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Kornit Digital Reports Fourth Quarter and Full-Year 2022 Results
Press Releases

Kornit Digital Reports Fourth Quarter and Full-Year 2022 Results






  • Fourth quarter revenues of $63.3 million, net of non-cash warrants impact of $4.3 million
  • Fourth quarter GAAP operating loss of $16.7 million; non-GAAP operating loss of $9.9 million, net of non-cash warrants impact of $4.3 million
  • Solid peak season; Consumables and services revenues up for the fourth quarter and full year
  • Key 2023 focus areas include returning to profitability, successfully launching Apollo, and scaling KornitX
  • Long-term growth drivers firmly intact as supply chain turmoil in the textile industry continues

ROSH-HA`AYIN, Israel, Feb. 15, 2023 (GLOBE NEWSWIRE) — Kornit Digital Ltd. (“Kornit” or “the Company”) (Nasdaq: KRNT), a worldwide market leader in sustainable, on-demand, digital fashionX and textile production technologies, reported today results for the fourth quarter and full year ended December 31, 2022.

“A solid peak season drove fourth quarter growth in consumables and services revenues,” said Ronen Samuel, Kornit’s Chief Executive Officer. “There is no doubt that 2022 was a very difficult year for us, our customers and the global fashion and textile industry. We took decisive actions throughout the year to adjust operations to reflect market conditions and are positioning ourselves to return to sustainable, profitable growth.”

Mr. Samuel concluded, “In 2023 we will focus on three key areas including: returning to profitability; successfully launching the Apollo and scaling KornitX. We believe Kornit continues to be best positioned to lead the retail supply chain transformation of the fashion and textile industry, enabling us to meaningfully scale the business and achieve our long-term financial objectives.”

The following table compares the adverse, non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the fourth quarters of 2022 and 2021, respectively:

Fourth Quarter Warrants Impact

  Three Months Ended
  December 31,
  2022   2021
  Net of Warrants Impact   Warrants Impact   Net of Warrants Impact   Warrants Impact
               
Revenue $63.3M   $4.3M   $87.5M   $7.9M
Non-GAAP Gross Margin 36.4%   4.1%   49.6%   4.1%
Non-GAAP Operating Margin (15.7%)   7.4%   5.8%   7.8%
Non-GAAP Net Margin (10.4%)   7.1%   7.3%   7.6%
Non-GAAP Diluted Earnings (Loss) Per Share ($0.13)   $0.09   $0.13   $0.16

The following table compares the adverse, non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the full-years 2022 and 2021, respectively:

Full-Year Warrants Impact

  Year Ended
  December 31,
  2022   2021
  Net of Warrants Impact   Warrants Impact   Net of Warrants Impact   Warrants Impact
               
Revenue $271.5M   $22.5M   $322.0M   $25.4M
Non-GAAP Gross Margin 38.2%   4.7%   48.2%   3.8%
Non-GAAP Operating Margin (15.4%)   8.8%   9.4%   6.6%
Non-GAAP Net Margin (12.0%)   8.6%   11.2%   6.5%
Non-GAAP Diluted Earnings (Loss) Per Share ($0.65)   $0.45   $0.74   $0.52

"I am pleased to have a more active role with the Company and be part of this journey to transform the textile industry,” said Lauri Hanover, Kornit’s Chief Financial Officer. “In the fourth quarter, we started to realize benefits from the actions taken to adjust our business operations to the current market dynamics. We will continue to reallocate resources to higher ROI projects that further position the Company for sustainable, long-term, profitable growth.”

Fourth Quarter 2022 Results of Operations

  • Total revenue for the fourth quarter of 2022 was $63.3 million, net of $4.3 million attributed to the non-cash impact of warrants, compared to $87.5 million, net of $7.9 million attributed to the non-cash impact of warrants in the prior year period.
  • GAAP net loss for the fourth quarter of 2022 was $35.4 million, or ($0.71) per basic share, compared to net income of $1.0 million, or $0.02 per diluted share, for the fourth quarter of 2021.
  • Non-GAAP net loss for the fourth quarter of 2022 was $6.6 million, or ($0.13) per basic share, net of $0.09 per basic share attributed to the non-cash impact of warrants, compared to non-GAAP net income of $6.4 million, or $0.13 per diluted share, net of $0.16 per diluted share attributed to the non-cash impact of warrants, for the fourth quarter of 2021.

Full-Year 2022 Results of Operations

  • Total revenue for the full-year 2022 was $271.5 million, net of $22.5 million attributed to the non-cash impact of warrants, compared to $322.0 million, net of $25.4 million attributed to the non-cash impact of warrants in the prior year period.
  • GAAP net loss for the full-year 2022 was $79.1 million, or ($1.58) per basic share, compared to net income of $15.5 million, or $0.32 per diluted share, for the full-year 2021.
  • Non-GAAP net loss for the full-year 2022 was $32.6 million, or ($0.65) per basic share, net of $0.45 per basic share attributed to the non-cash impact of warrants, compared to non-GAAP net income of $36.1 million, or $0.74 per diluted share, net of $0.52 per diluted share attributed to the non-cash impact of warrants, for the full-year 2021.

First Quarter 2023 Guidance

For the first quarter of 2023, the Company expects revenues to be in the range of $47 million to $52 million and adjusted EBITDA margin between -27% to -35% of revenue. The guidance for revenue and adjusted EBITDA margin includes the impact of the non-cash expense associated with the fair value of the Company’s warrants. Prior to this period, the Company had not included such impact in its guidance and has changed its prior practice to align better with its reported metrics.

Fourth Quarter and Full-Year 2022 Earnings Conference Call Information

The Company will host a conference call today at 8:30 a.m. ET, or 3:30 p.m. Israel time, to discuss the results, followed by a question-and-answer session with the investor community.

A live webcast of the call can be accessed at ir.kornit.com. To access the call, participants may dial toll-free at 1-877-407-0792 or 1-201-689-8263. The toll-free Israeli number is 1-809-406-247. The conference confirmation code is 13735879.

To listen to a replay of the conference call, dial toll-free 1-844-512-2921 or 1-412-317-6671 (international) and enter confirmation code 13735879. The telephonic replay will be available approximately three hours after the completion of the live call until 11:59 pm ET on Wednesday, March 1, 2023. The call will also be available for replay via the webcast link on Kornit’s Investor Relations website.

About Kornit Digital

Kornit Digital Ltd. (NASDAQ: KRNT) is a worldwide market leader in sustainable, on-demand, digital fashionx and textile production technologies. The Company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment. Headquartered in Israel with offices in the USA, Europe, and Asia Pacific, Kornit serves customers in more than one hundred countries and states worldwide. To learn more about how Kornit Digital is boldly transforming the world of fashion and textiles, visit www.kornit.com.

Forward Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Forward-looking statements are characterized by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “continue,” “believes,” “should,” “intended,” “guidance,” “preliminary,” “future,” “planned,” or other words. These forward-looking statements include, but are not limited to, statements relating to the Company’s objectives, plans and strategies, statements of preliminary or projected results of operations or of financial condition and all statements that address activities, events, or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: the duration and severity of current adverse macro-economic headwinds being caused by supply-chain delays, inflationary pressures, and rising interest rates, which have been impacting, and may continue to impact, in an adverse manner, the Company’s operations, financial position and cash flows, in part due to the adverse impact on the Company’s customers and suppliers; the Company’s degree of success in developing, introducing and selling new or improved products and product enhancements including specifically the Company’s Poly Pro and Presto products; the extent of the Company’s ability to consummate sales to large accounts with multi-system delivery plans; the degree of the Company’s ability to fill orders for its systems; the extent of the Company’s ability to increase sales of its systems, ink and consumables; the extent of the Company’s ability to leverage its global infrastructure build-out; the development of the market for digital textile printing; the availability of alternative ink; competition; sales concentration; changes to the Company’s relationships with suppliers; the extent of the Company’s success in marketing; and those additional factors referred to under “Risk Factors” in Item 3.D of the Company’s Annual Report on Form 20-F for the years ended December 31, 2021 and December 31, 2022, filed with the SEC on March 30, 2022, and to be filed with the SEC in the coming weeks, respectively. Any forward-looking statements in this press release are made as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Discussion Disclosure

The Company presents certain non-GAAP financial measures, in this press release and in the accompanying conference call to discuss the Company’s quarterly and annual results. These non-GAAP financial measures reflect adjustments to corresponding GAAP financial measures in order to exclude the impact of the following: share-based compensation expenses; amortization of intangible assets; acquisition related expenses; restructuring expenses; foreign exchange differences associated with ASC 842; non-cash deferred tax expenses (income); and taxes attributed to tax settlement.

The Company defines “Adjusted EBITDA” as non-GAAP operating income (loss), which reflects the adjustments described in the preceding paragraph, as further adjusted to exclude depreciation expense.

The purpose of the foregoing non-GAAP financial measures is to convey the Company’s performance exclusive of non-cash charges and other items that are considered by management to be outside of the Company’s core operating results. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, the non-GAAP measures are regularly used internally to understand, manage, and evaluate the Company’s business and make operating decisions, and the Company believes that they are useful to investors as a consistent and comparable measure of the ongoing performance of the Company’s business. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.

The reconciliation tables included below present a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures.

In order to enable investors to compare our Adjusted EBITDA and other non-GAAP financial results for the three-month and full-year periods ended December 31, 2022 presented herein with our corresponding results for prior periods, the Company has included herein reconciliation tables of our GAAP net income to adjusted EBITDA covering the following additional historical periods: each quarter of the years ended December 31, 2022 and 2021; and each of the years ended December 31, 2022, 2021, and 2020.

Investor Contact:
Andrew G. Backman
Global Head of Investor Relations
andrew.backman@kornit.com

KORNIT DIGITAL LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
         
    December 31,   December 31,
     2022    2021
    (Unaudited)   (Audited)
ASSETS        
CURRENT ASSETS:        
Cash and cash equivalents   $ 104,597   $ 611,551
Short-term bank deposit     275,033     9,168
Marketable securities     20,380     28,116
Trade receivables, net     67,360     49,797
Inventory     89,415     63,017
Other accounts receivable and prepaid expenses     22,054     13,694
Total current assets     578,839     775,343
         
LONG-TERM ASSETS:        
Marketable securities   $ 245,970   $ 149,269
Deposits and other long-term assets     5,927     856
Severance pay fund     274     357
Deferred taxes         9,339
Property,plant and equipment, net     60,463     45,046
Operating lease right-of-use assets     27,139     25,155
Intangible assets, net     9,890     10,063
Goodwill     29,164     25,447
Total long-term assets     378,827     265,532
         
Total assets   $ 957,666   $ 1,040,875
         
LIABILITIES AND SHAREHOLDERS’ EQUITY        
CURRENT LIABILITIES:        
Trade payables   $ 14,833   $ 46,448
Employees and payroll accruals     14,255     22,482
Deferred revenues and advances from customers     5,701     5,401
Operating lease liabilities     4,989     5,058
Other payables and accrued expenses     25,592     17,287
Total current liabilities     65,370     96,676
         
LONG-TERM LIABILITIES:        
Accrued severance pay   $ 1,223   $ 1,543
Operating lease liabilities     21,035     21,900
Other long-term liabilities     1,216     1,203
Total long-term liabilities     23,474     24,646
         
SHAREHOLDERS’ EQUITY     868,822     919,553
         
Total liabilities and shareholders’ equity   $ 957,666   $ 1,040,875
         

KORNIT DIGITAL LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
               
  Three Months Ended   Year Ended
  December 31,   December 31,
    2022       2021       2022       2021  
  (Unaudited)   (Unaudited)   (Audited)
               
Revenues              
     Products $ 49,795     $ 75,955     $ 222,502     $ 282,637  
     Services   13,503       11,593       49,016       39,369  
Total revenues   63,298       87,548       271,518       322,006  
               
Cost of revenues              
      Products   29,026       34,273       125,935       132,730  
      Services   12,923       10,888       49,083       37,365  
Total cost of revenues   41,949       45,161       175,018       170,095  
               
Gross profit   21,349       42,387       96,500       151,911  
               
Operating expenses:              
Research and development, net   13,251       12,993       56,026       43,729  
Sales and marketing   16,150       18,036       71,067       58,752  
General and administrative   8,657       11,665       39,289       36,637  
Total operating expenses   38,058       42,694       166,382       139,118  
               
Operating income (loss)   (16,709 )     (307 )     (69,882 )     12,793  
               
Financial income (expenses), net   5,052       (36 )     13,382       2,599  
Income (loss) before taxes on income (tax benefits)   (11,657 )     (343 )     (56,500 )     15,392  
               
Taxes on income (tax benefits)   23,703       (1,297 )     22,565       (135 )
Net income (loss)   (35,360 )     954       (79,065 )     15,527  
               
Basic net income (loss) per share $ (0.71 )   $ 0.02     $ (1.58 )   $ 0.33  
               
Weighted average number of shares              
used in computing basic net              
income (loss) per share   49,913,898       47,778,868       50,104,342       47,079,358  
               
               
Diluted net income (loss) per share $ (0.71 )   $ 0.02     $ (1.58 )   $ 0.32  
               
Weighted average number of shares              
used in computing diluted              
net income (loss) per share   49,913,898       48,926,240       50,104,342       48,600,095  
               

KORNIT DIGITAL LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
                     
    Three Months Ended       Year Ended
    December 31,       December 31,
      2022       2021           2022       2021  
    (Unaudited)       (Unaudited)
                     
Revenues $ 63,298     $ 87,548         $ 271,518     $ 322,006  
                     
                     
GAAP cost of revenues $ 41,949     $ 45,161         $ 175,018     $ 170,095  
Cost of product recorded for share-based compensation (1)   (543 )     (355 )         (2,185 )     (1,355 )
Cost of service recorded for share-based compensation (1)   (408 )     (355 )         (1,676 )     (1,105 )
Intangible assets amortization on cost of product (3)   (266 )     (176 )         (1,402 )     (337 )
Intangible assets amortization on cost of service (3)   (160 )     (160 )         (640 )     (640 )
Excess cost of product on acquired inventory (2)                   (663 )      
Restructuring expenses (4)   (305 )               (701 )      
Non-GAAP cost of revenues $ 40,267     $ 44,115         $ 167,751     $ 166,658  
                     
                     
GAAP gross profit $ 21,349     $ 42,387         $ 96,500     $ 151,911  
Gross profit adjustments   1,682       1,046           7,267       3,437  
Non-GAAP gross profit $ 23,031     $ 43,433         $ 103,767     $ 155,348  
                     
                     
GAAP operating expenses $ 38,058     $ 42,694         $ 166,382     $ 139,118  
Share-based compensation (1)   (4,264 )     (3,454 )         (18,788 )     (12,673 )
Acquisition related expenses (2)         (766 )         (512 )     (960 )
Intangible assets amortization (3)   (138 )     (97 )         (501 )     (433 )
Restructuring expenses   (711 )               (992 )      
Non-GAAP operating expenses $ 32,945     $ 38,377         $ 145,589     $ 125,052  
                     
                     
GAAP Financial income, net $ 5,052     $ (36 )       $ 13,382     $ 2,599  
Foreign exchange losses associated with ASC 842   285       638           (3,123 )     336  
Non-GAAP Financial income , net $ 5,337     $ 602         $ 10,259     $ 2,935  
                     
                     
GAAP Taxes on income (tax benefit) $ 23,703     $ (1,297 )       $ 22,565     $ (135 )
Non-cash deferred tax income (expenses)   (10,234 )     581           (10,014 )     (2,733 )
Non-recurring tax payment (a)   (11,485 )               (11,485 )      
Non-GAAP Taxes on income (tax benefit) $ 1,984     $ (716 )       $ 1,066     $ (2,868 )
                     
                     
GAAP net income (loss) $ (35,360 )   $ 954         $ (79,065 )   $ 15,527  
Share-based compensation (1)   5,215       4,164           22,649       15,133  
Acquisition related expenses (2)         766           512       960  
Intangible assets amortization (3)   564       433           2,543       1,410  
Restructuring expenses (4)   1,016                 1,693        
Excess cost of product on acquired inventory (2)                   663        
Foreign exchange losses associated with ASC 842   285       638           (3,123 )     336  
Non-cash deferred tax expenses (income)   10,234       (581 )         10,014       2,733  
Non-recurring tax payment (a)   11,485                 11,485        
Non-GAAP net income (Loss) $ (6,561 )   $ 6,374         $ (32,629 )   $ 36,099  
                     
GAAP diluted earnings (loss) per share $ (0.71 )   $ 0.02         $ (1.58 )   $ 0.32  
                     
Non-GAAP diluted earnings (loss) per share $ (0.13 )   $ 0.13         $ (0.65 )   $ 0.74  
                     
Weighted average number of shares                  
                     
Shares used in computing GAAP diluted net earnings (loss) per share   49,913,898       48,926,240           50,104,342       48,600,095  
                     
Shares used in computing Non-GAAP diluted net earnings (loss) per share   49,913,898       49,163,475           50,104,342       48,836,435  
                     
                     
(1) Share-based compensation                  
  Cost of product revenues $ 543     $ 355         $ 2,185     $ 1,355  
  Cost of service revenues   408       355           1,676       1,105  
  Research and development   1,340       875           5,312       2,685  
  Sales and marketing   1,693       1,354           7,361       5,005  
  General and administrative   1,231       1,225           6,115       4,983  
    $ 5,215     $ 4,164         $ 22,649     $ 15,133  
(2) Acquisition related expenses                  
  Cost of product revenues                   663        
  General and administrative $     $ 766         $ 512     $ 960  
    $     $ 766         $ 1,175     $ 960  
(3) Intangible assets amortization                  
  Cost of product revenues $ 266     $ 176         $ 1,402     $ 337  
  Cost of service revenues   160       160           640       640  
  Sales and marketing   138       97           501       433  
    $ 564     $ 433         $ 2,543     $ 1,410  
                     
(4) Restructuring expenses                  
  Cost of product revenues $ 305     $         $ 689     $  
  Cost of service revenues                   12        
  Research and development   137                 201        
  Selling and marketing   487                 675        
  General and administrative   87                 116        
    $ 1,016     $         $ 1,693     $  
                     
 (a) Attributed to tax settlement with the Israeli Tax Authority

KORNIT DIGITAL LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
 
  Three Months Ended   Year Ended
  December 31,   December 31,
    2022       2021       2022       2021  
  (Unaudited)   (Unaudited) (Audited)
Cash flows from operating activities:              
               
Net income (loss) $ (35,360 )   $ 954     $ (79,065 )   $ 15,527  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:            
Depreciation and amortization   4,399       2,151       13,565       7,096  
Fair value of warrants deducted from revenues   4,339       7,855       22,500       25,423  
Share-based compensation   5,215       4,164       22,649       15,133  
Amortization of premium and accretion of discount on marketable securities, net   373       2,899       1,820       1,279  
Realized gain on sale and redemption of marketable securities               10       (32 )
Change in operating assets and liabilities:              
Trade receivables, net   (3,673 )     69       (15,891 )     1,782  
Other accounts receivables and prepaid expenses   (2,501 )     (2,281 )     (8,635 )     (4,134 )
Inventory   (2,437 )     (10,314 )     (29,004 )     (14,079 )
Operating leases right-of-use assets and liabilities, net   229       608       (2,918 )     211  
Deferred taxes   11,523       (198 )     8,530       (2,064 )
Deposits and other long term assets   (1,859 )     (34 )     (4,251 )     (110 )
Trade payables   (9,068 )     15,265       (26,948 )     12,865  
Employees and payroll accruals   (2,222 )     820       (7,674 )     9,698  
Deferred revenues and advances from customers   107       (6,318 )     (1,426 )     (21,668 )
Other payables and accrued expenses   (8,873 )     (4,831 )     7,190       5,648  
Accrued severance pay, net   43       201       (237 )     309  
Other long – term liabilities   330       (496 )     13       760  
Loss (gain) from sale and disposal of property, plant and Equipment   (142 )           425        
Net cash provided by (used in) operating activities   (39,577 )     10,514       (99,347 )     53,644  
               
Cash flows from investing activities:              
               
Purchase of property, plant and equipment $ (5,776 )   $ (5,055 )   $ (18,042 )   $ (14,477 )
Investment in equity securities   (193 )     (351 )     (820 )     (351 )
Acquisition of intangible assets   (73 )     (130 )     (308 )     (130 )
Proceeds from sale of property, plant and equipment               71        
Cash paid in connection with acquisition, net of cash acquired               (14,654 )     (14,991 )
Investment in bank deposits   85,089       231,935       (265,865 )     215,636  
Proceeds from sales and redemption of marketable securities               1,945       1,000  
Proceeds from maturity of marketable securities   6,500       4,222       27,898       13,526  
Investment in marketable securities   (8,135 )     (66,148 )     (137,500 )     (110,458 )
Net cash provided by (used in) investing activities   77,412       164,473       (407,275 )     89,755  
               
               
Cash flows from financing activities:              
               
Proceeds from public offering, net of issuance cost $     $ 339,760     $     $ 339,760  
Exercise of employee stock options   159       709       619       4,850  
Payments related to shares withheld for taxes   (90 )     (573 )     (951 )     (2,235 )
Net cash provided by (used in) financing activities   69       339,896       (332 )     342,375  
               
               
               
Increase (decrease) in cash and cash equivalents   37,904       514,883       (506,954 )     485,774  
Cash and cash equivalents at the beginning of the period   66,693       96,668       611,551       125,777  
Cash and cash equivalents at the end of the period $ 104,597     $ 611,551     $ 104,597     $ 611,551  
               
               
               
Non-cash investing and financing activities:              
               
Purchase of property and equipment on credit   1,692       2,461       1,692       2,461  
Inventory transferred to be used as property and equipment   5,248       2,641       6,792       3,572  
Lease liabilities arising from obtaining right-of-use assets   408       4,171       7,585       5,688  

KORNIT DIGITAL LTD.
AND ITS SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
(U.S. dollars in thousands, except share and per share data)
                                           
  Three Months Ended   Three Months Ended   Year Ended
  March 31,   June 30,   September 30,   December 31,   March 31, June 30,   September 30, December 31, December 31,
    2022       2021       2022       2021       2020  
  (Unaudited)   (Unaudited)   (Unaudited)
                                           
GAAP Revenues $ 83,293     $ 58,136     $ 66,791     $ 63,298     $ 66,123     $ 81,666     $ 86,669     $ 87,548     $ 271,518     $ 322,006     $ 193,331  
                                           
GAAP Net Income (Loss)   (5,197 )     (19,476 )     (19,032 )     (35,360 )     5,099       5,602       3,872       954       (79,065 )     15,527       (4,783 )
     Taxes on income (tax benefits)   91       (1,099 )     (130 )     23,703       75       821       266       (1,297 )     22,565       (135 )     1,552  
     Financial expenses (income)   (1,799 )     (4,324 )     (2,207 )     (5,052 )     (2,065 )     (351 )     (219 )     36       (13,382 )     (2,599 )     (3,498 )
     Share-based compensation   5,298       5,481       6,655       5,215       3,072       3,827       4,070       4,164       22,649       15,133       10,036  
     Intangible assets amortization   419       790       770       564       304       304       369       433       2,543       1,410       812  
     Acquisition related expenses   512                                     194       766       512       960       648  
     Excess cost of product on acquired inventory         369       294                                     663              
     Restructuring expenses               677       1,016                               1,693              
     Other                                                               451  
Non-GAAP Operating Income (Loss)    (676 )     (18,259 )     (12,973 )     (9,914 )     6,485       10,203       8,552       5,056       (41,822 )     30,296       5,218  
     Depreciation   2,161       2,532       2,494       3,835       1,188       1,239       1,541       1,718       11,022       5,686       3,899  
Adjusted EBITDA $ 1,485     $ (15,727 )   $ (10,479 )   $ (6,079 )   $ 7,673     $ 11,442     $ 10,093     $ 6,774     $ (30,800 )   $ 35,982     $ 9,117  
                                           
    Warrants Impact   8,005       4,516       5,640       4,339       3,139       6,572       7,857       7,855       22,500       25,423       5,366  
Adjusted EBITDA, ex. Warrants Impact $ 9,490     $ (11,211 )   $ (4,839 )   $ (1,740 )   $ 10,812     $ 18,014     $ 17,950     $ 14,629     $ (8,300 )   $ 61,405     $ 14,483  

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