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“The past year was marked by a number of operational highlights, including the continuing launch of new products and services, ongoing efforts to build and expand our business capabilities and successfully completing a major refinancing,” said
“We believe we have built a strong foundation that positioned
Software and Services Q4 Highlights:
Business and Financial Highlights:
For the 2021 fourth quarter:
For the 2021 full year:
At
Conference Call Information and Forward-Looking Statements
Later today, the company will host a conference call at
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
About
NantHealth Forward Looking Statement
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 ability to integrate
|
|||||||
Consolidated Balance Sheets |
|||||||
(Dollars in thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
|
|
||||||
|
2021 |
|
2020 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
29,084 |
|
|
$ |
22,787 |
|
Accounts receivable, net |
|
5,810 |
|
|
|
3,273 |
|
Related party receivables, net |
|
506 |
|
|
|
1,031 |
|
Prepaid expenses and other current assets |
|
4,010 |
|
|
|
3,504 |
|
Total current assets |
|
39,410 |
|
|
|
30,595 |
|
Property, plant, and equipment, net |
|
12,366 |
|
|
|
13,102 |
|
|
|
98,333 |
|
|
|
98,333 |
|
Intangible assets, net |
|
39,039 |
|
|
|
47,969 |
|
Related party receivable, net of current |
|
1,012 |
|
|
|
823 |
|
Operating lease right-of-use assets |
|
6,048 |
|
|
|
7,539 |
|
Other assets |
|
1,620 |
|
|
|
1,927 |
|
Total assets |
$ |
197,828 |
|
|
$ |
200,288 |
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
3,204 |
|
|
$ |
5,122 |
|
Accrued and other current liabilities |
|
16,358 |
|
|
|
13,975 |
|
Deferred revenue |
|
2,440 |
|
|
|
1,166 |
|
Related party payables, net |
|
5,161 |
|
|
|
4,238 |
|
Notes payable |
|
782 |
|
|
|
268 |
|
Related party convertible note, net |
|
— |
|
|
|
9,411 |
|
Convertible notes, net |
|
— |
|
|
|
90,578 |
|
Total current liabilities |
|
27,945 |
|
|
|
124,758 |
|
Deferred revenue, net of current |
|
2,024 |
|
|
|
393 |
|
Related party liabilities |
|
38,278 |
|
|
|
31,091 |
|
Related party promissory note |
|
112,666 |
|
|
|
112,666 |
|
Related party convertible note, net |
|
62,268 |
|
|
|
— |
|
Convertible notes, net |
|
74,603 |
|
|
|
— |
|
Deferred income taxes, net |
|
1,775 |
|
|
|
1,853 |
|
Operating lease liabilities |
|
6,248 |
|
|
|
8,170 |
|
Other liabilities |
|
34,013 |
|
|
|
32,757 |
|
Total liabilities |
|
359,820 |
|
|
|
311,688 |
|
|
|
|
|
||||
Stockholders' deficit |
|
|
|
||||
Common stock, |
|
12 |
|
|
|
11 |
|
Additional paid-in capital |
|
891,105 |
|
|
|
891,583 |
|
Accumulated deficit |
|
(1,052,897 |
) |
|
|
(1,003,210 |
) |
Accumulated other comprehensive loss |
|
(212 |
) |
|
|
(168 |
) |
Total |
|
(161,992 |
) |
|
|
(111,784 |
) |
Noncontrolling interests |
|
— |
|
|
|
384 |
|
Total stockholders' deficit |
|
(161,992 |
) |
|
|
(111,400 |
) |
Total liabilities and stockholders' deficit |
$ |
197,828 |
|
|
$ |
200,288 |
|
|
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(Dollars in thousands, except per share amounts) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenue |
|
|
|
|
|
|
|
||||||||
Software-as-a-service related |
$ |
15,262 |
|
|
$ |
18,201 |
|
|
$ |
60,402 |
|
|
$ |
72,198 |
|
Maintenance |
|
515 |
|
|
|
378 |
|
|
|
1,717 |
|
|
|
677 |
|
Professional services |
|
250 |
|
|
|
24 |
|
|
|
507 |
|
|
|
86 |
|
Total software-related revenue |
|
16,027 |
|
|
|
18,603 |
|
|
|
62,626 |
|
|
|
72,961 |
|
Other |
|
3 |
|
|
|
39 |
|
|
|
23 |
|
|
|
211 |
|
Total net revenue |
|
16,030 |
|
|
|
18,642 |
|
|
|
62,649 |
|
|
|
73,172 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of Revenue |
|
|
|
|
|
|
|
||||||||
Software-as-a-service related |
|
5,280 |
|
|
|
5,504 |
|
|
|
21,503 |
|
|
|
23,056 |
|
Maintenance |
|
399 |
|
|
|
230 |
|
|
|
1,174 |
|
|
|
361 |
|
Professional services |
|
— |
|
|
|
1 |
|
|
|
14 |
|
|
|
16 |
|
Amortization of developed technologies |
|
1,247 |
|
|
|
1,247 |
|
|
|
4,988 |
|
|
|
4,755 |
|
Total software-related cost of revenue |
|
6,926 |
|
|
|
6,982 |
|
|
|
27,679 |
|
|
|
28,188 |
|
Other |
|
— |
|
|
|
211 |
|
|
|
128 |
|
|
|
1,038 |
|
Total cost of revenue |
|
6,926 |
|
|
|
7,193 |
|
|
|
27,807 |
|
|
|
29,226 |
|
|
|
|
|
|
|
|
|
||||||||
Gross Profit |
|
9,104 |
|
|
|
11,449 |
|
|
|
34,842 |
|
|
|
43,946 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
14,784 |
|
|
|
11,670 |
|
|
|
52,092 |
|
|
|
48,534 |
|
Research and development |
|
5,197 |
|
|
|
4,828 |
|
|
|
19,707 |
|
|
|
17,274 |
|
Amortization of acquisition-related assets |
|
987 |
|
|
|
985 |
|
|
|
3,942 |
|
|
|
3,676 |
|
Impairment of intangible assets, including internal-use software |
|
— |
|
|
|
729 |
|
|
|
— |
|
|
|
729 |
|
Total operating expenses |
|
20,968 |
|
|
|
18,212 |
|
|
|
75,741 |
|
|
|
70,213 |
|
Loss from operations |
|
(11,864 |
) |
|
|
(6,763 |
) |
|
|
(40,899 |
) |
|
|
(26,267 |
) |
Interest expense, net |
|
(3,538 |
) |
|
|
(4,908 |
) |
|
|
(14,481 |
) |
|
|
(19,199 |
) |
Other expense, net |
|
(1,227 |
) |
|
|
(8,274 |
) |
|
|
(3,089 |
) |
|
|
(10,824 |
) |
Loss from related party equity method investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(31,702 |
) |
Loss from continuing operations before income taxes |
|
(16,629 |
) |
|
|
(19,945 |
) |
|
|
(58,469 |
) |
|
|
(87,992 |
) |
Provision for income taxes |
|
76 |
|
|
|
273 |
|
|
|
97 |
|
|
|
447 |
|
Net loss from continuing operations |
|
(16,705 |
) |
|
|
(20,218 |
) |
|
|
(58,566 |
) |
|
|
(88,439 |
) |
Income from discontinued operations, net of tax, attributable to |
|
— |
|
|
|
38 |
|
|
|
23 |
|
|
|
31,993 |
|
Net loss |
|
(16,705 |
) |
|
|
(20,180 |
) |
|
|
(58,543 |
) |
|
|
(56,446 |
) |
Net loss attributable to noncontrolling interests |
|
— |
|
|
|
(78 |
) |
|
|
(284 |
) |
|
|
(120 |
) |
Net loss attributable to |
$ |
(16,705 |
) |
|
$ |
(20,102 |
) |
|
$ |
(58,259 |
) |
|
$ |
(56,326 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share attributable to |
|
|
|
|
|
|
|
||||||||
Continuing operations - common stock |
$ |
(0.14 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.80 |
) |
Discontinued operations - common stock |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.29 |
|
Total net loss per share - common stock |
$ |
(0.14 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.51 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic and diluted - common stock |
|
115,461,629 |
|
|
|
111,238,540 |
|
|
|
114,148,604 |
|
|
|
110,954,858 |
|
|
|||||||||||||||
Non-GAAP Net Loss from Continuing Operations Attributable to |
|||||||||||||||
(Dollars in thousands, except per share amounts) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net loss from continuing operations attributable to |
$ |
(16,705 |
) |
|
$ |
(20,140 |
) |
|
$ |
(58,282 |
) |
|
$ |
(88,319 |
) |
Adjustments to GAAP net loss from continuing operations attributable to |
|
|
|
|
|
|
|
||||||||
Loss from related party equity method investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,702 |
|
Stock-based compensation expense from continuing operations |
|
1,346 |
|
|
|
961 |
|
|
|
3,879 |
|
|
|
2,722 |
|
Loss on Exchange and Prepayment of 2016 Notes |
|
— |
|
|
|
— |
|
|
|
742 |
|
|
|
— |
|
Change in fair value of derivatives liability |
|
— |
|
|
|
(3 |
) |
|
|
(4 |
) |
|
|
4 |
|
Change in fair value of Bookings Commitment |
|
1,190 |
|
|
|
8,098 |
|
|
|
2,323 |
|
|
|
11,168 |
|
Noncash interest expense related to convertible notes |
|
54 |
|
|
|
1,698 |
|
|
|
622 |
|
|
|
6,477 |
|
Intangible amortization from continuing operations |
|
2,234 |
|
|
|
2,212 |
|
|
|
8,880 |
|
|
|
8,395 |
|
Impairment of intangible assets, including internal-use software |
|
— |
|
|
|
729 |
|
|
|
— |
|
|
|
729 |
|
Securities litigation costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(103 |
) |
Tax provision (benefit) resulting from certain noncash tax items |
|
44 |
|
|
|
244 |
|
|
|
(60 |
) |
|
|
228 |
|
Total adjustments to GAAP net loss from continuing operations attributable to |
|
4,868 |
|
|
|
13,939 |
|
|
|
16,382 |
|
|
|
61,322 |
|
Net loss from continuing operations attributable to |
$ |
(11,837 |
) |
|
$ |
(6,201 |
) |
|
$ |
(41,900 |
) |
|
$ |
(26,997 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average basic common shares outstanding |
|
115,461,629 |
|
|
|
111,238,540 |
|
|
|
114,148,604 |
|
|
|
110,954,858 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per common share from continuing operations attributable to |
$ |
(0.10 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.24 |
) |
Reconciliation of Net Loss per Common Share from Continuing Operations Attributable to |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net loss per common share from continuing operations attributable to |
$ |
(0.14 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.80 |
) |
Adjustments to GAAP net loss per common share from continuing operations attributable to |
|
|
|
|
|
|
|
||||||||
Loss from related party equity method investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.29 |
|
Stock-based compensation expense from continuing operations |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.02 |
|
Loss on Exchange and Prepayment of 2016 Notes |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Change in fair value of derivatives liability |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in fair value of Bookings Commitment |
|
0.01 |
|
|
|
0.07 |
|
|
|
0.01 |
|
|
|
0.10 |
|
Noncash interest expense related to convertible notes |
|
— |
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.06 |
|
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 |
|
Securities litigation costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax provision (benefit) resulting from certain noncash tax items |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total adjustments to GAAP net loss per common share from continuing operations attributable to |
|
0.04 |
|
|
|
0.12 |
|
|
|
0.14 |
|
|
|
0.56 |
|
Net loss per common share from continuing operations attributable to |
$ |
(0.10 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.24 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005961/en/
Investor Contact:
rjaffe@rjaffeco.com
424.288.4098
Source: