Customer Demand Drives Early Introduction of
Bioptx™ Biomarker Sensing Platform, Adding Professional Healthcare
Solution to Previously Announced Consumer Wearables Solution,
VitalSpex™
Rockley Ends 2021 with 17 Consumer Electronics
and Medtech Contracted Customers, First Commercial Products
Expected to Be Available as Early as Second Half 2022 and Volume
Ramp Expected in 2023
Rockley Photonics Holdings Limited (NYSE: RKLY) (“the Company”
or “Rockley”), a global leader in photonics-based health monitoring
and communications solutions, today announced its financial results
for the fourth quarter and full year ended December 31, 2021.
“Throughout 2021, we made tremendous progress in product
development and with our customers, exceeding many of our goals for
the year,” said Dr. Andrew Rickman, chairman and chief executive
officer of Rockley. “The recently announced Bioptx platform for
medtech, coupled with our VitalSpex solution for consumer
wearables, demonstrates the success that we’re having in both
aspects of our business. Today, we believe we are well-positioned
at the center of two large, converging markets, offering a unique
biomarker sensing platform that addresses the needs and demands of
our world-class customer base.”
Dr. Rickman continued, “Our belief in our sensing platform’s
ability to provide a more complete, more accurate view into an
individual’s health and to provide these insights in a non-invasive
manner is supported by our initial human studies. The recently
released results from our core body temperature and blood pressure
studies suggest that our approach will allow continuous insight
into a person’s individual health and wellness. We believe that the
use of our platform could have a profound impact on the lives of
individuals, patients, seniors, first responders, and more. The
platform has the potential to help the current system evolve from
‘sick-care’ to preventative healthcare by empowering individuals
and by providing better tools for professional healthcare.”
“During the quarter, we achieved many of our goals and
strengthened our financial position,” said Mahesh Karanth, chief
financial officer of Rockley. “We implemented programs to help us
to preserve capital and improve our cash efficiency, correlating
expenditures to initiatives tied to accelerating the
commercialization of our consumer wearables and medtech products.
We are in the process of redeploying datacom engineers to
biosensing projects.”
Business Highlights:
- VitalSpex to Drive Continued Momentum in Consumer Wearables
– During the quarter, the Company announced a significant
expansion of its footprint in the consumer wearables market by
signing new agreements with six global consumer electronics
manufacturers. Rockley is actively working with 12 consumer
electronics customers, including six of the top ten largest
manufacturers of smart watches and wristbands, to design its
chipsets and modules into consumer products as well as offer
products that will provide access to its AI cloud suite.
- Bioptx Biomarker Sensing Platform to Serve Professional
Healthcare Market – The Company announced its Bioptx product
line, a platform featuring a non-invasive, continuous biosensing
wristband enabled with technology that will measure an extensive
range of biomarkers and leverage custom cloud analytics and AI.
Bioptx was launched two years ahead of schedule to meet increasing
demand from customers, accelerating the development of non-invasive
remote monitoring solutions for healthcare. Engineering samples
shipped in January to multiple customers, and availability of the
first commercial products is expected in the second half of 2022.
The Company also plans to generate recurring revenue from its AI
cloud suite and subscription sales. Rockley plans to seek
certification from the U.S. Food and Drug Administration and other
regulatory agencies.
- Human Studies of Biomarkers to Continue in 2022 –
Rockley recently announced initial results of its human studies of
core body temperature and blood pressure. In the temperature study,
Rockley demonstrated the initial efficacy of its photonics-based
sensor for measuring core body temperature, surpassing the results
achieved by auxiliary sensors like oral, ear, and infrared
thermometers. Next, the Company released the results of its pilot
blood pressure human study, using a cuffless, Rockley-powered,
wrist-worn device. The results demonstrated promising signal
quality, potentially providing an alternative method for measuring
cardiovascular health, and also suggested a strong correlation to
heart rate and heart rate variability measurements, which are
commonly used in electrocardiogram equipment. Additional human
studies for these and other biomarkers, including hydration,
alcohol, lactate, and glucose trends, are ongoing, and the results
are expected to be released throughout 2022.
- Membership in Center to Stream Healthcare in Place (C2SHIP)
Accepted – During the quarter, Rockley joined C2SHIP, a
consortium of academic centers and industry partners, including
many leading researchers and academics, with a mission to develop
technologies and approaches for high-quality personalized
healthcare delivered at home. C2SHIP is sponsored by the National
Science Foundation.
- ISO 9001 Certification Demonstrates Commitment to Quality
Solutions – Following an extensive review process, Rockley
achieved ISO 9001 certification, demonstrating its commitment to
its customers, to optimizing its leadership team, to improving and
fine-tuning its internal processes, and to the practice of
continuous improvement. The Company is proud that its commitment to
quality management principles has been recognized.
Fourth Quarter and Fiscal Year 2021 Financial
Highlights:
(in millions except per share)
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
Variance
($)
December 31, 2021
December 31, 2020
Variance
($)
Revenue
$
2.4
$
1.8
$
0.6
$
8.2
$
22.3
$
(14.1
)
Gross profit
$
2.7
$
(1.6
)
$
4.3
$
(3.2
)
$
(1.9
)
$
(1.3
)
SG&A expense
$
12.4
$
13.6
$
(1.2
)
$
40.0
$
20.3
$
19.7
R&D expense
$
12.6
$
26.4
$
(13.8
)
$
72.6
$
35.9
$
36.7
Net loss
$
(14.7
)
$
(58.0
)
$
43.3
$
(168.0
)
$
(80.3
)
$
(87.7
)
Net loss per share
$
(0.12
)
$
(0.54
)
$
0.42
$
(1.66
)
$
(0.96
)
$
(0.70
)
Cash, cash equivalents, and investments at
period end
$
81.4
$
125.0
$
(43.6
)
$
81.4
$
19.2
$
62.2
Cash used in operations
$
(34.1
)
$
(37.4
)
$
3.3
$
(126.0
)
$
(48.4
)
$
(77.6
)
Non-GAAP Financial Highlights:
SG&A expense
$
10.1
$
9.4
$
0.7
$
30.9
$
14.4
$
16.5
R&D expense
$
8.1
$
24.3
$
(16.2
)
$
62.5
$
29.6
$
32.9
Net loss
$
(7.1
)
$
(51.4
)
$
44.3
$
(147.0
)
$
(65.8
)
$
(81.2
)
Net loss per share
$
(0.06
)
$
(0.48
)
$
0.42
$
(1.46
)
$
(0.79
)
$
(0.67
)
Adjusted EBITDA
$
(14.7
)
$
(35.6
)
$
20.9
$
(95.0
)
$
(43.6
)
$
(51.4
)
A reconciliation of GAAP financial measures to non-GAAP
financial measures is included in the financial statement tables
included in this press release. For more information regarding the
non-GAAP financial measures discussed in this press release, please
see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to
Non-GAAP Financial Measures" below.
Revised Outlook for Fiscal Year 2022:
Revenue
$20 - $30 million
Actual results may differ materially from Rockley’s financial
outlook as a result of several factors, including the factors
described under “Cautionary Statement Regarding Forward-Looking
Statements” below.
Conference Call Information
Rockley will host a conference call and webcast to discuss the
fourth quarter and full year results at 5:00 p.m. Eastern Time
today, March 8, 2022. The live audio webcast along with
accompanying presentation materials will be accessible on the
Company’s Investor Relations website at
investors.rockleyphotonics.com.
The U.S. dial-in for the call is 877-407-0784 or +1 201-689-8560
for international callers. Please reference access code 13727060. A
replay of the conference call will be available until March 22,
2022, at 11:59 p.m. Eastern Time, while an archived version of the
webcast will be available on Rockley’s Investor Relations website
for one year. The U.S. dial-in for the conference call replay is
844-512-2921 or +1 412-317-6671. The replay access code is
13727060.
Disclosure Information
In compliance with disclosure obligations under Regulation FD,
Rockley announces material information to the public through a
variety of means, including filings with the Securities and
Exchange Commission, press releases, public conference calls and
webcasts, as well as the investor relations website.
About Rockley
A global leader in photonics-based health monitoring and
communications solutions, Rockley is developing a comprehensive
range of photonic integrated circuits and associated modules,
sensors, and full-stack solutions. From next-generation sensing
platforms specifically designed for mobile health monitoring and
machine vision to high-speed, high-volume solutions for data
communications, Rockley is laying the foundation for a new
generation of applications across multiple industries. Rockley
believes that photonics will eventually become as pervasive as
micro-electronics, and it has developed a platform with the power
and flexibility needed to address both mass markets and a wide
variety of vertical applications.
Formed in 2013, Rockley is uniquely positioned to support
hyper-scale manufacturing and address a multitude of high-volume
markets. Rockley has partnered with numerous Tier-1 customers
across a diverse range of industries to deliver the complex optical
systems required to bring transformational products to market.
To learn more about Rockley, visit rockleyphotonics.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release that are not historical
facts constitute “forward-looking statements” for purposes of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements
regarding Rockley’s future expectations, beliefs, plans,
objectives, and assumptions regarding future events or performance.
The words “anticipate,” “believe,” “continue,” “could,” “develop,”
“enable,” “estimate,” “eventual,” “expect,” “future,” “intend,”
“may,” “might,” “opportunity,” “outlook,” “plan,” “possible,”
“position,” “potential,” “predict,” “project,” “revolutionize,”
“seem,” “should,” “trend,” “will,” “would” and other terms that
predict or indicate future events, trends, or expectations, and
similar expressions or the negative of such expressions may
identify forward-looking statements, but the absence of these words
or terms does not mean that a statement is not forward-looking.
Forward-looking statements in this press release include, but are
not limited to, statements regarding the following: (a) the
potential of the Company’s solutions to improve individuals’ health
and well-being and enable the transition from reactive to proactive
healthcare; (b) the anticipated retirement of the Company’s
remaining debt obligation and timing thereof; (c) the Company’s
financing agreement with Lincoln Park; (d) the status and timing of
the Company’s qualification of a second source for its silicon
photonics chip supply; (e) backlog; (f) the anticipated and
potential features, scope, goals, and benefits of the Company’s
platform, products, technology, and partnerships with third
parties; (g) the Company’s continued development of a range of
photonic integrated circuits and associated modules, sensors, and
full-stack solutions; (h) Rockley’s belief that photonics will
eventually become as pervasive as micro-electronics; and (i)
Rockley’s potential to support hyper-scale manufacturing, address a
multitude of high-volume markets, and deliver the complex optical
systems required to bring transformational products to market.
Forward-looking statements are subject to several risks and
uncertainties (many of which are beyond the Company’s control) or
other assumptions that may cause actual results or performance to
differ materially from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: (i) the Company’s ability to
achieve commercial production of its products and technology,
including in a timely and cost-effective manner; (ii) the Company’s
ability to achieve customer design wins, convert memoranda of
understanding and development contracts into production contracts,
and achieve customer acceptance of its products and technology;
(iii) risks related to purchase orders, including the lack of
long-term purchase commitments, the cancellation, reduction, delay,
or other changes in customer purchase orders, and if and to the
extent customers seek to enter into licensing arrangements in lieu
of purchases; (iv) the Company’s history of losses and need for
additional capital and its ability to access additional financing
to support its operations and execute on its business plan, as well
as the risks associated with any future financings; (v) legal and
regulatory risks, including those related to its products and
technology and any threatened or actual litigation; (vi) risks
associated with its fabless manufacturing model and dependency on
third-party suppliers; (vii) the Company’s reliance on a few
significant customers for a majority of its revenue and its ability
to expand and diversify its customer base; (viii) the Company’s
financial performance; (ix) the impacts of COVID-19 on the Company,
its customers and suppliers, its target markets, and the economy;
(x) the Company’s ability to successfully manage growth and its
operations as a public company; (xi) fluctuations in the Company’s
stock price and the Company’s ability to maintain the listing of
its ordinary shares on the NYSE; (xii) the Company’s ability to
anticipate and respond to industry trends and customer
requirements; (xiii) changes in the Company’s current and future
target markets; (xiv) intellectual property risks; (xv) the
Company’s ability to compete successfully; (xvi) market opportunity
and market demand for, and acceptance of, the Company’s products
and technology, as well as the customer products into which the
Company’s products and technology are incorporated; (xvii) risks
related to international operations; (xviii) risks related to
cybersecurity, privacy, and infrastructure; (xix) risks related to
financial and accounting matters; (xx) general economic, financial,
legal, political, and business conditions and changes in domestic
and foreign markets; (xxi) the Company’s ability to realize the
anticipated benefits of the business combination; (xxii) changes
adversely affecting the businesses or markets in which the Company
is engaged; and (xxiii) risks related to the Company’s backlog,
including the risk that backlog may not translate into future
revenue, as well as other factors described under the heading “Risk
Factors” in the registration statement on Form S-1 filed by the
Company on October 7, 2021, and declared effective on October 19,
2021, and in other documents the Company files with the Securities
and Exchange Commission in the future. The forward-looking
statements contained in this press release are based on various
assumptions, whether or not identified in this press release, and
on the Company’s current expectations, beliefs, and assumptions and
are not predictions of actual performance. If any of these risks or
uncertainties materialize, or should any of these assumptions prove
incorrect, actual results may differ materially from those
discussed in or implied by these forward-looking statements. There
can be no assurance that future developments affecting the Company
will be those that have been anticipated. These forward-looking
statements speak only as of the date hereof and the Company does
not intend to update or revise any forward-looking statements,
whether because of new information, future events, or otherwise,
except as required by law.
ROCKLEY PHOTONICS HOLDINGS
LIMITED
Consolidated Statements of
Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and
per share amounts)
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Revenue
$
2,408
$
1,839
$
3,282
$
8,213
$
22,343
Cost of revenue
(326
)
3,459
6,140
11,416
24,240
Gross profit
2,734
(1,620
)
(2,858
)
(3,203
)
(1,897
)
Operating expenses:
Selling, general and administrative
expenses
12,388
13,568
7,657
39,976
20,260
Research and development expenses
12,624
26,418
8,893
72,573
35,900
Total operating expenses
25,012
39,986
16,550
112,549
56,160
Loss from operations
(22,278
)
(41,606
)
(19,408
)
(115,752
)
(58,057
)
Other income (expense):
Forgiveness of PPP loan
—
—
—
2,860
—
Interest expense, net
(2,868
)
(1,587
)
(116
)
(4,781
)
(189
)
Equity method investment loss
17
40
(333
)
(703
)
(1,274
)
Change in fair value of debt
—
(14,255
)
(14,616
)
(59,916
)
(20,163
)
Change in fair value of warrant
10,312
515
—
10,827
—
Gain (loss) on foreign currency
(31
)
(481
)
1,344
119
(25
)
Total other income (expense)
7,430
(15,768
)
(13,721
)
(51,594
)
(21,651
)
Loss before income taxes
(14,848
)
(57,374
)
(33,129
)
(167,346
)
(79,708
)
Provision for income tax
(141
)
598
195
667
569
Net loss and comprehensive loss
$
(14,707
)
$
(57,972
)
$
(33,324
)
$
(168,013
)
$
(80,277
)
Net loss per share:
Basic and diluted
$
(0.12
)
$
(0.54
)
$
(0.40
)
$
(1.66
)
$
(0.96
)
Weighted-average shares
outstanding:
Basic and diluted
127,355,926
107,633,037
83,652,056
100,917,939
83,457,400
ROCKLEY PHOTONICS HOLDINGS
LIMITED
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share
amounts and par value)
December 31, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
36,786
$
19,228
Short-term investments, at fair value
26,965
—
Accounts receivable, net of allowance of
$302 and $0
1,359
4,925
Other receivables, net of allowance of
$141 and $0
47,462
18,024
Prepaid expenses
6,795
1,605
Other current assets
7
609
Total current assets
119,374
44,391
Long-term investments, at fair value
17,659
—
Property, equipment, net
10,187
6,182
Equity method investment
4,879
5,202
Intangible assets
3,048
3,048
Other non-current assets
7,683
1,607
Total assets
$
162,830
$
60,430
Liabilities and Shareholders’ Equity
(Deficit)
Current liabilities
Trade payables
$
6,882
$
4,413
Accrued expenses
17,360
10,395
Debt, current portion
26,312
—
Other current liabilities
1,238
998
Total current liabilities
51,792
15,806
Long-term debt, net of current portion
—
74,804
Warrant liabilities
3,477
—
Other long-term liabilities
3,743
1,127
Total liabilities
59,012
91,737
Shareholders’ equity (deficit)
Ordinary shares, $0.000004 par value;
12,417,500,000 and 139,033,366 authorized as of December 31, 2021
and December 31, 2020; 127,860,639 and 83,539,382 issued and
outstanding as of December 31, 2021 and December 31, 2020,
respectively
—
—
Additional paid-in-capital
504,714
201,576
Accumulated deficit
(400,896
)
(232,883
)
Total shareholders’ equity (deficit)
103,818
(31,307
)
Total liabilities and shareholders’ equity
(deficit)
$
162,830
$
60,430
ROCKLEY PHOTONICS HOLDINGS
LIMITED
Consolidated Statements of
Cash Flows (Unaudited)
(in thousands)
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Cash flows from operating
activities:
Net loss
$
(14,707
)
$
(57,972
)
$
(33,324
)
$
(168,013
)
$
(80,277
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation of property and equipment
1,412
1,229
692
4,640
2,787
Gain on disposal of property and
equipment
—
—
(9
)
—
(107
)
Amortization of debt issuance costs
—
—
(26
)
—
—
Bad debt expense and allowance for
doubtful accounts
443
—
—
820
—
Accretion of marketable securities to
redemption value
(90
)
(32
)
—
(122
)
—
Stock-based compensation
6,157
2,155
2,178
12,013
8,043
Change in equity-method investment
(23
)
(145
)
333
323
1,274
Change in fair value of debt
instrument
—
14,255
14,616
59,916
20,163
Change in fair value of warrant
liabilities
(10,312
)
(515
)
—
(10,827
)
—
Forgiveness of Paycheck Protection Program
loan
—
—
—
(2,860
)
—
Changes in operating assets and
liabilities:
Accounts receivable
(145
)
895
2,569
2,887
1,458
Other receivables
(22,637
)
(1,929
)
(6,110
)
(29,579
)
(2,074
)
Prepaid expenses and other current
assets
2,991
(2,090
)
429
(4,868
)
1,307
Other non-current assets
(4,465
)
403
119
(5,795
)
604
Trade payables
516
1,277
789
1,663
(3,126
)
Accrued expenses
5,146
5,398
(769
)
10,946
3,537
Other current and long-term
liabilities
1,615
(374
)
(1,103
)
2,855
(1,943
)
Net cash used in operating activities
(34,099
)
(37,445
)
(19,616
)
(126,001
)
(48,354
)
Cash flows from investing
activities:
Purchase of property and equipment
(2,142
)
(2,876
)
(326
)
(7,840
)
(1,416
)
Purchase of marketable securities
112
(54,800
)
—
(54,688
)
—
Proceeds from sale of marketable
securities
5,000
5,000
—
10,000
—
Proceeds from maturity of marketable
securities
156
30
—
186
—
Payment for asset acquisition
—
—
(250
)
(500
)
(250
)
Investment in equity method investee
—
—
(2,490
)
—
(4,990
)
Net cash used in investing activities
3,126
(52,646
)
(3,066
)
(52,842
)
(6,656
)
Cash flows from financing
activities:
Proceeds from convertible loan notes
—
—
23,067
76,723
51,781
Principal payments on long-term debt
(5,000
)
—
27
(5,000
)
(1,952
)
Proceeds from issuance of ordinary
shares
—
167,966
—
167,966
1,961
Proceeds from Paycheck Protection Program
loan
—
—
—
—
2,860
Proceeds from exercise of options
563
86
22
932
42
Proceeds from the exercise of warrants
—
146
—
379
7
Proceeds from issuance of warrants
—
—
360
263
360
Debt issuance costs incurred
—
3,173
(494
)
(383
)
(494
)
Transaction costs
(2,995
)
(41,484
)
—
(44,479
)
—
Principal payments on finance lease
—
—
—
—
(1,231
)
Net cash provided by financing
activities
(7,432
)
129,887
22,982
196,401
53,334
Net increase (decrease) in cash and
cash equivalents
(38,405
)
39,796
300
17,558
(1,676
)
Cash and cash equivalents:
Beginning of period
75,191
35,395
18,928
19,228
20,904
End of period
$
36,786
$
75,191
$
19,228
$
36,786
$
19,228
Use of Non-GAAP Financial Measures
In addition to financial information presented in accordance
with GAAP, this press release includes certain financial measures
that are not prepared in accordance with generally accepted
accounting principles in the United States, including: non-GAAP
SG&A, non-GAAP R&D, non-GAAP net loss, non-GAAP net loss
per share, and adjusted EBITDA, each of which is a non-GAAP
financial measure. The Company defines non-GAAP SG&A as GAAP
SG&A other than stock-based compensation, non-capitalized
transaction costs and forgiveness of PPP loan, and non-GAAP R&D
as GAAP R&D other than stock-based compensation. The Company
defines non-GAAP net loss as net loss other than the non-GAAP cost
of revenue adjustment, non-GAAP SG&A adjustment, and non-GAAP
R&D adjustment (in each case as described above), and defines
non-GAAP net loss per share as net loss other than non-GAAP
adjustments noted above divided by weighted shares outstanding. The
Company defined adjusted EBITDA as net loss before interest
expense, taxes, depreciation and amortization, stock-based
compensation, change in fair value of debt instruments and
warrants, and non-capitalized transaction costs as the Company
believes they are not indicative of its core operating performance.
As noted below, none of these non-GAAP financial measures is a
substitute for or superior to measures of financial performance
prepared in accordance with GAAP and should not be considered as an
alternative to any other performance measures derived in accordance
with GAAP.
The Company believes that presenting these non-GAAP financial
measures provides useful supplemental information to investors
about the Company in understanding and evaluating its operating
results, enhancing the overall understanding of its past
performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by its
management in financial and operational-decision making. The
Company uses these non-GAAP measures to help assess its operating
performance and operating leverage in its business, analyze its
financial results, establish operational goals, develop operating
budgets, and make strategic decisions. The Company also believes
that the presentation of these non-GAAP financial measures provides
an additional tool for investors to use in comparing its core
business and results of operations over multiple periods with other
companies in its industry, many of which present similar non-GAAP
financial measures to investors, and to help analyze the Company’s
cash performance.
Other companies may calculate non-GAAP measures differently, or
may use other measures to calculate their financial performance,
and therefore any non-GAAP measures the Company uses may not be
directly comparable to similarly titled measures of other
companies. Further, there are a number of limitations related to
the use of non-GAAP measures and their nearest GAAP equivalents.
Accordingly, these non-GAAP financial measures should be considered
as supplemental in nature, should not be considered as the sole
measure of the Company’s performance, and are not intended to be
construed, and should not be considered, in isolation from, or as a
substitute for, the comparable or related financial information
calculated in accordance with GAAP.
Adjusted EBITDA
(unaudited, in thousands):
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Net Loss
$
(14,707
)
$
(57,972
)
$
(33,324
)
$
(168,013
)
$
(80,277
)
Interest expense, net
2,868
1,587
116
4,781
189
Provision for income tax
(141
)
598
195
667
569
Depreciation and amortization
1,412
1,229
692
4,640
2,787
EBITDA
(10,568
)
(54,558
)
(32,321
)
(157,925
)
(76,732
)
Non-capitalized transaction costs*
83
3,214
2,070
4,337
3,611
Stock-based compensation
6,157
2,155
2,178
12,013
8,043
Change in equity method investment
(23
)
(145
)
333
323
1,274
Change in fair value of debt
instruments
—
14,255
14,616
59,916
20,163
Change in fair value of warrants
(10,312
)
(515
)
—
(10,827
)
—
Forgiveness of PPP Loan
—
—
—
(2,860
)
—
Adjusted EBITDA
$
(14,663
)
$
(35,594
)
$
(13,124
)
$
(95,023
)
$
(43,641
)
Non-GAAP Net Income
(unaudited, in thousands):
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Net Loss
$
(14,707
)
$
(57,972
)
$
(33,324
)
$
(168,013
)
$
(80,277
)
Cost of revenue adjustment
848
347
463
1,825
2,271
Selling, general and administrative
adjustment
2,284
4,132
2,630
9,108
5,826
Research and development adjustment
4,520
2,119
1,847
10,057
6,344
Non-GAAP Net Loss
$
(7,055
)
$
(51,374
)
$
(28,384
)
$
(147,023
)
$
(65,836
)
Non-GAAP net loss per share:
Basic and diluted
$
(0.06
)
$
(0.48
)
$
(0.34
)
$
(1.46
)
$
(0.79
)
Weighted-average shares
outstanding:
Basic and diluted
127,355,926
107,633,037
83,652,056
100,917,939
83,457,400
Non-GAAP - Cost of Revenue
(unaudited, in thousands):
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Cost of revenue
$
(326
)
$
3,459
$
6,140
$
11,416
$
24,240
Adjustment:
Stock-based compensation
848
347
463
1,825
2,271
Non-GAAP cost of revenue
$
(1,174
)
$
3,112
$
5,677
$
9,591
$
21,969
Non-GAAP - Selling, General and
Administrative Expenses
(unaudited, in thousands):
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Selling, general, and administrative
expenses
$ 12,388
$ 13,568
$ 7,657
$ 39,976
$ 20,260
Adjustments:
Depreciation and amortization
515
449
187
1,765
756
Stock-based compensation
1,686
469
373
3,006
1,459
Non-capitalized transaction costs*
83
3,214
2,070
4,337
3,611
Non-GAAP selling, general and
administrative expenses
$ 10,104
$ 9,436
$ 5,027
$ 30,868
14,434
Non-GAAP - Research and Development
Expenses
(unaudited, in thousands):
Three Months Ended
Years Ended
December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Research and development expenses
$
12,624
$
26,418
$
8,893
$
72,573
$
35,900
Adjustments:
Depreciation and amortization
897
780
505
2,875
2,031
Stock-based compensation
3,623
1,339
1,342
7,182
4,313
Non-GAAP research and development
expenses
$
8,104
$
24,299
$
7,046
$
62,516
$
29,556
__________________
* Non-capitalized transaction costs include non-recurring
expense related to the issuance of convertible loan notes and the
Business Combination.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220308006224/en/
For Rockley Media Debra Raine Rainemakers Telephone: +1
415-349-7432 Email: rockley-pr@rainemakers.com
Investors Gwyn Lauber Rockley Photonics Holdings Limited
Telephone: +1 626-995-0001 investors@rockleyphotonics.com
Rockley Photonics (NYSE:RKLY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rockley Photonics (NYSE:RKLY)
Historical Stock Chart
From Jul 2023 to Jul 2024