Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for Common Stock
Our Common Stock trades on The Nasdaq Stock Market under the trading symbol “MDXG”. Based upon information supplied from our transfer agent, there were approximately 912 shareholders of record of our Common Stock as of February 15, 2021. We have not paid any cash dividends and do not anticipate paying any cash dividends on our Common Stock in the foreseeable future.
Stock Performance Graph
The following graph compares the cumulative total stockholder return on our Common Stock with the cumulative total stockholder return of the Nasdaq Composite Index and the Nasdaq Biotechnology Index, assuming an investment of $100.00 on December 31, 2015, in each of our Common Stock, the stocks comprising the Nasdaq Composite Index, and the stocks comprising the Nasdaq Biotechnology Index.
ASSUMES $100 INVESTED ON DEC. 31, 2015
ASSUMES NO DIVIDENDS
FISCAL YEAR ENDED DEC. 31, 2020
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Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The following table sets forth information regarding the purchases of the Company’s equity securities made by or on behalf of the Company or any affiliated purchaser (as defined in Rule 10b-18 under the Exchange Act) during the three-month period ended December 31, 2020.
Period Total Number of
Shares Purchased Average Price Paid
per Share Total Number of Shares Purchased as Part of Publicly Announced Plans
or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under Plans or Programs
October 1, 2020 - October 31, 2020 15,031 $ 6.04 — $ —
November 1, 2020 - November 30, 2020 56,543 $ 5.78 — $ —
December 1, 2020 - December 31, 2020 36,833 $ 7.68 — $ —
Total for the quarter (1)
108,407 $ 6.46 — $ —
(1) Shares repurchased during the quarter include shares surrendered by employees to satisfy tax withholding obligations upon vesting of restricted stock as well as restricted stock yielded to the Company to exercise stock options.
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Item 6. Selected Financial Data
The selected consolidated financial data displayed below for the years ended December 31, 2020, 2019, and 2018 was derived from our audited consolidated financial statements for the three-year period ended December 31, 2020. As described below, the selected financial data as of and for the year ended December 31, 2017 and 2016 have been derived from our restated audited consolidated financial statements, which reflect the impact of adjustments to, or restatement of, our previously-filed financial information. The selected financial data set forth below is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” and the Consolidated Financial Statements .
Year Ended December 31, in thousands
2020 (1) (3) (5)
2019 (1) (3)
2018 (3)
2017 (2) (4)
2016 (2)
Statement of Operations Data:
Net sales
$ 248,234 $ 299,255 $ 359,111 $ 321,139 $ 221,712
Gross profit 208,904 256,174 322,725 285,920 190,774
Operating (loss) income
(45,398) (21,160) (3,924) 46,223 884
Net (loss) income
$ (49,284) $ (25,580) $ (29,979) $ 64,727 $ 390
Net (loss) income per common share - basic
$ (0.77) $ (0.24) $ (0.28) $ 0.61 $ 0.00
Net (loss) income per common share - diluted
$ (0.77) $ (0.24) $ (0.28) $ 0.56 $ 0.00
(1) Includes the adjustments discussed in Item 8, Note 2 “ Significant Accounting Policies—Revenue Recognition ”
(2) Includes sales to external customers by Stability Biologics, LLC, our wholly-owned subsidiary acquired on January 13, 2016 and sold on September 30, 2017, were $7.0 million and $11.7 million during the years ended December 31, 2017 and 2016, respectively.
(3) Includes legal fees, forensic audit fees, and consulting fees relating to the Restatement; and legal fees relating to the SEC Investigation, shareholder derivative lawsuits, as well as expenses paid under indemnification agreements with certain former members of management.
(4) Includes Loss on sale of Stability Biologics, LLC of $1.0 million recognized during the year ended December 31, 2017.
(5) Includes Loss on extinguishment of BT Term Loan of $8.2 million.
For information regarding the comparability of the financial data presented in the tables above and factors that may impact comparability of future results, see Item 7. “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” as well as the Consolidated Financial Statements.
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As of December 31, in thousands
2020 2019 2018 2017 2016
Balance Sheet Data:
Cash and cash equivalents $ 95,812 $ 69,069 $ 45,118 $ 27,476 $ 30,321
Accounts receivable, net 35,423 32,327 — — 1,927
Inventory, net 10,361 9,104 15,986 9,467 15,872
Prepaid expenses 5,605 6,669 6,673 2,125 1,838
Income tax receivable 10,045 18 454 656 $ —
Other current assets 3,371 6,058 5,818 9,023 9,516
Total current assets 160,617 123,245 74,049 48,747 59,474
Total assets $ 202,032 $ 167,166 $ 122,844 $ 121,255 $ 117,274
Current portion of long term debt $ — $ 3,750 $ — $ — $ —
Accounts payable 8,765 8,710 14,864 8,454 12,412
Accrued compensation 18,467 21,302 23,024 20,941 12,691
Accrued expenses 30,460 32,161 31,842 15,768 19,207
Current portion of earn out liability — — — — 8,260
Deferred tax liability — — — — 1,129
Income taxes — — — — 5,611
Other current liabilities 1,470 1,399 1,817 647 1,482
Total current liabilities 59,162 67,322 71,547 45,810 60,792
Long term liabilities $ 51,452 $ 65,446 $ 1,642 $ 1,648 $ 8,415
Convertible preferred stock 91,568 — — — —
Additional paid in capital 158,610 147,231 164,744 164,649 161,481
Accumulated deficit (151,424) (102,140) (76,560) (46,581) (111,308)
Total stockholders’ (deficit) equity (150) 34,398 49,655 73,797 48,067
Total liabilities, convertible preferred stock, and stockholders’ (deficit) equity $ 202,032 $ 167,166 $ 122,844 $ 121,255 $ 117,274
Working capital $ 101,455 $ 55,923 $ 2,502 $ 2,937 $ (1,318)
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