Amedica Corporation, a commercial-stage biomaterial company, develops, manufactures, and sells a range of medical devices based on its silicon nitride technology platform in the United States, Europe, and South America. It offers Valeo silicon nitride interbody spinal fusion devices for use in the cervical and thoracolumbar areas of the spine; and a line of non-silicon nitride spinal fusion products. The company also develops femoral heads for use in total hip replacements; and femoral condyle components for use in total knee replacements. It markets and sells its products to surgeons and hospitals directly, as well as through a network of independent sales distributors. Amedica Corporation ...
1885 West 2100 South
Salt Lake City, UT 84119
Founded in 1996
Amedica Announces Addition of Valeo II(TM) Lateral Lumbar Interbody Fusion Device System
Aug 25 15
Amedica Corporation released its silicon nitride lateral lumbar (LL) interbody fusion device. The Valeo II LL interbody fusion device will be commercially available in mid-September 2015, and will include second generation instrumentation to improve patient safety and surgeon ease of use. The Valeo II LL is made of a micro composite silicon nitride biomaterial, which offers a superior environment
for bone growth and osteointegration, when compared to competitive PEEK and titanium offerings. Amedica Valeo II silicon nitride interbody fusion devices also contain anti-infective properties and are semi-radiolucent with clearly visible boundaries in X-rays and produce no artifacts under MRI or CT scans. The combination of these properties is found only in Amedica's silicon nitride biomaterial technology.
Amedica Granted 180-Day Extension By NASDAQ To Regain Compliance With Minimum Bid Price Rule
Aug 20 15
Amedica Corporation announced that on August 19, 2015, it received a notification from the NASDAQ Stock Market indicating that the Company will have an additional 180-day grace period, until February 15, 2016 to regain compliance with NASDAQ's $1.00 minimum bid requirement. The notification indicated that the Company did not regain compliance during the initial 180-day grace period provided under the rule. In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company is eligible for the additional grace period because it meets the initial listing requirements for the NASDAQ Capital Market except for the bid price and provided written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. The NASDAQ letter does not impact Amedica's listing on The NASDAQ Capital Market at this time and Amedica's common stock will continue to trade under its current symbol "AMDA" during the additional 180-day compliance period. The Company can regain compliance by maintaining a minimum closing bid price of $1.00 per share for 10 consecutive business days. If Amedica does not meet the minimum bid requirement during the 180-day grace period, NASDAQ will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company can ask NASDAQ for a hearing to present a plan to regain compliance.
Amedica Corporation Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Year 2015
Aug 13 15
Amedica Corporation announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. For the three months ended June 30, 2015, the company’s total product revenue decreased by $1.1 million, or 18% to $4.780 million from $5.836 million, for the same period in 2014. The decrease was primarily due to decreased sales of non-silicon nitride products, which decreased by $0.7 million, or 23%, for the three months ended June 30, 2015 as compared to the same period in 2014. This decline was primarily due to lower metals sales as a result of a decline in the level of activity for a few key surgeons and a continued focus and investment in sales and marketing efforts of the company’s silicon nitride products. Silicon nitride sales decreased by $0.3 million, or 13%, as compared to the same period in 2014. This decline was primarily attributable to the loss of a few key surgeons during the quarter, which was partially offset by increased recruiting efforts of the company’s sales organization. These efforts have resulted in new surgeons using silicon nitride products, which the company expects to outweigh the year-to-date declines in revenue in the second half of 2015. Loss from operations was $2.596 million against $10.628 million a year ago. Net loss before income taxes was $5.933 million against $13.239 million a year ago. Net loss per share attributable to common stockholders for the second quarter was $5.933 million or $0.11 per basic and diluted share, compared to $13.239 million or $1.07 per basic and diluted share in the prior-year period, primarily as a result of reduced stock-based compensation and operating expenses for the period. Adjusted LBITDA, which is defined as earnings before deductions for interest, taxes, depreciation, amortization, non-cash stock compensation expense, change in fair value of the company’s derivative liabilities, offering costs, and loss on extinguishment of debt for the second quarter 2015 was $2.010 million, compared to $3.215 million for the prior year period.
For the six months, the company reported product revenue of $9.523 million against $11.616 million a year ago. Loss from operations was $6.602 million against $14.684 million a year ago. Net loss before income taxes was $11.314 million against $17.952 million a year ago. Net loss per share attributable to common stockholders was $11.314 million or $0.28 per basic and diluted share against $17.952 million or $1.95 per basic and diluted share a year ago. Adjusted EBITDA was $4.845 million against $5.368 million a year ago.
The company maintains its previously stated estimates of total annual revenue in the range of $19 million to $20 million, which includes increased 2015 silicon nitride sales growth of 15-20%. The company expects the impact from the previously announced financial and operational alignment actions to deliver $5 million to $7 million of annualized operating profit benefit. These changes are anticipated to reduce total cash burn, increase financial sustainability, and strengthen the balance sheet, positioning the Company to maintain compliance with all debt covenants into the fourth quarter of the year 2015 and become operating cash flow breakeven during the second half of 2016. Additionally, the company maintains its previously stated guidance of four OEM or private label partners to be announced during 2015.