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Rapid Adoption of GPS Cancer with More Than 100% Increase in the Number of Oncologists Ordering the Test from Second to Third Quarter
For the 2016 third quarter, total net revenue increased 76% to
Net loss for the 2016 third quarter was
“The significant increase of total net revenue was primarily driven by a
252% increase in SaaS revenue,” said
GPS Cancer - Highlights
NantOS – Highlights
During the third 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
About
About GPS Cancer™
GPS Cancer™ is a unique, comprehensive test available through
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 reports filed
with the
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|||||||||||
CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS | |||||||||||
(In thousands, except share and per share amounts) | |||||||||||
|
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2016 | 2015 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 75,801 | $ | 5,989 | |||||||
Marketable securities | - | 1,243 | |||||||||
Accounts receivable, net | 12,928 | 11,472 | |||||||||
Inventories | 1,802 | 2,146 | |||||||||
Deferred implementation costs | 4,539 | 2,224 | |||||||||
Related party receivables, net | 882 | 1,245 | |||||||||
Prepaid expenses and other current assets | 5,803 | 8,707 | |||||||||
Total current assets | 101,755 | 33,026 | |||||||||
Property, plant, and equipment, net | 29,412 | 13,899 | |||||||||
Deferred implementation costs, net of current | 7,109 | 1,930 | |||||||||
|
132,729 | 56,718 | |||||||||
Intangible assets, net | 124,645 | 54,971 | |||||||||
Investment in related party | 240,297 | 248,191 | |||||||||
Related party receivable, net of current | 1,987 | 1,300 | |||||||||
Other assets | 2,277 | 1,918 | |||||||||
Total assets | $ | 640,211 | $ | 411,953 | |||||||
Liabilities and Stockholders' / Members' Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 6,540 | $ | 6,447 | |||||||
Accrued expenses | 23,027 | 15,967 | |||||||||
Deferred revenue | 17,180 | 10,656 | |||||||||
Related party payables, net | 7,530 | 10,166 | |||||||||
Total current liabilities | 54,277 | 43,236 | |||||||||
Deferred revenue, net of current | 16,750 | 17,312 | |||||||||
Related party interest payable | 4,171 | - | |||||||||
Related party promissory note | 112,666 | - | |||||||||
Other liabilities | 1,208 | 358 | |||||||||
Total liabilities | 189,072 | 60,906 | |||||||||
Redeemable Series F units: 53,580,996 units issued and outstanding
at |
- | 166,042 | |||||||||
Stockholders' / members' equity | |||||||||||
Members' equity, 541,228,171 units issued and outstanding at
|
- | 476,263 | |||||||||
Common stock, |
12 | - | |||||||||
Additional paid-in capital | 865,889 | - | |||||||||
Accumulated deficit | (415,322 | ) | (291,171 | ) | |||||||
Accumulated other comprehensive income (loss) | 560 | (87 | ) | ||||||||
Total stockholders'/members' equity | 451,139 | 185,005 | |||||||||
Total liabilities and stockholders' / members' equity | $ | 640,211 | $ | 411,953 | |||||||
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|||||||||||||||||||
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
|
|
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2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Total Net Revenue | $ | 25,357 | $ | 14,405 | $ | 76,298 | $ | 37,899 | |||||||||||
Total Cost of Revenue | 17,236 | 12,091 | 52,514 | 23,956 | |||||||||||||||
Gross profit | 8,121 | 2,314 | 23,784 | 13,943 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||
Selling, general and administrative | 24,715 | 18,147 | 99,336 | 52,386 | |||||||||||||||
Research and development | 13,855 | 7,027 | 48,871 | 16,677 | |||||||||||||||
Amortization of software license and acquisition-related assets | 1,814 | 760 | 5,442 | 782 | |||||||||||||||
Total operating expenses | 40,384 | 25,934 | 153,649 | 69,845 | |||||||||||||||
Loss from operations | (32,263 | ) | (23,620 | ) | (129,865 | ) | (55,902 | ) | |||||||||||
Interest income (expense), net | (1,415 | ) | 1 | (4,671 | ) | (627 | ) | ||||||||||||
Other income (expense), net | (336 | ) | 662 | (75 | ) | 2,517 | |||||||||||||
Loss from related party equity method investment | (2,604 | ) | - | (7,893 | ) | (145 | ) | ||||||||||||
Loss before income taxes | (36,618 | ) | (22,957 | ) | (142,504 | ) | (54,157 | ) | |||||||||||
Provision for (benefit from) income taxes | 256 | 1 | (18,353 | ) | 2 | ||||||||||||||
Net loss | $ | (36,874 | ) | $ | (22,958 | ) | $ | (124,151 | ) | $ | (54,159 | ) | |||||||
Net income (loss) per share (1): | |||||||||||||||||||
Basic & diluted - common stock | $ | (0.30 | ) | $ | (0.24 | ) | $ | (1.19 | ) | (2 | ) | $ | (0.62 | ) | |||||
Basic & diluted - redeemable common stock | N/A | N/A | $ | 0.74 | N/A | ||||||||||||||
Weighted average shares outstanding (1): | |||||||||||||||||||
Basic & diluted - common stock | 121,245,440 | 95,906,797 | 108,359,973 | 86,696,282 | |||||||||||||||
Basic & diluted - redeemable common stock | N/A | N/A | 6,686,653 | N/A | |||||||||||||||
Footnote: |
1) The net loss per share and weighted-average shares outstanding
have been computed to give effect to the LLC Conversion that
occurred on |
2) The net loss per share for the common stock for the nine months
ended |
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SUPPLEMENTAL REVENUE SCHEDULE | |||||||||||||||
(In thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
|
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2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue: | |||||||||||||||
Software and hardware | $ | 2,391 | $ | 4,493 | $ | 7,214 | $ | 12,196 | |||||||
Software–as-a-service | 14,603 | 4,143 | 43,485 | 11,361 | |||||||||||
Total software-related revenue | 16,994 | 8,636 | 50,699 | 23,557 | |||||||||||
Maintenance | 3,204 | 2,897 | 10,854 | 7,937 | |||||||||||
Sequencing and molecular analysis | 77 | 75 | 122 | 75 | |||||||||||
Other services | 5,082 | 2,797 | 14,623 | 6,330 | |||||||||||
Total net revenue | $ | 25,357 | $ | 14,405 | $ | 76,298 | $ | 37,899 | |||||||
Cost of Revenue: | |||||||||||||||
Software and hardware | $ | 764 | $ | 74 | $ | 1,438 | $ | (297 | ) | ||||||
Software-as-a-service | 4,930 | 1,670 | 18,667 | 5,460 | |||||||||||
Total software-related cost of revenue | 5,694 | 1,744 | 20,105 | 5,163 | |||||||||||
Maintenance | 702 | 694 | 1,975 | 906 | |||||||||||
Sequencing and molecular analysis | 570 | 39 | 929 | 39 | |||||||||||
Other services | 6,564 | 6,725 | 17,621 | 10,402 | |||||||||||
Amortization of developed technologies | 3,706 | 2,889 | 11,884 | 7,446 | |||||||||||
Total cost of revenue | $ | 17,236 | $ | 12,091 | $ | 52,514 | $ | 23,956 | |||||||
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RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION (UNAUDITED) | |||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
|
|
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2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Loss before income taxes | $ | (36,618 | ) | $ | (22,957 | ) | $ | (142,504 | ) | $ | (54,157 | ) | |||||||
Adjustments to loss before income taxes: | |||||||||||||||||||
Loss from related party equity method investment | 2,604 | - | 7,893 | 145 | |||||||||||||||
Stock-based compensation expense | 5,192 | 319 | 48,982 | 1,350 | |||||||||||||||
Corporate restructuring | 401 | 778 | 2,546 | 1,764 | |||||||||||||||
Acquisition related compensation expense | - | - | 4,814 | - | |||||||||||||||
Sales incentive | 567 | - | 2,027 | - | |||||||||||||||
Intangible amortization | 5,520 | 3,649 | 17,326 | 8,228 | |||||||||||||||
Total adjustments to GAAP loss before provision for income taxes | 14,284 | 4,746 | 83,588 | 11,487 | |||||||||||||||
Provision for income taxes | 93 | 1 | 398 | 2 | |||||||||||||||
Net Loss - Non-GAAP | $ | (22,427 | ) | $ | (18,212 | ) | $ | (59,314 | ) | $ | (42,672 | ) | |||||||
Shares Outstanding | 121,245,440 | 95,906,797 | 108,359,973 | 86,696,282 | |||||||||||||||
Series F/redeemable common stock | - | 10,714,285 | 6,686,653 | 10,714,285 | |||||||||||||||
Shares Outstanding - Non-GAAP | 121,245,440 | 106,621,082 | 115,046,626 | 97,410,567 | |||||||||||||||
Net Loss per share - Non-GAAP | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.52 | ) | $ | (0.44 | ) | |||||||
Reconciliation of Net Loss per Common Share to Non-GAAP Net Loss per Common Share (Unaudited): | |||||||||||||||||||
Net Loss per common share - GAAP | $ | (0.30 | ) | $ | (0.24 | ) | $ | (1.19 | ) | $ | (0.62 | ) | |||||||
Adjustments to GAAP net loss per common share | |||||||||||||||||||
Loss from related party equity method investment | 0.02 | - | 0.07 | - | |||||||||||||||
Stock-based compensation expense | 0.04 | - | 0.45 | 0.02 | |||||||||||||||
Corporate restructuring | - | 0.01 | 0.02 | 0.02 | |||||||||||||||
Acquisition related compensation expense | - | - | 0.04 | - | |||||||||||||||
Sales incentive | - | - | 0.02 | - | |||||||||||||||
Intangible amortization | 0.06 | 0.04 | 0.16 | 0.09 | |||||||||||||||
Income Taxes | - | - | (0.17 | ) | - | ||||||||||||||
Accretion to redemption value of Series F/redeemable common stock | - | - | 0.05 | - | |||||||||||||||
Dilution from Series F/redeemable common stock | - | 0.02 | 0.03 | 0.05 | |||||||||||||||
Total adjustments to GAAP net loss per common share | 0.12 | 0.07 | 0.67 | 0.18 | |||||||||||||||
Net Loss per share - Non-GAAP | $ | (0.18 | ) | $ | (0.17 | ) | $ | (0.52 | ) | $ | (0.44 | ) | |||||||
1) The net loss per share - non-GAAP, weighted-average shares
outstanding, weighted average Series F units/redeemable stock and
shares outstanding - non-GAAP, have been computed to give effect to
the LLC conversion that occurred |
2) The weighted-average shares outstanding have been further
adjusted to account for the redeemable Series F units (converted to
common stock in conjunction with the LLC conversion), whose Put
Right expired on |
3) Net loss -Non-GAAP excludes, among others, the effects of (1)
loss from related party equity method investment, (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. Provision for income taxes excludes
the impact of the conversion from a limited liability corporation to
a corporation. Adjusted shares outstanding include Series F
redeemable shares as if converted to common shares on |
View source version on businesswire.com: http://www.businesswire.com/news/home/20161107006624/en/
Investor Contact:
for
424.288.4098
rjaffe@rjaffeco.com
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