- Fourth quarter revenue increased 60% year-over-year to
$44.9 million with Telehealth revenues increasing 90% versus the year-ago period. - Adjusted EPS of
$0.15 per share compared with$0.02 in the year-ago period. - Consolidated adjusted EBITDA of
$5.5 million compared with$1.0 million in the year-ago period. - Weight Management subscribers exceeded 22,000 as of year-end 2023, ahead of previous guidance.
- Telehealth subscribers grew 27% year-over-year to a record 215,000 patients at year-end 2023.
Conference call begins at
Management Commentary
“2023 was a record-setting year for
“We exited 2023 with the strongest financial position in our company’s history and are well capitalized to execute upon our aggressive expansion goals. Last year, we produced record cash flow from operations of approximately
Fourth Quarter Financial Highlights
- Revenue increased 60% year-over-year to
$44.9 million . - Telehealth revenue increased 90% versus the year-ago period and 28% sequentially versus the third quarter of 2023. WorkSimpli revenue increased 16% versus the year-ago period.
- The number of telehealth active subscribers increased 27% over the year-ago period to approximately 215,000.
- The number of weight management subscribers exceeded 22,000 as of year-end 2023, a net gain of approximately 12,000 subscribers sequentially versus the third quarter of 2023.
- Gross margin expanded to a record 88.1%, up from 85.5% in the year-ago period.
- GAAP net loss was
$4.5 million or$0.12 per share, compared with a GAAP net loss of$12.7 million or$0.40 per share in the year-ago period. - Adjusted EBITDA increased to
$5.5 million compared with$1.0 million in the year-ago period (see definition below of this non-GAAP financial measure and reconciliation to GAAP). - Adjusted diluted EPS was
$0.15 compared with$0.02 in the year-ago period (see definition below of this non-GAAP financial measure and reconciliation to GAAP). - Generated positive GAAP free cash flow of
$3.5 million and exited the year with over$33 million of cash.
Full Year 2023 Financial Highlights
- Revenue increased 28% year-over-year to
$152.5 million . - Telehealth revenue increased 19% versus 2022. WorkSimpli revenue increased 50% versus 2022.
- Gross margin expanded to a record 87.6%, up from 84.3% in the year-ago period.
- GAAP net loss was
$23.7 million or$0.70 per share, compared with GAAP net loss of$48.6 million or$1.57 per share in the year-ago period. - Adjusted EBITDA increased to
$12.0 million compared with a loss of$14.1 million in 2022 (see definition below of this non-GAAP financial measure and reconciliation to GAAP). - Adjusted diluted EPS was
$0.35 compared with a loss of$0.45 in the year-ago period (see definition below of this non-GAAP financial measure and reconciliation to GAAP). - Generated full year positive GAAP cash flow from operations of
$8.8 million , as compared with negative cash flow from operations in 2022 of$22.9 million .
Fourth Quarter Key Performance Metrics
($ in 000s) | Three Months Ended | Y-o-Y | ||||||||
Key Performance Metrics | 2023 | 2022 | % Growth | |||||||
Revenue | ||||||||||
Telehealth | $ | 31,256 | $ | 16,419 | 90 | % | ||||
WorkSimpli | $ | 13,604 | $ | 11,701 | 16 | % | ||||
Total Revenue | $ | 44,860 | $ | 28,120 | 60 | % | ||||
Subscription Revenue as % of Total | 96 | % | 94 | % | 2 | % | ||||
Active Subscribers | ||||||||||
Telehealth Active Subscribers | 215,203 | 169,065 | 27 | % | ||||||
WorkSimpli Active Subscribers | 158,364 | 167,751 | -6 | % | ||||||
Financial Guidance
For the first quarter of 2024, the Company expects:
- Revenue to be between
$42 million and$43 million . - Adjusted EBITDA to be between
$1 million and$2 million . - Cash-basis adjusted EBITDA (adjusted EBITDA including the increase in Deferred Revenue from multi-month, prepaid subscriptions primarily from our weight management program) is expected to be between
$5 million and$6 million .
For the full year 2024, the Company expects:
- Revenue to be at least
$200 million reflecting performance to date in our GLP-1 weight management program exceeding previous guidance, raised from previous guidance of$195 million to$205 million . - Adjusted EBITDA guidance of between
$18 million and$22 million , consistent with previous guidance.
Conference Call
LifeMD’s management will host a conference call today at
Toll-free dial-in number: | 877-704-4453 |
International dial-in number: | 201-389-0920 |
Conference ID: | 13743864 |
A replay of the webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.
About
Cautionary Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the
Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the
Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.
Investor Contact
Marc Benathen, CFO
marc@lifemd.com
Media Contact
press@lifemd.com
Tables to Follow
++++++
CONSOLIDATED BALANCE SHEETS | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash | $ | 33,146,725 | $ | 3,958,957 | |||
Accounts receivable, net | 5,277,250 | 2,834,750 | |||||
Product deposit | 485,850 | 127,265 | |||||
Inventory, net | 2,759,932 | 3,703,363 | |||||
Other current assets | 934,510 | 687,022 | |||||
Total Current Assets | 42,604,267 | 11,311,357 | |||||
Non-current Assets | |||||||
Equipment, net | 476,303 | 476,441 | |||||
Right of use asset | 594,897 | 1,206,009 | |||||
Capitalized software, net | 11,795,979 | 8,840,187 | |||||
Intangible assets, net | 3,009,263 | 3,831,859 | |||||
Total Non-current Assets | 15,876,442 | 14,354,496 | |||||
Total Assets | $ | 58,480,709 | $ | 25,665,853 | |||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 11,084,855 | $ | 10,106,793 | |||
Accrued expenses | 13,937,494 | 12,166,509 | |||||
Notes payable, net | 327,597 | 2,797,250 | |||||
Current operating lease liabilities | 603,180 | 756,093 | |||||
Deferred revenue | 8,828,598 | 5,547,506 | |||||
Total Current Liabilities | 34,781,724 | 31,374,151 | |||||
Long-term Liabilities | |||||||
Long-term debt, net | 17,927,727 | - | |||||
Noncurrent operating lease liabilities | 73,849 | 574,136 | |||||
Contingent consideration | 131,250 | 443,750 | |||||
Purchase price payable | - | 579,319 | |||||
Total Liabilities | 52,914,550 | 32,971,356 | |||||
Commitments and Contingencies | |||||||
Mezzanine Equity | |||||||
Preferred Stock, | |||||||
Series B Preferred Stock, | - | 4,565,822 | |||||
Stockholders’ Equity (Deficit) | |||||||
Series A Preferred Stock, | 140 | 140 | |||||
Common Stock, | 383,586 | 315,528 | |||||
Additional paid-in capital | 217,550,583 | 179,015,250 | |||||
Accumulated deficit | (214,265,236 | ) | (190,562,994 | ) | |||
(163,701 | ) | (163,701 | ) | ||||
3,505,372 | (11,395,777 | ) | |||||
Non-controlling interest | 2,060,787 | (475,548 | ) | ||||
Total Stockholders’ Equity (Deficit) | 5,566,159 | (11,871,325 | ) | ||||
Total Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit) | $ | 58,480,709 | $ | 25,665,853 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Fourth Quarter Ended | Year Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | ||||||||||||||||
Telehealth revenue, net | $ | 31,256,199 | $ | 16,418,643 | $ | 98,152,919 | $ | 82,649,845 | ||||||||
WorkSimpli revenue, net | 13,603,648 | 11,701,073 | 54,394,087 | 36,383,675 | ||||||||||||
Total revenues, net | 44,859,847 | 28,119,716 | 152,547,006 | 119,033,520 | ||||||||||||
Cost of revenues | ||||||||||||||||
Cost of telehealth revenue | 4,954,646 | 3,801,642 | 17,480,533 | 17,843,754 | ||||||||||||
Cost of WorkSimpli revenue | 400,913 | 266,058 | 1,419,931 | 824,274 | ||||||||||||
Total cost of revenues | 5,355,559 | 4,067,700 | 18,900,464 | 18,668,028 | ||||||||||||
Gross profit | 39,504,288 | 24,052,016 | 133,646,542 | 100,365,492 | ||||||||||||
Expenses | ||||||||||||||||
Selling and marketing expenses | 20,389,121 | 17,440,781 | 76,451,466 | 78,369,430 | ||||||||||||
General and administrative expenses | 15,573,509 | 9,203,072 | 51,694,232 | 46,960,782 | ||||||||||||
Other operating expenses | 1,656,631 | 1,640,975 | 6,297,321 | 6,717,795 | ||||||||||||
Customer service expenses | 2,058,549 | 1,605,370 | 7,632,283 | 5,033,468 | ||||||||||||
Development costs | 1,998,015 | 1,019,163 | 6,060,513 | 2,970,202 | ||||||||||||
- | 6,127,596 | - | 8,862,596 | |||||||||||||
Change in fair value of contingent consideration | - | (2,614,000 | ) | - | (5,101,000 | ) | ||||||||||
Total expenses | 41,675,825 | 34,422,957 | 148,135,815 | 143,813,273 | ||||||||||||
Operating loss | (2,171,537 | ) | (10,370,941 | ) | (14,489,273 | ) | (43,447,781 | ) | ||||||||
Other expenses | ||||||||||||||||
Interest expense, net | (622,685 | ) | (843,541 | ) | (2,596,586 | ) | (1,275,946 | ) | ||||||||
(Loss) gain on debt extinguishment | - | - | (325,198 | ) | 63,400 | |||||||||||
Net loss before provision for income taxes | (2,794,222 | ) | (11,214,482 | ) | (17,411,057 | ) | (44,660,327 | ) | ||||||||
Income tax provision | (428,000 | ) | (360,700 | ) | (428,000 | ) | (360,700 | ) | ||||||||
Net loss | (3,222,222 | ) | (11,575,182 | ) | (17,839,057 | ) | (45,021,027 | ) | ||||||||
Net income attributable to noncontrolling interests | 509,880 | 360,168 | 2,756,935 | 514,632 | ||||||||||||
Net loss attributable to | (3,732,102 | ) | (11,935,350 | ) | (20,595,992 | ) | (45,535,659 | ) | ||||||||
Preferred stock dividends | (776,562 | ) | (776,562 | ) | (3,106,250 | ) | (3,106,250 | ) | ||||||||
Net loss attributable to | $ | (4,508,664 | ) | $ | (12,711,912 | ) | $ | (23,702,242 | ) | $ | (48,641,909 | ) | ||||
Basic loss per share attributable to | $ | (0.12 | ) | $ | (0.40 | ) | $ | (0.70 | ) | $ | (1.57 | ) | ||||
Diluted loss per share attributable to | $ | (0.12 | ) | $ | (0.40 | ) | $ | (0.70 | ) | $ | (1.57 | ) | ||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 36,710,746 | 31,410,065 | 33,905,155 | 30,976,455 | ||||||||||||
Diluted | 36,710,746 | 31,410,065 | 33,905,155 | 30,976,455 | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
Fourth Quarter Ended | Year Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net loss | $ | (3,222,222 | ) | $ | (11,575,182 | ) | $ | (17,839,057 | ) | $ | (45,021,027 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||
Amortization of debt discount | 100,444 | - | 333,939 | - | ||||||||||||
Amortization of capitalized software | 1,637,094 | 934,908 | 5,424,810 | 2,681,807 | ||||||||||||
Amortization of intangibles | 245,968 | 259,760 | 971,464 | 926,542 | ||||||||||||
Accretion of consideration payable | 18,740 | 101,081 | 167,221 | 273,822 | ||||||||||||
Depreciation of fixed assets | 57,666 | 44,877 | 203,952 | 161,885 | ||||||||||||
Write-down of inventory | 537,685 | 103,417 | 537,685 | 103,417 | ||||||||||||
Sales return reserve | - | 338,193 | - | 338,193 | ||||||||||||
Loss (gain) on debt extinguishment | - | - | 325,198 | (63,400 | ) | |||||||||||
Change in fair value of contingent consideration | - | (2,614,000 | ) | - | (5,101,000 | ) | ||||||||||
- | 6,127,596 | - | 8,862,596 | |||||||||||||
Deferred income tax provision | - | 354,000 | - | 354,000 | ||||||||||||
Operating lease payments | 204,207 | 83,241 | 766,280 | 546,439 | ||||||||||||
Stock issued for legal settlement | - | - | 532,000 | 816,000 | ||||||||||||
Stock compensation expense | 3,645,607 | 1,884,614 | 12,489,343 | 13,734,614 | ||||||||||||
Changes in Assets and Liabilities | ||||||||||||||||
Accounts receivable | (858,668 | ) | (634,825 | ) | (2,442,500 | ) | (2,192,888 | ) | ||||||||
Product deposit | (401,082 | ) | (19,214 | ) | (358,585 | ) | 76,291 | |||||||||
Inventory | 493,029 | (130,649 | ) | 405,746 | (2,183,012 | ) | ||||||||||
Other current assets | 369,450 | 127,554 | (247,488 | ) | 106,168 | |||||||||||
Change in operating lease liability | (218,624 | ) | (77,710 | ) | (808,368 | ) | (455,805 | ) | ||||||||
Deferred revenue | 2,589,244 | 3,194,354 | 3,281,092 | 4,047,626 | ||||||||||||
Accounts payable | 1,447,465 | (576,066 | ) | 978,062 | 1,251,037 | |||||||||||
Accrued expenses | (932,373 | ) | 993,497 | 4,678,757 | (1,309,968 | ) | ||||||||||
Other operating activity | - | (888,485 | ) | (579,319 | ) | (888,486 | ) | |||||||||
Net cash provided by (used in) operating activities | 5,713,630 | (1,969,039 | ) | 8,820,232 | (22,935,149 | ) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
Cash paid for capitalized software costs | (2,107,307 | ) | (1,783,259 | ) | (8,380,602 | ) | (8,526,205 | ) | ||||||||
Purchase of equipment | (109,332 | ) | 12,244 | (203,814 | ) | (366,633 | ) | |||||||||
Purchase of intangible assets | - | - | (148,868 | ) | (4,000,500 | ) | ||||||||||
Acquisition of business, net of cash acquired | - | - | - | (1,012,395 | ) | |||||||||||
Net cash used in investing activities | (2,216,639 | ) | (1,771,015 | ) | (8,733,284 | ) | (13,905,733 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Proceeds from long-term debt, net | - | - | 19,466,887 | - | ||||||||||||
Proceeds from common stock issued to Medifast | 10,000,000 | - | 10,000,000 | - | ||||||||||||
Proceeds from notes payable | - | 2,906,000 | 2,347,691 | 2,906,000 | ||||||||||||
Sale of common stock under ATM, net | 5,303,092 | - | 6,202,659 | - | ||||||||||||
Cash proceeds from exercise of warrants | - | - | - | 38,500 | ||||||||||||
Cash proceeds from exercise of options | 94,500 | - | 94,500 | 90,400 | ||||||||||||
Preferred stock dividends | (776,562 | ) | (776,562 | ) | (3,106,250 | ) | (3,106,250 | ) | ||||||||
Net payments for membership interest of WorkSimpli | - | - | (305,625 | ) | 12,150 | |||||||||||
Contingent consideration payment for ResumeBuild | (125,000 | ) | (62,500 | ) | (312,500 | ) | (156,250 | ) | ||||||||
Distributions to non-controlling interest | (36,000 | ) | (36,000 | ) | (144,000 | ) | (144,000 | ) | ||||||||
Repayment of notes payable, net of prepayment penalty | (98,626 | ) | (168,750 | ) | (5,142,542 | ) | (168,750 | ) | ||||||||
Net cash provided by (used in) financing activities | 14,361,404 | 1,862,188 | 29,100,820 | (528,200 | ) | |||||||||||
Net increase (decrease) in cash | 17,858,395 | (1,877,866 | ) | 29,187,768 | (37,369,082 | ) | ||||||||||
Cash at beginning of period | 15,288,330 | 5,836,823 | 3,958,957 | 41,328,039 | ||||||||||||
Cash at end of period | $ | 33,146,725 | $ | 3,958,957 | $ | 33,146,725 | $ | 3,958,957 | ||||||||
Cash paid for interest | ||||||||||||||||
Cash paid during the period for interest | $ | 663,212 | $ | 189,000 | $ | 2,148,454 | $ | 189,000 | ||||||||
Non-cash investing and financing activities: | ||||||||||||||||
Cashless exercise of options | $ | - | $ | - | $ | 744 | $ | 297 | ||||||||
Cashless exercise of warrants | $ | 793 | $ | - | $ | 793 | $ | - | ||||||||
Consideration payable for Cleared acquisition | $ | - | $ | - | $ | - | $ | 8,079,367 | ||||||||
Consideration payable for ResumeBuild acquisition | $ | - | $ | - | $ | - | $ | 500,000 | ||||||||
Stock issued for noncontingent consideration payments | $ | 642,000 | $ | - | $ | 2,568,000 | $ | - | ||||||||
Stock issued for debt conversion | $ | 1,000,000 | $ | - | $ | 1,000,000 | $ | - | ||||||||
Series B Preferred Stock conversion | $ | - | $ | - | $ | 5,072,814 | $ | - | ||||||||
Principal of Paycheck Protection Program loans forgiven | $ | - | $ | - | $ | - | $ | 63,400 | ||||||||
Warrants issued for debt instruments | $ | - | $ | - | $ | 873,100 | $ | - | ||||||||
Right of use asset | $ | - | $ | 89,595 | $ | 155,168 | $ | 89,595 | ||||||||
Right of use lease liability | $ | - | $ | 94,168 | $ | 155,168 | $ | 94,168 | ||||||||
About the Use of Non-GAAP Financial Measures:
To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA and adjusted EPS as non-GAAP financial measures to clarify and enhance an understanding of past performance. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.
Adjusted EBITDA is defined as income (loss) attributable to common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests, foreign currency translation, inventory valuation, sales return reserves, litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to common shareholders, its most directly comparable GAAP financial measure.
Adjusted EPS is defined as the diluted net loss attributable to
We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms adjusted EBITDA and adjusted EPS may vary from that of others in our industry. Adjusted EBITDA and adjusted EPS should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance.
Reconciliation of GAAP Net Loss to Adjusted EBITDA | |||||||||||||||
(in whole numbers, unaudited) | |||||||||||||||
Fourth Quarter Ended | Year Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net loss attributable to common shareholders | $ | (4,508,664 | ) | $ | (12,711,912 | ) | $ | (23,702,242 | ) | $ | (48,641,909 | ) | |||
Interest expense (excluding amortization of debt discount) | 522,241 | 728,856 | 1,755,656 | 820,946 | |||||||||||
Depreciation, amortization and accretion expense | 1,959,468 | 1,340,626 | 6,767,447 | 4,044,056 | |||||||||||
Amortization of debt discount | 100,444 | - | 333,939 | - | |||||||||||
Loss (gain) on debt extinguishment | - | - | 325,198 | (63,400 | ) | ||||||||||
Financing transactions expense | 38,431 | 98,333 | 773,932 | 250,348 | |||||||||||
Litigation costs | 168,600 | 168,162 | 1,594,930 | 1,685,521 | |||||||||||
Inventory and reserve adjustments | 404,694 | 699,057 | 637,324 | 929,718 | |||||||||||
Deferred revenue adjustment | - | 2,918,942 | - | 2,918,942 | |||||||||||
Severance costs | 17,400 | 181,824 | 25,092 | 360,914 | |||||||||||
Acquisitions expenses | 30,909 | 127,539 | 158,047 | 392,692 | |||||||||||
Change in fair value of contingent consideration | - | (2,614,000 | ) | - | (5,101,000 | ) | |||||||||
- | 6,127,596 | - | 8,862,596 | ||||||||||||
Insurance acceptance readiness | 252,250 | - | 318,884 | - | |||||||||||
Sarbanes Oxley readiness | 151,248 | - | 199,824 | - | |||||||||||
Accrued interest on Series B Convertible Preferred Stock | - | 114,685 | 506,991 | 455,000 | |||||||||||
Foreign exchange (gain) loss | 368,793 | 393,147 | 1,165,412 | 1,078,389 | |||||||||||
Taxes | 428,000 | 360,700 | 498,378 | 360,700 | |||||||||||
Dividends | 1,399,560 | 812,562 | 5,371,450 | 3,250,250 | |||||||||||
Stock-based compensation expense | 3,645,607 | 1,884,614 | 12,489,343 | 13,734,614 | |||||||||||
Net income attributable to noncontrolling interests | 509,880 | 360,168 | 2,756,935 | 514,632 | |||||||||||
Adjusted EBITDA | $ | 5,488,861 | $ | 990,899 | $ | 11,976,540 | $ | (14,146,991 | ) | ||||||
Reconciliation of GAAP Diluted Loss per Share Attributable to Common Shareholders to Adjusted EPS | |||||||||||||||
(unaudited) | Fourth Quarter Ended | Year Ended | |||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Diluted loss per share attributable to | $ | (0.12 | ) | $ | (0.40 | ) | $ | (0.70 | ) | $ | (1.57 | ) | |||
Adjustments to Reconcile GAAP Diluted Loss Per Share to Adjusted EPS | |||||||||||||||
Interest expense (excluding amortization of debt discount) | 0.01 | 0.02 | 0.05 | 0.03 | |||||||||||
Depreciation, amortization and accretion expense | 0.05 | 0.04 | 0.20 | 0.13 | |||||||||||
Amortization of debt discount | - | - | 0.01 | - | |||||||||||
Loss (gain) on debt extinguishment | - | - | 0.01 | - | |||||||||||
Financing transactions expense | - | - | 0.02 | 0.01 | |||||||||||
Litigation costs | 0.01 | 0.01 | 0.05 | 0.06 | |||||||||||
Inventory and reserve adjustments | 0.01 | 0.02 | 0.02 | 0.03 | |||||||||||
Deferred revenue adjustment | - | 0.09 | - | 0.10 | |||||||||||
Severance costs | - | 0.01 | - | 0.01 | |||||||||||
Acquisitions expenses | - | - | 0.01 | 0.01 | |||||||||||
Change in fair value of contingent consideration | - | (0.08 | ) | - | (0.16 | ) | |||||||||
- | 0.20 | - | 0.29 | ||||||||||||
Insurance acceptance readiness | 0.01 | - | 0.01 | - | |||||||||||
Sarbanes Oxley readiness | 0.01 | - | 0.01 | - | |||||||||||
Accrued interest on Series B Convertible Preferred Stock | - | - | 0.01 | 0.01 | |||||||||||
Foreign exchange (gain) loss | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||||
Taxes | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||
Dividends | 0.04 | 0.02 | 0.16 | 0.10 | |||||||||||
Stock-based compensation expense | 0.10 | 0.06 | 0.37 | 0.44 | |||||||||||
Net income attributable to noncontrolling interests | 0.01 | 0.01 | 0.08 | 0.02 | |||||||||||
Adjusted EPS | $ | 0.15 | $ | 0.02 | $ | 0.35 | $ | (0.45 | ) | ||||||
Source:
2024 GlobeNewswire, Inc., source