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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 businesses transform complex data into actionable insights, today reported financial results for its first quarter ended March 31, 2021.
“Last month, we successfully completed a $137.5 million financing transaction and will use a portion of the proceeds to retire our existing convertible notes,” said Ron Louks, Chief Operating Officer, NantHealth. “We intend to use the balance of the proceeds to, among other things, support our growth initiatives, which include further developing our existing SaaS offerings, expanding our recently acquired OpenNMS business and investing in our data services and cloud capabilities.
“Turning to our 2021 first-quarter financial results, as expected revenues declined largely due to the accounting for amortization of services related to expired or renewed contracts at the end of the 2020 fourth quarter. While we remain committed to managing our overhead costs, we have continued the ramp up of our investment in research and development to improve and expand the innovative solutions we bring to our customers.
“Looking ahead, we see growing opportunities to expand and diversify our business within and beyond healthcare. Earlier this week, we launched Eviti Connect for autoimmune diseases, extending our proven payer solution beyond oncology, and announced plans to further develop the Eviti platform to allow us to expand into additional disease states, over time. In addition, we are expanding OpenNMS offerings to include a new cloud-based platform to supplement our already robust on-premise platform, which will both broaden the solutions we offer to our healthcare customers and attract new customers across a variety of industries.”
Software and Services Highlights:
Business and Financial Highlights
For the 2021 first quarter:
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, 2021. 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 8364209. 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 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 integrate OpenNMS into our operations; 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.
FINANCIAL TABLES FOLLOW
NantHealth, Inc.
Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
March 31,
2021
December 31,
2020
Assets
Current assets
Cash and cash equivalents
$
10,810
$
22,787
Accounts receivable, net
4,705
3,273
Related party receivables, net
990
1,031
Prepaid expenses and other current assets
4,549
3,504
Total current assets
21,054
30,595
Property, plant, and equipment, net
12,859
13,102
Goodwill
98,333
98,333
Intangible assets, net
45,737
47,969
Related party receivable, net of current
858
823
Operating lease right-of-use assets
7,193
7,539
Other assets
1,932
1,927
Total assets
$
187,966
$
200,288
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
1,598
$
5,122
Accrued and other current liabilities
15,832
13,975
Deferred revenue
1,217
1,166
Related party payables, net
4,092
4,238
Notes payable
—
268
Related party convertible note, net
9,963
9,411
Convertible notes, net
96,095
90,578
Total current liabilities
128,797
124,758
Deferred revenue, net of current
611
393
Related party liabilities
32,860
31,091
Related party promissory note
112,666
112,666
Deferred income taxes, net
1,752
1,853
Operating lease liabilities
7,723
8,170
Other liabilities
35,198
32,757
Total liabilities
319,607
311,688
Stockholders' deficit
Common stock, $0.0001 par value per share, 750,000,000 shares authorized; 111,366,133 and 111,284,733 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
11
11
Additional paid-in capital
878,241
891,583
Accumulated deficit
(1,010,046
)
(1,003,210
)
Accumulated other comprehensive loss
(140
)
(168
)
Total NantHealth stockholders' deficit
(131,934
)
(111,784
)
Noncontrolling interests
293
384
Total stockholders' deficit
$
(131,641
)
$
(111,400
)
Total liabilities and stockholders' deficit
$
187,966
$
200,288
NantHealth, Inc.
Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2021
2020
Revenue
Software-as-a-service related
$
15,757
$
18,121
Maintenance
383
—
Professional services
27
—
Total software-related revenue
16,167
18,121
Sequencing and molecular analysis
3
59
Total net revenue
16,170
18,180
Cost of Revenue
Software-as-a-service related
5,535
5,701
Maintenance
207
—
Professional services
7
—
Amortization of developed technologies
1,247
1,143
Total software-related cost of revenue
6,996
6,844
Sequencing and molecular analysis
47
352
Total cost of revenue
7,043
7,196
Gross Profit
9,127
10,984
Operating Expenses
Selling, general and administrative
12,502
12,427
Research and development
5,013
3,550
Amortization of acquisition-related assets
985
867
Total operating expenses
18,500
16,844
Loss from operations
(9,373
)
(5,860
)
Interest expense, net
(3,568
)
(4,657
)
Other (expense) income, net
(2,570
)
3,454
Loss from related party equity method investment
—
(1,784
)
Loss from continuing operations before income taxes
(15,511
)
(8,847
)
(Benefit from) provision for income taxes
(8
)
93
Net loss from continuing operations
(15,503
)
(8,940
)
Income from discontinued operations, net of tax attributable to NantHealth
4
32,005
Net (loss) income
(15,499
)
23,065
Net loss attributable to noncontrolling interests
(91
)
—
Net (loss) income attributable to NantHealth
$
(15,408
)
$
23,065
Basic and diluted net income (loss) per share attributable to NantHealth:
Continuing operations - common stock
$
(0.14
)
$
(0.08
)
Discontinued operations - common stock
$
—
$
0.29
Total net (loss) income per share - common stock
$
(0.14
)
$
0.21
Weighted average shares outstanding
Basic and diluted - common stock
111,319,061
110,619,780
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
March 31,
2021
2020
Net loss from continuing operations attributable to NantHealth
$
(15,412
)
$
(8,940
)
Adjustments to GAAP net loss from continuing operations attributable to NantHealth:
Loss from related party equity method investment
—
1,784
Stock-based compensation expense from continuing operations
883
732
Change in fair value of derivatives liability
(4
)
5
Change in fair value of Bookings Commitment
2,463
(3,128
)
Noncash interest expense related to convertible notes
323
1,542
Intangible amortization from continuing operations
2,212
2,010
Securities litigation costs
—
(103
)
Tax (benefit) provision resulting from certain noncash tax items
(43
)
—
Total adjustments to GAAP net loss from continuing operations attributable to NantHealth
5,834
2,842
Net loss from continuing operations attributable to NantHealth - Non-GAAP
$
(9,578
)
$
(6,098
)
Weighted average basis common shares outstanding
111,319,061
110,619,780
Net loss per common share from continuing operations attributable to NantHealth - Non-GAAP
$
(0.09
)
$
(0.06
)
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
March 31,
2021
2020
Net loss per common share from continuing operations attributable to NantHealth
$
(0.14
)
$
(0.08
)
Adjustments to GAAP net loss per common share from continuing operations attributable to NantHealth:
Loss from related party equity method investment
—
0.01
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
0.02
(0.03
)
Noncash interest expense related to convertible notes
—
0.01
Intangible amortization from continuing operations
0.02
0.02
Securities litigation costs
—
—
Tax (benefit) provision resulting from certain noncash tax items
—
—
Total adjustments to GAAP net loss per common share from continuing operations attributable to NantHealth
0.05
0.02
Net loss per common share from continuing operations attributable to NantHealth - Non-GAAP
$
(0.09
)
$
(0.06
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005944/en/
Investor Contact: Robert Jaffe rjaffe@rjaffeco.com 424.288.4098
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