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“For both the 2019 fourth quarter and full year, we continued to generate strong positive sales momentum, largely due to the ongoing growth of our SaaS business,” said
“In recent months, we have streamlined our operations to accelerate growth for Eviti and NaviNet SaaS solutions. In
Software and Services Q4 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
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
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
FINANCIAL TABLES FOLLOW
Consolidated Balance Sheets | ||||||||
(Dollars in thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
2019 |
2018 |
|||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ |
5,243 |
|
$ |
18,305 |
|
||
Accounts receivable, net |
|
10,918 |
|
|
15,286 |
|
||
Inventories |
|
798 |
|
|
496 |
|
||
Related party receivables, net |
|
823 |
|
|
1,007 |
|
||
Prepaid expenses and other current assets |
|
20,131 |
|
|
4,350 |
|
||
Total current assets |
|
37,913 |
|
|
39,444 |
|
||
Property, plant, and equipment, net |
|
16,095 |
|
|
22,978 |
|
||
|
115,930 |
|
|
115,930 |
|
|||
Intangible assets, net |
|
51,848 |
|
|
64,703 |
|
||
Investment in related party |
|
31,702 |
|
|
40,000 |
|
||
Related party receivable, net of current |
|
1,108 |
|
|
1,611 |
|
||
Operating lease right-of-use assets |
|
10,073 |
|
— |
||||
Other assets |
|
1,818 |
|
|
1,671 |
|
||
Total assets | $ |
266,487 |
|
$ |
286,337 |
|
||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ |
3,951 |
|
$ |
1,650 |
|
||
Accrued and other current liabilities |
|
32,444 |
|
|
13,832 |
|
||
Deferred revenue |
|
16,748 |
|
|
16,263 |
|
||
Related party payables, net |
|
4,120 |
|
|
4,791 |
|
||
Notes payable |
|
238 |
|
— |
||||
Total current liabilities |
|
57,501 |
|
|
36,536 |
|
||
Deferred revenue, net of current |
|
1,286 |
|
|
6,704 |
|
||
Related party liabilities |
|
24,227 |
|
|
17,708 |
|
||
Related party promissory note |
|
112,666 |
|
|
112,666 |
|
||
Related party convertible note, net |
|
8,864 |
|
|
8,378 |
|
||
Convertible notes, net |
|
84,648 |
|
|
79,433 |
|
||
Operating lease liabilities |
|
11,010 |
|
— |
||||
Other liabilities |
|
23,421 |
|
|
22,081 |
|
||
Total liabilities |
|
323,623 |
|
|
283,506 |
|
||
Stockholders' equity (deficit) | ||||||||
Common stock, |
|
11 |
|
|
11 |
|
||
Additional paid-in capital |
|
889,955 |
|
|
887,289 |
|
||
Accumulated deficit |
|
(946,884 |
) |
|
(884,122 |
) |
||
Accumulated other comprehensive loss |
|
(218 |
) |
|
(347 |
) |
||
Total stockholders' (deficit) equity |
|
(57,136 |
) |
|
2,831 |
|
||
Total liabilities and stockholders' equity (deficit) | $ |
266,487 |
|
$ |
286,337 |
|
Consolidated Statements of Operations | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended
|
|
Year Ended
|
||||||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
Total net revenue | $ |
24,190 |
|
$ |
22,862 |
|
$ |
95,961 |
|
$ |
89,464 |
|
||||
Total cost of revenue |
|
8,944 |
|
|
11,393 |
|
|
38,422 |
|
|
44,269 |
|
||||
Gross Profit |
|
15,246 |
|
|
11,469 |
|
|
57,539 |
|
|
45,195 |
|
||||
Operating Expenses | ||||||||||||||||
Selling, general and administrative |
|
13,942 |
|
|
14,638 |
|
|
61,043 |
|
|
70,763 |
|
||||
Research and development |
|
4,840 |
|
|
5,041 |
|
|
19,072 |
|
|
20,916 |
|
||||
Amortization of acquisition-related assets |
|
1,054 |
|
|
1,054 |
|
|
4,217 |
|
|
4,217 |
|
||||
Impairment of intangible asset | — | — |
|
3,977 |
|
— | ||||||||||
Total operating expenses |
|
19,836 |
|
|
20,733 |
|
|
88,309 |
|
|
95,896 |
|
||||
Loss from operations |
|
(4,590 |
) |
|
(9,264 |
) |
|
(30,770 |
) |
|
(50,701 |
) |
||||
Interest expense, net |
|
(4,601 |
) |
|
(4,354 |
) |
|
(18,044 |
) |
|
(17,120 |
) |
||||
Other expense, net |
|
(586 |
) |
|
(16,948 |
) |
|
(5,625 |
) |
|
(17,876 |
) |
||||
Loss from related party equity method investment |
|
(1,916 |
) |
|
(18,898 |
) |
|
(8,317 |
) |
|
(108,409 |
) |
||||
Loss from continuing operations before income taxes |
|
(11,693 |
) |
|
(49,464 |
) |
|
(62,756 |
) |
|
(194,106 |
) |
||||
Provision for (benefit from) income taxes |
|
56 |
|
|
(244 |
) |
|
(112 |
) |
|
(3,673 |
) |
||||
Net loss from continuing operations |
|
(11,749 |
) |
|
(49,220 |
) |
|
(62,644 |
) |
|
(190,433 |
) |
||||
Income (loss) from discontinued operations, net of tax | — |
|
97 |
|
|
(118 |
) |
|
(1,719 |
) |
||||||
Net loss | $ |
(11,749 |
) |
$ |
(49,123 |
) |
$ |
(62,762 |
) |
$ |
(192,152 |
) |
||||
Basic and diluted net loss per share | ||||||||||||||||
Continuing operations - common stock | $ |
(0.11 |
) |
$ |
(0.45 |
) |
$ |
(0.57 |
) |
$ |
(1.74 |
) |
||||
Discontinued operations - common stock | $ |
— |
$ |
— |
$ |
— |
$ |
(0.02 |
) |
|||||||
Total net loss per share - common stock | $ |
(0.11 |
) |
$ |
(0.45 |
) |
$ |
(0.57 |
) |
$ |
(1.76 |
) |
||||
Weighted average shares outstanding | ||||||||||||||||
Basic - common stock |
|
110,619,780 |
|
|
109,490,441 |
|
|
110,351,638 |
|
|
109,168,798 |
|
||||
Diluted - common stock |
|
110,732,280 |
|
|
109,490,441 |
|
|
110,468,372 |
|
|
109,168,798 |
|
Supplemental Revenue Schedule | ||||||||||||
(Dollars in thousands) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended
|
|
Year Ended
|
||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||
Revenue | ||||||||||||
Software-as-a-service related | $ |
18,410 |
$ |
17,326 |
$ |
72,831 |
$ |
65,646 |
||||
Software and hardware related |
|
2,880 |
|
744 |
|
8,015 |
|
4,534 |
||||
Maintenance |
|
2,748 |
|
2,477 |
|
10,519 |
|
9,834 |
||||
Total software-related revenue |
|
24,038 |
|
20,547 |
|
91,365 |
|
80,014 |
||||
Sequencing and molecular analysis |
|
152 |
|
622 |
|
1,733 |
|
3,129 |
||||
Home health care services | — |
|
1,693 |
|
2,863 |
|
6,321 |
|||||
Total net revenue | $ |
24,190 |
$ |
22,862 |
$ |
95,961 |
$ |
89,464 |
||||
Cost of Revenue | ||||||||||||
Software-as-a-service related | $ |
6,078 |
$ |
5,488 |
$ |
23,233 |
$ |
23,691 |
||||
Software and hardware related |
|
683 |
|
923 |
|
2,886 |
|
3,335 |
||||
Maintenance |
|
560 |
|
241 |
|
1,625 |
|
924 |
||||
Amortization of developed technologies |
|
1,143 |
|
1,233 |
|
4,662 |
|
4,933 |
||||
Total software-related cost of revenue |
|
8,464 |
|
7,885 |
|
32,406 |
|
32,883 |
||||
Sequencing and molecular analysis |
|
480 |
|
2,612 |
|
4,545 |
|
8,055 |
||||
Home health care services | — |
|
896 |
|
1,471 |
|
3,331 |
|||||
Total cost of revenue | $ |
8,944 |
$ |
11,393 |
$ |
38,422 |
$ |
44,269 |
Non-GAAP Net Loss from Continuing Operations and Non-GAAP Net Loss Per Share from Continuing Operations | ||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended
|
|
Year Ended
|
||||||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
Net loss from continuing operations | $ |
(11,749 |
) |
$ |
(49,220 |
) |
$ |
(62,644 |
) |
$ |
(190,433 |
) |
||||
Adjustments to GAAP net loss from continuing operations: | ||||||||||||||||
Loss from related party equity method investment |
|
1,916 |
|
|
18,898 |
|
|
8,317 |
|
|
108,409 |
|
||||
Stock-based compensation expense from continuing operations |
|
937 |
|
|
852 |
|
|
2,786 |
|
|
5,657 |
|
||||
Acquisition related sales incentive | — |
|
425 |
|
— |
|
1,420 |
|
||||||||
Change in fair value of derivatives liability | — | — | — |
|
(7 |
) |
||||||||||
Change in fair value of Bookings Commitment |
|
372 |
|
|
16,947 |
|
|
5,036 |
|
|
16,947 |
|
||||
Impairment of investment in IOBS | — | — | — |
|
1,750 |
|
||||||||||
Non-cash interest expense related to convertible notes |
|
1,495 |
|
|
1,316 |
|
|
5,702 |
|
|
5,019 |
|
||||
Intangible amortization from continuing operations |
|
2,197 |
|
|
2,287 |
|
|
8,879 |
|
|
9,150 |
|
||||
Impairment of intangible assets | — | — |
|
3,977 |
|
— | ||||||||||
Loss on sale of business | — | — |
|
582 |
|
— | ||||||||||
Securities litigation costs |
|
28 |
|
|
(392 |
) |
|
528 |
|
|
1,317 |
|
||||
Tax benefit resulting from certain non-cash tax items |
|
(51 |
) |
|
(111 |
) |
|
(570 |
) |
|
(3,760 |
) |
||||
Total adjustments to GAAP net loss from continuing operations |
|
6,894 |
|
|
40,222 |
|
|
35,237 |
|
|
145,902 |
|
||||
Net loss - Non-GAAP from continuing operations | $ |
(4,855 |
) |
$ |
(8,998 |
) |
$ |
(27,407 |
) |
$ |
(44,531 |
) |
||||
Weighted average basic shares outstanding |
|
110,619,780 |
|
|
109,490,441 |
|
|
110,351,638 |
|
|
109,168,798 |
|
||||
Net loss per share from continuing operations - Non-GAAP | $ |
(0.04 |
) |
$ |
(0.08 |
) |
$ |
(0.25 |
) |
$ |
(0.41 |
) |
||||
Reconciliation of Net Loss from Continuing Operations per Common Share to Net Loss per Common Share from Continuing Operations - Non-GAAP (Unaudited): | ||||||||||||||||
Three Months Ended
|
|
Year Ended
|
||||||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
Net loss per common share from continuing operations - GAAP | $ |
(0.11 |
) |
$ |
(0.45 |
) |
$ |
(0.57 |
) |
$ |
(1.74 |
) |
||||
Adjustments to GAAP net loss per common share from continuing operations: | ||||||||||||||||
Loss from related party equity method investment |
|
0.03 |
|
|
0.17 |
|
|
0.07 |
|
|
0.98 |
|
||||
Stock-based compensation expense from continuing operations |
|
0.01 |
|
|
0.01 |
|
|
0.03 |
|
|
0.05 |
|
||||
Acquisition related sales incentive | — | — | — |
|
0.01 |
|
||||||||||
Change in fair value of derivatives liability | — | — | — | — | ||||||||||||
Change in fair value of Bookings Commitment | — |
|
0.16 |
|
|
0.05 |
|
|
0.16 |
|
||||||
Impairment of investment in IOBS | — | — | — |
|
0.02 |
|
||||||||||
Non-cash interest expense related to convertible notes |
|
0.01 |
|
|
0.01 |
|
|
0.05 |
|
|
0.05 |
|
||||
Intangible amortization from continuing operations |
|
0.02 |
|
|
0.02 |
|
|
0.08 |
|
|
0.08 |
|
||||
Impairment of intangible assets | — | — |
|
0.04 |
|
— | ||||||||||
Loss on sale of business | — | — |
|
0.01 |
|
— | ||||||||||
Securities litigation costs | — | — | — |
|
0.01 |
|
||||||||||
Tax benefit resulting from certain non-cash tax items | — | — |
|
(0.01 |
) |
|
(0.03 |
) |
||||||||
Total adjustments to GAAP net loss per common share from continuing operations |
|
0.07 |
|
|
0.37 |
|
|
0.32 |
|
|
1.33 |
|
||||
Net loss per common share from continuing operations - Non-GAAP | $ |
(0.04 |
) |
$ |
(0.08 |
) |
$ |
(0.25 |
) |
$ |
(0.41 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200228005517/en/
Investor Contact:
rjaffe@rjaffeco.com
424.288.4098
Source: