Delaware
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001-38701
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26-2216351
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(State or other jurisdiction of
incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.0001 per share
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SIBN
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The Nasdaq Global Market
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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SI-BONE, INC.
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Date:
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August 6, 2019
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By:
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/s/ Laura A. Francis
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Laura A. Francis
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Chief Operating Officer and Chief Financial Officer
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(Principal Financial and Accounting Officer)
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•
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Revenue of
$16.3 million
for the
second
quarter
2019
, representing a
19%
increase over second quarter
2018
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•
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U.S. revenue of
$15.0 million
for the
second
quarter
2019
, representing a
24%
increase over second quarter
2018
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•
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Surpassed 40,000 iFuse procedures performed by more than 1,900 surgeons worldwide
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•
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Submitted for publication 5-year follow-up results from LOIS, a long-term prospective study, demonstrating durability of the clinical benefits related to the iFuse procedure
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•
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Launched iFuse Bedrock technology in the United States, encompassing fusion to augment stabilization of the sacroiliac joint in long-construct procedures
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•
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Welcomed Mark Foley and Heyward Donigan to the board of directors
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•
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Promoted Laura Francis to Chief Operating Officer in addition to her current responsibilities as Chief Financial Officer
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Three Months Ended June 30,
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Six Months Ended June 30,
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||||||||||||
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2019
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2018
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2019
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2018
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||||||||
Revenue
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$
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16,317
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$
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13,663
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$
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31,308
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$
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26,375
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Cost of goods sold
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1,588
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1,182
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3,114
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2,230
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Gross profit
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14,729
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12,481
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28,194
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24,145
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Gross margin
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90
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%
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91
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%
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90
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%
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92
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%
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||||
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Operating expenses:
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Sales and marketing
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16,727
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10,318
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32,542
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21,285
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Research and development
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1,946
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1,296
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3,629
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2,502
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General and administrative
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4,194
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2,564
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8,960
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4,972
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Total operating expenses
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22,867
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14,178
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45,131
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28,759
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Loss from operations
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(8,138
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)
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(1,697
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)
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(16,937
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)
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(4,614
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)
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Interest and other income (expense), net:
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Interest income
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695
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68
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1,439
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130
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Interest expense
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(1,233
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)
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(1,269
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)
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(2,463
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)
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(2,544
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)
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Other expense, net
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22
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(249
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)
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(38
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)
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(320
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)
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Net loss
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$
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(8,654
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)
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$
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(3,147
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)
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$
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(17,999
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)
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$
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(7,348
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)
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Net loss per share, basic and diluted
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$
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(0.35
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)
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$
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(0.87
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)
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$
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(0.74
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)
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$
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(2.04
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)
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Weighted-average number of common shares used to compute basic and diluted net loss per share
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24,577,938
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3,608,283
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24,484,608
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3,603,308
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June 30,
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December 31,
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2019
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2018
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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11,496
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$
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25,120
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Short-term investments
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91,780
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97,103
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Accounts receivable, net
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9,404
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8,486
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Inventory
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4,436
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3,343
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Prepaid expenses and other current assets
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1,902
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1,990
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Total current assets
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119,018
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136,042
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Long-term investments
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5,262
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—
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Property and equipment, net
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2,532
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2,154
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Other non-current assets
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310
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325
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TOTAL ASSETS
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$
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127,122
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$
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138,521
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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2,450
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$
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2,146
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Accrued liabilities and other
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7,469
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6,860
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Total current liabilities
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9,919
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9,006
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Long-term borrowings
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39,093
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38,963
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Other long-term liabilities
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363
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360
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TOTAL LIABILITIES
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49,375
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48,329
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Stockholders' Equity:
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Common stock and additional paid-in capital
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252,407
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246,930
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Accumulated other comprehensive income
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516
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439
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Accumulated deficit
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(175,176
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)
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(157,177
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)
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TOTAL STOCKHOLDERS' EQUITY
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77,747
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90,192
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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127,122
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$
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138,521
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