WorkSimpli revenue increased 27% sequentially to a record $8.2 million.

    • Gross profit increased by 42% to $25.8 million, compared to $18.2 million in the prior year. Gross margins reached a record 85% for the second quarter ended June 30, 2022.

    • Net loss attributable to common stockholders for 2022 was $13.8 million or $(0.45) per share, as compared to a net loss attributable to common stockholders of $16.8 million or $(0.64) per share in the prior year.

    • Adjusted EBITDA, a non-GAAP financial measure, totaled a loss of $6.9 million, an improvement of 43% versus the same year-ago period. (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).

    • Adjusted EPS, a non-GAAP financial measure, totaled a loss of $(0.22) per share, compared to an adjusted EPS loss of $(0.46) in the same year-ago period. Adjusted EPS improved 12% sequentially versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).

    • Cash totaled $11.7 million as of June 30, 2022.

    Financial Guidance
    For the Third Quarter 2022, the Company expects:

    • Consolidated Revenue to total between $32 million and $33 million
    • Consolidated Adjusted EBITDA between $(1.5) million and $(2.5) million

    For the Full Year 2022, the Company expects:

    • Consolidated Revenue to total between $122 million and $128 million
    • Consolidated Adjusted EBITDA between $(14) million and $(20) million

    The Company remains on track to achieve consolidated Adjusted EBITDA profitability by the fourth quarter of 2022.

    Conference Call
    LifeMD’s management will host a conference call today, August 11, 2022 at 4:30 pm Eastern Time to discuss the company’s financial results and outlook, followed by a question-and-answer period. Details for the call are as follows:

    Toll-free dial-in number:1-800-263-0877
    International dial-in number:1-720-543-0197
    Conference ID:9480029
    Webcast:https://viavid.webcasts.com/starthere.jsp?ei=1560537&tp_key=0592b1380e

    The conference call will be webcast live and available for replay via a link provided in the Investors section of the company’s website at lifemd.com. Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.

    Listeners are encouraged to review the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including the discussion of risk factors, historical results of operations and financial condition as provided in these reports.

    About LifeMD
    LifeMD is a 50-state direct-to-patient telehealth company with a portfolio of brands that offer virtual primary care, diagnostics, and specialized treatment for men’s and women’s health, allergy & asthma, and dermatological conditions. By leveraging its proprietary technology platform, 50-state affiliated medical group, and nationwide mail-order pharmacy network, LifeMD is increasing access to top-notch healthcare that is affordable to anyone. To learn more, go to LifeMD.com.

    Cautionary Note Regarding Forward Looking Statements
    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

    Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

    Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

    Company Contact
    LifeMD, Inc.
    Marc Benathen, CFO
    marc@lifemd.com

    Tables to Follow


    LIFEMD, INC.  
    CONDENSED CONSOLIDATED BALANCE SHEETS  
    (Unaudited)  
      June 30, 2022   December 31, 2021   
    ASSETS  
             
    Current Assets        
    Cash$11,717,302  $41,328,039  
    Accounts receivable, net 2,513,627   980,055  
    Product deposit 440,841   203,556  
    Inventory, net 2,965,242   1,616,600  
    Other current assets 873,205   793,190  
    Total Current Assets 18,510,217   44,921,440  
             
    Non-current Assets        
    Equipment, net 555,777   233,805  
    Right of use asset, net 1,462,086   1,752,448  
    Capitalized software, net 6,542,691   2,995,789  
    Goodwill and intangible assets, net 10,898,710   19,761  
    Total Non-current Assets 19,459,264   5,001,803  
             
    Total Assets$37,969,481  $49,923,243  
             
    LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY        
             
    Current Liabilities        
    Accounts payable$11,938,937  $9,059,214  
    Accrued expenses 11,233,309   11,595,605  
    Notes payable, net -
       63,400  
    Current operating lease liabilities 704,283   607,490  
    Deferred revenue 1,992,502   1,499,880  
    Total Current Liabilities 25,869,031   22,825,589  
             
    Long-term Liabilities        
    Noncurrent operating lease liabilities 871,300   1,178,544  
    Contingent consideration 2,934,750   100,000  
    Purchase price payable 1,480,008   -
      
    Total Liabilities 31,155,089   24,104,133  
             
    Commitments and Contingencies        
    Mezzanine Equity        
    Preferred Stock, $0.0001 par value; 5,000,000 shares authorized        
    Series B Preferred Stock, $0.0001 par value; 5,000 shares authorized, 3,500 and 3,500 shares issued and outstanding, liquidation value approximately, $1,239 and $1,175 per share as of June 30, 2022 and December 31, 2021, respectively 4,336,452   4,110,822  
             
    Stockholders’ Equity        
    Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately $26.72 and $25.62 per share as of June 30, 2022 and December 31, 2021, respectively 140   140  
    Common Stock, $0.01 par value; 100,000,000 shares authorized, 30,989,869 and 30,704,434 shares issued, 30,886,829 and 30,601,394 outstanding as of June 30, 2022 and December 31, 2021, respectively 309,899   307,045  
    Additional paid-in capital 173,157,467   164,517,634  
    Accumulated deficit (169,792,847  (141,921,085 
    Treasury stock, 103,040 and 103,040 shares, at cost (163,701  (163,701 
    Total LifeMD, Inc. Stockholders’ Equity 3,510,958   22,740,033  
    Non-controlling interest (1,033,018  (1,031,745 
    Total Stockholders’ Equity 2,477,940   21,708,288  
    Total Liabilities, Mezzanine Equity and Stockholders’ Equity$37,969,481  $49,923,243  
             


    LIFEMD, INC.  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
    (Unaudited)  
                     
     Three Months Ended June 30,  Six Months Ended June 30,  
     2022  2021  2022  2021  
    Revenues                
    Telehealth revenue, net$22,267,963  $15,799,610  $44,866,024  $29,082,925  
    WorkSimpli revenue, net 8,190,535   6,514,001   14,635,311   11,428,798  
    Total revenues, net 30,458,498   22,313,611   59,501,335   40,511,723  
    Cost of revenues                
    Cost of telehealth revenue 4,453,126   4,021,005   9,539,194   7,144,030  
    Cost of WorkSimpli revenue 182,185   99,215   344,292   187,247  
    Total cost of revenues 4,635,311   4,120,220   9,883,486   7,331,277  
                     
    Gross profit 25,823,187   18,193,391   49,617,849   33,180,446  
                     
    Expenses                
    Selling and marketing expenses 21,817,966   22,392,179   43,727,791   41,078,880  
    General and administrative expenses 13,250,669   10,523,071   25,553,147   17,498,642  
    Other operating expenses 1,951,244   809,066   3,278,978   1,445,853  
    Customer service expenses 1,006,363   473,235   1,939,670   768,512  
    Development costs 701,070   122,603   1,129,403   433,659  
    Goodwill impairment charge 2,735,000   -   2,735,000   -  
    Total expenses 41,462,312   34,320,154   78,363,989   61,225,546  
                     
    Operating loss (15,639,125)  (16,126,763)  (28,746,140)  (28,045,100) 
                     
    Interest expense, net (132,236)  (901,910)  (300,170)  (1,041,373) 
    Change in fair value of contingent consideration 2,735,000   -   2,735,000   -
      
    Gain on debt forgiveness 63,400   -   63,400   184,914  
    Net loss (12,972,961)  (17,028,673)  (26,247,910)  (28,901,559) 
                     
    Net income (loss) attributable to noncontrolling interests 46,001   (197,973)  70,727   (468,476) 
                     
    Net loss attributable to LifeMD, Inc. (13,018,962)  (16,830,700)  (26,318,637)  (28,433,083) 
                     
    Preferred stock dividends (776,562)  -
       (1,553,125)  -
      
                     
    Net loss attributable to LifeMD, Inc. common stockholders$(13,795,524 $(16,830,700) $(27,871,762) $(28,433,083) 
                     
    Basic loss per share attributable to LifeMD, Inc. common stockholders$(0.45) $(0.64
    ) $(0.90
    ) $(1.12
    ) 
    Diluted loss per share attributable to LifeMD, Inc. common stockholders$(0.45) $(0.64
     $(0.90
    ) $(1.12
    ) 
                     
    Weighted average number of common shares outstanding:                
    Basic 30,907,505
       26,289,678   30,880,417
       25,381,530  
    Diluted 30,907,505
       26,289,678   30,880,417
       25,381,530  
                     


    LIFEMD, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
    (Unaudited) 
                    
     Three Months Ended June 30,  Six Months Ended June 30, 
     2022  2021  2022  2021 
                
    CASH FLOWS FROM OPERATING ACTIVITIES               
    Net loss$(12,972,961) $(17,028,673) $(26,247,910) $(28,901,559)
    Adjustments to reconcile net loss to net cash used in operating activities:               
    Amortization of debt discount -
       522,559   -
       522,559 
    Amortization of capitalized software 592,214   39,413   976,026   63,864 
    Amortization of intangibles 226,893   255,937   341,287   339,840 
    Accretion of consideration payable 135,368       135,368     
    Depreciation of fixed assets 40,770   -
       73,247   -
     
    Gain on forgiveness of debt (63,400)  -
       (63,400)  (184,914)
    Change in fair value of contingent consideration (2,735,000)  -
       (2,735,000)  -
     
    Goodwill impairment charge 2,735,000   -
       2,735,000   -
     
    Operating lease payments 171,838   24,589   290,362   49,178 
    Stock compensation expense 4,041,006   2,547,300   8,513,787   4,873,075 
      -
       -
             
    Changes in Assets and Liabilities -
       -
             
    Accounts receivable (717,125)  (381,152)  (1,533,572)  (1,084,174)
    Product deposit 174,452   (91,521)  (237,285)  (574,999)
    Inventory (1,725,208)  60,264   (1,341,474)  (349,859)
    Other current assets (30,216)  (342,432)  (80,015)  (292,357)
    Change in operating lease liability (164,950)  (22,731)  (210,451)  (44,653)
    Deferred revenue 203,947   42,629   492,622   465,058 
    Accounts payable 376,345   1,131,477   2,853,811   1,256,110 
    Accrued expenses (387,938)  2,588,811   (2,152,511)  4,022,422 
    Net cash used in operating activities (10,098,965)  (10,653,530)  (18,190,108)  (19,840,409)
                    
    CASH FLOWS FROM INVESTING ACTIVITIES               
    Cash paid for capitalized software costs (2,424,785)  (903,487)  (4,522,928)  (952,347)
    Purchase of equipment (90,180)  (18,116)  (357,331)  (18,116)
    Purchase of intangible assets -   -   (4,000,500)  -
     
    Acquisition of business, net of cash acquired -   -   (1,012,395)  -
     
    Net cash used in investing activities (2,514,965)  (921,603)  (9,893,154)  (970,463)
                    
    CASH FLOWS FROM FINANCING ACTIVITIES               
    Cash proceeds from private placement offering, net -
       -
       -
       13,495,270 
    Proceeds from issuance of debt instruments -
       15,000,000   -
       15,000,000 
    Cash proceeds from exercise of options 90,400   742,750   90,400   766,750 
    Cash proceeds from exercise of warrants -
       311,999   38,500   311,999 
    Preferred stock dividends (776,562)  -
       (1,553,125)  -
     
    Proceeds from notes payable -
       363,965   -
       963,965 
    Repayment of notes payable -
       (600,000)  -
       (1,119,950)
    Contingent consideration payment for ResumeBuild (31,250)      (31,250)    
    Purchase of membership interest of WorkSimpli -   (200,000)  -
       (300,000)
    Distributions to non-controlling interest (36,000)  (36,000)  (72,000)  (72,000)
    Net cash (used in) provided by financing activities (753,412)  15,582,714   (1,527,475)  29,046,034 
                    
    Net (decrease) increase in cash (13,367,342)  (4,007,581)  (29,610,737)  8,235,162 
                    
    Cash at beginning of period 25,084,644   13,406,656   41,328,039   9,179,075 
                    
    Cash at end of period$11,717,302  $17,414,237  $11,717,302  $17,414,237 
                    
    Cash paid for interest               
    Cash paid during the period for interest$-
      $125,912  $-
      $143,183 
                    
    Non-cash investing and financing activities:               
    Cashless exercise of warrants$-
      $-
      $-
      $-
     
    Cashless exercise of options$-
      $-
      $255  $-
     
    Consideration payable for Cleared acquisition$-
      $-
      $8,079,367  $-
     
    Consideration payable for ResumeBuild acquisition$-
      $-
      $500,000  $-
     
    Warrants issued for debt instruments$-
      $6,270,710  $-
      $6,270,710 
    Principal of Paycheck Protection Program loans forgiven$63,400  $-
      $63,400  $184,914 
    Additional purchase of membership interest in WorkSimpli issued in performance options$-
      $-
      $-
      $144,002 
                    


    About the Use of Non-GAAP Financial Measures:
    To supplement our financial information presented in accordance with GAAP, we use Adjusted EBITDA and Adjusted EPS as non-GAAP financial measures to clarify and enhance an understanding of past performance. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

    Adjusted EBITDA is defined as income (loss) attributable to common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, inventory valuation, litigation costs, gain on debt forgiveness, preferred stock dividends, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of Adjusted EBITDA to Net loss attributable to common shareholders, its most directly comparable GAAP financial measure.

    Adjusted EPS is defined as the diluted net loss attributable to LifeMD, Inc common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, inventory valuation, litigation costs, preferred stock dividends, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of Adjusted EPS to Diluted loss per share attributable to LifeMD, Inc common shareholders, its most directly comparable GAAP financial measure.

    We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms Adjusted EBITDA and Adjusted EPS may vary from that of others in our industry. Adjusted EBITDA and Adjusted EPS should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance.


    Reconciliation of GAAP Net Loss to Adjusted EBITDA              
    (in whole numbers, unaudited)              
      Three Months Ended June 30,   Six Months Ended June 30, 
      2022   2021   2022   2021 
    Net loss attributable to common shareholders(13,795,524) $(16,830,700) $(27,871,762) $(28,433,083)
                    
    Interest expense (excluding debt discount and acceleration of debt) 18,798   798,472   74,540   815,743 
    Depreciation, amortization and accretion expense 995,245   -
       1,525,928   403,704 
    Amortization of debt discount -
       -
       -
       522,559 
    Gain on debt forgiveness (63,400)  -
       (63,400)  (184,914)
    Financing transactions expense -
       946,411   152,015   1,072,390 
    Litigation costs 655,494   215,125   704,359   215,125 
    Inventory valuation adjustment 13,708   -
       230,661   -
     
    Severance costs 77,241   -
       179,090   -
     
    Acquisitions expenses 240,153   -
       265,153   -
     
    Accrued interest on Series B Convertible Preferred Stock 113,438   103,438   225,630   225,630 
    Preferred dividends 776,562   -
       1,553,125   -
     
    Stock-based compensation expense 4,041,006   2,547,300   8,513,787   4,873,075 
                    
    Adjusted EBITDA $(6,927,279) $(12,219,954) $(14,510,874) $(20,489,771)
                    



    Reconciliation of GAAP Diluted Loss per Share Attributable to Common Shareholders to Adjusted EPS               
       Three Months Ended June 30,   Six Months Ended June 30, 
       2022   2021   2022   2021 
    Diluted loss per share attributable to LifeMD, Inc. common shareholders $(0.45) $(0.64) $(0.91) $(1.12
    )
                     
    Adjustments to Reconcile GAAP Diluted Loss Per Share to Adjusted EPS              
    Interest expense (excluding debt discount and acceleration of debt)  -
       0.03
       -
       0.03
     
    Depreciation, amortization and accretion expense  0.03
       -
       0.05
       0.02
     
    Amortization of debt discount  -
       -
       -
       0.02
     
    Gain on debt forgiveness  -
       -
       -
       (0.01)
    Financing transactions expense  -
       0.04
       -
       0.04 
    Litigation costs  0.02
       0.01
       0.02
       0.01
     
    Inventory valuation adjustment  -
       -
       0.01
       -
     
    Severance costs  -
       -
       0.01
       -
     
    Acquisitions expenses  0.01
       -
       0.01
       -
     
    Accrued interest on Series B Convertible Preferred Stock  0.01
       -
       0.01
       0.01
     
    Preferred dividends  0.03
       -
       0.05
       -
     
    Stock-based compensation expense  0.13
       0.10
       0.28
       0.19
     
                     
    Adjusted EPS $(0.22) $(0.46
    ) $(0.47) $(0.81)
                     

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