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For the 2016 second quarter, total net revenues increased 167% to
With the inclusion of stock based compensation expense related to the
IPO, equal to
“We achieved stellar topline results across all of our revenue lines,
reflecting how strongly customers have responded to NantHealth’s
innovative offerings,” said
“Looking ahead, we are focused on adding customers and executing on our opportunities across the spectrum of our offerings. In addition, the acquisitions we completed in the last year are paying dividends and our GPS Cancer product continues to gain traction and acceptance among insurers. Combined, these efforts and initiatives will drive our growth in the near term and beyond.”
GPS Cancer - Highlights
NantOS – Highlights
During the second quarter:
Other Corporate 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 such topics as, but not limited to, the company’s financial status and performance, regulatory and operational developments, and any 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
Adjusted net loss excludes, among others, the effects of (1) income/loss from equity method investments, (2) stock based compensation expense, (3) intangible amortization, (4) corporate restructuring expenses, (5) acquisition related compensation expense, and (6) acquisition-related sales incentives, which have been recorded as contra revenue.
Adjusted shares outstanding include Series F redeemable shares as if
converted on
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. 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 Annual Report
on Form 10-K and our other reports filed with the
|
|||||||||
CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS | |||||||||
(In thousands) | |||||||||
|
|
||||||||
2016 | 2015 | ||||||||
(unaudited) | |||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 95,242 | $ | 5,989 | |||||
Marketable securities | 71 | 1,243 | |||||||
Accounts receivable, net | 17,165 | 11,472 | |||||||
Inventories, net | 2,342 | 2,146 | |||||||
Deferred implementation costs, current | 3,922 | 2,224 | |||||||
Related party receivables, net | 856 | 1,245 | |||||||
Prepaid expenses and other current assets | 8,708 | 8,707 | |||||||
Total current assets | 128,306 | 33,026 | |||||||
Property, plant, and equipment, net | 26,413 | 13,899 | |||||||
Deferred implementation costs, net of current | 6,347 | 1,930 | |||||||
|
133,426 | 56,718 | |||||||
Intangible assets, net | 130,165 | 54,971 | |||||||
Investments in related parties | 242,901 | 248,191 | |||||||
Related party receivable, net of current | 2,028 | 1,300 | |||||||
Other assets | 2,276 | 1,918 | |||||||
Total assets | $ | 671,862 | $ | 411,953 | |||||
Liabilities and Stockholders'/Members' Equity | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 6,218 | $ | 6,447 | |||||
Accrued expenses | 20,770 | 14,423 | |||||||
Deferred revenue, current | 19,292 | 10,656 | |||||||
Related party payables, current | 8,671 | 10,166 | |||||||
Other current liabilities | 596 | 1,544 | |||||||
Total current liabilities | 55,547 | 43,236 | |||||||
Deferred revenue, net of current | 14,725 | 17,312 | |||||||
Related party payables, net of current | 2,755 | - | |||||||
Related party promissory notes | 112,666 | - | |||||||
Other liabilities | 1,050 | 358 | |||||||
Total liabilities | 186,743 | 60,906 | |||||||
Redeemable Series F units: 53,581 units issued and outstanding at
|
- | 166,042 | |||||||
Stockholders'/Members' equity | |||||||||
Members' equity | - | 476,263 | |||||||
Common stock, |
12 | - | |||||||
Additional paid-in capital | 863,249 | - | |||||||
Accumulated deficit | (378,448 | ) | (291,171 | ) | |||||
Accumulated other comprehensive income (loss) | 306 | (87 | ) | ||||||
Total stockholders'/members' equity | 485,119 | 185,005 | |||||||
Total liabilities and stockholders'/members' equity | $ | 671,862 | $ | 411,953 | |||||
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|||||||||||||||
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
|
|
||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Total Net Revenue | 31,490 | 11,752 | 50,941 | 23,494 | |||||||||||
Total Cost of Revenue | 22,240 | 6,299 | 35,278 | 11,865 | |||||||||||
Gross profit | 9,250 | 5,453 | 15,663 | 11,629 | |||||||||||
Operating Expenses: | |||||||||||||||
Selling, general and administrative | 47,248 | 17,847 | 74,621 | 34,239 | |||||||||||
Research and development | 24,322 | 4,960 | 35,016 | 9,650 | |||||||||||
Amortization of software license and acquisition-related assets | 1,813 | (11 | ) | 3,628 | 22 | ||||||||||
Total operating expenses | 73,383 | 22,796 | 113,265 | 43,911 | |||||||||||
Loss from operations | (64,133 | ) | (17,343 | ) | (97,602 | ) | (32,282 | ) | |||||||
Interest expense, net | (1,758 | ) | (303 | ) | (3,256 | ) | (628 | ) | |||||||
Other income (expense), net | (77 | ) | 555 | 261 | 1,855 | ||||||||||
Loss from equity method investments | (2,375 | ) | (145 | ) | (5,289 | ) | (145 | ) | |||||||
Loss before income taxes | (68,343 | ) | (17,236 | ) | (105,886 | ) | (31,200 | ) | |||||||
Provision for (benefit from) income taxes | (14,211 | ) | - | (18,609 | ) | 1 | |||||||||
Net loss | $ | (54,132 | ) | $ | (17,236 | ) | $ | (87,277 | ) | $ | (31,201 | ) | |||
Loss per share: | |||||||||||||||
Basic & diluted (1) | $ | (0.52 | ) | $ | (0.21 | ) | $ | (0.86 | ) | $ | (0.38 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic & diluted | 104,072 | 82,406 | 101,846 | 82,015 | |||||||||||
Footnote:
1) The loss per share and weighted-average shares outstanding have been
computed to give effect to the LLC conversion (Note 16) that occurred
|
||||||||||||
SUPPLEMENTAL REVENUE SCHEDULE | ||||||||||||
(In thousands) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
|
|
|||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Revenue: | ||||||||||||
Software and hardware | $ | 4,149 | $ | 3,942 | $ | 4,823 | $ | 7,703 | ||||
Software–as-a-service | 15,181 | 3,412 | 28,882 | 7,218 | ||||||||
Total software-related revenue | 19,330 | 7,354 | 33,705 | 14,921 | ||||||||
Maintenance | 4,512 | 2,545 | 7,650 | 5,040 | ||||||||
Sequencing and molecular analysis | 45 | - | 45 | - | ||||||||
Other services | 7,603 | 1,853 | 9,541 | 3,533 | ||||||||
Total net revenue | 31,490 | 11,752 | 50,941 | 23,494 | ||||||||
Cost of Revenue: | ||||||||||||
Software and hardware | 435 | 91 | 674 | (371 | ) | |||||||
Software-as-a-service | 9,314 | 1,830 | 13,737 | 3,790 | ||||||||
Total software-related cost of revenue | 9,749 | 1,921 | 14,411 | 3,419 | ||||||||
Maintenance | 743 | 102 | 1,273 | 212 | ||||||||
Sequencing and molecular analysis | 359 | - | 359 | - | ||||||||
Other services | 7,492 | 2,030 | 11,057 | 3,677 | ||||||||
Amortization of developed technologies | 3,897 | 2,246 | 8,178 | 4,557 | ||||||||
Total cost of revenue | 22,240 | 6,299 | 35,278 | 11,865 | ||||||||
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RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED) | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Loss before income taxes | (68,343 | ) | (17,236 | ) | (105,886 | ) | (31,200 | ) | ||||||||
Loss from equity method investments | 2,375 | 145 | 5,289 | 145 | ||||||||||||
Stock-based compensation expense | 43,691 | 126 | 43,788 | 1,031 | ||||||||||||
Corporate restructuring | 179 | 458 | 2,145 | 986 | ||||||||||||
Acquisition related compensation expense | - | - | 4,814 | - | ||||||||||||
Sales incentive | 40 | - | 1,461 | - | ||||||||||||
Intangible amortization | 5,710 | 2,235 | 11,806 | 4,579 | ||||||||||||
Total adjustments to GAAP income before provision for income taxes | 51,995 | 2,964 | 69,303 | 6,741 | ||||||||||||
Provision for income taxes | 175 | - | 305 | 1 | ||||||||||||
Net Loss - Non-GAAP | $ | (16,523 | ) | $ | (14,272 | ) | $ | (36,888 | ) | $ | (24,460 | ) | ||||
Shares Outstanding | 104,072 | 82,406 | 101,846 | 82,015 | ||||||||||||
Series F redeemable stock | 9,419 | 10,714 | 10,067 | 10,714 | ||||||||||||
Shares Outstanding - Non-GAAP | 113,491 | 93,120 | 111,913 | 92,729 | ||||||||||||
Net Loss per share - Non-GAAP | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.33 | ) | $ | (0.26 | ) | ||||
GAAP Loss Per Share | ||||||||||||||||
Net Loss | (54,132 | ) | (17,236 | ) | (87,277 | ) | (31,201 | ) | ||||||||
Shares Outstanding | 104,072 | 82,406 | 101,846 | 82,015 | ||||||||||||
Basic & Diluted loss per share | $ | (0.52 | ) | $ | (0.21 | ) | $ | (0.86 | ) | $ | (0.38 | ) |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160809006378/en/
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