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New words:
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Removed:
abdominal, abundance, accrual, alginate, arrive, assembled, attractive, back, blood, book, calcium, called, capture, caution, cleared, close, closed, Coagulation, collect, complying, conforming, contributory, Creating, deposit, developmental, divested, driver, earn, electrical, entitled, evacuate, Evacuator, exclusive, expenditure, factor, field, final, finalized, foam, forecasting, fully, gauze, Gentell, great, Haoju, healthcare, hernia, highly, hydrogel, ICP, impacting, incidence, Indiana, inherent, innovate, integrating, intercranial, intervention, issuable, Lap, likelihood, manner, measure, MIRROR, mission, monitor, navigate, obtained, order, outsourced, participant, people, plastic, polymer, positioning, prepaid, prepare, presence, principally, reducing, refocused, registered, registry, reinforcement, reinvested, reinvestment, rely, removed, repatriate, rework, safely, scaffold, Shanghai, shift, single, soft, statutory, stay, stream, supportive, tooling, transactional, TWC, unknown, unrepatriated, wall, withholding, workforce
Financial report summary
?Competition
Medtronic • Stryker • Sanara MedTech • Axogen • Natus Medical • Anika Therapeutics • Adynxx • Polarityte • Zimmer Biomet • AcellRisks
- The continuing worldwide macroeconomic and geopolitical uncertainty may adversely affect our business and prospects.
- Our operating results may fluctuate.
- The industry and market segments in which we operate are highly competitive, and we may be unable to compete effectively with other companies.
- Changes in the healthcare industry may require us to decrease the selling price for our products, may reduce the size of the market for our products, or may eliminate a market, any of which could have a negative impact on our financial performance.
- Our current strategy involves growth through acquisitions, which requires us to incur substantial costs and potential liabilities for which we may never realize the anticipated benefits, and also requires us to successfully integrate acquired businesses into our business operations in order to avoid our business being materially and adversely affected.
- Our global business exposes us to operational and economic risks.
- Exchange rate fluctuations and foreign currency hedges could adversely affect our financial results.
- Our future financial results could be adversely affected by impairments or other charges.
- Lack of market acceptance for our products or market preference for technologies that compete with our products could reduce our revenues and profitability.
- It could be difficult to replace some of our suppliers.
- We may experience difficulties, delays, performance impact or unexpected costs from consolidation of facilities and transfer of manufacturing facilities.
- If any of our facilities or those of our suppliers were damaged and/or our manufacturing or business processes interrupted, we could experience lost revenues and our business could be seriously harmed.
- We may have significant product liability exposure and our insurance may not cover all potential claims.
- Economic and political instability around the world could adversely affect the ability of hospitals, other customers, suppliers and distributors to access funds or otherwise have available liquidity, which could reduce orders for our products or interrupt our production or distribution or result in a reduction in elective and non-reimbursed operative procedures.
- Our private label product lines depend significantly on key relationships with third parties, which we could be unable to establish and maintain.
- We are subject to stringent domestic and foreign medical device regulations and oversight and any adverse action may adversely affect our ability to compete in the marketplace and our financial condition and business operations.
- Some of our activities may subject us to risks under federal and state laws prohibiting “kickbacks” and false or fraudulent claims.
- Our medical device products are subject to reporting requirements and recalls, even after receiving regulatory clearance, approval or certification, which could harm our reputation, business and financial results.
- The adoption of healthcare reform in the U.S. and initiatives sponsored by other governments may adversely affect our business, results of operations and/or financial condition.
- Certain of our products contain materials derived from animal sources and may become subject to additional regulation.
- We are subject to current and potential future requirements relating to protection of the environment, such as hazardous materials regulations, which may impose significant compliance or other costs on us.
- Our business and operations are subject to risks related to climate change.
- If we do not retain our key personnel and attract and retain other highly skilled employees, our business could suffer.
- We may have additional tax liabilities.
- Changes in tax laws or exposures to additional tax liabilities could negatively impact the Company's operating results.
- Our leverage and debt service obligations could adversely affect our business.
- Public health crises, such as the COVID-19 pandemic, have had, and could in the future have, a negative effect on our business.
- Our intellectual property rights may not provide meaningful commercial protection for our products, potentially enabling third parties to use our technology or very similar technology and could reduce our ability to compete in the market.
- Our competitive position depends, in part, upon unpatented trade secrets, which we may be unable to protect.
- Our success will depend partly on our ability to operate without infringing or misappropriating the proprietary rights of others.
- We may be involved in lawsuits relating to our intellectual property rights and promotional practices, which may be expensive.
- Cyber-attacks or other disruptions to our information technology systems could adversely affect our business.
Management Discussion
- Net loss for the three months ended March 31, 2024 was $3.3 million, or $0.04 per diluted share, as compared to net income of $24.2 million or $0.29 per diluted share for the three months ended March 31, 2023. The decrease in net income for the three months ended March 31, 2024, was driven by higher manufacturing costs and impairment charges of $7.1 million, primarily related to our Boston facility.
- We typically define special charges as items for which the amounts and/or timing of such expenses may vary significantly from period to period, depending upon our acquisition, divestiture, integration and restructuring activities, and for which the amounts are non-cash in nature, and for which the amounts are not expected to recur at the same magnitude. We believe that given our ongoing strategy of seeking acquisitions, our continuing focus on rationalizing our existing manufacturing and distribution infrastructure and our continuing review of various product lines in relation to our current business strategy, some of the special charges discussed above could recur with similar materiality in the future.
- We believe that the separate identification of these special charges provides important supplemental information to investors regarding financial and business trends relating to our financial condition and results of operations. Investors may find this information useful in assessing the comparability of our operating performance from period to period, against the business model objectives that management has established, and against other companies in our industry. We provide this information to investors so that they can analyze our operating results in the same way that management does and to use this information in their assessment of our core business and valuation of the Company.