Amedica recently released their first quarter 2014 financial report, with revenue increasing 10 percent over the same period last year.
This is the first financial report since the company made its initial public offering earlier this year. Amedica, which focuses on products using the silicon nitride technology, reported a positive outlook going forward from the first quarter. Here are five findings from the report:
1. Product revenue from the company’s proprietary silicon nitride ceramic products increased 41 percent over the same period last year. Silicon nitride product revenue reached $2.5 million during the first quarter. The silicon nitride ceramic revenue increased 7 percent sequentially over the fourth quarter of 2013. The success was primarily due to second generation Valeo spinal interbody device market adoption. The company also increased corporate focus on its core nitride technology.
2. Total product revenue reached $5.8 million for the first period. The adjusted EBITDA for the first quarter was $2.2 million, a $0.2 million difference from the same period last year when the company reported $2.4 million. Amedica President and CEO Eric Olson said, “The company is focused on driving the technology forward for rapid adoption, to the ultimate benefit of patients worldwide. We have made significant progress on this front over the past year, which is reflected in the 41 percent increase in silicon nitride product revenue.”
3. Amedica reported overall net loss of $4.7 million for the first quarter, a $1.2 million increase over the same period last year. The increased net loss was primarily due to stock compensation expense of approximately $1.4 million recorded in the first quarter of 2014.
“Operations continue to benefit from real improvements in cost and enhancements in sales and marketing programs. Initiatives that focus our revenues to increase efficiency have also resulted in a reduction in net loss, excluding stock compensation expenses, and a substantial increase in gross margin compared with the first quarter of 2013,” said Amedica CFO Jay Moyes in the news release.
