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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NantHealth Inc | NASDAQ:NH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.35 | 1.35 | 1.39 | 0 | 01:00:00 |
NantHealth, Inc. (NASDAQ-GS: NH), a next-generation, evidence-based, personalized healthcare company, today reported financial results for its third quarter ended September 30, 2019.
“For the 2019 third quarter, the top line for our SaaS business grew significantly over the same quarter last year,” said Bob Petrou, Chief Financial Officer, NantHealth. “This performance, largely driven by an expanding customer base and increasing number of covered lives, demonstrates the integral role NantHealth’s SaaS solutions play in providing a continuum of care for payers, providers and, most importantly, the patients we serve. At the companywide level, we have made great progress managing our financial performance and growing gross margin, all resulting in reduced cash burn and enhanced bottom line results.”
Software and Services Q3 Highlights:
Sequencing and Molecular Analysis – Highlights:
Business and Financial Highlights
Conference Call Information and Forward-Looking Statements
Thursday, November 7, 2019, after market close, the company will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) to review its results of operations for the third quarter ended September 30, 2019. The conference call will be available to interested parties by dialing 844-309-3709 from the U.S. or Canada, or 281-962-4864 from international locations, passcode 3294717. The call will be broadcast via the Internet at www.nanthealth.com. Listeners are encouraged to visit the website at least 10 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software. A playback of the call will be archived and accessible on the same website for at least three months.
Discussion during the conference call may include forward-looking statements regarding topics such as the company’s financial status and performance, regulatory and operational developments, and other comments the company may make about its future plans or prospects in response to questions from participants on the conference call.
Use of Non-GAAP Financial Measures
This news release contains references to Non-GAAP financial measures, including adjusted net loss and adjusted net loss per share, which are financial measures that are not prepared in conformity with United States generally accepted accounting principles (U.S. GAAP). The Company’s management believes that the presentation of Non-GAAP financial measures provides useful supplementary information regarding operational performance, because it enhances an investor’s overall understanding of the financial results for the Company’s core business. Additionally, it provides a basis for the comparison of the financial results for the Company’s core business between current, past and future periods. Other companies may define these measures in different ways. Non-GAAP financial measures should be considered only as a supplement to, and not as a substitute for or as a superior measure to, financial measures prepared in accordance with U.S. GAAP. Non-GAAP per share numbers are calculated based on one class of common stock and do not incorporate the effects, if any, of using the two-class method.
About NantHealth, Inc.
NantHealth, a member of the NantWorks ecosystem of companies, provides leading solutions across the continuum of care for physicians, payors, patients and biopharmaceutical organizations. NantHealth enables the use of cutting-edge data and technology toward the goals of empowering clinical decision support and improving patient outcomes. NantHealth’s comprehensive product portfolio combines the latest technology in payor/provider platforms that exchange information in near-real time (NaviNet and Eviti), connected care solutions that deliver medical device interoperability (DCX device connectivity platform and VCX patient vitals software) and molecular profiling services that combine comprehensive DNA & RNA tumor-normal profiling with pharmacogenomics analysis (GPS Cancer®). For more information, please visit www.nanthealth.com or follow us on Twitter, Facebook and LinkedIn.
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. Risks and uncertainties include, but are not limited to: our ability to successfully integrate a complex learning system to address a wide range of healthcare issues; our ability to successfully amass the requisite data to achieve maximum network effects; appropriately allocating financial and human resources across a broad array of product and service offerings; raising additional capital as necessary to fund our operations; achieving significant commercial market acceptance for our sequencing and molecular analysis solutions; establish relationships with, key thought leaders or payers’ key decision makers in order to establish GPS Cancer as a standard of care for patients with cancer; our ability to grow the market for our Systems Infrastructure, and applications; successfully enhancing our Systems Infrastructure and applications to achieve market acceptance and keep pace with technological developments; customer concentration; competition; security breaches; bandwidth limitations; our ability to continue our relationship with NantOmics; our ability to obtain regulatory approvals; dependence upon senior management; the need to comply with and meet applicable laws and regulations; unexpected adverse events; clinical adoption and market acceptance of GPS Cancer; and anticipated cost savings. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our reports filed with the Securities and Exchange Commission.
NantHealth, Inc. Consolidated Balance Sheets (Dollars in thousands) September 30, 2019 December 31, 2018 (Unaudited) Assets Current assets Cash and cash equivalents$ 9,326
$ 18,305
Accounts receivable, net
10,948
15,286
Inventories
202
496
Related party receivables, net
1,047
1,007
Prepaid expenses and other current assets
23,670
4,350
Total current assets
45,193
39,444
Property, plant, and equipment, net
16,351
22,978
Goodwill
115,930
115,930
Intangible assets, net
54,045
64,703
Investment in related party
33,612
40,000
Related party receivable, net of current
1,029
1,611
Operating lease right-of-use assets
10,353
— Other assets
1,903
1,671
Total assets
$ 278,416
$ 286,337
Liabilities and Stockholders' Equity (Deficit) Current liabilities Accounts payable
$ 2,912
$ 1,650
Accrued and other current liabilities
35,044
13,832
Deferred revenue
17,792
16,263
Related party payables, net
3,771
4,791
Notes payable
946
— Total current liabilities
60,465
36,536
Deferred revenue, net of current
2,764
6,704
Related party liabilities
22,583
17,708
Related party promissory note
112,666
112,666
Related party convertible note, net
8,736
8,378
Convertible notes, net
83,281
79,433
Operating lease liabilities
11,418
— Other liabilities
23,080
22,081
Total liabilities
324,993
283,506
Stockholders' equity (deficit) Common stock, $0.0001 par value per share, 750,000,000 shares authorized; 110,619,906 and 109,491,277 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
11
11
Additional paid-in capital
888,994
887,289
Accumulated deficit
(935,135
)
(884,122
)
Accumulated other comprehensive loss(447
)
(347
)
Total stockholders' (deficit) equity(46,577
)
2,831
Total liabilities and stockholders' equity (deficit)
$ 278,416
$ 286,337
NantHealth, Inc.
Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
Total net revenue
$ 22,356
$ 22,292
$ 71,771
$ 66,603
Total cost of revenue
8,372
11,226
29,478
32,878
Gross Profit
13,984
11,066
42,293
33,725
Operating Expenses: Selling, general and administrative
15,136
17,001
47,101
56,123
Research and development
4,568
4,835
14,232
15,875
Amortization of acquisition-related assets
1,054
1,054
3,163
3,163
Impairment of intangible assets — —
3,977
— Total operating expenses
20,758
22,890
68,473
75,161
Loss from operations
(6,774
)
(11,824
)
(26,180
)
(41,436
)
Interest expense, net(4,556
)
(4,306
)
(13,443
)
(12,766
)
Other (expense) income, net(3,588
)
226
(5,039
)
(928
)
Loss from related party equity method investment(1,983
)
(83,306
)
(6,401
)
(89,512
)
Loss from continuing operations before income taxes(16,901
)
(99,210
)
(51,063
)
(144,642
)
Benefit from income taxes(527
)
(1,778
)
(168
)
(3,429
)
Net loss from continuing operations(16,374
)
(97,432
)
(50,895
)
(141,213
)
Loss from discontinued operations, net of tax(3
)
(32
)
(118
)
(1,817
)
Net loss$ (16,377
)
$ (97,464
)
$ (51,013
)
$ (143,030
)
Net loss per share: Continuing operations Basic and diluted - common stock$ (0.15
)
$ (0.89
)
$ (0.46
)
$ (1.29
)
Discontinued operations Basic and diluted - common stock $ — $ — $ —$ (0.02
)
Total net loss per share Basic and diluted - common stock$ (0.15
)
$ (0.89
)
$ (0.46
)
$ (1.31
)
Weighted average shares outstanding: Basic and diluted - common stock110,619,905
109,471,712
110,261,279
109,060,408
NantHealth, Inc.
Supplemental Revenue Schedule
(Dollars in thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
Revenue: Software-as-a-service related$18,328
$15,937
$54,421
$48,323
Software and hardware related1,009
1,450
5,135
3,790
Maintenance2,743
2,522
7,771
7,357
Total software-related revenue22,080
19,909
67,327
59,470
Sequencing and molecular analysis276
742
1,581
2,506
Home health care services —1,641
2,863
4,627
Total net revenue
$22,356
$22,292
$71,771
$66,603
Cost of Revenue: Software-as-a-service related$ 5,659
$ 5,863
$17,155
$18,205
Software and hardware related624
737
2,203
2,412
Maintenance484
234
1,065
683
Amortization of developed technologies1,143
1,233
3,519
3,700
Total software-related cost of revenue7,910
8,067
23,942
25,000
Sequencing and molecular analysis462
2,323
4,065
5,443
Home health care services —836
1,471
2,435
Total cost of revenue$ 8,372
$11,226
$29,478
$32,878
NantHealth, Inc.
Non-GAAP Net Loss from Continuing Operations and Non-GAAP Net Loss Per Share from Continuing Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
Net loss from continuing operations
$ (16,374
)
$ (97,432
)
$ (50,895
)
$ (141,213
)
Adjustments to GAAP net loss: Loss from related party equity method investment1,983
83,306
6,401
89,512
Stock-based compensation expense from continuing operations
526
373
1,849
4,805
Acquisition related sales incentive —
425
—
995
Change in fair value of derivatives liability —
(5
)
—(7
)
Change in fair value of Bookings Commitment3,159
—
4,664
— Impairment of investment in IOBS — — —
1,750
Noncash interest expense related to convertible notes
1,447
1,273
4,207
3,702
Intangible amortization from continuing operations
2,197
2,287
6,682
6,863
Impairment of intangible assets — —
3,977
— Loss on sale of business — —
582
— Securities litigation costs
500
887
500
1,709
Tax benefit resulting from certain noncash tax items
(885
)
(1,943
)
(519
)
(3,649
)
Total adjustments to GAAP net loss from continuing operations8,927
86,603
28,343
105,680
Net loss from continuing operations - Non-GAAP
$ (7,447
)
$ (10,829
)
$ (22,552
)
$ (35,533
)
Weighted average shares outstanding110,619,905
109,471,712
110,261,279
109,060,408
Net loss per share from continuing operations - Non-GAAP
$ (0.07
)
$ (0.10
)
$ (0.20
)
$ (0.33
)
Reconciliation of Net Loss per Common Share from Continuing Operationsto Net Loss per Common Share from Continuing Operations - Non-GAAP (Unaudited):Three Months Ended September 30,
Nine Months Ended September 30,
2019
2018
2019
2018
Net loss per common share from continuing operations
$ (0.15
)
$ (0.89
)
$ (0.46
)
$ (1.29
)
Adjustments to GAAP net loss per common share from continuing operations: Loss from related party equity method investment0.03
0.77
0.05
0.82
Stock-based compensation expense from continuing operations — —
0.02
0.04
Acquisition related sales incentive — — —
0.01
Change in fair value of derivatives liability — — — — Change in fair value of Bookings Commitment
0.03
—
0.04
— Impairment of Investment in IOBS — — —
0.02
Noncash interest expense related to convertible notes
0.01
0.01
0.04
0.03
Intangible amortization from continuing operations
0.02
0.02
0.06
0.05
Impairment of intangible assets — —
0.04
— Loss on sale of business — —
0.01
— Securities litigation costs —
0.01
—
0.02
Tax benefit resulting from certain noncash tax items
(0.01
)
(0.02
)
—(0.03
)
Total adjustments to GAAP net loss per common share from continuing operations0.08
0.79
0.26
0.96
Net loss per common share from continuing operations - Non-GAAP
$ (0.07
)
$ (0.10
)
$ (0.20
)
$ (0.33
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20191107006072/en/
Investor Contact: Robert Jaffe rjaffe@rjaffeco.com 424.288.4098
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