Treace Medical Concepts (Nasdaq: TMCI) updates 2026 outlook after Q2 results
Rhea-AI Filing Summary
Treace Medical Concepts, Inc. reported second quarter 2026 revenue of $45.4 million, a 4% decline from $47.4 million a year earlier, with gross margin of 78.5%. Net loss was $15.9 million, or $0.24 per share, slightly better than $17.4 million, or $0.28 per share, in 2025. Adjusted EBITDA was a loss of $3.5 million, essentially flat year over year.
Total operating expenses fell 8% to $50.6 million, helping reduce year‑to‑date cash usage by 57% or $3.6 million. Cash, cash equivalents and marketable securities were $45.6 million as of June 30, 2026, and an existing credit facility provides up to $115 million of additional liquidity, subject to conditions. The company raised its 2026 revenue outlook to $204–$212 million, representing a 4% to 0% decline versus 2025, and now expects an Adjusted EBITDA loss of $3.0–$5.0 million, compared with a $3.9 million loss in 2025. Management highlighted growing adoption of its expanded bunion portfolio and new product launches including the SuperBite Compression Screw and HyperPlate XM systems.
Positive
- Year‑to‑date cash usage cut 57%, or $3.6 million, versus 2025, while holding $45.6 million in cash, cash equivalents and marketable securities and access to an additional $115 million credit facility, supporting liquidity.
Negative
- None.
Filing Explained
At June 30, Treace reported 65,236,297 shares issued, 259,673 in treasury, and $56,042 thousand of long-term debt.
This Form 8-K reports the company’s second-quarter results and balance-sheet position as of
The balance sheet lists 65,236,297 common shares issued at June 30 versus 64,029,378 at
Long-term debt, net was
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Lapiplasty® 3D Bunion Correction® System medical
Operating lease right-of-use assets financial
Earnings Snapshot
The company expects a full-year 2026 Adjusted EBITDA loss of $3.0 million to $5.0 million, versus a loss of $3.9 million in 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Treace Medical Concepts (TMCI) revenue and net loss in Q2 2026?
How did TMCI’s operating expenses change in the second quarter of 2026?
What is Treace Medical Concepts (TMCI) guidance for full-year 2026 revenue and EBITDA?
What is TMCI’s liquidity position as of June 30, 2026?
How did Treace Medical Concepts (TMCI) cash usage trend in 2026 versus 2025?
What was TMCI’s Adjusted EBITDA in Q2 2026 and how is it defined?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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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 Results of Operations and Financial Condition.
On August 7, 2026, Treace Medical Concepts, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
This information furnished under this Item 2.02, including Exhibit 99.1, 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, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
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Description |
99.1 |
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Press Release of Treace Medical Concepts, Inc. issued on August 7, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Treace Medical Concepts, Inc. |
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Date: August 7, 2026 |
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By: |
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/s/ Mark L. Hair |
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Name: |
Mark L. Hair |
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Title: |
Chief Financial Officer |
Exhibit 99.1
Treace Medical Concepts Reports Second Quarter 2026 Financial Results
PONTE VEDRA, Fla. – August 7, 2026 – Treace Medical Concepts, Inc. ("Treace" or the "Company") (NasdaqGS: TMCI), a medical technology company driving a fundamental shift in the surgical treatment of bunions and related deformities, today reported financial results for the second quarter ended June 30, 2026.
Recent Highlights
"We are pleased with our second quarter results which were driven by accelerating year-over-year case volumes and market share gains resulting from increasing surgeon adoption of our comprehensive bunion portfolio as well as our expanding line of new technologies - now providing us access to a broader range of procedures throughout the foot & ankle," said John T. Treace, CEO and Chairman of Treace Medical.
"We continue to focus on investing in growth initiatives to leverage our expanded portfolio, while driving profitability, positioning us for stronger growth in the second half of the year."
Second Quarter 2026 Financial Results
Revenue for the second quarter of 2026 was $45.4 million, representing a decrease of 4% compared to $47.4 million in the second quarter of 2025, and a sequential improvement in year-over-year growth rate.
Gross profit for the second quarter of 2026 was $35.6 million compared to $37.8 million in the second quarter of 2025. Gross margin was 78.5% in the second quarter of 2026, compared to 79.7% in the second quarter of 2025.
Total operating expenses decreased 8% to $50.6 million in the second quarter of 2026 and decreased by $4.2 million compared to total operating expenses of $54.7 million in the second quarter of 2025, primarily driven by targeted expense reduction initiatives across the organization.
Second quarter 2026 net loss was $(15.9) million, or $(0.24) per share, compared to $(17.4) million, or $(0.28) per share, for the same period in 2025. Adjusted EBITDA was $(3.5) million in the second quarter of 2026 compared to $(3.6) million for the same period in 2025. The financial tables and description below provide additional information and a reconciliation of non-GAAP financial information.
Page | 1
Year-to-date cash usage was reduced by 57% or $3.6 million when compared to the same period in 2025. Cash, cash equivalents, and marketable securities totaled $45.6 million as of June 30, 2026. The Company’s existing credit facility provides an additional $115 million of liquidity subject to certain conditions.
2026 Financial Outlook
The Company is raising its full-year 2026 revenue guidance to be in the range of $204 million to $212 million, representing a decline of 4% to 0% compared to full-year 2025. This compares to previous revenue guidance of $202 million to $212 million.
The Company is updating its expectation of a loss in Adjusted EBITDA in the range of $3.0 million to $5.0 million for full year 2026, as compared to previous guidance of a loss in the range of $4.0 million to $6.0 million. The Company reported a loss of $3.9 million in the full-year 2025.*
The Company reiterates its expectation for a reduction in cash usage of approximately 50% for full-year 2026 as compared to the full year 2025.
The Company’s full-year 2026 guidance assumes continued case volume growth and improving year-over-year growth rates for the second half of the year as headwinds are annualized.
Webcast and Conference Call Details
Treace will host a conference call today, August 7, 2026, at 8:00 a.m. ET to discuss its second quarter 2026 financial results. Investors interested in listening to the conference call may do so by registering. The live webcast of the conference call will be available on the Investor Relations section of the Company’s website at investors.treace.com. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement the financial results presented in accordance with GAAP, this earnings release presents Adjusted EBITDA, which the Company defines as net loss before depreciation and amortization expense, interest income, interest expense, taxes, share-based compensation expense, acquisition-related costs, restructuring costs, customer credit loss, litigation costs, and debt extinguishment loss. Non-GAAP financial measures such as Adjusted EBITDA are presented in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Management uses non-GAAP financial measures to evaluate the Company’s operating performance and trends, as well as for making planning decisions. The Company believes that Adjusted EBITDA helps to identify underlying trends in the Company’s business that may otherwise be masked by the effect of the income and expenses and other items that it excludes in its calculation of Adjusted EBITDA. Accordingly, the Company believes this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the Company’s operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by the Company’s management in their financial and operational decision-making. The Company also presents this non-GAAP financial measure because it believes investors, analysts and rating agencies consider it to be a useful metric in measuring the Company’s performance against other companies and its ability to meet its debt service obligations.
There are limitations related to the use of non-GAAP financial measures such as Adjusted EBITDA because they are not prepared in accordance with GAAP, may exclude significant income and 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. A reconciliation between GAAP and non-GAAP results is presented below.
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*A reconciliation of Adjusted EBITDA to GAAP net loss on a forward-looking basis is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the items excluded from this non-GAAP measure.
Forward-Looking Statements
This press release and statements made during the Company’s earnings call contain 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, including, but not limited to, the Company’s: 2026 full-year guidance; anticipated liquidity; 2026 Adjusted EBITDA guidance; expected 2026 cash usage decrease; anticipated return to stronger growth in the second half of the year; anticipated continued case volume growth; expected increase in product adoptions, portfolio utilization and market share; continued execution of commercial and other strategic initiatives; ability to effectively respond to and mitigate the impact of challenges in the current market environment, including in response to increased competition, evolving surgeon and patient preferences for minimally invasive bunion solutions, changes in tariffs and trade policies, protracted government shutdowns, and lower patient demand for elective bunion surgery due to macroeconomic uncertainty and soft consumer sentiment; anticipated future product launches and the timing of such product launches; ability to increase procedure volumes, expand surgeon relationships and utilization rate, and increase procedure penetration and market share; ability to protect and enforce its intellectual property rights, including through its patent infringement and unfair competition suits; success in defending against securities class actions and infringement of its intellectual property by third parties, including its competitors; expected seasonality; ability to leverage investments in its commercial organization and control costs in its organizational structure; anticipated expansion of clinical evidence; the amount and timing of orders for our products from stocking distributors and other customers; and anticipated pace of growth in the foot and ankle market. 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 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 Treace’s public filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 27, 2026. 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. The Company’s results for the quarter ended June 30, 2026 are not necessarily indicative of its operating results for any future periods.
Internet Posting of Information
Treace routinely posts information that may be important to investors in the “Investor Relations” section of its website at www.treace.com. The Company encourages investors and potential investors to consult the Treace website regularly for important information about Treace.
About Treace Medical Concepts
Treace Medical Concepts, Inc. is a medical technology company with the goal of being the recognized leader in the surgical treatment of bunions and related deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 67 million Americans, of which Treace estimates 1.1 million are annual surgical candidates. Treace has pioneered and patented the Lapiplasty® 3D Bunion Correction® System – a combination of instruments, implants, and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and helping patients get back to their active lifestyles. To further support the needs of surgeons and bunion patients, Treace offers its Adductoplasty® Midfoot Correction System, designed for reproducible surgical correction of midfoot deformities, two systems for
Page | 3
minimally invasive osteotomy procedures, namely the Nanoplasty® 3D Minimally Invasive Bunion Correction System and the Percuplasty® Percutaneous 3D Bunion Correction System, and the SpeedMTP® MTP Fusion System. Treace continues to expand its footprint in the marketplace by extending its SpeedPlate® rapid compression implant platform to new applications, providing surgeons with advanced digital solutions with its IntelliGuide® patient specific, pre-op planning and cut guide technology, and offering SuperBite™ fully-threaded compression screws for use in fusions throughout the foot. For more information, please visit www.treace.com.
To learn more about Treace, connect with us on LinkedIn, X, Facebook and Instagram.
Contacts:
Treace Medical Concepts
Mark L. Hair
Chief Financial Officer
mhair@treace.net
(904) 373-5940
Investors:
Gilmartin Group
Philip Trip Taylor
IR@treace.net
Page | 4
Treace Medical Concepts, Inc.
Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(unaudited)
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Three Months Ended |
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Six Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
45,376 |
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$ |
47,387 |
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$ |
92,574 |
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$ |
99,957 |
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Cost of goods sold |
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9,769 |
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9,635 |
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19,560 |
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20,312 |
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Gross profit |
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35,607 |
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37,752 |
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73,014 |
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79,645 |
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Operating expenses |
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Sales and marketing |
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30,940 |
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33,084 |
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64,715 |
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69,206 |
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Research and development |
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4,376 |
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5,498 |
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8,998 |
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11,060 |
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General and administrative |
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15,249 |
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16,144 |
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31,426 |
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31,935 |
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Total operating expenses |
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50,565 |
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54,726 |
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105,139 |
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112,201 |
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Loss from operations |
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(14,958 |
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(16,974 |
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(32,125 |
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(32,556 |
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Interest income |
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445 |
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775 |
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946 |
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1,616 |
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Interest expense |
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(1,562 |
) |
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(1,321 |
) |
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(3,132 |
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(2,632 |
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Other income, net |
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202 |
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122 |
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477 |
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252 |
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Other non-operating income (expense), net |
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(915 |
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(424 |
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(1,709 |
) |
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(764 |
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Net loss |
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$ |
(15,873 |
) |
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$ |
(17,398 |
) |
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$ |
(33,834 |
) |
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$ |
(33,320 |
) |
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Other comprehensive income (loss) |
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Unrealized gain (loss) on marketable securities |
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(26 |
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(7 |
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(124 |
) |
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(47 |
) |
Comprehensive loss |
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$ |
(15,899 |
) |
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$ |
(17,405 |
) |
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$ |
(33,958 |
) |
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$ |
(33,367 |
) |
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Net loss per share, basic and diluted |
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$ |
(0.24 |
) |
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$ |
(0.28 |
) |
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$ |
(0.52 |
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$ |
(0.53 |
) |
Weighted-average shares used in computing net loss per share, basic and diluted |
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65,049,844 |
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63,006,891 |
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64,822,526 |
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62,843,337 |
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Page | 5
Treace Medical Concepts, Inc.
Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
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June 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
12,610 |
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$ |
10,708 |
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Marketable securities, short-term |
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33,009 |
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37,659 |
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Accounts receivable, net of allowance for credit losses of $1,597 and $1,824 as of June 30, 2026 and December 31, 2025, respectively |
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28,732 |
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42,155 |
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Inventories |
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39,542 |
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36,031 |
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Prepaid expenses and other current assets |
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6,561 |
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5,501 |
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Total current assets |
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120,454 |
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132,054 |
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Property and equipment, net |
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32,496 |
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29,752 |
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Intangible assets, net of accumulated amortization of $2,850 and $2,375 as of June 30, 2026 and December 31, 2025, respectively |
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6,650 |
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7,125 |
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Goodwill |
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12,815 |
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12,815 |
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Operating lease right-of-use assets |
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7,139 |
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7,614 |
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Other non-current assets, net of allowance for credit losses of $35 and $69 as of June 30, 2026 and December 31, 2025, respectively |
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1,501 |
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1,221 |
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Total assets |
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$ |
181,055 |
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$ |
190,581 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
16,061 |
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$ |
6,726 |
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Accrued liabilities |
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6,281 |
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5,784 |
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Accrued commissions |
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6,740 |
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|
9,365 |
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Accrued compensation |
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8,087 |
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|
6,331 |
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Other liabilities |
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4,327 |
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2,429 |
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Total current liabilities |
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41,496 |
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30,635 |
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Long-term debt, net |
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56,042 |
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55,583 |
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Operating lease liabilities, net of current portion |
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13,091 |
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13,982 |
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Other long-term liabilities |
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2,689 |
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|
3,049 |
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Total liabilities |
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113,318 |
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103,249 |
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Stockholders’ equity |
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Preferred stock, $0.001 par value, 5,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 0 shares issued as of June 30, 2026 and December 31, 2025 |
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— |
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— |
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Common stock, $0.001 par value, 300,000,000 shares authorized; 65,236,297 and 64,029,378 shares issued as of June 30, 2026 and December 31, 2025, respectively |
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65 |
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64 |
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Additional paid-in capital |
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351,966 |
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337,371 |
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Accumulated deficit |
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(282,826 |
) |
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(248,992 |
) |
Accumulated other comprehensive income (loss) |
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(52 |
) |
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|
72 |
|
Treasury stock, at cost; 259,673 and 165,513 shares as of June 30, 2026 and December 31, 2025, respectively |
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(1,416 |
) |
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|
(1,183 |
) |
Total stockholders’ equity |
|
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67,737 |
|
|
|
87,332 |
|
Total liabilities and stockholders’ equity |
|
$ |
181,055 |
|
|
$ |
190,581 |
|
Page | 6
Treace Medical Concepts, Inc.
Statements of Cash Flows
(in thousands)
(unaudited)
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Six Months Ended June 30, |
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2026 |
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2025 |
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Cash flows from operating activities |
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Net loss |
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$ |
(33,834 |
) |
|
$ |
(33,320 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating |
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Depreciation and amortization expense |
|
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2,787 |
|
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5,037 |
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Provision for allowance for credit losses |
|
|
243 |
|
|
|
581 |
|
Share-based compensation expense |
|
|
14,497 |
|
|
|
18,270 |
|
Non-cash lease expense |
|
|
1,103 |
|
|
|
1,133 |
|
Amortization of debt issuance costs |
|
|
505 |
|
|
|
148 |
|
Amortization (accretion) of premium (discount) on marketable securities, net |
|
|
11 |
|
|
|
(114 |
) |
Other, net |
|
|
1,383 |
|
|
|
219 |
|
Net changes in operating assets and liabilities, net of acquisitions |
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|
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Accounts receivable |
|
|
13,180 |
|
|
|
9,985 |
|
Inventory |
|
|
(3,511 |
) |
|
|
(3,142 |
) |
Prepaid expenses and other assets |
|
|
(1,060 |
) |
|
|
84 |
|
Other non-current assets |
|
|
(320 |
) |
|
|
(365 |
) |
Operating lease liabilities |
|
|
(1,683 |
) |
|
|
(1,553 |
) |
Accounts payable |
|
|
9,335 |
|
|
|
9,437 |
|
Accrued liabilities |
|
|
(372 |
) |
|
|
(5,309 |
) |
Other, net |
|
|
278 |
|
|
|
57 |
|
Net cash provided by (used in) operating activities |
|
|
2,542 |
|
|
|
1,148 |
|
|
|
|
|
|
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||
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchases of available-for-sale marketable securities |
|
|
(18,669 |
) |
|
|
(30,249 |
) |
Sales and maturities of available-for-sale marketable securities |
|
|
23,184 |
|
|
|
33,408 |
|
Purchases of property and equipment |
|
|
(5,263 |
) |
|
|
(8,310 |
) |
Net cash provided by (used in) investing activities |
|
|
(748 |
) |
|
|
(5,151 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from insurance premium financing |
|
|
983 |
|
|
|
983 |
|
Debt issuance costs |
|
|
(6 |
) |
|
|
— |
|
Payments on insurance premium financing |
|
|
(735 |
) |
|
|
(98 |
) |
Proceeds from exercise of employee stock options |
|
|
99 |
|
|
|
235 |
|
Taxes from withheld shares |
|
|
(233 |
) |
|
|
(415 |
) |
Net cash provided by (used in) financing activities |
|
|
108 |
|
|
|
705 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
1,902 |
|
|
|
(3,298 |
) |
Cash and cash equivalents at beginning of period |
|
|
10,708 |
|
|
|
11,350 |
|
Cash and cash equivalents at end of period |
|
$ |
12,610 |
|
|
$ |
8,052 |
|
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
2,193 |
|
|
$ |
2,495 |
|
Noncash investing activities |
|
|
|
|
|
|
||
Unrealized (gains) losses, net on marketable securities |
|
$ |
124 |
|
|
$ |
47 |
|
Noncash financing activities |
|
|
|
|
|
|
||
Legal cost financing |
|
$ |
1,176 |
|
|
$ |
228 |
|
Page | 7
Treace Medical Concepts, Inc.
Reconciliation of GAAP Net Loss to EBITDA & Adjusted EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net loss |
|
$ |
(15,873 |
) |
|
$ |
(17,398 |
) |
|
$ |
(33,834 |
) |
|
$ |
(33,320 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
(445 |
) |
|
|
(775 |
) |
|
|
(946 |
) |
|
|
(1,616 |
) |
Interest expense |
|
|
1,562 |
|
|
|
1,321 |
|
|
|
3,132 |
|
|
|
2,632 |
|
Taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation & Amortization |
|
|
1,888 |
|
|
|
2,576 |
|
|
|
2,787 |
|
|
|
5,037 |
|
EBITDA |
|
$ |
(12,868 |
) |
|
$ |
(14,276 |
) |
|
$ |
(28,861 |
) |
|
$ |
(27,267 |
) |
Share-based compensation expense |
|
|
6,463 |
|
|
|
9,577 |
|
|
|
14,497 |
|
|
|
18,270 |
|
Restructuring costs1 |
|
|
805 |
|
|
|
— |
|
|
|
1,009 |
|
|
|
— |
|
Litigation costs2 |
|
|
2,052 |
|
|
|
1,055 |
|
|
|
4,322 |
|
|
|
1,510 |
|
Adjusted EBITDA |
|
$ |
(3,548 |
) |
|
$ |
(3,644 |
) |
|
$ |
(9,033 |
) |
|
$ |
(7,487 |
) |
1 Restructuring charges primarily related to severance payments and other post-employment benefits.
2 Litigation costs related to intellectual property lawsuits.
Page | 8