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Audit Concern for Amedica

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In Form 10-K filed on September 20, 2017, Amedica Corporation’s auditor, BDO USA, LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to BDO USA, the Company has recurring losses from operations and negative operating cash flows and needs to obtain additional financing to be compliant with debt covenants and to finance its operations. For the years ended December 31, 2016 and 2015, the Company incurred a net loss of $16.6 million and $23.9 million, respectively, and used cash in operations of $7.2 million and $9.1 million, respectively. The Company had an accumulated deficit of $213.1 million and $196.5 million at December 31, 2016 and 2015, respectively. The Company’s continuation as a going concern is dependent upon its ability to increase sales, implement cost saving measures, maintain compliance with debt covenants and/or raise additional funds through the capital markets. Read more on distressed companies.

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