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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 first quarter ended March 31, 2020.
In February 2020, NantHealth completed the sale of its Connected Care Business for $47.25 million. Accordingly, the company has classified the current and prior period operating results of its Connected Care Business as discontinued operations. The financial results presented below represent the company’s continuing operations.
“During the first quarter of 2020, we made progress on a number of fronts,” said Ron Louks, Chief Operating Officer, NantHealth. “Operationally, we completed the sale of our Connected Care Business, which significantly increased our cash position and further streamlined our operations. Financially, we grew SaaS revenue, substantially increased gross margin and lowered operating expenses compared with the same quarter last year. We also implemented a number of steps to ensure the safety of our employees in response to the COVID-19 pandemic and our team has responded with resilience and dedication to the providers and payer communities that we are proud to serve.
“In addition, we strengthened our leadership team by adding Deanna Wise to our board of directors. Deanna brings extensive clinical Information Technology (IT) experience in the hospital and healthcare industry. We look forward to benefitting from Deanna’s insights and expertise, particularly in helping shape our future operations and strategic direction.”
Software and Services Highlights:
Precision Medicine - Highlights:
Artificial Intelligence - Highlights:
Business and Financial Highlights
Conference Call Information and Forward-Looking Statements
Later today, 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 first quarter ended March 31, 2020. 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 2797775. 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), 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) March 31,2020 December 31,2019 (Unaudited) Assets Current assets Cash and cash equivalents$ 47,478
$ 5,243
Accounts receivable, net
6,816
6,179
Related party receivables, net
657
823
Prepaid expenses and other current assets
3,680
19,341
Current assets of discontinued operation —
6,327
Total current assets
58,631
37,913
Property, plant, and equipment, net
13,755
14,985
Goodwill
97,307
97,307
Intangible assets, net
49,838
51,848
Investment in related party
29,918
31,702
Related party receivable, net of current
1,274
1,108
Operating lease right-of-use assets
8,092
8,470
Other assets
2,144
1,818
Noncurrent assets of discontinued operation —
21,336
Total assets
$ 260,959
$ 266,487
Liabilities and Stockholders' Equity Current liabilities Accounts payable
$ 3,314
$ 3,377
Accrued and other current liabilities
17,033
31,988
Deferred revenue
5,523
7,098
Related party payables, net
4,552
4,120
Notes payable —
238
Current liabilities of discontinued operation —
10,680
Total current liabilities
30,422
57,501
Deferred revenue, net of current
1,148
1,129
Related party liabilities
25,931
24,227
Related party promissory note
112,666
112,666
Related party convertible note, net
8,994
8,864
Convertible notes, net
86,060
84,648
Operating lease liabilities
9,264
9,728
Other liabilities
20,065
23,211
Noncurrent liabilities of discontinued operation —
1,649
Total liabilities
294,550
323,623
Stockholders' deficit Common stock, $0.0001 par value per share, 750,000,000 shares authorized; 110,619,678 and 110,619,678 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
11
11
Additional paid-in capital
890,623
889,955
Accumulated deficit
(923,819
)
(946,884
)
Accumulated other comprehensive loss(406
)
(218
)
Total stockholders' deficit(33,591
)
(57,136
)
Total liabilities and stockholders' deficit$ 260,959
$ 266,487
NantHealth, Inc. Consolidated Statements of Operations (Dollars in thousands, except per share amounts) (Unaudited) Three Months EndedMarch 31,
2020
2019
Total net revenue
$ 18,180
$ 20,209
Total cost of revenue
7,196
10,261
Gross Profit
10,984
9,948
Operating Expenses Selling, general and administrative
12,427
15,324
Research and development
3,550
3,850
Amortization of acquisition-related assets
867
1,054
Total operating expenses
16,844
20,228
Loss from operations
(5,860
)
(10,280
)
Interest expense, net(4,657
)
(4,414
)
Other income (expense), net3,454
(2,505
)
Loss from related party equity method investment(1,784
)
(2,210
)
Loss from continuing operations before income taxes(8,847
)
(19,409
)
Provision for income taxes93
226
Net loss from continuing operations
(8,940
)
(19,635
)
Income (loss) from discontinued operations, net of tax32,005
(288
)
Net income (loss)$ 23,065
$ (19,923
)
Basic and diluted net income (loss) per share Continuing operations - common stock$ (0.08
)
$ (0.18
)
Discontinued operations - common stock$ 0.29
$ — Total net income (loss) per share - common stock
$ 0.21
$ (0.18
)
Weighted average shares outstanding Basic and diluted - common stock110,619,780
109,904,336
NantHealth, Inc. Supplemental Revenue Schedule (Dollars in thousands) (Unaudited) Three Months EndedMarch 31,
2020
2019
Revenue: Software-as-a-service related$ 18,121
$ 17,802
Total software-related revenue18,121
17,802
Sequencing and molecular analysis59
814
Home health care services —1,593
Total net revenue$ 18,180
$ 20,209
Cost of Revenue: Software-as-a-service related$ 5,701
$ 5,708
Maintenance —70
Amortization of developed technologies1,143
1,233
Total software-related cost of revenue6,844
7,011
Sequencing and molecular analysis352
2,427
Home health care services —823
Total cost of revenue$ 7,196
$ 10,261
NantHealth, Inc. Non-GAAP Net Loss from Continuing Operations andNon-GAAP Net Loss Per Share from Continuing Operations (Dollars in thousands, except per share amounts) (Unaudited) Three Months EndedMarch 31,2020
2019
Net loss from continuing operations
$ (8,940
)
$ (19,635
)
Adjustments to GAAP net loss from continuing operations: Loss from related party equity method investment1,784
2,210
Stock-based compensation expense from continuing operations
732
625
Change in fair value of derivatives liability
5
— Change in fair value of Bookings Commitment
(3,128
)
2,494
Noncash interest expense related to convertible notes
1,542
1,357
Intangible amortization from continuing operations
2,010
2,287
Securities litigation costs
(103
)
— Tax provision resulting from certain noncash tax items —111
Total adjustments to GAAP net loss from continuing operations
2,842
9,084
Net loss from continuing operations - Non-GAAP
$ (6,098
)
$ (10,551
)
Weighted average shares outstanding110,619,780
109,904,336
Net loss per share from continuing operations - Non-GAAP
$ (0.06
)
$ (0.10
)
Reconciliation of Net Loss per Common Share from Continuing Operationsto Net Loss per Common Share from Continuing Operations - Non-GAAP (Unaudited): Three Months EndedMarch 31,2020
2019
Net loss per common share from continuing operations
$ (0.08
)
$ (0.18
)
Adjustments to GAAP net loss per common share from continuing operations: Loss from related party equity method investment0.01
0.02
Stock-based compensation expense from continuing operations
0.01
0.01
Change in fair value of derivatives liability — — Change in fair value of Bookings Commitment
(0.03
)
0.02
Noncash interest expense related to convertible notes
0.01
0.01
Intangible amortization from continuing operations
0.02
0.02
Securities litigation costs — — Tax provision resulting from certain noncash tax items — — Total adjustments to GAAP net loss per common share from continuing operations
0.02
0.08
Net loss per common share from continuing operations - Non-GAAP
$ (0.06
)
$ (0.10
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20200507005875/en/
Investor Contact: Robert Jaffe rjaffe@rjaffeco.com 424.288.4098
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