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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 leading provider of enterprise solutions that help businesses transform complex data into actionable insights, today reported financial results for its third quarter ended September 30, 2022.
“Net revenue was $16.6 million for the third quarter of 2022, representing the fourth consecutive quarter of top-line growth,” said Ron Louks, Chief Operating Officer, NantHealth. “Moreover, our gross profit of $9.7 million and gross margin of 58 percent for the quarter were the highest since the fourth quarter of 2020.
“We expect to continue the positive momentum generated over the last several quarters. Recently, we signed a new customer, a leading provider of technology-enabled payment integrity, eligibility and related analytics services, to a four-year agreement for our NantHealth solutions. Importantly, we are also benefiting from a broadened product portfolio, with existing customers appreciating the value of our multiple solutions and services.”
Software and Services Q3 Highlights:
Third quarter Financial Results: 2022 vs 2021
For the 2022 third 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 third quarter ended September 30, 2022. The conference call will be available to interested parties by dialing 800-942-2493 from the U.S. or Canada, or 212-231-2931 from international locations. 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), and data solutions that provide multi-data analysis, reporting and professional services offerings (Quadris). The OpenNMS Group, Inc., a NantHealth subsidiary, helps businesses monitor and manage network health and performance. For more information, visit nanthealth.com, follow us on Twitter, Facebook, LinkedIn and YouTube 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; our ability to grow the market for our software and data solutions; successfully enhancing our software and data solutions to achieve market acceptance and keep pace with technological developments; customer concentration; competition; security breaches; bandwidth limitations; our use and distribution of open source software; our ability to obtain necessary regulatory approvals, certifications and licenses; dependence upon senior management; the need to comply with and meet applicable laws and regulations; unexpected adverse events; 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)
September 30, 2022
December 31, 2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
635
$
29,084
Accounts receivable, net
5,299
5,810
Related party receivables, net
476
506
Prepaid expenses and other current assets
5,738
4,010
Total current assets
12,148
39,410
Property, plant, and equipment, net
11,754
12,366
Goodwill
98,333
98,333
Intangible assets, net
32,342
39,039
Related party receivable, net of current
937
1,012
Operating lease right-of-use assets
4,604
6,048
Other assets
794
1,620
Total assets
$
160,912
$
197,828
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
6,216
$
3,204
Accrued and other current liabilities
18,771
16,358
Deferred revenue
2,663
2,440
Related party payables, net
4,825
5,161
Notes payable
1,112
782
Total current liabilities
33,587
27,945
Deferred revenue, net of current
1,397
2,024
Related party liabilities
43,922
38,278
Related party promissory note
112,666
112,666
Related party convertible note, net
62,318
62,268
Convertible notes, net
74,663
74,603
Deferred income taxes, net
1,561
1,775
Operating lease liabilities
4,554
6,248
Other liabilities
27,406
34,013
Total liabilities
362,074
359,820
Stockholders' deficit
Common stock, $0.0001 par value per share, 750,000,000 shares authorized; 115,550,244 and 115,505,244 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
12
12
Additional paid-in capital
894,750
891,105
Accumulated deficit
(1,095,016
)
(1,052,897
)
Accumulated other comprehensive loss
(908
)
(212
)
Total stockholders' deficit
$
(201,162
)
$
(161,992
)
Total liabilities and stockholders' deficit
$
160,912
$
197,828
NantHealth, Inc. Consolidated Statements of Operations (Dollars in thousands, except per share amounts) (Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Revenue
Software-as-a-service related
$
16,161
$
13,879
$
47,793
$
45,140
Maintenance
398
406
1,290
1,201
Professional services
73
57
419
257
Total software-related revenue
16,632
14,342
49,502
46,598
Other
1
17
2
20
Total net revenue
16,633
14,359
49,504
46,618
Cost of Revenue
Software-as-a-service related
5,172
5,244
16,356
16,223
Maintenance
509
298
1,347
775
Professional services
—
6
9
13
Amortization of developed technologies
1,247
1,247
3,741
3,741
Total software-related cost of revenue
6,928
6,795
21,453
20,752
Other
—
34
1
127
Total cost of revenue
6,928
6,829
21,454
20,879
Gross Profit
9,705
7,530
28,050
25,739
Operating Expenses
Selling, general and administrative
16,580
12,969
45,577
37,309
Research and development
6,299
4,648
17,875
14,510
Amortization of acquisition-related assets
985
985
2,956
2,956
Total operating expenses
23,864
18,602
66,408
54,775
Gain (loss) from operations
(14,159
)
(11,072
)
(38,358
)
(29,036
)
Interest income (expense), net
(3,511
)
(3,572
)
(10,431
)
(10,943
)
Other income (expense), net
4,003
3,759
6,651
(1,862
)
Income (loss) from continuing operations before income taxes
(13,667
)
(10,885
)
(42,138
)
(41,841
)
Provision for (benefit from) income taxes
(10
)
23
(19
)
21
Net income (loss) from continuing operations
(13,657
)
(10,908
)
(42,119
)
(41,862
)
Income (loss) from discontinued operations, net of tax attributable to NantHealth
—
—
—
24
Net income (loss)
(13,657
)
(10,908
)
(42,119
)
(41,838
)
Net income (loss) attributable to noncontrolling interests
—
(65
)
—
(284
)
Net income (loss) attributable to NantHealth
$
(13,657
)
$
(10,843
)
$
(42,119
)
$
(41,554
)
Basic and diluted net loss per share attributable to NantHealth:
Total net income (loss) per share - common stock
$
(0.12
)
$
(0.09
)
$
(0.36
)
$
(0.37
)
Weighted average shares outstanding
Basic and diluted - common stock
115,550,244
115,243,671
115,540,681
113,706,124
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 September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Net income (loss) from continuing operations attributable to NantHealth
$
(13,657
)
$
(10,843
)
$
(42,119
)
$
(41,578
)
Adjustments to GAAP net income (loss) from continuing operations attributable to NantHealth:
Loss on Exchange and Prepayment of 2016 Notes
—
—
—
742
Stock-based compensation expense from continuing operations
889
799
3,542
2,533
Change in fair value of derivatives liability
—
—
—
(4
)
Change in fair value of Bookings Commitment
(3,656
)
(3,670
)
(6,156
)
1,133
Impairment of ROU asset
—
—
208
—
Noncash interest expense related to convertible notes
37
58
110
568
Intangible amortization from continuing operations
2,232
2,222
6,697
6,646
Cyber incident estimated liability
220
—
220
—
Tax provision (benefit) resulting from certain noncash tax items
(29
)
(17
)
(73
)
(105
)
Total adjustments to GAAP net income (loss) from continuing operations attributable to NantHealth
(307
)
(608
)
4,548
11,513
Net loss from continuing operations attributable to NantHealth - Non-GAAP
$
(13,964
)
$
(11,451
)
$
(37,571
)
$
(30,065
)
Weighted average basis common shares outstanding
115,550,244
115,243,671
115,540,681
113,706,124
Net income (loss) per common share from continuing operations attributable to NantHealth - Non-GAAP
$
(0.12
)
$
(0.10
)
$
(0.33
)
$
(0.26
)
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 September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Net income (loss) per common share from continuing operations attributable to NantHealth
$
(0.12
)
$
(0.09
)
$
(0.36
)
$
(0.37
)
Adjustments to GAAP net income (loss) per common share from continuing operations attributable to NantHealth:
Loss on Exchange and Prepayment of 2016 Notes
—
—
—
0.01
Stock-based compensation expense from continuing operations
0.01
0.01
0.03
0.03
Change in fair value of derivatives liability
—
—
—
—
Change in fair value of Bookings Commitment
(0.03
)
(0.04
)
(0.06
)
0.01
Impairment of ROU asset
—
—
—
—
Noncash interest expense related to convertible notes
—
—
—
—
Intangible amortization from continuing operations
0.02
0.02
0.06
0.06
Cyber incident estimated liability
—
—
—
—
Tax provision (benefit) resulting from certain noncash tax items
—
—
—
—
Total adjustments to GAAP net income (loss) per common share from continuing operations attributable to NantHealth
—
(0.01
)
0.03
0.11
Net income (loss) per common share from continuing operations attributable to NantHealth - Non-GAAP
$
(0.12
)
$
(0.10
)
$
(0.33
)
$
(0.26
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006208/en/
Investor Contact: Robert Jaffe rjaffe@rjaffeco.com 424.288.4098
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