Avedro, Inc. (Nasdaq: AVDR) (Avedro), today reported financial
results for the quarter ended June 30, 2019. The company’s earnings
call and webcast previously scheduled for tomorrow, Thursday,
August 8 will now occur today, Wednesday, August 7 at 4:30 p.m. ET
as a joint transaction call with Glaukos Corporation.
Second Quarter Highlights
- Second quarter 2019 revenue of $10.3 million – an increase of
63% year over year
- Gross margin increased to 73.0% for the second quarter of 2019
vs. 56.4% for the same period in the prior year
- U.S. Photrexa® utilization increased to 2.81 treatments per
system per month for the second quarter of 2019 as compared to 2.37
in the first quarter of 2019 and 2.10 in the second quarter of
2018
- Completed enrollment of the pivotal phase 3 clinical trial for
Epi-On corneal cross-linking treatment of progressive keratoconus,
with an anticipated top line data read out in the second half of
2020
“In the second quarter, we built on first quarter momentum to
deliver top line growth on both an annualized and sequential basis.
Our performance was the result of continued progress in driving
reimbursement, customer engagement, and consequentially, increased
Photrexa® utilization in the United States for the treatment of
progressive keratoconus,” said Reza Zadno, President and CEO.
“Through the remainder of 2019, we look forward to continuing to
work with providers to further establish broad coverage and
consistent payments while simultaneously driving ahead with our
clinical pipeline initiatives. Given our progress to date, we
expect to announce top-line data for our pivotal phase 3 Epi-On
clinical trial sometime in the second half of 2020.”
Second Quarter Financial ResultsRevenue for the
quarter ended June 30, 2019 increased 63% to $10.3 million, from
$6.3 million during the same period in 2018. The increase in
revenue was primarily driven by an increase in U.S. revenue of $4.2
million, offset by a $0.2 million decrease in non-U.S. revenue.
Gross margin was 73.0% for the second quarter of 2019, as
compared to 56.4% in the same period in 2018.
Operating expenses for the second quarter of 2019 increased 55%
to $14.4 million, compared to $9.3 million in the second quarter of
2018. The increase in operating costs was primarily due to the
expansion of our sales and reimbursement teams an increase in
research and development expenses from ongoing clinical trials and
costs of being a public company.
Operating loss was $6.9 million in the second quarter of 2019,
as compared to $5.7 million in the same period in 2018.
Net loss was $7.4 million in the second quarter of 2019, as
compared to $6.5 million in the same period in 2018.
As of June 30, 2019, we had $57.8 million of cash and cash
equivalents.
Guidance for Full Year 2019Avedro expects
revenue for 2019 to be in the range of $38 million to $41 million,
representing annual growth of approximately 43% at the midpoint of
the range. This compares to previous expectations for 2019 revenue
to be in the range of $37 million to $40 million.
Webcast and Conference Call InformationAvedro’s
earnings conference call and webcast previously scheduled for
tomorrow, Thursday, August 8 will now occur today, Wednesday,
August 7 at 4:30 p.m. ET as a joint transaction call with Glaukos
Corporation. A link to the webcast and supplemental presentation
are available on the company’s website at www.avedro.com. Investors
interested in listening to the conference call may do so by dialing
(833) 231-8262 for domestic callers or (647) 689-4107 for
international callers, using Conference ID: 3119047. A replay of
the webcast will be archived on the company’s website following
completion of the call.
About Avedro, Inc.Avedro is a leading hybrid
ophthalmic pharmaceutical and medical technology company focused on
treating corneal disease and disorders and improving vision to
reduce dependency on eyeglasses or contact lens. Avedro’s
proprietary bio-activated pharmaceuticals strengthen, stabilize,
and reshape the cornea to treat corneal ectatic disorders and
correct refractive conditions. Avedro’s suite of single-use
drug formulations are applied to the cornea and bio-activated to
induce a reaction called corneal collagen cross-linking.
Additional Information and Where to Find It
In connection with the proposed transaction between Avedro and
Glaukos, Glaukos will file with the SEC a registration statement on
Form S-4 that will include a document constituting a prospectus of
Glaukos and will also contain a proxy statement of Avedro. Avedro
and Glaukos also plan to file other relevant documents with the SEC
regarding the proposed transaction. After the registration
statement on Form S-4 is declared effective by the SEC, a
definitive proxy statement/prospectus will be mailed to the
stockholders of Avedro. INVESTORS AND SECURITY HOLDERS ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able to obtain
free copies of the registration statement on Form S-4 and the proxy
statement/prospectus (when available) and other relevant documents
filed or that will be filed by Avedro or Glaukos with the SEC
through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by Glaukos will be
available free of charge within the Investor Relations section of
Glaukos’ internet website at https://investors.glaukos.com or by
contacting Glaukos Investor Relations by email at
investors@glaukos.com or by phone at 949-481-0510. Copies of
the documents filed with the SEC by Avedro will be available free
of charge within the Investor Relations section of Avedro’s
internet website at https://investors.avedro.com or by contacting
Avedro Investor Relations by email at investors@avedro.com or by
phone at 646-924-1769.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities nor a solicitation
of any vote or approval with respect to the proposed transaction or
otherwise. No offering of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, and otherwise in accordance
with applicable law.
Participants in the Solicitation
Each of Avedro and Glaukos and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from Avedro stockholders in connection with
the proposed transaction. Information about Avedro’s directors and
executive officers is included in Avedro’s Annual Report on Form
10-K for the year ended December 31, 2018, which was filed with the
SEC on March 21, 2019, and is also included in Avedro’s Form S-1
Registration Statement filed with the SEC on January 18, 2019, as
amended by Amendment No. 1 to Avedro’s Form S-1 Registration
Statement filed with the SEC on February 4, 2019. Information about
Glaukos’ directors and executive officers is included in its
definitive proxy statement for its 2019 annual meeting of
stockholders, which was filed with the SEC on April 17, 2019.
Other information regarding the participants in the solicitation of
proxies in connection with the proposed transaction and a
description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the proxy
statement/prospectus and other relevant materials to be filed with
the SEC regarding the proposed transaction when they become
available. Investors may obtain free copies of these documents from
Avedro or Glaukos as indicated above.
Use of Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of federal securities laws. Forward-looking statements
may contain words such as “believes”, “anticipates”, “estimates”,
“expects”, “intends”, “aims”, “potential”, “will”, “would”,
“could”, “considered”, “likely” and words and terms of similar
substance used in connection with any discussion of future plans,
actions or events identify forward-looking statements. All
statements, other than historical facts, including statements
regarding the expected timing of the closing of the proposed
transaction and the expected benefits of the proposed transaction,
are forward-looking statements. These statements are based on
management’s current expectations, assumptions, estimates and
beliefs. While Avedro and Glaukos believe these expectations,
assumptions, estimates and beliefs are reasonable, such
forward-looking statements are only predictions, and are subject to
a number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements.
The following factors, among others, could cause actual results
to differ materially from those described in the forward-looking
statements: (i) failure of Avedro to obtain stockholder approval as
required for the proposed transaction; (ii) failure to obtain
governmental and regulatory approvals required for the closing of
the proposed transaction; (iii) failure to satisfy the conditions
to the closing of the proposed transaction; (iv) unexpected costs,
liabilities or delays in connection with or with respect to the
proposed transaction; (v) the effect of the announcement of the
proposed transaction on the ability of Avedro or Glaukos to retain
and hire key personnel and maintain business relationships with
customers, suppliers and others with whom Avedro or Glaukos does
business, or on Avedro’s or Glaukos’ operating results, market
price of common stock, and business generally; (vi) potential legal
proceedings relating to the proposed transaction and the outcome of
any such legal proceeding; (vii) the inherent risks, costs and
uncertainties associated with integrating the businesses
successfully and risks of not achieving all or any of the
anticipated benefits of the proposed transaction, or the risk that
the anticipated benefits of the proposed transaction may not be
fully realized or take longer to realize than expected; (viii)
competitive pressures in the markets in which Avedro and Glaukos
operate; (ix) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; and (x) other risks to the consummation of the proposed
transaction, including the risk that the proposed transaction will
not be consummated within the expected time period or at all.
Additional factors that may affect the future results of Avedro and
Glaukos are set forth in their respective filings with the SEC,
including each of Avedro’s and Glaukos’ most recently filed Annual
Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and other filings with the SEC, which
are available on the SEC’s website at www.sec.gov. The risks and
uncertainties described above and in Avedro’s most recent Quarterly
Report on Form 10-Q and Glaukos’ most recent Quarterly Report on
Form 10-Q are not exclusive and further information concerning
Avedro and Glaukos and their respective businesses, including
factors that potentially could materially affect their respective
businesses, financial condition or operating results, may emerge
from time to time. Readers are urged to consider these factors
carefully in evaluating these forward-looking statements, and not
to place undue reliance on any forward-looking statements. Readers
should also carefully review the risk factors described in other
documents that Avedro and Glaukos file from time to time with the
SEC. The forward-looking statements in these materials speak only
as of the date of these materials. Except as required by law,
Avedro and Glaukos assume no obligation to update or revise these
forward-looking statements for any reason, even if new information
becomes available in the future.
Investor Contact:Brian Johnston or Lynn
LewisPhone: 631-807-1986investors@avedro.com
|
|
|
|
|
Avedro, Inc. |
Condensed Statement of Operations |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Revenue |
$ |
10,289 |
|
|
$ |
6,295 |
|
|
$ |
19,062 |
|
|
$ |
11,449 |
|
Cost of goods sold |
|
2,781 |
|
|
|
2,744 |
|
|
|
5,065 |
|
|
|
5,362 |
|
Gross profit |
|
7,508 |
|
|
|
3,551 |
|
|
|
13,997 |
|
|
|
6,087 |
|
Gross margin |
|
73.0 |
% |
|
|
56.4 |
% |
|
|
73.4 |
% |
|
|
53.2 |
% |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
10,467 |
|
|
|
6,528 |
|
|
|
20,688 |
|
|
|
11,816 |
|
Research and development |
|
3,901 |
|
|
|
2,755 |
|
|
|
8,186 |
|
|
|
5,709 |
|
Total operating expenses |
|
14,368 |
|
|
|
9,283 |
|
|
|
28,874 |
|
|
|
17,525 |
|
Loss from operations |
|
(6,860 |
) |
|
|
(5,732 |
) |
|
|
(14,877 |
) |
|
|
(11,438 |
) |
Other expense, net |
|
(568 |
) |
|
|
(769 |
) |
|
|
(904 |
) |
|
|
(1,697 |
) |
Net loss |
$ |
(7,428 |
) |
|
$ |
(6,501 |
) |
|
$ |
(15,781 |
) |
|
$ |
(13,135 |
) |
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(0.43 |
) |
|
$ |
(4.63 |
) |
|
$ |
(1.24 |
) |
|
$ |
(9.47 |
) |
|
|
|
|
|
|
|
|
Weighted average common
shares |
|
|
|
|
|
|
|
used to compute net loss per
share, |
|
|
|
|
|
|
|
basic and diluted |
|
17,110,507 |
|
|
|
1,404,598 |
|
|
|
12,763,822 |
|
|
|
1,386,357 |
|
|
|
|
|
|
|
|
|
|
Avedro, Inc. |
Condensed Balance Sheet |
(in thousands) |
(unaudited) |
|
|
June 30, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash & cash equivalents |
$ |
57,838 |
|
|
$ |
9,769 |
|
Accounts receivable, net |
|
11,603 |
|
|
|
4,725 |
|
Inventories |
|
4,922 |
|
|
|
4,259 |
|
Prepaid expenses and other current assets |
|
2,368 |
|
|
|
1,919 |
|
Total current assets |
|
76,731 |
|
|
|
20,672 |
|
Equipment and furniture,
net |
|
1,348 |
|
|
|
1,524 |
|
Other non-current assets |
|
873 |
|
|
|
3,671 |
|
Total assets |
$ |
78,952 |
|
|
$ |
25,867 |
|
|
|
|
|
Liabilities, convertible preferred stock and stockholders'
equity (deficit) |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
1,974 |
|
|
$ |
2,126 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other current liabilities |
|
5,773 |
|
|
|
6,304 |
|
Total current liabilities |
|
7,747 |
|
|
|
8,430 |
|
Long-term liabilities |
|
|
|
Long-term debt |
|
20,313 |
|
|
|
19,939 |
|
Other non-current liabilities |
|
851 |
|
|
|
2,663 |
|
Total liabilities |
|
28,911 |
|
|
|
31,032 |
|
Convertible preferred
stock |
|
- |
|
|
|
68,423 |
|
|
|
|
|
|
|
|
|
Total stockholders' equity
(deficit) |
|
50,041 |
|
|
|
(73,588 |
) |
Total liabilities, convertible preferred stock and stockholders'
equity |
$ |
78,952 |
|
|
$ |
25,867 |
|
|
|
|
|
Avedro (NASDAQ:AVDR)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Avedro (NASDAQ:AVDR)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024