Amedica Releases Preliminary Unaudited 2016 Results
In addition to adding new U.S. surgeons, Amedica is aggressively targeting revenue opportunities in Brazil, Europe, and Australia.
Amedica Corp. recently announced its preliminary unaudited earnings report for the fourth quarter and fiscal year ended December 31, 2016, and provided a business update related to its business strategy and certain recent developments. The company reported preliminary revenue of $3.7 million for the fourth quarter of 2016 and $15.2 million for the full year. Preliminary GAAP net loss for the fourth quarter of 2016 was $0.16 per share, compared to net loss of $0.57 per share in the fourth quarter of 2015. For the full year, the company reported preliminary GAAP net loss of $1.19 per share, compared to a net loss of $5.50 per share in 2015.
The company has reduced its total debt to approximately $4 million, down from $24.3 million in July 2015 and from $36 million in late 2014. All debt will retire by January 2018, or sooner. Absent new financing, Amedica expects to be compliant with its debt covenants under the Hercules loan through July 2017. The company’s monthly cash burn rate has decreased from $2.8 million in 2014 to $1.3 million per month. Exclusive of principal and interest payments on the debt, the monthly operating cash burn rate is approximately $500,000. Staff count is now 35, compared to 56 last year and greater than 100 in late 2014, as the company continues to focus on cost controls in line with its October 2016 reorganization.
“Going forward, we are focused on growing spine sales, first and foremost, while pursuing a robust R&D program with academic and industry leaders, to assure leadership in medical ceramic technology,” said Dr. Sonny Bal, chairman and CEO.
In addition to adding new U.S. surgeons, Amedica is aggressively targeting revenue opportunities in Brazil, Europe, and Australia, all markets where its silicon nitride implants are approved for sale. With recent submission of favorable clinical data to the Japan Pharmaceuticals and Medical Devices Agency (PMDA), the company expects approval in that market as well.
In addition to the ceramic femoral head development for the hip replacement market, Amedica has fabricated and tested a silicon nitride dental implant with U.S. Food and Drug Administration (FDA) pre-submission, and expects FDA feedback in June 2017. A metal-ceramic brazing project with a global ceramic manufacturer is underway, targeting the total knee market, as well as composite devices in the spine market.
For more information, visit www.amedica.com.