Amedica released full year 2015 financial results.
Here are seven things to know:
1. The total product revenue declined 15 percent to $19.5 million in 2015. The decline was primarily due to lower metals; a few key surgeons lowered their level of activity as a result of restructuring efforts from the previous year.
2. Silicon nitride sales decreased 6 percent, with the decline partially offset by adding new surgeons and re-engaging lost surgeons as well as increased international and private label sales.
3. The cost of revenue was down 21 percent in 2015 compared to 2014. The decrease was due to reduced sales and a decrease in excess and obsolete inventory in 2015. The gross margins ended at 75 percent of total sales in 2015, excluding the impact of excess or obsolete inventory.
4. The operating expenses decreased 35 percent in 2015, reaching $13.8 million. The operating expense decline was due to reorganization that simplified the company and aligned financial objectives earlier in the year.
5. Amedica reported a net loss for the 2015 full year at $23.9 million, down from $32.6 million in 2014.
6. The adjusted EBITDA for the full year was $9 million compared to the loss of $11.9 million in 2014.
7. Cash and cash equivalents reached $11.5 million on Dec. 31, 2015. The total principle debt obligations were $17.8 million, a $6.7 million decrease from Dec. 31, 2014.