The Bridgewater, N.J.-based company pared its losses to -$11.9 million on sales of $4.6 million for the 3 months ended March 31, for bottom-line growth of 30% on sales loss of -8% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -$6.92, behind consensus on The Street, where analysts were looking for sales of $4.7 million.
“With our integrated multi-channel commercial plan aligned with our high touch and capital efficient sales strategy now in place, we are poised to generate sustainable long-term growth,” president & CEO John Timberlake said in prepared remarks. “In territories where we have had sales rep continuity, we have seen positive results and our newer sales reps are quickly getting up to speed. We have also increased our financial flexibility by raising $48.8 million of net proceeds in our public offering completed in March 2017 and, in collaboration with our creditors, reduced our debt-to-equity ratio by converting $27.5 million of our debt into shares of our Series A Preferred Stock, and extended the time period to our first cash interest payment until June 2019 and maturity to March 2022. We continue to expect double digit revenue growth in 2017 with most of this growth occurring in the second half of the year.”