As we look towards the future, our business is positioned to capture value within our target market of joint preservation. We believe our success will be driven by our:
? Energized and experienced team focused on strong values, talent, and culture.
Our OA Pain Management product family consists of:
? Monovisc and Orthovisc, our single- and multi-injection, HA-based
viscosupplement product offerings indicated to provide pain relief from OA
conditions solely for use in the knee. Our OA Pain Management products are
generally administered to patients in an office setting. In the United States,
Monovisc and Orthovisc are marketed exclusively by DePuy Synthes Mitek Sports
Medicine, part of the Johnson & Johnson Medical Companies. The Monovisc and
Orthovisc products have been the market leaders, based on combined overall
revenue in the viscosupplement market, since 2018. Internationally, we market
? Cingal, our novel, third-generation, single-injection OA Pain Management
product consisting of our proprietary cross-linked HA material combined with a
fast-acting steroid. Cingal is designed to provide both short- and long-term
pain relief. Cingal is CE Mark approved and for several years has been sold
outside the United States directly in over 30 countries through our network of
distributors. In the United States, Cingal is a pipeline product currently
? Hyvisc, our high molecular weight injectable HA veterinary product approved
Our Joint Preservation and Restoration product family consists of:
? Bone Preserving Joint Technologies. Our portfolio of more than 150 bone
preserving joint technologies, including partial joint replacement, joint
resurfacing, and minimally invasive and bone sparing implants, is designed to
treat upper and lower extremity orthopedic conditions as well as knee and hip
conditions caused by arthritic disease, acute trauma and injury. These
products span multiple joints including the shoulder, foot/ankle, wrist, knee
and hip and are generally intended to restore a patient's natural anatomy and
movement. These products are often used to treat patients with OA progression
beyond where our OA Pain Management products can allow the patients to retain
an active lifestyle when early surgical intervention becomes preferable.
surgeons to repair and reconstruct damaged ligaments and tendons resulting
from sports injuries, acute trauma and disease. These more traditional sports
medicine solutions include screws, sutures, suture anchors, grafts and other
surgical systems that facilitate surgical procedures on the shoulder, knee,
? Regenerative Solutions. Our portfolio of orthopedic regenerative solutions
leveraging our proprietary technologies based on HA and Hyaff, which is a
solid form of HA. These products include Tactoset Injectable Bone Substitute,
an HA-enhanced injectable bone repair therapy designed to treat insufficiency
fractures and for augmenting hardware fixation, such as suture anchors and
Hyalofast, a biodegradable support for human bone marrow mesenchymal stem
cells used for cartilage regeneration and as an adjunct for microfracture
surgery. Tactoset cleared and commercialized principally in the United States,
whereas Hyalofast is CE Mark approved and currently available outside the
United States in over 30 countries within Europe, South America, Asia, and
certain other international markets. In the United States, Hyalofast is a
product under clinical trial studies and is not available for commercial sale.
The following tables present product revenue by product family:
Contingent Consideration Fair Value Change
Adjusted Gross Profit and Adjusted Gross Margin
The following is a reconciliation of adjusted gross profit to gross profit for the three- and six-month periods ended June 30, 2022 and 2021, respectively:
The following is a reconciliation of net income (loss) to adjusted EBITDA for the three- and six-month periods ended June 30, 2022 and 2021, respectively:
Adjusted Net Income (Loss) and Adjusted EPS
The following is a reconciliation of adjusted net income (loss) to net income (loss) for the three- and six-month periods ended June 30, 2022 and 2021, respectively:
The following is a reconciliation of adjusted EPS to diluted earnings (loss) per share for the three- and six-month periods ended June 30, 2022 and 2021:
Diluted (loss) earnings per share (EPS) $ (0.20 ) $ 0.45
(59 ) Net (decrease) in cash and cash equivalents $ (2,994 ) $ 1,364
Critical Accounting Policies and Estimates
A discussion of Recent Accounting Pronouncements is included in our 2021 Form 10-K for the fiscal year ended December 31, 2021.
Contractual Obligations and Other Commercial Commitments
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