v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 31,024 $ 15,284
Restricted cash 6,002 6,251
Investments 0 33,505
Accounts receivable, net of allowance for doubtful accounts of $337 and $650, respectively 25,147 22,186
Inventory 23,020 18,905
Prepaid expenses and other 2,811 1,944
Total current assets 88,004 98,075
Property and equipment, net 88,730 79,294
Operating lease right-of-use assets 15,562 14,369
Intangible assets, net 4,531 3,649
Total assets 196,827 195,387
Current liabilities:    
Accounts payable and accrued expenses 28,883 22,443
Current maturities of long-term lease obligations 1,547 1,310
Total current liabilities 30,430 23,753
Long-term debt, net of debt discount and financing fees 46,603 45,712
Long-term lease obligations 21,142 20,405
Debt derivative liabilities 2,987 4,518
Total liabilities 101,162 94,388
Commitments and contingencies - see Note 14
Shareholders’ equity:    
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 43,124,496 and 42,445,517 shares issued and outstanding 431 424
Additional paid-in capital 376,530 360,155
Accumulated deficit (281,296) (259,580)
Total shareholders’ equity 95,665 100,999
Total liabilities and shareholders’ equity $ 196,827 $ 195,387

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v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenues $ 159,012 $ 138,584 $ 127,358
Cost of goods sold 31,138 24,147 22,931
Gross profit 127,874 114,437 104,427
Costs and expenses:      
Sales and marketing 86,060 80,228 73,328
Research and development 28,333 27,158 24,177
General and administrative 34,943 36,758 32,338
Total costs and expenses 149,336 144,144 129,843
Loss from operations (21,462) (29,707) (25,416)
Other (expense) income:      
Investment income 1,487 569 93
Interest expense (2,835) (624) (1,356)
Change in fair value of derivatives 1,531 1,044 (28)
Other expense (437) (230) (278)
Total other (expense) income, net (254) 759 (1,569)
Net loss $ (21,716) $ (28,948) $ (26,985)
Weighted average common shares outstanding - basic (in shares) 42,878,543 42,083,125 41,214,889
Weighted average common shares outstanding - diluted (in shares) 42,878,543 42,083,125 41,214,889
Loss per common share - basic (in USD per share) $ (0.51) $ (0.69) $ (0.65)
Loss per common share - diluted (in USD per share) $ (0.51) $ (0.69) $ (0.65)

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v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (21,716) $ (28,948) $ (26,985)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 4,218 2,827 2,744
Amortization of right-of-use assets 1,062 1,761 1,795
Amortization of intangible assets 273 265 202
Amortization of debt discount and deferred financing fees 891 891 831
Loss on disposal of equipment 56 0 0
(Recovery of) provision for bad debt (271) 612 (41)
Provision for inventory write-down 1,939 1,769 3,314
Investment losses (gains) (666) (228) 68
Change in fair value of derivatives (1,531) (1,044) 28
Stock-based compensation 14,418 15,591 10,919
Change in operating assets and liabilities:      
Accounts receivable (2,691) (4,639) (499)
Inventory (6,054) (3,656) (7,478)
Prepaid expenses and other (867) (84) 2,435
Accounts payable and accrued expenses 6,509 660 (270)
Operating lease obligations (1,269) (1,841) (463)
Cash paid for interest portion of finance leases (3) (2) (2)
Contract and other liabilities (14) 0 (3)
Net cash used in operating activities (5,716) (16,066) (13,405)
Cash flows from investing activities:      
Purchase of property and equipment (13,872) (20,078) (27,811)
Economic development grant proceeds 0 0 950
Purchase of investments (10,203) (39,247) (68,699)
Proceeds from sale of investments 44,374 57,300 72,500
Cash payments for intangible assets (1,046) (1,175) (589)
Net cash provided by (used in) investing activities 19,253 (3,200) (23,649)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0 0 15,000
Cash paid for debt portion of finance leases (10) (12) (15)
Proceeds from exercise of stock options and ESPP stock purchases 1,964 1,806 5,467
Net cash provided by financing activities 1,954 1,794 20,452
Net increase (decrease) in cash, cash equivalents, and restricted cash 15,491 (17,472) (16,602)
Cash, cash equivalents, and restricted cash, beginning of period 21,535 39,007 55,609
Cash, cash equivalents, and restricted cash, end of period 37,026 21,535 39,007
Supplemental disclosures of cash flow activity:      
Cash paid for interest, net of capitalized interest 1,944 0 495
Supplemental disclosure of non-cash investing and financing activities:      
Acquisition of fixed assets in accounts payable and accrued expenses 704 866 1,420
Embedded derivative associated with the long-term debt 0 0 3,037
Obtaining a right-of-use asset in exchange for a lease liability 2,298 1,018 1,375
Acquisition of intangible assets in accounts payable and accrued expenses $ 407 $ 299 $ 418

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