Inotiv, Inc. (NASDAQ: NOTV) (the “Company”, “We”, “Our” or
“Inotiv”),
a leading contract
research organization specializing in nonclinical and analytical
drug discovery and development services and research models and
related products and services, today announced financial results
for the three months ended December 31, 2021 (“Q1 FY 2022”).
Q1 FY 2022 Highlights
- Revenue grew 370.4% to $84.2 million, from $17.9 million during
the three months ended December 31, 2020 (“Q1 FY 2021”), driven by
internal growth of $4.9 million and incremental revenue from
HistoTox Labs, Inc. (“HistoTox Labs”), Bolder BioPATH, Inc.
(“Bolder BioPATH”), Gateway Pharmacology Laboratories LLC (“Gateway
Pharmacology”), Plato BioPharma, Inc. (“Plato BioPharma”) and
Envigo RMS Holding Corp. (“Envigo”) totaling $61.4 million. RMS
revenue in Q1 FY 2022 reflected a partial quarter contribution from
Envigo, which was acquired on November 5, 2021.
- Gross profit increased 227.1% to $19.3 million, from $5.9
million in Q1 FY 2021, reflecting additional gross profit from
acquisitions and a 412 basis point expansion in gross margin on
organic growth for discovery and safety assessment services (“DSA”)
to 36.9%.
- Operating loss totaled $(33.6) million, compared to operating
income of $14,000 in Q1 FY 2021, reflecting an increase in
operating expenses, which more than offset higher gross profit on
higher revenue. The increase in operating expenses reflects post
combination non-cash stock compensation expense relating to the
adoption of the Envigo Equity Plan recognized in connection with
the Envigo acquisition of $23.0 million and higher strategic
investment in unallocated corporate general and administrative
expense (“G&A”) to support additional future revenue growth,
which included recruiting and relocation expense, higher
compensation expense, transaction costs related to the acquisitions
of Plato and Envigo, an increase in sales commissions due to higher
sales awards and an increase in startup costs for internal
investments in new service offerings.
- Net loss attributable to common shareholders was $(83.0)
million, or $(3.93) per basic and diluted share, compared to a net
loss of $(366,000), or $(0.03) per basic and diluted share, in Q1
FY 2021. Net loss for Q1 FY 2022 includes post combination non-cash
stock compensation expense relating to the adoption of the Envigo
Equity Plan recognized in connection with the Envigo acquisition of
$23.0 million and $56.7 million of fair value remeasurement on the
embedded derivative component of the convertible notes issued in
September 2021.
- Adjusted EBITDA increased 621.4% to $10.1 million or 12.0% of
total revenue, from $1.4 million or 7.8% of total revenue in Q1 FY
2021.
- Book-to-bill ratio of 1.78x for DSA services business.
- Ending DSA backlog of $104.6 million, up 130.9% compared to
$45.3 million at December 31, 2020, and up 28.5% from $81.4 million
at September 30, 2021.
Significant Events during Q1 FY
2022
- On October 4,
2021, announced the acquisition of Plato BioPharma, a
Colorado-based in vivo pharmacology research and drug discovery
company specializing in cardiovascular, renal, pulmonary and
hepatic therapeutic areas.
- On November 5,
2021, announced the completion of the acquisition of Envigo, a
leading global provider of research models and services, for base
cash consideration of $271.0 million, including adjustments for net
working capital and cash balances as provided in the merger
agreement of approximately $13.0 million and $48.0 million,
respectively, and 9,036,538 Inotiv common shares. The common shares
included in the merger consideration include 790,620 shares
issuable upon the exercise of certain Envigo stock options that
were assumed by the Company in the transaction.
- In connection
with the acquisition of Envigo, the Company announced on November
5, 2021 a new senior secured term loan facility of $165.0 million
to fund the cash portion of the acquisition, in addition to using
net proceeds from the senior convertible notes issued September 27,
2021. The term loan facility will accrue interest at the prevailing
LIBOR rate, plus a margin of between 6.00% and 6.50%. The initial
interest rate is LIBOR plus 6.25%, and the term loan facility will
mature on November 5, 2026.
- On December 29,
2021, we closed on the acquisition of the rabbit breeding and
supply business of Robinson Services Inc. (“RSI”), a North
Carolina-based provider of high-quality animal models, which was
announced on January 6, 2022.
Subsequent Events
- On January 4,
2022, announced a collaboration with Synexa Life Sciences, a world
leader in clinical biomarker and bioanalysis research services,
that will accelerate the Company’s development of biomarkers
essential to the understanding of safety and efficacy of novel
biotherapeutics, enhancing the Company’s core preclinical DSA
services.
- On January 10,
2022, announced the purchase of Integrated Laboratory Systems, LLC
(“ILS”), a contract research organization (“CRO”), located in
Morrisville, North Carolina, specializing in genetic toxicology, in
vivo and in vitro toxicology, pathology, molecular biology,
bioinformatics and computational toxicology services. Transaction
consideration totaled $56.0 million, consisting of: $38.0 million
in cash and 429,118 Inotiv common shares having a value of $18.0
million based on the volume weighted average closing price of
Company shares as reported by NASDAQ for the twenty trading-day
period ending on January 6, 2022. ILS operates in two leased
facilities with a total of 50,000 square feet, including a vivarium
that is accredited by the Association for Assessment and
Accreditation of Laboratory Animal Care, and recognized revenue of
approximately $20.0 million in 2021.
- On January 10,
2022, the Company borrowed the full amount of its existing $35.0
million delayed draw term loan facility (the "DDTL") under its
credit agreement dated November 5, 2021 to fund the purchase of
ILS.
- On January 27,
2022, announced the purchase of Orient BioResource Center, Inc.
(“OBRC), from Orient Bio, Inc., a preclinical CRO and animal model
supplier based in Seongnam, South Korea. OBRC is a primate
quarantine and holding facility located near Alice, Texas.
Consideration for the OBRC stock consisted of $28.2 million in
cash, subject to certain adjustments, and 677,339 of the Company's
common shares. As part of the purchase consideration, the Company
agreed to leave in place a payable owed by OBRC to the Seller in
the amount of $3.7 million. The payable will not bear interest and
is required to be paid to the Seller on the date that is 18 months
after the Closing.
- In connection
with the purchase of OBRC, the Company entered into a first
amendment to its existing credit agreement on January 27, 2022. The
amendment provides for, among other things, an increase to the
existing term loan facility in the original principal amount of
$40.0 million (“Incremental Term Loans”) and a new delayed draw
term loan in the amount of $35.0 million, which amount is available
to be drawn up to 24 months from the date of the amendment. On
January 27, 2022, the Company borrowed the full amount of the
Incremental Term Loans, but did not borrow any amounts under the
new delayed draw term loan.
Robert Leasure, Jr., the Company's President and
Chief Executive Officer, commented, “Since the start of fiscal
2022, we have continued our momentum building Inotiv into a
comprehensive provider of preclinical drug discovery and safety
assessment services through our strategic acquisitions of Plato
BioPharma and ILS and our collaboration with Synexa Life Sciences.
Plato BioPharma brings us important new in vivo pharmacology
capabilities, ILS complements our BioReliance® assets and
accelerates the buildout of our genetic toxicology offerings, and
the partnership with Synexa Life Sciences enhances our biomarker
platform. Over the last few years, we’ve significantly broadened
and scaled our DSA business, enabling one-stop-shop preclinical
programs and quicker speed to market, positioning Inotiv as the
primary contract research provider for our growing client
base.”
Mr. Leasure continued, “The transformative
acquisition of Envigo, which closed in the first quarter of fiscal
2022, established the foundation of our new Research Models and
Services business, or RMS. Through Envigo, we secured
access to critical research models essential for our clients’
success, further differentiating Inotiv from many of our peers.
Following the Envigo acquisition, we took steps to leverage our
existing RMS capacity with the acquisition of RSI’s rabbit breeding
business and the acquisition of OBRC’s non-human primate
facilities, which neighbor our Alice, Texas location. In an
environment during which global research model demand outstrips
supply, these moves mitigate potential supply bottlenecks as we
pursue a multitude of cross-selling and growth opportunities across
our integrated services. Finally, this quarter we augmented
inorganic growth with another period of strong internal growth,
reflecting our focus on delivering superior client experiences and
investing in G&A to support new services and expansion. Our
quarter-end DSA backlog of $104.6 million reinforces our optimism
for continuing robust near-term revenue growth, and over the
long-term we believe our strategy will deliver meaningfully higher
operating margins as we scale.”
Q1 FY 2022 Review
Total revenue increased 370.4% to $84.2 million
from $17.9 million in Q1 FY 2021, driven by a $14.9 million
increase in DSA revenue and $51.4 million of incremental RMS
revenue.
|
Revenue (in millions) |
|
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
Segment |
|
Q1 FY 2022 |
|
Q1 FY 2021 |
|
Difference |
|
% Change |
|
|
DSA1 |
|
$32.8 |
|
$17.9 |
|
$14.9 |
|
+83.2 |
% |
|
|
RMS |
|
$51.4 |
|
|
- |
|
$51.4 |
|
NM |
|
|
|
Total |
|
$84.2 |
|
$17.9 |
|
$66.3 |
|
+370.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1
includes BASi Products |
|
The acquisitions of HistoTox Labs, Bolder
BioPATH, Gateway Pharmacology and Plato BioPharma added $10.0
million of service revenue and internal growth generated $4.9
million of service revenue in our DSA segment during Q1 FY 2022.
Our acquisition of Envigo contributed $45.1 million of product
revenue and $6.3 million of service revenue to our RMS segment
during Q1 FY 2022. RMS revenue in Q1 FY 2022 reflected
a partial quarter contribution from Envigo, which was acquired on
November 5, 2021. We did not have any RMS revenue in the comparable
prior year period.
Total gross profit increased to $19.3 million,
or 22.9% of revenue, from $5.9 million, or 33.0% of revenue, in Q1
FY 2021. The decrease in the gross profit as a percent of revenue
is due to RMS products that have a lower gross profit as a percent
of revenue compared to DSA services. There was $3.7 million of
non-cash amortization which negatively impacted the gross profit
percentage by 4.4%.
|
Gross Profit1 (in millions) |
|
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
Segment |
|
Q1 FY 2022 |
|
% of Segment Revenue |
|
Q1 FY 2021 |
|
% of Revenue |
|
|
DSA2 |
|
$12.2 |
|
37.2 |
% |
|
$5.9 |
|
33.0 |
% |
|
|
RMS |
|
$7.1 |
|
13.8 |
% |
|
- |
|
- |
|
|
|
Total |
|
$19.3 |
|
22.9 |
% |
|
$5.9 |
|
33.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1
excludes amortization of intangible assets2includes BASi
Products |
|
DSA gross profit for Q1 FY 2022 was $12.2
million, or 37.2% of DSA revenue, compared to $5.9 million, or
33.0% of DSA revenue, in Q1 FY 2021. The year over year increase in
gross profit percentage was primarily driven by higher margins on
acquisitions of HistoTox Labs, Bolder BioPATH and Gateway
Pharmacology and greater utilization of recently expanded
capacity.
RMS gross profit for Q1 FY 2022 was $7.1 million
or 13.8% of RMS revenue. There was $3.7 million of non-cash
amortization which negatively impacted the gross profit percentage
by 4.4%. We did not have any RMS gross profit in the comparable
period.
Operating expenses increased by 698.3%, or $47.1
million, due to acquisitions and cost increases as the Company
continued to build the infrastructure for growth, which included
additional headcount, recruiting, relocation expense, post
combination non-cash stock compensation expense relating to the
adoption of the Envigo Equity Plan recognized in connection with
the Envigo acquisition of $23.0 million and investments in building
out new service offerings. Additionally, there was an increase in
selling expenses due to an increase in travel cost as our sales and
marketing teams have traveled more as the COVID-19 pandemic eases
and an increase in commissions due to higher sales awards. During
Q1 FY 2022, we continued investing in internal capabilities to
provide additional service offerings such as laboratory solutions,
medical device pathology, biotherapeutics and genetic
toxicology.
Net loss attributable to common shareholders was $(83.0)
million, or $(3.93) per basic and diluted share, compared to a net
loss of $(366,000), or $(0.03) per basic and diluted share, in Q1
FY 2021. Net loss for Q1 FY 2022 includes post combination non-cash
stock compensation expense relating to the adoption of the Envigo
Equity Plan recognized in connection with the Envigo acquisition of
$23.0 million and $56.7 million of fair value remeasurement of the
embedded derivative component of the convertible notes issued in
September 2021.
Adjusted EBITDA increased 621.4% to $10.1
million or 12.0% of total revenue, from $1.4 million or 7.8% of
total revenue in Q1 FY 2021.
Cash Provided by Operating Activities
and Financial Condition
As of December 31, 2021, the Company had $42.4
million in cash and cash equivalents, a $0 balance on a $15.0
million revolving credit facility, and a delayed draw term loan
facility (the “DDTL”) in the amount of $35.0 million available to
be drawn down up to 18 months from the date of the credit agreement
which was November 5, 2021. Total debt as of December 31, 2021 was
$260.6 million.
On January 10, 2022, the Company borrowed the
full amount of its DDTL to fund the purchase of ILS. Amounts
outstanding under the DDTL will accrue interest at an annual rate
equal to the LIBOR rate plus a margin of between 6.00% and 6.50%,
depending on the Company’s then current secured leverage ratio (as
defined in the credit agreement). The initial adjusted LIBOR
rate of interest is the LIBOR rate of 1.00% plus 6.25% for a total
rate of 7.25%.
On January 27, 2022, the Company entered into a
first amendment to its existing credit agreement. The amendment
provides for, among other things, an increase to the existing term
loan facility in the amount of $40.0 million (“Incremental Term
Loans”) and a new delayed draw term loan in the amount of $35.0
million, which amount is available to be drawn up to 24 months from
the date of the amendment. On January 27, 2022, the Company
borrowed the full amount of the Incremental Term Loans, but did not
borrow any amounts under the new delayed draw term loan.
Conference Call
Management will host a conference call on
Thursday, February 10, 2022, at 4:30 pm ET to discuss first quarter
reported results for fiscal year 2022.
Interested parties may participate in the call
by dialing:
- (877) 407-9753 (Domestic)
- (201) 493-6739 (International)
The live conference call webcast also will be
accessible in the Investors section of the Company’s website, and
directly via the following
link:https://themediaframe.com/mediaframe/webcast.html?webcastid=cXkN5tYP
For those who cannot listen to the live
broadcast, an online replay will be available in the Investors
section of Inotiv’s web site at:
https://www.inotivco.com/investors/investor-information/.
Non-GAAP to GAAP
Reconciliation
This press release contains financial measures
that are not calculated in accordance with generally accepted
accounting principles in the United States (GAAP), including
Adjusted EBITDA for the three months ended December 31, 2021 and
2020 and selected business segment information for those periods.
Adjusted EBITDA as reported herein refers to a financial
performance measure that excludes from net income (loss) income
statement line items interest expense and income taxes (benefit)
expense, as well as non-cash charges for depreciation and
amortization, stock option expense, non-recurring acquisition and
integration costs, startup costs, foreign exchange losses, loss on
debt extinguishment, amortization of inventory step up, gain on
disposition of assets, loss on fair value remeasurement of
convertible notes and other non-recurring third-party costs. The
adjusted business segment information excludes from operating
income and unallocated corporate G&A these same expenses.
The Company believes that these non-GAAP
measures provide useful information to investors. Among other
things, they may help investors evaluate the Company’s ongoing
operations. They can assist in making meaningful period-over-period
comparisons and in identifying operating trends that would
otherwise be masked or distorted by the items subject to the
adjustments. Management uses these non-GAAP measures internally to
evaluate the performance of the business, including to allocate
resources. Investors should consider these non-GAAP measures as
supplemental and in addition to, not as a substitute for or
superior to, measures of financial performance prepared in
accordance with GAAP.
Management has chosen to provide this
supplemental information to investors, analysts, and other
interested parties to enable them to perform additional analyses of
our results and to illustrate our results giving effect to the
non-GAAP adjustments shown in the reconciliation. Management
strongly encourages investors to review the Company's consolidated
financial statements and publicly filed reports in their entirety
and cautions investors that the non-GAAP measures used by the
Company may differ from similar measures used by other companies,
even when similar terms are used to identify such measures.
About the Company
Inotiv, Inc. is a leading contract research
organization dedicated to providing nonclinical and analytical drug
discovery and development services and research models and related
products and services. The Company’s products and services focus on
bringing new drugs and medical devices through the discovery and
preclinical phases of development, all while increasing efficiency,
improving data, and reducing the cost of taking new drugs to
market. Inotiv is committed to supporting discovery and development
objectives as well as helping researchers realize the full
potential of their critical R&D projects, all while working
together to build a healthier and safer world. Further information
about Inotiv can be found here: https://www.inotivco.com/.
This release may contain forward-looking
statements that are subject to risks and uncertainties including,
but not limited to, risks and uncertainties related to changes in
the market and demand for our services and products, the
development, marketing and sales of products and services, changes
in technology, industry and regulatory standards, the timing of
acquisitions and the successful closing, integration and business
and financial impact thereof, near-term and long-term growth in
revenue and operating margins, the impact of the COVID-19 pandemic
on the economy, demand for our services and products and our
operations, including the measures taken by governmental
authorities to address the pandemic, which may precipitate or
exacerbate other risks and/or uncertainties and various other
market and operating risks, including those detailed in the
Company's filings with the U.S. Securities and Exchange
Commission.
|
|
Company Contact |
Investor Relations |
Inotiv, Inc. |
The Equity Group Inc. |
Beth A. Taylor, Chief Financial Officer |
Kalle Ahl, CFA |
(765) 497-8381 |
(212) 836-9614 |
btaylor@inotivco.com |
kahl@equityny.com |
|
|
|
Devin Sullivan |
|
(212) 836-9608 |
|
dsullivan@equityny.com |
Financial Tables Follow:
INOTIV, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except
per share amounts)(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
Service revenue |
|
$ |
38,176 |
|
|
$ |
17,032 |
|
|
Product revenue |
|
|
46,035 |
|
|
|
853 |
|
|
Total revenue |
|
|
84,211 |
|
|
|
17,885 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
Cost of services provided (excluding amortization of intangible
assets) |
|
|
24,209 |
|
|
|
11,597 |
|
|
Cost of products sold (excluding amortization of intangible
assets) |
|
|
40,677 |
|
|
|
411 |
|
|
Selling |
|
|
2,738 |
|
|
|
625 |
|
|
General and administrative |
|
|
13,252 |
|
|
|
4,882 |
|
|
Amortization of intangible assets |
|
|
3,396 |
|
|
|
160 |
|
|
Other operating expense |
|
|
33,580 |
|
|
|
196 |
|
|
Operating income |
|
|
(33,641 |
) |
|
|
14 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
|
|
(4,828 |
) |
|
|
(347 |
) |
|
Other (expense) income |
|
|
(57,727 |
) |
|
|
— |
|
|
Income (loss) before income
taxes |
|
|
(96,196 |
) |
|
|
(333 |
) |
|
Provision for income
taxes |
|
|
12,785 |
|
|
|
(33 |
) |
|
Consolidated net income
(loss) |
|
$ |
(83,411 |
) |
|
$ |
(366 |
) |
|
Less: Net income (expense) attributable to noncontrolling
interests |
|
|
(364 |
) |
|
|
— |
|
|
Net income (loss) attributable
to common shareholders |
|
|
(83,047 |
) |
|
|
(366 |
) |
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
Net income attributable to
common shareholders: |
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(3.93 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
Weighted-average number of
common shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
|
21,124 |
|
|
|
11,016 |
|
|
Note – Certain prior quarter amounts have been
reclassified for consistency with the current year presentation.
These reclassifications had no effect on the reported results of
operations.
INOTIV,
INC.RECONCILIATION OF GAAP TO NON-GAAP
EARNINGS(In thousands)(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
December 31, |
|
|
2021 |
|
2020 |
|
GAAP Consolidated net income (loss) |
|
$ |
(83, 411 |
) |
$ |
(366 |
) |
Add back (a): |
|
|
|
|
|
|
Interest expense |
|
|
4,828 |
|
|
347 |
|
Income taxes (benefit) expense |
|
|
(12,785 |
) |
|
33 |
|
Depreciation and amortization |
|
|
6,024 |
|
|
1,065 |
|
Stock option expense (1) |
|
|
23,932 |
|
|
181 |
|
Acquisition and integration costs (2) |
|
|
8,808 |
|
|
— |
|
Startup costs |
|
|
957 |
|
|
160 |
|
Foreign exchange losses |
|
|
320 |
|
|
— |
|
Loss on debt extinguishment |
|
|
877 |
|
|
— |
|
Amortization of inventory step up |
|
|
3,668 |
|
|
— |
|
Other non-recurring, third party costs |
|
|
439 |
|
|
— |
|
Gain on disposition of assets |
|
|
(249 |
) |
|
— |
|
Loss on fair value remeasurement of convertible notes (3) |
|
|
56,714 |
|
|
— |
|
Adjusted EBITDA (b) |
|
$ |
10,122 |
|
$ |
1,420 |
|
|
(a)
Adjustments to certain GAAP reported measures for the three months
ended December 31, 2021 and 2020 include, but are not limited to,
the following: |
(1) $23.0 million relates to post combination non-cash stock
compensation expense relating to the adoption of the Envigo Equity
Plan recognized in connection with the Envigo acquisition |
(2) For the three months ended December 31, 2021, charges for legal
services, accounting services, travel, and other related activities
in connection with the acquisitions of Plato BioPharma, Envigo and
Robinson Services, Inc. (“RSI”). |
(3) For the three ended December 31, 2021, loss of $56,714
resulting from the fair value remeasurement of the embedded
derivative component of the convertible notes. |
(b) Adjusted EBITDA - Earnings before interest expense,
income taxes (benefit) expense, depreciation and amortization,
stock option expense, non-recurring acquisition and integration
costs, startup costs, foreign exchange losses, loss on debt
extinguishment, amortization of inventory step up, other
non-recurring, third party costs, gain on disposition of assets and
loss on fair value remeasurement of the embedded derivative
component of the convertible notes. |
|
RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS
SEGMENT INFORMATION |
In thousands |
Unaudited |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
December |
|
2021 |
|
|
2020 |
|
DSA |
|
|
|
Revenue |
32,825 |
|
|
17,885 |
|
Operating income |
6,042 |
|
|
3,277 |
|
Operating income as a % of
total revenue |
7.2 |
% |
|
18.3 |
% |
Add back: |
|
|
|
Depreciation and amortization |
2,541 |
|
|
872 |
|
Stock option expense |
- |
|
|
- |
|
Acquisition and integration costs |
- |
|
|
- |
|
Startup costs |
957 |
|
|
160 |
|
Other non-recurring, third party costs |
- |
|
|
- |
|
Total non-GAAP adjustments to
operating income |
3,498 |
|
|
1,032 |
|
Non-GAAP operating income |
9,540 |
|
|
4,309 |
|
Non-GAAP operating income as a
% of DSA revenue |
29.1 |
% |
|
24.1 |
% |
Non-GAAP operating income as a
% of total revenue |
11.3 |
% |
|
24.1 |
% |
|
|
|
|
RMS |
|
|
|
Revenue |
51,386 |
|
|
N/A |
|
Operating income/(loss) |
80 |
|
|
N/A |
|
Operating income/(loss) as a %
of total revenue |
0.0 |
% |
|
N/A |
|
Add back: |
|
|
|
Depreciation and amortization |
3,483 |
|
|
N/A |
|
Stock option expense |
- |
|
|
N/A |
|
Acquisition and integration costs |
- |
|
|
N/A |
|
Amortization of inventory step up |
3,668 |
|
|
N/A |
|
Startup costs |
- |
|
|
N/A |
|
Other non-recurring, third party costs |
439 |
|
|
N/A |
|
Total non-GAAP adjustments to
operating income/(loss) |
7,590 |
|
|
N/A |
|
Non-GAAP operating
income/(loss) |
7,670 |
|
|
N/A |
|
Non-GAAP operating
income/(loss) as a % of RMS revenue |
14.9 |
% |
|
N/A |
|
Non-GAAP operating
income/(loss) as a % of total revenue |
9.1 |
% |
|
N/A |
|
Unallocated Corporate G&A |
(39,764 |
) |
|
(3,263 |
) |
Unallocated corporate G&A
as a % of total revenue |
-47.2 |
% |
|
-18.2 |
% |
Add back: |
|
|
|
Depreciation and
amortization |
- |
|
|
193 |
|
Stock option expense |
23,932 |
|
|
181 |
|
Acquisition and integration
costs |
8,808 |
|
|
- |
|
Other non-recurring, third
party costs |
- |
|
|
- |
|
Total non-GAAP adjustments to
unallocated corporate G&A |
32,740 |
|
|
374 |
|
Non-GAAP unallocated corporate
G&A |
(7,024 |
) |
|
(2,889 |
) |
Non-GAAP unallocated corporate
G&A as a % of total revenue |
-8.3 |
% |
|
-16.2 |
% |
|
|
|
|
Total |
|
|
|
Revenue |
84,211 |
|
|
17,885 |
|
Operating (loss) income |
(33,642 |
) |
|
14 |
|
Operating (loss) income as a %
of total revenue |
-39.9 |
% |
|
0.1 |
% |
Add back: |
|
|
|
Depreciation and
amortization |
6,024 |
|
|
1,065 |
|
Stock option expense |
23,932 |
|
|
181 |
|
Acquisition and integration
costs |
8,808 |
|
|
- |
|
Amortization of inventory step
up |
3,668 |
|
|
- |
|
Startup costs |
957 |
|
|
160 |
|
Other non-recurring, third
party costs |
439 |
|
|
- |
|
Total non-GAAP adjustments to
operating (loss) |
43,828 |
|
|
1,406 |
|
Non-GAAP operating income |
10,186 |
|
|
1,420 |
|
Non-GAAP operating income as a
% of total revenue |
12.1 |
% |
|
7.9 |
% |
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