Investor Presentaiton
Strong Financial Performance
(in millions, except gross margin)
Net Revenue
FY 2019
$34.9
FY 2020
$56.5
Q1 2021
$12.2
Q2 2021
$26.1
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Q3 2021
$26.7
Gross Profit Margin
69%
62%
262%
54%
54%
Adjusted Gross Profit Margin¹
77%
68%
60%
57%
57%
GAAP Operating Expense²
$133.9
$209.6
$4.2
$41.4
$45.8
Non-GAAP Operating Expense²
$116.1
$110.6
$24.8
$35.4
$41.0
GAAP Net Income (Loss)
($90.0)
($163.0)
$6.4
($15.6)
($19.4)
Non-GAAP Net (Loss) 2
($72.2)
($64.0)
($14.2)
($9.6)
($14.6)
Cash, cash equivalents and short-term
investments
$129.8
$107.6
$22.23
$131.7
$107.8
Weighted-Average Shares Outstanding
28.2
33.7
37.1
51.1
55.0
1. Defined as total net revenues less product cost of sales, excluding amortization of intangible assets, and a $25.5 million settlement payment from Daewoong in Q1 2021, as a percentage of net revenues.
2. Reconciliation of GAAP to non-GAAP financial measures included on slides 25-26
3. March 31, 2021 pro forma cash balance was $140 million, including a $25.5 million settlement payment and $92.1 million proceeds from an equity offering.
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