8-K
0001484612false00014846122021-11-032021-11-03

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2021

 

Outset Medical, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39513

20-0514392

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

3052 Orchard Dr.,

San Jose, California

 

95134

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (669) 231-8200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

OM

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 


 

 

Item 2.02 Result of Operations and Financial Condition.

On November 3, 2021, Outset Medical, Inc. (the “Company”) issued a press release and will hold its third quarter 2021 earnings conference call announcing the Company’s financial results for the quarter ended September 30, 2021. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information contained in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

 

Description

99.1

 

Press Release entitled “Outset Medical Reports Third Quarter 2021 Financial Results” dated November 3, 2021

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Outset Medical, Inc.

 

 

 

 

 

Date: November 3, 2021

 

By:

/s/Nabeel Ahmed

 

 

 

Nabeel Ahmed

 

 

 

Chief Financial Officer

 

 


EX-99.1

Exhibit 99.1

 

 

Outset Medical Reports Third Quarter 2021 Financial Results

 

2021 Revenue Guidance Range Elevated to $99 million to $101 million

 

San Jose, CA – November 3, 2021 – Outset Medical, Inc. (Nasdaq: OM) (“Outset” or the “Company”), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today reported financial results for the third quarter ended September 30, 2021.

 

Recent Highlights

Recorded net revenue of $26.3 million in the third quarter of 2021, a 91.3% increase compared to $13.8 million in the third quarter of 2020
Achieved gross margin of 11.2% in the third quarter of 2021 compared to (37.3%) in the third quarter of 2020
Received favorable decision for Tablo under the Transitional Add-on Payment Adjustment for New and Innovative Equipment and Supplies (TPNIES) program
Four clinical abstracts outlining Tablo’s clinical performance in both Home and Acute settings to be shared at the American Society of Nephrology’s Kidney Week Meeting

 

“Our strong third quarter performance further reinforces our confidence in our business and in our expectations for growth,” said Leslie Trigg, President and Chief Executive Officer. “We are also very pleased to have secured a positive decision on our TPNIES application, which we believe validates Tablo’s value to patients and providers and makes Tablo the first and only technology to receive a TPNIES approval.”

 

Third Quarter 2021 Financial Results

Revenue for the third quarter of 2021 was $26.3 million, representing an increase of 91.3% compared to $13.8 million in the third quarter of 2020. Product revenue for the third quarter of 2021 was $21.8 million, representing an increase of 101.9% compared to $10.8 million in the third quarter of 2020. Service and other revenue for the third quarter of 2021 was $4.5 million, representing an increase of 52.6% compared to $2.9 million in the third quarter of 2020.

 

Total gross profit for the third quarter of 2021 was $2.9 million, compared to a gross loss of ($5.1) million for the third quarter of 2020. Total gross margin for the third quarter of 2021 was 11.2%, compared to (37.3%) in the third quarter of 2020. Product gross profit for the third quarter of 2021 was $1.3 million, compared to ($6.5) million of product gross loss in the third quarter of 2020. Product gross margin for the third quarter of 2021 was 5.9%, compared to (59.7%) in the third quarter of 2020. Service and other gross profit for the third quarter of 2021 was $1.6 million, compared to $1.3 million of service and other gross profit in the third quarter of 2020. Service and other gross margin for the third quarter of 2021 was 36.7%, compared to 45.1% in the third quarter of 2020.

 

Operating expenses for the third quarter of 2021 were $33.1 million, including research and development (R&D) expenses of $9.7 million, sales and marketing (S&M) expenses of $15.7 million, and general and administrative (G&A) expenses of $7.6 million. This compared to operating expenses of $35.6 million, including R&D expenses of $9.2 million, S&M expenses of $13.3 million, and G&A expenses of $13.1 million in the third quarter of 2020.

 

Excluding stock-based compensation expense, non-GAAP operating expenses for the third quarter of 2021 were $30.3 million, including R&D expenses of $9.0 million, S&M expenses of $14.5 million, and G&A expenses of $6.8 million.

 

Third quarter 2021 net loss was ($30.5) million, or ($0.65) per share, compared to net loss of ($42.3) million, or ($3.44) per share, for the same period in 2020. On a non-GAAP basis, net loss for the third quarter of 2021 was ($27.6) million, or ($0.59) per share, compared to non-GAAP net loss of ($28.4) million, or ($2.31) per share for the same period in 2020.

 

Total cash, including restricted cash, cash equivalents and short-term investments, was $406.4 million as of September 30, 2021.

 


 

 

Full Year 2021 Financial Guidance

Outset projects revenue for the full year 2021 to range from $99 million to $101 million, which represents approximately 98% to 102% growth over the Company’s fiscal year 2020 revenue. This updated guidance compares to prior 2021 revenue guidance of $97 million to $100 million.

 

Webcast and Conference Call Details

Outset will host a conference call today, November 3, 2021, at 2:00 p.m. PT / 5:00 p.m. ET to discuss its third quarter 2021 financial results. The dial-in numbers are (833) 614-1409 for domestic callers and (914) 987-7130 for international callers. The conference ID is 7975557. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.outsetmedical.com. The webcast will be archived on the website following the completion of the call.

 

Use of Non-GAAP Financial Measures

The Company may report non‐GAAP results for gross profit/loss, gross margin, operating expenses, operating margins, net income/loss, basic and diluted net income/loss per share, other income/loss, and cash flows. These non-GAAP financial measures are in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company’s financial measures under GAAP include stock-based compensation expense, as listed in the itemized reconciliations between GAAP and non‐GAAP financial measures included in this press release. Management has excluded the effects of this non-cash expense item in non‐GAAP measures to assist investors in analyzing and assessing past and future operating performance and period-to-period comparisons. There are limitations related to the use of non-GAAP financial measures because they are not prepared in accordance with GAAP, may exclude significant expenses required by GAAP to be recognized in the Company’s financial statements, and may not be comparable to non-GAAP financial measures used by other companies. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non‐GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non‐GAAP results are presented in the Appendix A of this press release.

 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the Company’s possible or assumed future results of operations and financial position, including expectations regarding projected revenues, profitability and outlook, statements regarding the Company’s overall business strategy, plans and objectives of management, the Company’s expectations with respect to anticipated benefits of the TPNIES approval, as well as the Company’s expectations regarding the continuing impact of the COVID-19 pandemic on the Company and its operations as well as the impact on its customers and suppliers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results or other events to differ materially from those contemplated in this press release can be found in the Risk Factors section of Outset’s public filings with the Securities and Exchange Commission, including Outset’s latest annual and quarterly reports. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and, except to the extent required by law, the Company undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.

 

About Outset Medical, Inc.

Outset is a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis. The Tablo® Hemodialysis System, FDA cleared for use from the hospital to the home, represents a significant technological advancement that transforms the dialysis experience for patients and operationally simplifies it for providers. Tablo serves as a single enterprise solution that can be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere and by anyone. The integration of water purification and on-demand dialysate production enables Tablo

 


 

to serve as a dialysis clinic on wheels, with 2-way wireless data transmission and a proprietary data analytics platform powering a new holistic approach to dialysis care. Tablo is a registered trademark of Outset Medical, Inc.

 

 

Investor Contact

Lynn Lewis or Brian Johnston

Gilmartin Group

investors@outsetmedical.com

 

 

Media Contact

Nicole Shannon

Director, Marketing Communications for Outset Medical

nshannon@outsetmedical.com

 

 

 


 

Outset Medical, Inc.

Condensed Statements of Operations

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

$

21,824

 

 

 

$

10,812

 

 

 

$

60,662

 

 

 

$

26,435

 

 

Service and other revenue

 

 

4,494

 

 

 

 

2,944

 

 

 

 

13,788

 

 

 

 

6,253

 

 

Total revenue

 

 

26,318

 

 

 

 

13,756

 

 

 

 

74,450

 

 

 

 

32,688

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue (2)

 

 

20,526

 

 

 

 

17,265

 

 

 

 

63,180

 

 

 

 

42,118

 

 

Cost of service and other revenue

 

 

2,846

 

 

 

 

1,617

 

 

 

 

6,983

 

 

 

 

4,024

 

 

Total cost of revenue

 

 

23,372

 

 

 

 

18,882

 

 

 

 

70,163

 

 

 

 

46,142

 

 

Gross profit (1)

 

 

2,946

 

 

 

 

(5,126

)

 

 

 

4,287

 

 

 

 

(13,454

)

 

Gross margin (1)

 

 

11.2

 

%

 

 

(37.3

)

%

 

 

5.8

 

%

 

 

(41.2

)

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (2)

 

 

9,729

 

 

 

 

9,175

 

 

 

 

25,331

 

 

 

 

21,066

 

 

Sales and marketing (2)

 

 

15,726

 

 

 

 

13,344

 

 

 

 

42,079

 

 

 

 

29,870

 

 

General and administrative (2)

 

 

7,629

 

 

 

 

13,088

 

 

 

 

26,597

 

 

 

 

21,462

 

 

Total operating expenses

 

 

33,084

 

 

 

 

35,607

 

 

 

 

94,007

 

 

 

 

72,398

 

 

Loss from operations

 

 

(30,138

)

 

 

 

(40,733

)

 

 

 

(89,720

)

 

 

 

(85,852

)

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income and other income, net

 

 

99

 

 

 

 

(3

)

 

 

 

375

 

 

 

 

524

 

 

Interest expense

 

 

(431

)

 

 

 

(428

)

 

 

 

(1,284

)

 

 

 

(2,461

)

 

Change in fair value of redeemable convertible
  preferred stock warrant liability

 

 

 

 

 

 

437

 

 

 

 

 

 

 

 

(93

)

 

Loss on extinguishment of term loan

 

 

 

 

 

 

(1,567

)

 

 

 

 

 

 

 

(1,567

)

 

Loss before provision for income taxes

 

 

(30,470

)

 

 

 

(42,294

)

 

 

 

(90,629

)

 

 

 

(89,449

)

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

74

 

 

 

 

 

 

Net loss

 

$

(30,470

)

 

 

$

(42,294

)

 

 

$

(90,703

)

 

 

$

(89,449

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders,
   basic and diluted
(3)

 

$

(30,470

)

 

 

$

(42,294

)

 

 

$

(90,703

)

 

 

$

(47,281

)

 

Net loss per share attributable to common stockholders,
   basic and diluted

 

$

(0.65

)

 

 

$

(3.44

)

 

 

$

(1.96

)

 

 

$

(6.30

)

 

Weighted-average shares used in computing net loss per share
   attributable to common stockholders, basic and diluted

 

 

46,588

 

 

 

 

12,299

 

 

 

 

46,252

 

 

 

 

7,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Gross profit and gross margin by source consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

$

1,298

 

 

 

$

(6,453

)

 

 

$

(2,518

)

 

 

$

(15,683

)

 

Service and other revenue

 

 

1,648

 

 

 

 

1,327

 

 

 

 

6,805

 

 

 

 

2,229

 

 

Total gross profit

 

$

2,946

 

 

 

$

(5,126

)

 

 

$

4,287

 

 

 

$

(13,454

)

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

 

5.9

 

%

 

 

(59.7

)

%

 

 

(4.2

)

%

 

 

(59.3

)

%

Service and other revenue

 

 

36.7

 

%

 

 

45.1

 

%

 

 

49.4

 

%

 

 

35.6

 

%

Total gross margin

 

 

11.2

 

%

 

 

(37.3

)

%

 

 

5.8

 

%

 

 

(41.2

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)  Include stock-based compensation expenses as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

Cost of revenue

 

$

64

 

 

 

$

142

 

 

 

$

201

 

 

 

$

181

 

 

Research and development

 

 

760

 

 

 

 

3,074

 

 

 

 

2,568

 

 

 

 

3,326

 

 

Sales and marketing

 

 

1,207

 

 

 

 

2,645

 

 

 

 

4,001

 

 

 

 

2,828

 

 

General and administrative

 

 

833

 

 

 

 

8,047

 

 

 

 

5,883

 

 

 

 

8,836

 

 

Total stock-based compensation expenses

 

$

2,864

 

 

 

$

13,908

 

 

 

$

12,653

 

 

 

$

15,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)  A reconciliation of the net loss to net loss attributable to common stockholders is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

Net loss

 

$

(30,470

)

 

 

$

(42,294

)

 

 

$

(90,703

)

 

 

$

(89,449

)

 

Adjustment to redemption value on redeemable convertible
   preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(362

)

 

Deemed dividend on settlement of accrued dividend*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,530

 

 

Net loss attributable to common stockholders, basic and diluted

 

$

(30,470

)

 

 

$

(42,294

)

 

 

$

(90,703

)

 

 

$

(47,281

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Deemed dividend on settlement of accrued dividend arose as a result of the terms and conditions associated with the Company's redeemable convertible preferred stock outstanding prior to the Company's initial public offering ("IPO"). These terms and conditions were described in the Company's previous SEC filings, including the 424(b) prospectus filed on September 16, 2020 in connection with the IPO.

 

 

 

 

 

 

 

 

 

 

 


 

Outset Medical, Inc.

Condensed Balance Sheets

(in thousands, except per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

230,508

 

 

$

294,972

 

Short-term investments

 

 

142,535

 

 

 

19,898

 

Accounts receivable, net

 

 

19,302

 

 

 

6,468

 

Inventories

 

 

34,297

 

 

 

18,384

 

Prepaid expenses and other current assets

 

 

6,659

 

 

 

6,189

 

Total current assets

 

 

433,301

 

 

 

345,911

 

Restricted cash

 

 

33,311

 

 

 

33,311

 

Property and equipment, net

 

 

14,532

 

 

 

14,998

 

Operating lease right-of-use assets

 

 

7,494

 

 

 

8,253

 

Other assets

 

 

166

 

 

 

1,356

 

Total assets

 

$

488,804

 

 

$

403,829

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

2,702

 

 

$

4,948

 

Accrued compensation and related benefits

 

 

17,759

 

 

 

16,845

 

Accrued expenses and other current liabilities

 

 

11,389

 

 

 

7,903

 

Accrued warranty liability

 

 

3,234

 

 

 

2,913

 

Deferred revenue, current

 

 

5,212

 

 

 

3,201

 

Operating lease liabilities, current

 

 

1,109

 

 

 

882

 

Total current liabilities

 

 

41,405

 

 

 

36,692

 

Accrued interest, noncurrent

 

 

600

 

 

 

240

 

Deferred revenue, noncurrent

 

 

109

 

 

 

570

 

Operating lease liabilities, noncurrent

 

 

7,199

 

 

 

8,044

 

Term loan, noncurrent

 

 

29,740

 

 

 

29,674

 

Total liabilities

 

 

79,053

 

 

 

75,220

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value; 5,000 shares authorized, and no shares issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized as of September 30, 2021 and December 31, 2020; 47,018 and 42,722 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

47

 

 

 

43

 

Additional paid-in capital

 

 

994,486

 

 

 

822,624

 

Accumulated other comprehensive (loss) income

 

 

(20

)

 

 

1

 

Accumulated deficit

 

 

(584,762

)

 

 

(494,059

)

Total stockholders' equity

 

 

409,751

 

 

 

328,609

 

Total liabilities and stockholders' equity

 

$

488,804

 

 

$

403,829

 

 

 

 

 


 

Outset Medical, Inc.

Condensed Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

Net cash used in operating activities

 

$

(97,588

)

 

$

(73,175

)

Net cash used in investing activities

 

 

(126,089

)

 

 

(6,411

)

Net cash provided by financing activities

 

 

159,213

 

 

 

386,555

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(64,464

)

 

 

306,969

 

Cash, cash equivalents and restricted cash at beginning of the period

 

 

328,283

 

 

 

37,669

 

Cash, cash equivalents and restricted cash at end of the period (1)

 

$

263,819

 

 

$

344,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying condensed balance sheets that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands):

 

 

 

 

 

September 30,

 

 

 

2021

 

 

2020

 

Cash and cash equivalents

 

$

230,508

 

 

$

311,327

 

Restricted cash

 

 

33,311

 

 

 

33,311

 

Total cash, cash equivalents and restricted cash*

 

$

263,819

 

 

$

344,638

 

 

 

 

 

 

 

 

* The total cash, including restricted cash, cash equivalents and investment securities as of September 30, 2021 was $406.4 million; compared to $377.5 million as of September 30, 2020.

 

 

 

 

 

 


 

Appendix A

Outset Medical, Inc.

Results of Operations – Non-GAAP

(in thousands, except per share amounts)

(unaudited)

 

Reconciliation between GAAP and non-GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

GAAP net loss per share to common stockholders, diluted

 

$

(0.65

)

 

 

$

(3.44

)

 

 

$

(1.96

)

 

 

$

(6.30

)

 

Stock-based compensation expense

 

 

0.06

 

 

 

 

1.13

 

 

 

 

0.27

 

 

 

 

2.02

 

 

Non-GAAP net loss per share to common stockholders,
  diluted

 

$

(0.59

)

 

 

$

(2.31

)

 

 

$

(1.69

)

 

 

$

(4.28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and non-GAAP net loss attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

GAAP net loss attributable to common stockholders, diluted

 

$

(30,470

)

 

 

$

(42,294

)

 

 

$

(90,703

)

 

 

$

(47,281

)

 

Stock-based compensation expense

 

 

2,864

 

 

 

 

13,908

 

 

 

 

12,653

 

 

 

 

15,171

 

 

Non-GAAP net loss per share attributable to common
   stockholders, diluted

 

$

(27,606

)

 

 

$

(28,386

)

 

 

$

(78,050

)

 

 

$

(32,110

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation between GAAP and non-GAAP results of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

 

GAAP gross profit

 

$

2,946

 

 

 

$

(5,126

)

 

 

$

4,287

 

 

 

$

(13,454

)

 

Stock-based compensation expense

 

 

64

 

 

 

 

142

 

 

 

 

201

 

 

 

 

181

 

 

Non-GAAP gross profit

 

$

3,010

 

 

 

$

(4,984

)

 

 

$

4,488

 

 

 

$

(13,273

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

11.2

 

%

 

 

(37.3

)

%

 

 

5.8

 

%

 

 

(41.2

)

%

Stock-based compensation expense

 

 

0.2

 

 

 

 

1.0

 

 

 

 

0.3

 

 

 

 

0.6

 

 

Non-GAAP gross margin

 

 

11.4

 

%

 

 

(36.3

)

%

 

 

6.1

 

%

 

 

(40.6

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development expense

 

$

9,729

 

 

 

$

9,175

 

 

 

$

25,331

 

 

 

$

21,066

 

 

Stock-based compensation expense

 

 

(760

)

 

 

 

(3,074

)

 

 

 

(2,568

)

 

 

 

(3,326

)

 

Non-GAAP research and development expense

 

$

8,969

 

 

 

$

6,101

 

 

 

$

22,763

 

 

 

$

17,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expense

 

$

15,726

 

 

 

$

13,344

 

 

 

$

42,079

 

 

 

$

29,870

 

 

Stock-based compensation expense

 

 

(1,207

)

 

 

 

(2,645

)

 

 

 

(4,001

)

 

 

 

(2,828

)

 

Non-GAAP sales and marketing expense

 

$

14,519

 

 

 

$

10,699

 

 

 

$

38,078

 

 

 

$

27,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative expense

 

$

7,629

 

 

 

$

13,088

 

 

 

$

26,597

 

 

 

$

21,462

 

 

Stock-based compensation expense

 

 

(833

)

 

 

 

(8,047

)

 

 

 

(5,883

)

 

 

 

(8,836

)

 

Non-GAAP general and administrative expense

 

$

6,796

 

 

 

$

5,041