Amedica Corporation (NASDAQ:AMDA) shares were up 7.41% on Tuesday then down 3.45% in after-hours trading to $1.12 on increased volatility. The company has a market cap of $46.16 million at 23.58 million shares outstanding. Share prices have been trading in a 52-week range of $0.60 to $7.50.
Amedica Corporation is a commercial biomaterial company that is a vertically-integrated silicon nitride orthopedic medical device manufacturer As such, it focuses on using its silicon nitride ceramic technology platform to develop, manufacture and sell a range of medical devices and is engaged in developing wear- and corrosion-resistant implant components for hip and knee arthroplasty.
In particular, the company markets its Valeo family of silicon nitride interbody spinal fusion devices in the United States, Europe and Brazil for use in the cervical and thoracolumbar areas of the spine. Aside from that, Amedica Corporation also markets a line of non-silicon nitride spinal surgery products which allows them to provide surgeons and hospitals with a solution for spinal procedures.
In its recent earnings release, Amedica Corporation reported total product revenue of $4.0 million for the second quarter of 2016 compared to $4.8 million in the same period last year. The company explained that this decrease was due to lower private label sales during the quarter and weaker than expected commercial sales in a key geographic region. Net loss for the period amounted to 5.1 million, compared to a net loss of $5.9 million in the prior-year period, spurred by better gross profit and lower operating costs.
Despite the decrease in commercial sales this quarter, we are confident with our commercial sales strategy targeted at adding new surgeons and distributors and expanding our sales into new territories,” remarked Dr. Sonny Bal, Chairman and CEO of Amedica Corporation.
The company was able to reduce its year-to-date operational cash burn by 55% and completed its $12.7 million public offering, on top of reducing the total principal debt balance to $10 billion.
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