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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 provider of enterprise solutions that help transform complex data into actionable insights, today reported financial results for its fourth quarter and full year ended December 31, 2020.
“While managing our business through the challenges associated with COVID-19 for most of the past year, we advanced our goal of expanding and diversifying NantHealth's software portfolio and services offerings with the acquisition of OpenNMS, continued to invest in our data solutions and AI capabilities, and delivered expanded capabilities on our NaviNet and Eviti SaaS products,” said Ron Louks, Chief Operating Officer, NantHealth. “In addition, as part of our NantHealth Cares initiative, we supported healthcare providers and medical staff by offering, at no cost for the entire month of May, our NaviNet AllPayer platform to providers. I am pleased to report that even with a month of free access, AllPayer revenues grew in 2020 and added more than 1,500 providers to its network."
Software and Services Q4 Highlights:
Network Monitoring and Management (OpenNMS®)
Precision Medicine and Artificial Intelligence - Highlights:
Business and Financial Highlights
For the 2020 fourth quarter:
For the 2020 full year:
At December 31, 2020, cash and cash equivalents totaled $22.8 million.
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 fourth quarter and full year ended December 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 9786375. 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 enterprise solutions that help businesses transform complex data into actionable insights. By offering efficient ways to move, interpret, and visualize complex and highly sensitive information, NantHealth enables customers in healthcare, life sciences, logistics, telecommunications and other industries to automate, understand and act on data while keeping it secure and scalable. NantHealth’s product portfolio comprises the latest technology in payer/provider collaboration platforms for real-time coverage decision support (Eviti and NaviNet), molecular analysis (GPS Cancer), and data solutions that provide multi-data analysis, reporting and professional services offerings (Quadris). OpenNMS, a NantHealth subsidiary, helps businesses monitor and manage network health and performance. For more information, visit nanthealth.com, follow us on Twitter, Facebook and LinkedIn, and subscribe to our blog.
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 our systems and solutions 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 solutions; establishing relationships with key thought leaders or key decision makers in order to attract, retain and renew partners and clients and obtain reimbursement for our sequencing and molecular analysis solutions; our ability to grow the market for our solutions; successfully enhancing our solutions to achieve market acceptance and keep pace with technological developments; customer concentration; competition; security breaches; data loss or corruption due to failures or errors in our systems and service disruptions at our data centers; bandwidth limitations; our ability to use, disclose, de-identify or license data and to integrate third-party technologies; our use of “open source” software; 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 our molecular sequencing and analysis solutions; 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, except per share amounts)
(Unaudited)
December 31,
2020
2019
Assets
Current assets
Cash and cash equivalents
$
22,787
$
5,243
Accounts receivable, net
3,273
6,179
Related party receivables, net
1,031
823
Prepaid expenses and other current assets
3,504
19,341
Current assets of discontinued operations
—
6,327
Total current assets
30,595
37,913
Property, plant, and equipment, net
13,102
14,985
Goodwill
98,333
97,307
Intangible assets, net
47,969
51,848
Investment in related party
—
31,702
Related party receivable, net of current
823
1,108
Operating lease right-of-use assets
7,539
8,470
Other assets
1,927
1,818
Noncurrent assets of discontinued operations
—
21,336
Total assets
$
200,288
$
266,487
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
5,122
$
3,377
Accrued and other current liabilities
13,975
31,988
Deferred revenue
1,166
7,098
Related party payables, net
4,238
4,120
Notes payable
268
238
Related party convertible note, net
9,411
—
Convertible notes, net
90,578
—
Current liabilities of discontinued operations
—
10,680
Total current liabilities
124,758
57,501
Deferred revenue, net of current
393
1,129
Related party liabilities
31,091
24,227
Related party promissory note
112,666
112,666
Related party convertible note, net
—
8,864
Convertible notes, net
—
84,648
Deferred income taxes, net
1,853
1,669
Operating lease liabilities
8,170
9,728
Other liabilities
32,757
21,542
Noncurrent liabilities of discontinued operations
—
1,649
Total liabilities
311,688
323,623
Stockholders' deficit
Common stock, $0.0001 par value per share, 750,000,000 shares authorized; 111,284,733 and 110,619,678 shares issued and outstanding at December 31, 2020 and 2019, respectively
11
11
Additional paid-in capital
891,583
889,955
Accumulated deficit
(1,003,210)
(946,884)
Accumulated other comprehensive loss
(168)
(218)
Total NantHealth stockholders' deficit
(111,784)
(57,136)
Noncontrolling interests
384
—
Total stockholders' deficit
(111,400)
(57,136)
Total liabilities and stockholders' deficit
$
200,288
$
266,487
NantHealth, Inc.
Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2020
2019
2020
2019
Revenue
Software-as-a-service related
$
18,201
$
18,410
$
72,198
$
72,831
Maintenance
378
—
677
—
Professional services
24
—
86
—
Total software-related revenue
18,603
18,410
72,961
72,831
Sequencing and molecular analysis
39
152
211
1,733
Home health care services
—
—
—
2,863
Total net revenue
18,642
18,562
73,172
77,427
Cost of Revenue
Software-as-a-service related
5,504
6,096
23,056
23,100
Maintenance
230
69
361
357
Professional services
1
—
16
—
Amortization of developed technologies
1,247
1,143
4,755
4,662
Total software-related cost of revenue
6,982
7,308
28,188
28,119
Sequencing and molecular analysis
211
480
1,038
4,546
Home health care services
—
—
—
1,471
Total cost of revenue
7,193
7,788
29,226
34,136
Gross Profit
11,449
10,774
43,946
43,291
Operating Expenses
Selling, general and administrative
11,670
12,752
48,534
55,595
Research and development
4,828
3,431
17,274
13,934
Amortization of acquisition-related assets
985
1,054
3,676
4,216
Impairment of intangible assets, including internal-use software
729
—
729
3,977
Total operating expenses
18,212
17,237
70,213
77,722
Loss from operations
(6,763)
(6,463)
(26,267)
(34,431)
Interest expense, net
(4,908)
(4,601)
(19,199)
(18,044)
Other expense, net
(8,274)
(585)
(10,824)
(5,607)
Loss from related party equity method investment
—
(1,916)
(31,702)
(8,317)
Loss from continuing operations before income taxes
(19,945)
(13,565)
(87,992)
(66,399)
Provision for (benefit from) income taxes
273
(359)
447
(1,018)
Net loss from continuing operations
(20,218)
(13,206)
(88,439)
(65,381)
Income from discontinued operations, net of tax attributable to NantHealth
38
1,457
31,993
2,619
Net loss
(20,180)
(11,749)
(56,446)
(62,762)
Net loss attributable to noncontrolling interests
(78)
—
(120)
—
Net loss attributable to NantHealth
$
(20,102)
$
(11,749)
$
(56,326)
$
(62,762)
Basic and diluted net loss per share attributable to NantHealth:
Continuing operations - common stock
$
(0.18)
$
(0.12)
$
(0.80)
$
(0.59)
Discontinued operations - common stock
$
—
$
0.01
$
0.29
$
0.02
Total net loss per share - common stock
$
(0.18)
$
(0.11)
$
(0.51)
$
(0.57)
Weighted average shares outstanding
Basic and diluted - common stock
111,238,540
110,619,780
110,954,858
110,351,638
NantHealth, Inc.
Non-GAAP Net Loss from Continuing Operations Attributable to NantHealth and Non-GAAP Net Loss Per Share from Continuing Operations Attributable to NantHealth
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2020
2019
2020
2019
Net loss from continuing operations attributable to NantHealth
$
(20,140)
$
(13,206)
$
(88,319)
$
(65,381)
Adjustments to GAAP net loss from continuing operations attributable to NantHealth:
Loss from related party equity method investment
—
1,916
31,702
8,317
Stock-based compensation expense from continuing operations
961
1,566
2,722
2,842
Change in fair value of derivatives liability
(3)
—
4
—
Change in fair value of Bookings Commitment
8,098
372
11,168
5,036
Noncash interest expense related to convertible notes
1,698
1,495
6,477
5,702
Intangible amortization from continuing operations
2,212
2,197
8,395
8,878
Impairment of intangible assets, including internal-use software
729
—
729
3,977
Loss on sale of business
—
—
—
582
Securities litigation costs
—
28
(103)
528
Tax provision (benefit) resulting from certain noncash tax items
244
(51)
228
(570)
Total adjustments to GAAP net loss from continuing operations attributable to NantHealth
13,939
7,523
61,322
35,292
Net loss from continuing operations attributable to NantHealth - Non-GAAP
$
(6,201)
$
(5,683)
$
(26,997)
$
(30,089)
Weighted average basic common shares outstanding
111,238,540
110,619,780
110,954,858
110,351,638
Net loss per common share from continuing operations attributable to NantHealth - Non-GAAP
$
(0.06)
$
(0.05)
$
(0.24)
$
(0.27)
Reconciliation of Net Loss per Common Share from Continuing Operations Attributable to NantHealth to Net Loss per Common Share from Continuing Operations Attributable to NantHealth - Non-GAAP (Unaudited):
Three Months Ended December 31,
Year Ended December 31,
2020
2019
2020
2019
Net loss per common share from continuing operations attributable to NantHealth
$
(0.18)
$
(0.12)
$
(0.80)
$
(0.59)
Adjustments to GAAP net loss per common share from continuing operations attributable to NantHealth:
Loss from related party equity method investment
—
0.03
0.29
0.07
Stock-based compensation expense from continuing operations
0.01
0.01
0.02
0.03
Change in fair value of derivatives liability
—
—
—
—
Change in fair value of Bookings Commitment
0.07
—
0.10
0.05
Noncash interest expense related to convertible notes
0.01
0.01
0.06
0.05
Intangible amortization from continuing operations
0.02
0.02
0.08
0.08
Impairment of intangible assets, including internal-use software
0.01
—
0.01
0.04
Loss on sale of business
—
—
—
0.01
Securities litigation costs
—
—
—
—
Tax provision (benefit) resulting from certain noncash tax items
—
—
—
(0.01)
Total adjustments to GAAP net loss per common share from continuing operations attributable to NantHealth
0.12
0.07
0.56
0.32
Net loss per common share from continuing operations attributable to NantHealth - Non-GAAP
$
(0.06)
$
(0.05)
$
(0.24)
$
(0.27)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225005914/en/
Investor Contact: Robert Jaffe rjaffe@rjaffeco.com 424.288.4098
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