Amedica reported a drop in product revenue for the third quarter due to a decline in the non-silicon nitride product sales.
Here are five key notes:
1. The revenue dropped 19 percent to $4.8 million for the third quarter due to a 27 percent drop in the non-silicon nitride sales during the quarter. Silicon nitride sales also decreased 10 percent to $300,000. The company lost a few surgeons during 2015 due to restructuring, which was partially offset by adding new surgeons and international and private label sales.
2. The operating expenses for the third quarter were down 28 percent to $3.7 million, primarily due to reorganization and aligning financial objectives earlier in the year. There was a lower commission cost and $1.7 million reduction in stock-based compensation expense during the third quarter.
3. Amedica's net loss for the quarter was $10.1 million, compared with $4.9 million in the prior year. The adjusted EBITDA was negative $2.1 million.
4. The cash and cash equivalents totaled $11.3 million by the end of the month. The total principal debt obligations were $21 million as of Sept. 30, 0215; down from Dec.31, 2014 last year.
5. The company expects revenue to reach $19 million to $19.5 million.