Aggressive cost-cutting helped to lower the net loss in the final quarter to $25,678,000 from a loss of $56,779,000 prior that included a $27.4 million impairment charge, but revenues tumbled 22% to $55,852,000 from $71,990,000. The lower top line was attributed to falling direct-to-consumer sales. U.S. sales declined 18% to $46.0 million, while international sales were off 39% to $9.9 million, primarily due to transitioning to new distributor agreements in overseas markets

Gross margin cratered 670 basis points to 31.3% from inventory adjustments, higher freight costs for DTC sales, and a greater ... Log in to view full article.