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Financial report summary
?Risks
- The announcement and pendency of our agreement to be acquired by Glaukos may have an adverse effect on our business, operating results and our stock price, and may result in the loss of employees, customers, suppliers and other business partners.
- While the Merger is pending, we are subject to contractual restrictions that could harm our business, operating results and our stock price.
Management Discussion
- Revenue for the three months ended September 30, 2019 increased by $3.0 million, or 37.8%, to $11.0 million as compared to $8.0 million for the three months ended September 30, 2018. The increase was the result of a $3.6 million, or 61.2%, increase in sales in the United States, offset by a $0.6 million, or 24.9%, decrease in sales outside of the United States.
- The increase in revenue within the United States was primarily attributable to a $3.7 million increase in drug revenue, partially offset by a $0.1 million decrease in device revenue. Of the $3.7 million increase in drug revenue, $1.4 million of the increase was due to an increase in the average revenue per unit of single-use riboflavin drug formulations recognized upon shipment in 2019 due to our adoption of ASC 606, and $2.3 million of the increase was related to an increase in the volume of single-use riboflavin drug formulations sold. The decrease in U.S. device revenue was primarily due to a decrease in volume of device sales.
- The decrease in revenue outside the United States for the three months ended September 30, 2019 was primarily attributable to a decrease in the volume of device sales.