What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-10-08 compared with 2026-04-02 · 100 added, 129 removed, 100 unchanged (70% of the section changed)

42 unchanged sentences

In evaluating the operating performance of our business, management focuses on company-wide and segment revenue and gross margin and company-wide operating income, earnings per share and cash flow from operations.

A summary of these key financial metrics for the three and nine months ended February 28, 2026 compared to the three and nine months ended February 28, 2025 are as follows:

Three months ended February 28, 2026:

• Revenue increased by 8.9% to $78.4 million

• Med Tech and Med Device growth of 19.0% and 1.2%, respectively

• Gross margin decreased 110 bps to 52.9%

• Med Tech gross margin remained consistent at 62.5% and Med Device gross margin decreased 320 bps to 44.2%

• Net loss increased by $3.7 million to a loss of $8.1 million

• Loss per share increased by $0.08 to $0.19

Nine months ended February 28, 2026:

A summary of these key financial metrics for the three months ended August 31, 2026 compared to the three months ended August 31, 2025 are as follows:

Three months ended August 31, 2026:

• Revenue increased by 6.9% to $80.9 million

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• Gross margin increased 410 bps to 59.4%

• Med Tech gross margin increased 10 bps to 63.3% and Med Device gross margin decreased 20 bps to 47.6%

• Net loss decreased by $2.6 million to a loss of $25.3 million

• Med Tech gross margin increased 400 bps to 66.2% and Med Device gross margin increased 340 bps to 52.7%

• Net loss decreased by $3.8 million to $7.1 million

• Loss per share decreased by $0.09 to $0.17

Our Med Tech revenue, comprised of Auryon, the thrombus management platform and NanoKnife, grew 19.0% in the third quarter of fiscal year 2026 driven by growth across all product lines.

Our Med Device revenue grew by 1.2% in the third quarter of fiscal year 2026 driven by growth in the Core and Venous product lines which was partially offset by softness in the Ports.

Our Med Tech revenue, comprised of Auryon, NanoKnife and the thrombus management platform, grew 13.2% in the first quarter of fiscal year 2027 driven by increased sales in Auryon, NanoKnife and the thrombus management products.

Our Med Device revenue grew by 1.4% in the first quarter of fiscal year 2027 driven by growth in the Core and Microwave product lines which was partially offset by softness in the Venous, Ports and other Oncology product lines.

Results of Operations

For the three months ended February 28, 2026, the Company reported net loss of $8.1 million, or diluted loss per share of $0.19, on net sales of $78.4 million, compared with a net loss of $4.4 million, or diluted loss per share of $0.11, on net sales of $72.0 million during the same quarter of the prior year.

For the nine months ended February 28, 2026, the Company reported net loss of $25.3 million, or diluted loss per share of $0.61, on net sales of $233.6 million, compared with a net loss of $27.9 million, or diluted loss per share of $0.68, on net sales of $212.3 million during the same quarter of the prior year.

For the three months ended August 31, 2026, the Company reported net loss of $7.1 million, or diluted loss per share of $0.17, on net sales of $80.9 million, compared with a net loss of $10.9 million, or diluted loss per share of $0.26, on net sales of $75.7 million during the same quarter of the prior year.

Net sales - Net sales are derived from the sale of products and related freight charges, less discounts, rebates and returns.

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Three Months Ended Nine Months Ended

(in thousands) Feb 28, 2026 Feb 28, 2025 $ Change Feb 28, 2026 Feb 28, 2025 $ Change

Three Months Ended

(in thousands) Aug 31, 2026 Aug 31, 2025 $ Change

Med Tech $ 39,916 $ 35,261 $ 4,655

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Total $ 80,915 $ 75,711 $ 5,204

Three Months Ended Nine Months Ended

(in thousands) Feb 28, 2026 Feb 28, 2025 $ Change Feb 28, 2026 Feb 28, 2025 $ Change

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Three Months Ended

(in thousands) Aug 31, 2026 Aug 31, 2025 $ Change

United States $ 71,068 $ 66,456 $ 4,612

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Total $ 80,915 $ 75,711 $ 5,204

For the three months ended February 28, 2026, net sales increased $6.4 million to $78.4 million compared to the same period in the prior year.

For the nine months ended February 28, 2026, net sales increased $21.2 million to $233.6 million compared to the same period in the prior year.

At February 28, 2026, the Company had a backlog of $0.3 million.

The Med Tec h segment net sales increased $5.9 million and $17.3 million fo r the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively.

The change for both periods was primarily driven by:

• Increased Auryon sales of $2.5 million and $7.8 million, respectively;

• Increased sales of the thrombus management platform of $2.1 million and $5.5 million compared to the same period in the prior year, respectively.

This was driven by an increase in AlphaVac and AngioVac sales of $1.7 million and $5.5 million compared to the same period in the prior year, respectively and an increase in thrombolytic sales of $0.4 million and $0.1 million compared to the same period in the prior year, respectively;

• Increased NanoKnife sales of $1.3 million and $4.0 million, respectively, which was driven by increased disposable and capital sales.

The Me d Device segment net sales increased $0.5 million and $3.9 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively.

The backlog, which primarily impacted sales of Core products, was $0.3 million.

The change for both periods was primarily driven by:

• Increased sales of Core, Venous and Microwave products of $0.5 million, $0.6 million and $0.1 million, respectively, which was partially offset by decreased sales of Ports and other Oncology products of $0.6 million and $0.2 million for the three months ended February 28, 2026 .

• Increased sales of Core and Venous products of $2.4 million and $2.2 million, respectively, which was partially offset by decreased sales of Ports and Oncology products of $0.7 million and $0.1 million, respectively, for the nine months ended February 28, 2026 .

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Three Months Ended Nine Months Ended

(in thousands) Feb 28, 2026 Feb 28, 2025 $ Change Feb 28, 2026 Feb 28, 2025 $ Change

For the three months ended August 31, 2026, net sales increased $5.2 million to $80.9 million compared to the same period in the prior year.

At August 31, 2026, the Company had a backlog of $2.7 million.

The Med Tec h segment net sales increased $4.7 million fo r the three months ended August 31, 2026 compared to the same period in the prior year.

The change in sales from the prior year was primarily driven by:

• Increased Auryon sales of $2.4 million;

• Increased sales of the thrombus management platform of $0.4 million, which was driven by an increase in AlphaVac sales of $1.2 million and was partially offset by a decrease in AngioVac and thrombolytic sales of $0.5 and $0.4 million, respectively;

• Increased NanoKnife sales of $1.9 million, which was driven by increased disposable and capital sales.

The Me d Device segment net sales increased $0.5 million for the three months ended August 31, 2026 compared to the same period in the prior year.

The backlog, which primarily impacted sales of Core and Port products, was $2.7 million.

The change in sales from the prior year was primarily driven by:

• Increased sales of Core and Microwave products of $1.6 million and $0.5 million, respectively, which was partially offset by decreased sales of other Oncology products, Ports and Venous products of $0.7 million, $0.6 million and $0.3 million, respectively.

Three Months Ended

(in thousands) Aug 31, 2026 Aug 31, 2025 $ Change

Med Tech $ 26,424 $ 21,922 $ 4,502

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Gross margin - Gross margin consists of net sales less the cost of goods sold, which includes the costs of materials, products purchased from third parties and sold by us, manufacturing personnel, royalties, freight, business insurance, depreciation of property and equipment and other manufacturing overhead, exclusive of intangible amortization.

Total Company gross margin increased by $2.6 million and $12.6 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively.

The change for both periods was primarily driven by:

• Sales volume and price, which positively impacted gross margin by $4.7 million and $14.5 million, respectively.

For the nine months ended February 28, 2026, this includes sales to a new distributor which positively impacted gross margin by $1.5 million;

• Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $1.5 million and $5.1 million, respectively;

• Product mix, which negatively impacted gross margin by $0.3 for the three months ended February 28, 2026 and which positively impacted gross margin by $0.5 million for the nine months ended February 28, 2026;

• Production volume and other incentives, which negatively impacted gross margin by $0.8 million and $1.1 million, respectively;

• Tariffs, which negatively impacted gross margin by $1.4 million and $4.3 million, respectively;

• Inflation and other operations costs, which negatively impacted gross margin by $1.3 million and $1.6 million, respectively;

• A decrease in incremental depreciation on placement units of $0.2 million for the three months ended February 28, 2026 and an increase in incremental depreciation on placement units of $0.6 million for the nine months ended February 28, 2026.

The Med Tech segment gross margin increased by $3.7 million and $11.1 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively.

The change for both periods was primarily driven by:

• Sales volume and price, which positively impacted gross margin by $4.1 million and $12.2 million, respectively.

For the nine months ended February 28, 2026, this includes sales to a new distributor which positively impacted gross margin by $1.0 million;

• Benefits from product lines transitioned to third-party manufacturers along with other incentives, which positively impacted gross margin by $1.0 million and $2.2 million, respectively;

• Product mix, which negatively impacted gross margin by $1.2 million and $2.5 million, respectively;

• Inflation and other operations costs, which negatively impacted gross margin by $0.1 million for the three months ended February 28, 2026 and positively impacted gross margin by $0.9 million for the nine months ended February 28, 2026;

• Tariffs, which negatively impacted gross margin by $0.5 million for the nine months ended February 28, 2026;

• Incremental depreciation on placement units of $1.3 million for the nine months ended February 28, 2026.

The Med Device segment gross margin decreased by $1.1 million and increased $1.5 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively.

The change for both periods was primarily driven by:

Total Company gross margin increased by $6.2 million for the three months ended August 31, 2026 compared to the same period in the prior year.

The change from the prior year was primarily driven by:

• Sales volume, price and product mix, which positively impacted gross margin by $3.7 million;

• Tariffs, which positively impacted gross margin by $2.1 million as a result of refunds received of $1.2 million;

• Benefits from product lines transitioned to third-party manufacturing and other operational costs, which positively impacted gross margin by $2.9 million;

• Production volume and inflation, which negatively impacted gross margin by $2.5 million and $0.4 million, respectively;

• A decrease in incremental depreciation on placement units of $0.5 million.

The Med Tech segment gross margin increased by $4.5 million for the three months ended August 31, 2026 compared to the same period in the prior year.

The change from the prior year was primarily driven by:

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• Price and product mix, which positively impacted gross margin by $1.9 million and $4.5 million, respectively.

For the nine months ended February 28, 2026, this includes sales to a new distributor which positively impacted gross margin by $0.5 million;

• Benefits from product lines transitioned to third-party manufacturers, which positively impacted gross margin by $0.7 million and $3.4 million, respectively;

• Sales volume, which negatively impacted gross margin by $0.6 for the three months ended February 28, 2026 and which positively impacted gross margin by $0.3 million for the nine months ended February 28, 2026;

• Tariffs, which negatively impacted gross margin by $1.4 million and $3.8 million, respectively;

• Production volume and other incentives, which negatively impacted gross margin by $0.8 million and $1.1 million, respectively;

• Inflation and other operations costs, which negatively impacted gross margin by $1.2 million and $2.5 million, respectively;

• A decrease in incremental depreciation on placement units of $0.2 million and $0.7 million, respectively.

• Sales volume, price and product mix, which positively impacted gross margin by $3.7 million;

• Tariffs, which positively impacted gross margin by $0.8 million as a result of refunds received of $0.3 million;

• Benefits from product lines transitioned to third-party manufacturing, which positively impacted gross margin by $0.2 million;

• Production volume and other operational costs, which negatively impacted gross margin by $0.6 million;

• A decrease in incremental depreciation on placement units of $0.4 million.

The Med Device segment gross margin increased by $1.7 million for the three months ended August 31, 2026 compared to the same period in the prior year.

The change from the prior year was primarily driven by:

• Benefits from product lines transitioned to third-party manufacturing and other operational costs, which positively impacted gross margin by $3.2 million;

• Tariffs, which positively impacted gross margin by $1.3 million as a result of refunds received of $0.9 million;

• Price, which positively impacted gross margin by $0.7 million;

• Production volume and inflation, which negatively impacted gross margin by $2.4 million and $0.5 million, respectively;

• Sales volume and product mix, which negatively impacted gross margin by $0.7 million;

• A decrease in incremental depreciation on placement units of $0.1 million.

Operating Expenses and Other Income (Expense)

Three Months Ended Nine Months Ended

(in thousands) Feb 28, 2026 Feb 28, 2025 $ Change Feb 28, 2026 Feb 28, 2025 $ Change

Three Months Ended

(in thousands) Aug 31, 2026 Aug 31, 2025 $ Change

Research and development $ 7,979 $ 6,417 $ 1,562

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Research and development expense - R&D expense includes internal and external costs to develop new products, enhance existing products, validate new and enhanced products, and manage clinical, regulatory and medical affairs.

R& D expense increased $0.2 million and $1.6 million for the three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively .

The change for both periods was primarily driven by:

• The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased by $0.3 million and $1.6 million, respectively;

• Compensation and benefits expenses, which decreased $0.1 million for the three months ended February 28, 2026.

R& D expense increased $1.6 million for the three months ended August 31, 2026 compared to the same period in the prior year .

The change from the prior year was primarily driven by:

• The timing of certain projects and clinical spend associated with ongoing clinical trials, which increased R&D expense by $1.2 million;

• Compensation and benefits expenses, which increased $0.3 million.

Sales and marketing expense - Sales and marketing (“S&M”) expense consists primarily of salaries, commissions, travel and related business expenses, attendance at medical society meetings, product promotions and marketing activities.

S&M expense increased $1.9 million and $5.6 million for the three and nine months ending February 28, 2026 compared to the same period in the prior year, respectively.

The change for both periods was primarily driven by:

• Compensation and benefits expense, which increased by $1.0 million and $3.1 million, respectively;

• Consulting, travel and other selling expenses, which increased $0.5 million and $1.4 million, respectively;

• Trade shows, subscriptions and other marketing expenses, which increased $0.5 million and $1.0 million, respectively.

S&M expense increased $1.9 million for the three months ending August 31, 2026 compared to the same period in the prior year.

The change from the prior year was primarily driven by:

• Compensation and benefits expense, which increased by $1.0 million;

• Consulting, travel and other selling expenses, which increased $0.6 million;

• Trade shows, subscriptions and other marketing expenses, which increased $0.3 million.

General and administrative expense - General and administrative (“G&A”) expense includes executive management, finance, information technology, human resources, business development, legal, and the administrative and professional costs associated with those activities.

G&A e xpense increased $0.2 million and $1.6 million for th e three and nine months ended February 28, 2026 compared to the same period in the prior year, respectively.

The change for both periods was primarily driven by:

• Compensation and benefits expenses, which increased $0.7 million and $3.9 million, respectively;

• Other outside consultant spend, which decreased $0.4 million and $1.8 million, respectively;

• Depreciation and other corporate expenses, which decreased $0.1 million and $0.6 million, respectively.

G&A e xpense decreased $0.1 million for th e three months ended August 31, 2026 compared to the same period in the prior year.

The change from the prior year was primarily driven by:

• Other outside consultant spend, which increased $0.6 million;

• Compensation and benefits expenses, which decreased $0.7 million;

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Three Months Ended Nine Months Ended

(in thousands) Feb 28, 2026 Feb 28, 2025 $ Change Feb 28, 2026 Feb 28, 2025 $ Change

• Depreciation and other corporate expenses, which decreased $0.2 million.

Three Months Ended

(in thousands) Aug 31, 2026 Aug 31, 2025 $ Change

Amortization of intangibles $ 2,729 $ 2,653 $ 76

Change in fair value of contingent consideration $ — $ 40 $ (40) $ — $ 272 $ (272)

Acquisition, restructuring and other items, net $ 2,181 $ 2,758 $ (577)

Other income, net $ 4,879 $ 5,565 $ (686) $ 4,467 $ 6,244 $ (1,777)

Other expense, net $ 6 $ (182) $ 188

Amortization of intangibles - Represents the amount of amortization expense that was taken on intangibles assets held by the Company.

• Amortization expense remained consistent for the three and nine months ended February 28, 2026 compared to the same period in the prior year.

Change in fair value of contingent consideration - Represents changes in contingent consideration driven by changes to estimated future payments on earn-out liabilities created through acquisitions and amortization of present value discounts on long-term contingent consideration.

• The change in the fair value for the three and nine months ended February 28, 2026 is related to the Eximo contingent consideration.

The final milestone associated with the contingent consideration was reached during the third quarter of fiscal year 2025 and was paid during the fourth quarter of fiscal year 2025.

• Amortization expense remained consistent with the same period in the prior year.

Acquisition, restructuring and other items, net - Represents costs associated with mergers and acquisitions, restructuring expenses, legal costs that are related to litigation that is not in the ordinary course of business, legal settlements and other one-time items.

Acquisition, restructuring and other item s, net, increased by $3.2 million and decreased by $0.6 million for the three and nine months ended February 28, 2026, compared to the same period in the prior year.

The change for both periods was primarily driven by:

• Legal expense, related to litigation that is outside of the normal course of business, which increased $0.1 million and $1.4 million, respectively;

• Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which increased $2.1 million for the three months ended February 28, 2026 and decreased $1.9 million for the nine months ended February 28, 2026 ;

• Mergers and acquisition expense, which decreased $0.7 million for the nine months ended February 28, 2026 ;

Acquisition, restructuring and other item s, net, decreased by $0.6 million for the three months ended August 31, 2026, compared to the same period in the prior year.

The change from the prior year was primarily driven by:

• Legal expense, related to litigation that is outside of the normal course of business, which increased $0.2 million;

• Transition expenses related to the upcoming retirement of our CEO which was announced on January 6, 2026, which increased $0.8 million;

• Plant closure expense, related to the restructuring of our manufacturing footprint which was announced on January 5, 2024, which decreased $1.7 million;

• Transaction services agreements that were entered into as a result of the divestiture of the PICCs, Midline, dialysis and BioSentry businesses.

The increase in the fees invoiced was $0.1 million for both periods;

• Transition expenses related to the upcoming retirement of our CEO which was announced on January 6, 2026, which increased $0.9 million for both periods;

• Other expenses, mainly severance associated with organizational changes, increased $0.2 million for the three months ended February 28, 2026 and decreased $0.1 million for the nine months ended February 28, 2026 .

Other income, net - Other expenses include interest expense, foreign currency impacts and bank fees.

Other income, net decreased by $0.7 million and $1.8 million, for the three and nine months ended February 28, 2026, compared to the same period in the prior year, respectively.

The change for both periods was primarily driven by:

• The Company achieved the manufacturing transfer milestone related to divested products in the third quarter of fiscal year 2026 and recorded the associated revenue of $5.0 million which was paid to the Company in the third quarter of fiscal year 2026;

• The Company achieved the sales milestone related to divested products in the third quarter of fiscal year 2025 and recorded a receivable of $5.5 million which was paid to the Company in the fourth quarter of fiscal year 2025;

• Interest income, which decreased $0.2 million and $1.2 million, respectively.

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Income Tax Benefit

Three Months Ended Nine Months Ended

(in thousands) Feb 28, 2026 Feb 28, 2025 Feb 28, 2026 Feb 28, 2025

Income tax expense (benefit) $ 12 $ (2) $ 72 $ 21

The decrease in the fees invoiced was $0.3 million;

• Other expenses, mainly severance associated with organizational changes, which decreased $0.1 million.

Other income (expense), net - Other expenses include interest expense, foreign currency impacts and bank fees.

Other income (expense), net decreased by $0.2 million compared to the same period in the prior year.

The change from the prior year was primarily driven by increased interest expense, net of $0.1 million partially offset by unrealized foreign currency fluctuations, which decreased by $0.3 million.

Income Tax (Benefit) Expense

Three Months Ended

(in thousands) Aug 31, 2026 Aug 31, 2025

Income tax (benefit) expense $ (0.2) $ 0.1

Effective tax rate including discrete items 2.7 % (0.6) %

Our effective tax rate including discrete items for the three months ended February 28, 2026 and February 28, 2025 was (0.1)% and 0.0%, respectively.

Our effective tax rate including discrete items for the nine months ended February 28, 2026 and February 28, 2025 was (0.3)% and (0.1)%, respectively.

Our effective tax rate including discrete items for the three months ended August 31, 2026 and August 31, 2025 was 2.7% and (0.6)%, respectively.

In fiscal year 2027, the Company’s effective tax rate differs from the U.S.

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We regularly review our liquidity and anticipated capital requirements and we believe that our current cash on hand provides sufficient liquidity to meet our anticipated needs for capital for at least the next 12 months.

Our cash and cash equivalents totaled $37.8 million as of February 28, 2026, compared with $55.9 million as of May 31, 2025.

As of February 28, 2026 and May 31, 2025 the Company did not have any outstanding debt.

Our cash and cash equivalents totaled $34.0 million as of August 31, 2026, compared with $53.9 million as of May 31, 2026.

As of August 31, 2026 and May 31, 2026 the Company did not have any outstanding debt.

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The table below summarizes our cash flows:

Nine Months Ended

(in thousands) Feb 28, 2026 Feb 28, 2025

Cash provided by (used in):

Three Months Ended

(in thousands) Aug 31, 2026 Aug 31, 2025

Cash (used in) provided by:

Operating activities $ (15,330) $ (15,914)

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Net change in cash and cash equivalents $ (19,891) $ (17,131)

During the nine months ended February 28, 2026 and 2025, cash flows consisted of the following:

During the quarters ended August 31, 2026 and 2025, cash flows consisted of the following:

Cash used in operating activities

Nine months ended February 28, 2026 and 2025:

Three months ended August 31, 2026 and 2025:

• Net loss of $7.1 million and $10.9 million, respectively, plus the non-cash items, primarily driven by depreciation and amortization and stock based compensation, along with the changes in working capital below, contributed to cash used in operations of $15.3 million and $15.9 million, respectively, for these periods.

• For the period ended February 28, 2026, working capital was unfavorably impacted by decreased accounts payable, accrued liabilities and other liabilities of $13.5 million, along with increased accounts receivable and prepaid expenses of $2.8 million and $6.4 million, respectively.

This was partially offset by decreased inventory of $3.6 million.

• For the period ended February 28, 2025, working capital was unfavorably impacted by decreased accounts payable, accrued liabilities and other liabilities of $18.5 million, along with increased accounts rec eivable, inventory and prepaid expenses of $0.4 million, $2.5 million and $9.5 million, respectively.

• For the period ended August 31, 2026, working capital was unfavorably impacted by decreased accounts payable, accrued liabilities and other liabilities of $17.4 million, along with increased in ventory and prepaid expenses of $2.7 million and $1.0 million, respectively.

This was partially offset by decreased accounts rec eivable of $3.5 million.

• For the period ended August 31, 2025, working capital was unfavorably impacted by decreased accounts payable, accrued liabilities and other liabilities of $10.7 million, along with increased inventory and prepaid expenses of $0.2 million and $5.5 million, respectively.

This was partially offset by decreased accounts rec eivable of $0.1 million .

Cash used in investing activities

Nine months ended February 28, 2026 and 2025:

Three months ended August 31, 2026 and 2025:

• $0.4 million and $0.7 million, respectively, of cash was used for fixed asset additions;

• $2.8 million and $0.8 million, respectively, of cash was used for Auryon placement and evaluation unit additions.

Cash provided by financing activities

Nine months ended February 28, 2026 and 2025:

• $0.3 million and $0.1 million, respectively, of principal payments on the financing arrangements;

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• $6.3 million of proceeds from financing arrangements in the third quarter of fiscal year 2025;

• $1.0 million of proceeds from stock option and ESPP activity for both periods;

• $1.7 million of cash was used for the repurchase of commons shares in fiscal year 2025.

Cash (used in) provided by financing activities

Three months ended August 31, 2026 and 2025:

• $0.1 million of principal payments on the financing arrangements in the first quarter of fiscal year 2027 and 2026;

• $1.3 million of outlays from issuances of shares of common stock in the first quarter of fiscal year 2027;

• $0.2 million of proceeds from issuances of shares of common stock in the first quarter of fiscal year 2026.

We believe that our current cash balance, together with cash generated from operations and the Revolving Facility will provide sufficient liquidity to meet our anticipated needs for capital for at least the next 12 months.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis