Amedica Releases First and Second Quarter 2017 Preliminary Unaudited Earnings Report and Business Update

SALT LAKE CITY, UT--(Marketwired - Sep 22, 2017) - Amedica Corporation (NASDAQ: AMDA), a company that develops and commercializes silicon nitride for biomedical applications, today announced its preliminary earnings report for the first and second quarters ended March 31, 2017 and June 30, 2017, respectively, and provided a business update related to its business strategy and certain recent developments.

2017 Q1 PRELIMINARY EARNINGS REPORT -- UNAUDITED

Amedica reported preliminary unaudited revenue of $2.6 million for the first quarter of 2017 as compared to revenue of $4.2 million for the first quarter of 2016. Preliminary unaudited GAAP net loss for the first quarter of 2017 was $0.07 per share, compared to net loss of $0.30 per share in the first quarter of 2016. The company's cash and cash equivalents were $6.9 million at March 31, 2017, a decrease of $1.0 million from March 31, 2016.

2017 Q2 PRELIMINARY EARNINGS REPORT -- UNAUDITED

Amedica reported preliminary unaudited revenue of $3.2 million for the second quarter of 2017 and $5.8 million for the six month period ending June 30, 2017, as compared to revenue of $4.0 million for the second quarter of 2016 and $8.2 million for the six month period ending June 30, 2016. Preliminary unaudited GAAP net loss for the second quarter of 2017 was $0.05 per share, compared to net loss of $0.40 per share in the second quarter of 2016. For the six month period ended June 30, 2017, the company reported preliminary unaudited GAAP net loss of $0.12 per share, compared to a net loss of $0.71 per share in for the six month period ending June 30, 2016. The company's cash and cash equivalents were $3.5 million at June 30, 2017, a decrease of $1.7 million from June 30, 2016.

BUSINESS UPDATE AND RELATED DEVELOPMENTS

Unaudited Financial Update

As of September 1, 2017, the company has approximately $2.4 million of term debt payable to Hercules, down from $24.3 million of total debt owing in July 2015. The Hercules debt, being currently amortized, will retire by January 2018, or sooner. The company also has $2.7 million of debt payable to North Stadium Investments, without prepayment penalties, back-end fees, debt covenants, or other restrictions. The North Stadium Investments debt is currently being amortized and will retire by July 28, 2018, or sooner.