Correvio Reports First Quarter 2019 Financial Results

Wednesday, May 8, 2019 General News
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March 31,

2019

March 31,

2018

Operating activities:

Net loss                                                                    

$

(8,996)

$

(8,460)

Items not affecting cash:

Amortization and depreciation

984

955

Accretion of long-term debt

373

(241)

Interest paid in-kind on long-term debt

425

408

Stock-based compensation expense

618

395

Write-down of inventory

50

118

Unrealized foreign exchange loss (gain)

317

(528)

Changes in operating assets and liabilities:

Accounts receivable

(595)

(890)

Inventories

(419)

312

Prepaid expenses and other assets

(1,882)

(177)

Deferred revenue

-

(25)

Accounts payable and accrued liabilities

1,534

(387)

Other long-term liabilities

(20)

(8)

Net cash used in operating activities

(7,611)

(8,528)

Investing activities:

Proceeds of disposal of Canadian Operations

190

-

Purchase of property and equipment

(68)

(202)

Purchase of intangible assets

(12)

-

Net cash provided by (used in) investing activities

110

(202)

Financing activities:

Issuance of common stock

8,347

-

Share issue costs

(405)

-

Issuance of common stock upon exercise of stock options

-

258

Income tax withholdings on vesting of restricted share units

-

(21)

Financing fees on issuance of long-term debt

-

(21)

Net cash provided by financing activities

7,942

216

Increase (decrease) in cash, cash equivalents, and restricted cash

441

(8,514)

during the period

Effect of foreign exchange rate changes on cash, cash equivalents,

(110)

91

and restricted cash

Cash, cash equivalents, and restricted cash, beginning of period

17,570

24,181

Cash, cash equivalents, and restricted cash, end of period

$

17,901

$

15,758

Supplemental cash flow information:

Interest paid

$892

$897

Cash paid for income taxes

-

16



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