SALT LAKE CITY, May 15, 2014 (GLOBE NEWSWIRE) — Amedica Corporation (AMDA), a commercial biomaterial company focused on using its silicon nitride technology platform to develop, manufacture and sell a broad range of medical devices, today announced financial results for the first quarter ended March 31, 2014.
Revenue for the Company’s proprietary silicon nitride ceramic products for the first quarter of 2014 increased by 41% compared with the first quarter of 2013, from $1.8 million to $2.5 million. In addition, silicon nitride ceramic revenue increased 7% sequentially over the fourth quarter of 2013, to $2.5 million from $2.3 million in the prior quarter. These results are primarily due to market adoption of the second generation Valeo spinal interbody devices and the Company’s increased corporate focus on its core silicon nitride technology.
In the first quarter ended March 31, 2014, total product revenue increased by 10% over the first quarter of 2013, to $5.8 million, from $5.3 million in the prior year.
Eric Olson, CEO and President of Amedica, commented, “Amedica’s silicon nitride products offer significant advantages over other spinal implants, which include anti-infective and osteopromotive biomaterial characteristics. With this in mind, the Company is focused on driving the technology forward for rapid market adoption, to the ultimate benefit of patients worldwide. We have made significant progress on this front over the past year, which is reflected in the 41% increase in silicon nitride product revenue.”
Adjusted EBITDA for the first quarter of 2014 was ($2.2) million compared to ($2.4) million for the first quarter of 2013, an improvement of $0.2 million. Overall net loss for the first quarter of 2014 was $4.7 million compared to $3.5 million in the prior year first quarter, an increase of $1.2 million. This was primarily due to stock compensation expense of approximately $1.4 million recorded in the first quarter of 2014.
Jay Moyes, CFO of Amedica, added, “Operations continue to benefit from real improvements in costs and enhancements in sales and marketing programs. Initiatives that focus our resources to increase efficiency have also resulted in a reduction in net loss, excluding stock compensation expenses, and a substantial increase in gross margin compared with the first quarter of 2013.”
About Amedica Corporation
Amedica is a commercial biomaterial company focused on using its silicon nitride technology platform to develop, manufacture and sell a broad range of medical devices. Amedica markets spinal fusion products and is developing product candidates for use in total hip and knee joint replacements. Amedica operates an ISO 13485 certified manufacturing facility and its spine products are FDA cleared, CE marked, and currently marketed in the U.S. and select markets in Europe and South America.
The Company’s web site for news releases and other information iswww.amedica.com.