UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16

OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of March 2021

 

Commission file number: 001-38775

 

ITAMAR MEDICAL LTD.

(Name of registrant)

 

9 Halamish Street, Caesarea 3088900, Israel

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 

 

 

 

 

 

EXPLANATORY NOTE

 

On March 2, 2021, Itamar Medical Ltd. issued a press release entitled "Itamar Medical Reports Record Fourth Quarter and Full Year 2020 Revenues", which is attached to this Form 6-K as Exhibit 99.1.

 

 

 

 

Exhibits

 

Exhibit
Number
Description
99.1 Press Release, March 2, 2021: Itamar Medical Reports Record Fourth Quarter and Full Year 2020 Revenues.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ITAMAR MEDICAL LTD.
   
  By: /s/ Shy Basson
  Shy Basson
  Chief Financial Officer

 

 

Date: March 2, 2021

 

 

 

Exhibit 99.1

 

 

 

ITAMAR MEDICAL REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2020 REVENUES

 

- Record Fourth Quarter 2020 Revenues Increase 31% to $12.8 Million -

 

- U.S. WatchPATTM Revenues Increase 39% to $10.2 Million –

 

-Full Year 2021 Revenue Guidance of $52 Million and $53 Million -

 

- Company to Host Conference Call Today at 8:00 am ET, 3:00 pm IT -

 

CAESAREA, Israel, March 2, 2021 – Itamar Medical Ltd. (Nasdaq and TASE: ITMR), a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders, today reported unaudited financial results for the fourth quarter and full year 2020 and provided full year 2021 guidance.

 

“2020 was transformational for Itamar, both financially and operationally. Throughout the year, we saw significant momentum in each of our key long term growth drivers, including core sleep, cardiology and international expansion,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical. “While undoubtedly COVID-19 provided an opportunity for a shift to home-based healthcare options, we believe that physicians and patients alike are recognizing the many additional longer-term benefits of home-based sleep disorder testing over in lab diagnostics. We were pleased to see the fourth quarter sales of our multiuse WatchPAT probes surpass pre-COVID levels and WatchPAT ONE, our fully disposable HSAT, reach a record high. Orders for our WatchPAT Direct service also continued to demonstrate meaningful growth above the trends we saw prior to the start of the COVID-19 pandemic.”

 

“In 2021, we anticipate continued revenue growth driven by our U.S. Core Sleep business and a return to pre-COVID level non-IFRS gross margin of approximately 75% by year end. With the proceeds from our recent U.S. offering, we will also now have greater leverage to grow organically with accelerated U.S. and international expansion, to pursue in-organic growth opportunities, and to benefit from improved liquidity in the U.S. market. We also plan to carefully manage our expenses to improve operating efficiencies and our bottom line performance,” concluded Glick.

 

Fourth Quarter 2020 Highlights, Full Year 2021 Revenue Guidance and Recent Achievements

 

·Revenues in the fourth quarter of 2020 were $12.8 million, an increase of 31% year-over-year (and increase of 46%, excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente).

 

·U.S WatchPAT revenues in the fourth quarter of 2020 were $10.2 million, an increase of 39% year-over-year (and increase of 61%, excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente).

 

·Active centers using WatchPAT ONE reached a total of 628 after continuing to onboard approximately 40 new customers per month on average throughout the fourth quarter.

 

1

 

 

·Completed an underwritten U.S. public offering in February 2021 with total gross proceeds to the Company of approximately $50.0 million.

 

·Acquired assets of Spry Health providing opportunity to bring to market the first device for continuous Remote Patient Monitoring or RPM of sleep apnea.

 

·Full year 2021 revenue is expected to be in the range of $52 million to $53 million, reflecting growth of 27% to 29% over full year 2020 of $41.0 million.

 

Fourth Quarter 2020 Financial Results

 

Revenues for the fourth quarter of 2020 increased 31% (and 46% excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente) to $12.8 million, compared to $9.8 million in the same quarter in 2019. Revenue growth was driven by an increase in WatchPAT sales in the U.S. and Europe.

 

WatchPAT revenues for the fourth quarter of 2020 increased 34% (and 51% excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente) to $12.2 million, compared to $9.1 million in the same quarter in 2019.

 

U.S. WatchPAT revenues for the fourth quarter of 2020 increased 39% (and 61% excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente) to $10.2 million, compared to $7.3 million in the same quarter in 2019, driven primarily by WatchPAT ONE sales, as well as WatchPAT Direct sales. Sales from disposables and renewable products, including WatchPAT ONE, comprised approximately 80% of WatchPAT revenues in the U.S. in the fourth quarter of 2020, compared to 50% (and 70% excluding a one-time sale in the fourth quarter of 2019 to Kaiser Permanente for WatchPAT 300, mostly for an upgrade and expansion of its current WatchPAT fleet) in the same quarter in 2019.

 

Gross profit for the fourth quarter of 2020 increased to $8.8 million, compared to $7.7 million in the same quarter in 2019. Gross margin for the fourth quarter of 2020 decreased to 69%, compared to 78% in the same quarter in 2019. Non-IFRS gross margin for the fourth quarter of 2020 decreased to 71%, compared to 79% in the same quarter in 2019 (See “Use of Non-IFRS Measures” below). Gross margin decline was mainly driven by the increase in WatchPAT ONE sales.

 

Operating loss for the fourth quarter of 2020 was $2.7 million, compared to $0.9 million in the same quarter in 2019. The increase in operating loss was primarily attributable to an increase in operating expenses, partially offset by the increase in revenues. Selling and marketing expenses increased 34% to $7.1 million, compared to $5.3 million in the same quarter in 2019, due to the planned expansion of the U.S. sales team into new geographical territories and verticals (33 territories and verticals as of December 31, 2020, compared to 27 territories and verticals as of December 31, 2019), as well as additional sales commissions resulting from the increase in revenues. Research and development expenses increased 43% to $1.9 million, compared to $1.4 million in the same quarter in 2019, driven by an increase in personnel to support product development, mainly related to our digital health platform. General and administrative expenses increased 32% to $2.5 million, compared to $1.9 million in the same quarter in 2019, mainly driven by an increase in directors’ and officers’ insurance premium, as well as increase in legal expenses, including a commercial dispute in defense of our intellectual property initiated by the Company.

 

Non-IFRS operating loss for the fourth quarter of 2020 was $1.8 million, compared to $0.2 million in the same quarter in 2019. Non-IFRS operating loss excludes approximately $0.8 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; and change in provision for doubtful and bad debt, compared to $0.7 million of similar expenses for the same quarter in 2019 (see “Use of Non-IFRS Measures” below).

 

Net loss for the fourth quarter of 2020 was $2.9 million, compared to $1.0 million in the same quarter in 2019.

 

2

 

  

Non-IFRS net loss for the fourth quarter of 2020 was $2.1 million, compared to $0.3 million in the same quarter in 2019. Non-IFRS net loss excludes approximately $0.8 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; and change in provision for doubtful and bad debt, compared to $0.7 million of similar expenses and gains for the same quarter in 2019 (see “Use of Non-IFRS Measures” below).

 

As of December 31, 2020, the Company had cash, cash equivalents and short-term bank deposits of $39.7 million. This does not include the net proceeds of $46.2 million from the recently completed an underwritten public offering in February 2021.

 

Full Year 2020 Financial Results

 

Revenues for the full year ended December 31, 2020 increased 31% (and 36% excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente) to $41.0 million, compared to $31.3 million for the full year ended December 31, 2019. Revenue growth was driven mainly by an increase in WatchPAT sales in the U.S., Europe and Japan.

 

WatchPAT revenues for the full year ended December 31, 2020 increased 34% (and 39% excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente) to $38.8 million, compared to $29.0 million for the full year ended December 31, 2019.

 

U.S. WatchPAT revenues for the full year ended December 31, 2020 increased 42% (and 49% excluding a one-time $1.0 million sale in the fourth quarter of 2019 to Kaiser Permanente) to $31.8 million, compared to $22.4 million for the full year ended December 31, 2019. U.S. WatchPAT revenues increase was primarily driven by the increase of WatchPAT ONE, as well as WatchPAT Direct sales. Sales from disposables and renewable products, including WatchPAT ONE, comprised approximately 77% of WatchPAT revenues in the U.S. for the full year ended December 31, 2020, compared to 64% (and 71% excluding a one-time sale in the fourth quarter of 2019 to Kaiser Permanente for WatchPAT 300, mostly for an upgrade and expansion of its current WatchPAT fleet)) for the full year ended December 31, 2019.

 

Gross profit for the full year ended December 31, 2020 increased to $28.7 million, compared to $24.3 million for the full year ended December 31, 2019. Gross margin for the full year ended December 31, 2020 decreased to 70%, compared to 78% for the full year ended December 31, 2019. Non-IFRS gross margin for the full year ended December 31, 2020 decreased to 72%, compared to 79% for the full year ended December 31, 2019 (See “Use of Non-IFRS Measures” below). Gross margin decline was mainly driven by the increase in WatchPAT ONE sales.

 

Operating loss for the full year ended December 31, 2020 was $10.3 million, compared to $4.9 million for the full year ended December 31, 2019. The increase in operating loss was primarily attributable to an increase in operating expenses, partially offset by the increase in revenues. Selling and marketing expenses increased 34% to $24.6 million, compared to $18.3 million in the full year ended December 31, 2019, due to the planned expansion of the U.S. sales team into new geographical territories and verticals, as well as additional sales commissions resulting from the increase in revenues. Research and development expenses increased 33% to $6.0 million, compared to $4.5 million in the full year ended December 31, 2019, driven by an increase in personnel to support product development, mainly related to our digital health platform. General and administrative expenses increased 34% to $8.5 million, compared to $6.4 million in the full year ended December 31, 2019, mainly driven by an increase in directors’ and officers’ insurance premium, as well as legal expenses including a commercial dispute in defense of our intellectual property initiated by the Company.

 

Non-IFRS operating loss for the full year ended December 31, 2020 was $7.5 million, compared to $2.6 million for the full year ended December 31, 2019. Non-IFRS operating loss excludes approximately $2.8 million in share-based payments; depreciation and amortization of property and equipment and intangible asset; change in provision for doubtful and bad debt; and expenses relating to reduction in manpower, compared to $2.3 million of similar expenses for the full year ended December 31, 2019 (see “Use of Non-IFRS Measures” below).

 

3

 

 

Net loss for the full year ended December 31, 2020 was $10.9 million, compared to $5.3 million for the full year ended December 31, 2019.

 

Non-IFRS net loss for the for the full year ended December 31, 2020 was $8.1 million, compared to $3.4 million for the full year ended December 31, 2019. Non-IFRS net loss excludes approximately $2.8 million in share-based payments; depreciation and amortization of property and equipment and intangible assets; change in provision for doubtful and bad debt; expenses relating to reduction in manpower; and gain from reevaluation of derivatives, compared to $1.9 million of similar expenses and gains for the full year ended December 31, 2019 (see “Use of Non-IFRS Measures” below).

 

Conference Call and Webcast Information

 

The Company will host a conference call today at 8:00 a.m. Eastern Time, 3:00 p.m. Israel Time to review financial results and provide a corporate update.

 

To listen live via webcast, please visit https://www.itamar-medical.com/, or by clicking here.

 

To participate via phone, please use the dial in information:

U.S. toll-free: 833-519-1272
International: 914-800-3844
Israel toll-free: 1-809-315-362

Conference ID: 7976547

 

Please log in approximately 10 minutes prior to the scheduled start time. An archived webcast also will be provided in the Events and Presentations section of the Company’s website.

 

Use of Non-IFRS Measures

 

In addition to disclosing financial results prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB), this press release contains Non-IFRS financial measures for operating loss and net loss, which are adjusted from results based on IFRS to exclude: (i) share-based payments; (ii) depreciation and amortization of property and equipment and intangible assets; (iii) change in provision for doubtful and bad debt; (iv) expenses relating to reduction in manpower; and (v) gain from reevaluation of derivatives. Management believes that the Non-IFRS financial measures provided in this press release are useful to investors’ understanding and assessment of the Company’s performance. Management uses both IFRS and Non-IFRS measures when operating and evaluating the Company’s business internally and therefore decided to make these Non-IFRS adjustments available to investors. The presentation of this Non-IFRS financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. For further details, see a reconciliation of operating loss and net loss on an IFRS basis to a Non-IFRS basis that is provided in the table that accompanies this press release.

 

About Itamar Medical Ltd.

 

Itamar Medical is a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. Itamar Medical commercializes a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the core sleep, cardiology and direct to consumer markets. Itamar Medical offers a Total Sleep Solution to help physicians provide comprehensive sleep apnea management in a variety of clinical environments to optimize patient care and reduce healthcare system costs. The Company’s key product, WatchPAT, is commercially available within major markets including the U.S., Japan and Europe. Itamar Medical is a public company traded on the Nasdaq and on the Tel Aviv Stock Exchanges, and is based in Caesarea, Israel with U.S. headquarters based in Atlanta, GA. For additional information visit www.itamar-medical.com.

 

4

 

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Statements preceded by, followed by, or that otherwise include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. For example, when we discuss the 2021 revenue guidance range, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks, uncertainties and assumptions, including events and circumstances out of Itamar Medical's control and actual results, expressed or implied by such forward-looking statements, could differ materially from Itamar Medical's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, risks, uncertainties and assumptions discussed from time to time by Itamar Medical in reports filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC) and the Israel Securities Authority (ISA), including the Company’s Annual Report on Form 20-F to be filed with the SEC, which is on file with the SEC (accessible at www.sec.gov) and the ISA. Except as otherwise required by law, Itamar Medical undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 

Itamar Medical Investor Relations Contact (U.S.)

Leigh Salvo or Caroline Paul

Gilmartin Group

Phone: +1-415-937-5412

investors@itamar-medical.com

 

*     The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

 

5

 

 

ITAMAR MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

 

   December 31, 
   2020   2019 
         
   U.S. dollars in thousands 
Assets        
Current assets          
Cash and cash equivalents  $9,670   $15,115 
Short-term bank deposits   30,000    - 
Trade receivables   8,354    8,384 
Other receivables   2,251    1,404 
Inventories   7,164    3,363 
Total current assets   57,439    28,266 
           
Non-current assets          
Long-term restricted deposits and prepaid expenses   547    476 
Long-term trade receivables   412    156 
Property and equipment   2,904    1,472 
Intangible assets   1,037    395 
Right-of-use assets   1,801    2,442 
Total non-current assets   6,701    4,941 
Total assets  $64,140   $33,207 
           
Liabilities          
Current liabilities          
Short-term bank loan  $5,000   $5,000 
Current maturities of long-term loan   135    - 
Current maturities of lease liabilities   700    890 
Trade payables   4,418    2,028 
Other payables   5,973    3,455 
Accrued expenses   1,091    1,317 
Provisions   321    273 
Short-term employee benefits   354    352 
Total current liabilities   17,992    13,315 
           
Non-current liabilities          
Long-term loan   154    - 
Long-term lease liabilities   1,380    1,708 
Recognized liability for defined benefit plan, net   271    260 
Other long-term liabilities   1,271    1,260 
Total non-current liabilities   3,076    3,228 
Total liabilities   21,068    16,543 
           
Equity          
Ordinary share capital   1,140    878 
Additional paid-in capital   161,006    125,435 
Accumulated deficit   (119,074)   (109,649)
Total equity   43,072    16,664 
Total liabilities and equity  $64,140   $33,207 

 

6

 

 

ITAMAR MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

  

Three Months Ended

December 31,

  

Year Ended

December 31,

 
   2020   2019   2020   2019 
                 
   U.S. dollars in thousands (except per share and ADS data) 
                 
Revenues  $12,772   $9,765   $41,034   $31,258 
Cost of revenues   3,933    2,115    12,323    6,984 
Gross profit   8,839    7,650    28,711    24,274 
Operating expenses:                    
Selling and marketing expenses   7,104    5,309    24,550    18,294 
Research and development expenses   1,938    1,355    6,002    4,520 
General and administrative expenses   2,452    1,863    8,503    6,354 
Total operating expenses   11,494    8,527    39,055    29,168 
Operating loss   (2,655)   (877)   (10,344)   (4,894)
Financial income (expenses):                    
Financial income   317    118    847    454 
Financial expenses   (622)   (338)   (1,315)   (1,233)
Gain from derivatives instruments, net   -    -    -    442 
Financial expenses, net   (305)   (220)   (468)   (337)
Loss before taxes on income   (2,960)   (1,097)   (10,812)   (5,231)
Tax benefit (taxes on income)   20    98    (127)   (37)
Net loss  $(2,940)  $(999)  $(10,939)  $(5,268)
                     
Loss per share – basic and diluted (in U.S. dollars)  $(0.01)  $(0.00)  $(0.03)  $(0.02)
                     
Weighted average number of shares used in computation of loss per shares (in thousands):                    
Basic   424,235    334,124    415,443    332,648 
Diluted   424,235    334,124    415,443    346,195 
                     
Loss per ADS (in U.S. dollars)                    
Basic  $(0.21)  $(0.09)  $(0.79)  $(0.48)
Diluted  $(0.21)  $(0.09)  $(0.79)  $(0.49)
                     
Weighted average number of ADSs used in computation of loss per ADS (in thousands):                    
Basic   14,141    11,137    13,848    11,088 
Diluted   14,141    11,137    13,848    11,540 

 

7

 

 

ITAMAR MEDICAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

  

Three Months Ended

December 31,

  

Year Ended

December 31,

 
         
   2020   2019   2020   2019 
   U.S. dollars in thousands 
                 
Cash flows from operating activities                    
Net loss  $(2,940)  $(999)  $(10,939)  $(5,268)
Adjustments for:                    
Depreciation and amortization   473    387    1,818    1,446 
Share-based payment   452    373    1,495    1,259 
Change in provision for doubtful and bad debt   116    157    322    349 
Net financial cost (income)   72    321    (145)   490 
Gain from reevaluation of derivatives   -    -    -    (442)
Increase in trade receivables   (137)   (2,426)   (548)   (2,097)
Increase in other receivables   (304)   (161)   (845)   (410)
Increase in inventories   (775)   (426)   (4,548)   (1,579)
Increase (decrease) in trade payables   786    (187)   2,148    537 
Increase in other payables   1,939    1,066    2,267    1,650 
Increase (decrease) in provisions   (62)   41    48    58 
Increase (decrease) in employee benefits   (278)   35    32    137 
Income tax expenses (benefit)   (20)   (98)   127    37 
Taxes refunded (paid) during the period   (49)   22    (98)   (22)
Interest paid during the period   (101)   (239)   (450)   (519)
Interest received during the period   66    59    498    142 
Net cash used in operating activities   (762)   (2,075)   (8,818)   (4,232)
Cash flows from investing activities                    
Redemption of (investment in) short-term bank deposits   (14,000)   9,000    (30,000)   - 
Investment in restricted long-term deposits   -    -    (50)   (68)
Purchase of property and equipment, intangible assets, and capitalization of development expenditure   (626)   (141)   (2,230)   (547)
Net cash provided by (used in) investing activities   (14,626)   8,859    (32,280)   (615)
Cash flows from financing activities                    
Proceeds from issuance of shares, net of share issuance costs (share issuance costs)   (241)   -    35,906    13,966 
Repayment of principal of lease liabilities   (227)   (204)   (892)   (787)
Long-term loan received   296    -    296    - 
Repayment of long-term loan   (21)   -    (21)   - 
Issuance of shares due to the exercise of stock options   37    88    169    113 
Net cash provided by (used in) financing activities   (156)   (116)   35,458    13,292 
Increase (decrease) in cash and cash equivalents   (15,544)   6,668    (5,640)   8,445 
Cash and cash equivalents at beginning of period   25,153    8,426    15,115    6,471 
Effect of exchange rate fluctuations on balances of cash and cash equivalents   61    21    195    199 
Cash and cash equivalent balance at end of period  $9,670   $15,115   $9,670   $15,115 

  

8

 

 

ITAMAR MEDICAL LTD.

RECONCILIATIONS OF IFRS TO NON-IFRS FINANCIAL MEASURES

(Unaudited)

 

  

Three Months Ended

December 31,

  

Year Ended

December 31,

 
   2020   2019   2020   2019 
                 
   U.S. dollars in thousands (except per share and ADS data) 
                 
IFRS operating loss  $(2,655)  $(877)  $(10,344)  $(4,894)
IFRS net loss  $(2,940)  $(999)  $(10,939)  $(5,268)
                     
Cost of revenues:                    
Share-based payment   16    3    33    10 
Depreciation and amortization of property and equipment and intangible assets   169    110    585    384 
Expenses relating to reduction of manpower   -    -    27    - 
    185    113    645    394 
Operating expenses:                    
Selling and marketing:                    
Share-based payment   195    84    536    382 
Depreciation and amortization of property and equipment and intangible assets   32    54    134    126 
Expenses relating to reduction of manpower   -    -    63    - 
    227    138    733    508 
Research and development:                    
Share-based payment   77    70    289    171 
Depreciation and amortization of property and equipment and intangible assets   34    -    113    62 
Expenses relating to reduction of manpower   -    -    18    115 
    111    70    420    348 
General and administrative:                    
Share-based payment   157    209    611    671 
Depreciation and amortization of property and equipment and intangible assets   18    3    71    44 
Change in provision for doubtful and bad debt   116    157    322    349 
Expenses relating to reduction of manpower   -    -    9    - 
    291    369    1,013    1,064 
Financial income (expenses), net:                    
Share-based payment   7    7    26    25 
Gain from reevaluation of derivatives   -    -    -    (442)
    7    7    26    (417)
                     
Non-IFRS operating loss  $(1,841)  $(187)  $(7,533)  $(2,580)
Non-IFRS net loss  $(2,119)  $(302)  $(8,102)  $(3,371)
                     
IFRS loss per ADS (in U.S. dollars):                    
Basic  $(0.21)  $(0.09)  $(0.79)  $(0.48)
Diluted  $(0.21)  $(0.09)  $(0.79)  $(0.49)
                     
Non-IFRS loss per ADS – basic and diluted (in U.S. dollars)                    
Basic  $(0.15)  $(0.03)  $(0.59)  $(0.28)
Diluted  $(0.15)  $(0.03)  $(0.59)  $(0.29)

 

9