YARDLEY, Pa., May 09, 2017 (GLOBE NEWSWIRE) -- Alliqua BioMedical, Inc. (Nasdaq:ALQA) (“Alliqua” or “the Company”), a regenerative technologies company committed to restoring tissue and rebuilding lives, today announced financial results for the first quarter ended March 31, 2017.
First Quarter 2017 Summary:
- Total revenue from continuing operations increased 16% year-over-year to $4.6 million.
- Product revenue from continuing operations increased 28% year-over-year to $4.4 million.
- Gross margin was 64%, compared to 60% in the same period last year.
- Adjusted EBITDA loss decreased by $1.8 million, or 36% year-over-year, to ($3.2) million.
First Quarter 2017 Operating Highlights:
- On February 28, 2017, the Company announced a private placement of approximately $2.8 million, which was led by one of Alliqua’s strategic investors and included participation from a member of the Company’s Board of Directors, as well as other accredited investors. Under the terms of the private placement, the Company agreed to sell an aggregate of 5,540,000 shares of its common stock at the price of $0.50 per share.
- On February 28, 2017, the Company announced the termination of its agreement to acquire the business of Soluble Systems, LLC (“Soluble”).
- On March 20, 2017, the Company announced the publication of a peer-reviewed study by Honaker et al. in the academic journal, Wound Repair & Regeneration, which examined the use of UltraMIST for deep tissue pressure injuries.
Announcements Subsequent to Quarter-End:
