- GPS Revenue Exceeds $1.0 Million in Q3, Up 128% from Q2
- 547 GPS Commercial Tests Ordered in Q3, Up 44% from Q2
- 204 GPS Tests Ordered in October, Largest Month of Orders to
Date
- Signed New International Reseller, Expanding Global Coverage to
Select Southeast Asia Markets
- Executed on Sale of Provider/Patient Engagement Assets, Which
Resulted in Reduction of Ongoing Operating Losses of approximately $50
Million on an Annualized Basis
- Total Revenue of $21.8 Million in Q3, Up 5% from $20.7 Million in
Prior Year
- SAAS Revenue of $15.2 Million in Q3, Up 9% from $14.0 Million prior
year
- GAAP Net Loss per Share from Continuing Operations of $0.20 in Q3,
Excludes $0.17 in GAAP Net Loss per Share from Discontinued Operations
as a Result of the Sale of Provider/Patient Engagement Assets in Q3
CULVER CITY, Calif. -- (Business Wire)
NantHealth, Inc. (NASDAQ-GS: NH), a next-generation, evidence-based,
personalized healthcare company, today reported financial results for
its third quarter ended September 30, 2017.
In August 2017, NantHealth sold its provider/patient engagement assets
to Allscripts to focus on core competencies and accelerate the plan to
achieve profitability. As a result, the company has classified the
current and prior period operating results of its provider/patient
engagement business as discontinued operations. All results presented
below represent the company’s continuing operations.
The company reported 547 GPS Commercial Tests were ordered in Q3, up
from 379 in Q2.
GPS Cancer – Highlights
- New National GPS Cancer Payer: The company signed a new GPS
Cancer reimbursement contract with a large national employer in
October 2017.
- Local Coverage Determination (LCD) & National Coverage by CMS:
Based on data revealing the inaccuracy of tumor-only sequencing
presented by NantHealth at the World Lung Conference, in Q3 the
company formally requested from the Molecular Diagnostic Services
Program (MolDx) coverage for its tumor-normal DNA sequencing combined
with RNA sequencing platform for lung cancer.
- Expanded International Adoption: The company is pursuing GPS
Cancer partnerships with locally based resellers. During the quarter,
the company entered into an agreement for GPS Cancer with
Singapore-based Asia Genomics, under which Asia Genomics will
distribute GPS Cancer to physicians in Singapore, Malaysia, Thailand,
Vietnam and the Philippines. This new contract expands GPS Cancer
beyond our existing international coverage in Israel, Italy, Mexico,
and the Middle East.
- GPS Cancer Reporting Now Includes a Validated Assay for
Microsatellite Instability (MSI): In tandem with the FDA’s
approval of the use of pembrolizumab with molecular identification of
patients with evidence for MSI, NantHealth is now offering MSI by
sequencing as a validated assay available in all GPS Cancer orders.
The approval of the use of a pharmaceutical agent for treating cancer
based on a molecular characteristic such as MSI (instead of an
anatomical basis of disease) is a new treatment paradigm in oncology,
and expands the growing clinical utility footprint of precision
molecular testing. GPS Cancer, which is built on tumor-normal
sequencing, offers a more precise method for assessing MSI.
“We are encouraged and heartened by the positive results of an
independent 1,040-patient clinical study performed at the Memorial Sloan
Kettering Cancer Center and recently published in the Journal of the
American Medical Association (JAMA),” said Patrick Soon-Shiong, M.D.,
Chief Executive Officer and Chairman of NantHealth. “Results of the
study show that universal sequencing of a broad panel of cancer-related
genes in paired germline and tumor DNA samples, similar to GPS Cancer,
was associated with increased detection of clinically significant
mutations. The study’s conclusion directly supports our long-held
contention and aligns with the data we presented to MolDx illustrating
the need for tumor-normal sequencing for all cancer patients. We are
making every effort to share this medically important information with
regulatory bodies, the oncology community and insurers.”
Payer Engagement & Clinical Decision Support Software and Services:
- Clinical Decision Support: won a two-year renewal with our
largest customer and added two key customers
- Connected Care and Payer Engagement: added $5.8 million in
recurring revenue through renewals and new business in Q3
- New Navinet Open and Clinical Decision Support Customer:
implementations announced in Q2 progressing, completion expected in
early 2018
“During the quarter, we made excellent progress on the plan to focus our
business on core competencies, enhanced efficiencies and accelerate
toward profitability,” said Ron Louks, Chief Operating Officer of
NantHealth. “Regarding our third quarter financial performance, the key
highlights of our performance were significantly increased sales of our
GPS solution and substantially lower operating expenses, which were
largely due to the sale of our provider/patient engagement assets
combined with our recently implemented restructuring plan.”
Business and Financial Highlights
- A Restructuring Plan was initiated in the third quarter to
focus on the company’s core competencies: GPS (Cancer Molecular
Profiling Services), Clinical Decision Support, Connected Care and
Payer Engagement. The plan is expected to generate annualized cost
savings of more than $70 million and significantly accelerate timeline
to profitability.
- In August 2017, the company completed the sale of its
provider/patient engagement solutions businessto Allscripts
Healthcare Solutions, Inc., resulting in the elimination of operating
losses of approximately $50 million per year and the receipt of 15
million NantHealth shares of common stock previously purchased by
Allscripts.
For the 2017 third quarter, total net revenue increased to $21.8 million
from $20.7 million in 2016 third quarter. Gross profit was $10.3 million
compared with $10.6 million for the prior year third quarter. Selling,
general and administrative expenses substantially declined to $17.5
million from $22.0 million for the 2016 third quarter. Research and
development expenses decreased to $7.7 million from $10.0 million. Net
loss from continuing operations, net of tax, narrowed to $23.0 million,
or $0.20 per share, from $26.4 million, or $0.22 per share for the 2016
third quarter. Loss from discontinued operations, net of tax, was $19.4
million, or $0.17 per share, compared with $10.5 million, or $0.09 per
share, for the prior year third quarter. Net loss was $42.4 million, or
$0.37 per share, compared with $36.9 million, or $0.30 per share, for
2016 third quarter.
Financial results for the 2017 third quarter included approximately $2.9
million loss from related party equity method investment, $0.8 million
of corporate restructuring expense, $0.7 million of acquisition related
sales incentive, $1.1 million of net non-cash expense related to
convertible notes, and $2.2 million of intangible amortization, totaling
$0.07 per share. On a non-GAAP basis, adjusted net loss from continuing
operations was $14.9 million, or $0.13 per share, for the 2017 third
quarter, compared with $16.2 million, or $0.13 per share, for the 2016
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, 2017. The conference call will be available to
interested parties by dialing 844-309-3709 from the U.S. or Canada, or
281-962-4864 from international locations, passcode 7296769. 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, Inc., a member of the NantWorks ecosystem of companies, is a
next-generation, evidence-based, personalized healthcare company
enabling improved patient outcomes and more effective treatment
decisions for critical illnesses. NantHealth's unique systems-based
approach to personalized healthcare applies novel diagnostics tailored
to the specific molecular profiles of patient tissues and integrates
this molecular data in a clinical setting with large-scale, real-time
biometric signal and phenotypic data to track patient outcomes and
deliver precision medicine. For nearly a decade, NantHealth has
developed an adaptive learning system, which includes its unique
software, middleware and hardware systems infrastructure that collects,
indexes, analyzes and interprets billions of molecular, clinical,
operational and financial data points derived from novel and traditional
sources, continuously improves decision-making and further optimizes our
clinical pathways and decision algorithms over time. For more
information please visit www.nanthealth.com.
About GPS Cancer™
GPS Cancer™ is a unique, comprehensive test available through
NantHealth. GPS
Coverage
GPS Cancer integrates whole genome (DNA) sequencing,
whole transcriptome (RNA) sequencing, and quantitative proteomics
through mass spectrometry, providing oncologists with a comprehensive
molecular profile of a patient’s cancer to inform personalized treatment
strategies. GPS Cancer testing is conducted in CLIA-certified and
CAP-accredited laboratories, and is a key enabler for Cancer
Breakthroughs 2020, the world’s most comprehensive cancer collaborative
initiative seeking to accelerate the potential of combination
immunotherapy as the next generation standard of care in cancer
patients. For more information, visit www.gpscancer.com and
www.cancerbreakthroughs2020.org.
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 NantOmics; our ability to
obtain regulatory approvals; dependence upon senior management; the need
to comply with and meet applicable laws and regulations; unexpected
adverse events; clinical adoption and market acceptance of GPS Cancer;
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. |
Condensed Consolidated Balance Sheets |
(Dollars in thousands, except per share amounts)
|
|
| |
| |
| | | |
|
| | September 30, | | December 31, |
| |
| 2017 |
| |
| 2016 |
|
| | (Unaudited) | | |
Assets | | | | |
Current assets
| | | | |
Cash and cash equivalents
| |
$
|
73,493
| | |
$
|
157,573
| |
Accounts receivable, net
| | |
12,037
| | | |
11,673
| |
Inventories
| | |
974
| | | |
1,685
| |
Deferred implementation costs
| | |
1,121
| | | |
606
| |
Related party receivables, net
| | |
500
| | | |
693
| |
Prepaid expenses and other current assets
| | |
4,224
| | | |
3,356
| |
Current assets of discontinued operations
| |
|
-
|
| |
|
9,992
|
|
Total current assets
| | |
92,349
| | | |
185,578
| |
Property, plant, and equipment, net
| | |
19,984
| | | |
20,129
| |
Deferred implementation costs, net of current
| | |
4,374
| | | |
3,201
| |
Goodwill
| | |
114,625
| | | |
114,625
| |
Intangible assets, net
| | |
71,621
| | | |
78,812
| |
Investment in related party
| | |
160,542
| | | |
207,197
| |
Related party receivable, net of current
| | |
1,798
| | | |
1,971
| |
Other assets
| | |
1,834
| | | |
2,195
| |
Noncurrent assets of discontinued operations
| |
|
-
|
| |
|
70,683
|
|
Total assets
| |
$
|
467,127
|
| |
$
|
684,391
|
|
| | | |
|
Liabilities and Stockholders' Equity | | | | |
Current liabilities
| | | | |
Accounts payable
| |
$
|
4,099
| | |
$
|
6,039
| |
Accrued and other current liabilities
| | |
19,968
| | | |
20,032
| |
Deferred revenue
| | |
9,200
| | | |
9,600
| |
Related party payables, net
| | |
5,502
| | | |
8,082
| |
Current liabilities of discontinued operations
| |
|
-
|
| |
|
13,496
|
|
Total current liabilities
| | |
38,769
| | | |
57,249
| |
Deferred revenue, net of current
| | |
6,807
| | | |
11,127
| |
Related party liabilities
| | |
10,011
| | | |
5,612
| |
Related party promissory note
| | |
112,666
| | | |
112,666
| |
Related party convertible note, net
| | |
7,847
| | | |
7,564
| |
Convertible notes, net
| | |
73,787
| | | |
70,810
| |
Other liabilities
| | |
8,495
| | | |
820
| |
Noncurrent liabilities of discontinued operations
| |
|
-
|
| |
|
6,949
|
|
Total liabilities
| |
|
258,382
|
| |
|
272,797
|
|
| | | |
|
Stockholders' equity
| | | | |
Common stock, $0.0001 par value per share, 750,000,000 shares
authorized; 106,963,706 and 121,250,437 shares issued and
outstanding at September 30, 2017 and December 31, 2016,
respectively (Including 6,976 shares of restricted stock)
| | |
11
| | | |
12
| |
Additional paid-in capital
| | |
880,801
| | | |
886,334
| |
Accumulated deficit
| | |
(671,599
|
)
| | |
(475,273
|
)
|
Accumulated other comprehensive income
| |
|
(468
|
)
| |
|
521
|
|
Total stockholders' equity
| |
|
208,745
|
| |
|
411,594
|
|
Total liabilities and stockholders' equity
| |
$
|
467,127
|
| |
$
|
684,391
|
|
|
|
NantHealth, Inc. |
Condensed Consolidated Statements of Operations |
(Dollars in thousands, except per share amounts)
|
|
| |
| |
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| |
| 2017 |
| |
| 2016 |
| |
| 2017 |
| |
| 2016 |
|
| | (Unaudited) | | |
| | | | | | | |
|
Total net revenue
| |
$
|
21,760
| | |
$
|
20,662
| | |
$
|
64,378
| | |
$
|
62,558
| |
| | | | | | | |
|
Total cost of revenue
| |
|
11,472
|
| |
|
10,036
|
| |
|
32,643
|
| |
|
33,214
|
|
Gross profit | |
|
10,288
|
| |
|
10,626
|
| |
|
31,735
|
| |
|
29,344
|
|
| | | | | | | |
|
Operating Expenses: | | | | | | | | |
Selling, general and administrative
| | |
17,521
| | | |
22,034
| | | |
54,181
| | | |
88,860
| |
Research and development
| | |
7,749
| | | |
9,960
| | | |
25,051
| | | |
36,519
| |
Amortization of software license and acquisition-related assets
| |
|
1,054
|
| |
|
1,054
|
| |
|
3,163
|
| |
|
3,162
|
|
Total operating expenses
| |
|
26,324
|
| |
|
33,048
|
| |
|
82,395
|
| |
|
128,541
|
|
| | | | | | | |
|
Loss from operations
| | |
(16,036
|
)
| | |
(22,422
|
)
| | |
(50,660
|
)
| | |
(99,197
|
)
|
Interest expense, net
| | |
(4,067
|
)
| | |
(1,415
|
)
| | |
(12,049
|
)
| | |
(4,760
|
)
|
Other income (expense), net
| | |
60
| | | |
104
| | | |
308
| | | |
541
| |
Loss from related party equity method investment including
impairment loss
| |
|
(2,942
|
)
| |
|
(2,604
|
)
| |
|
(46,353
|
)
| |
|
(7,893
|
)
|
Loss from continuing operations before income taxes
| | |
(22,985
|
)
| | |
(26,337
|
)
| | |
(108,754
|
)
| | |
(111,309
|
)
|
Provision for (benefit from) income taxes
| |
|
30
|
| |
|
55
|
| |
|
85
|
| |
|
(19,203
|
)
|
Net loss from continuing operations
| | |
(23,015
|
)
| | |
(26,392
|
)
| | |
(108,839
|
)
| | |
(92,106
|
)
|
| | | | | | | | | | | | | | | |
|
Loss from discontinued operations, net of tax
| |
|
(19,383
|
)
| |
|
(10,482
|
)
| |
|
(44,738
|
)
| |
|
(32,045
|
)
|
Net loss
| |
$
|
(42,398
|
)
| |
$
|
(36,874
|
)
| |
$
|
(153,577
|
)
| |
$
|
(124,151
|
)
|
| | | | | | | |
|
Net income (loss) per share (1): | | | | | | | | |
Continuing operations
| | | | | | | | |
Basic and diluted - common stock
| |
$
|
(0.20
|
)
| |
$
|
(0.22
|
)
| |
$
|
(0.91
|
)
| |
$
|
(0.90
|
)
|
| | | | | | | |
|
Discontinued operations
| | | | | | | | |
Basic and diluted - common stock
| |
$
|
(0.17
|
)
| |
$
|
(0.08
|
)
| |
$
|
(0.37
|
)
| |
$
|
(0.29
|
)
|
| | | | | | | |
|
Total net income (loss) per share
| | | | | | | | |
Basic and diluted - common stock
| |
$
|
(0.37
|
)
| |
$
|
(0.30
|
)
| |
$
|
(1.28
|
)
| |
$
|
(1.19
|
)
|
Basic and diluted - redeemable common stock
| |
|
N/A
|
| |
|
N/A
|
| |
|
N/A
|
| |
$
|
0.74
|
|
| | | | | | | |
|
Weighted average shares outstanding (1): | | | | | | | | |
Basic and diluted - common stock
| |
|
115,924,122
|
| |
|
121,245,440
|
| |
|
119,745,231
|
| |
|
108,359,973
|
|
Basic and diluted - redeemable common stock
| |
|
N/A
|
| |
|
N/A
|
| |
|
N/A
|
| |
|
6,686,653
|
|
|
Footnote: |
(1)
|
|
The net income (loss) per share and weighted average shares
outstanding for the nine months ended September 30, 2016, have been
computed to give effect to the LLC Conversion that occurred on June
1, 2016, prior to the Company’s initial public offering ("IPO"). In
conjunction with the LLC Conversion, (a) all of the Company’s
outstanding units automatically converted into shares of common
stock, based on the relative rights of the Company's pre-IPO
equityholders as set forth in the Company's limited liability
company agreement and (b) the Company adopted and filed a
certificate of incorporation with the Secretary of State of the
state of Delaware and adopted bylaws. The Company adopted and filed
an amendment to its certificate of incorporation with the Secretary
of State of the state of Delaware to effect a 1-for-5.5 reverse
stock split of its common stock on June 1, 2016.
|
| |
|
| |
The net loss per share for the common stock for the nine months
ended September 30, 2016 reflects $4,958 in accretion value
allocated to the redeemable common stock. The redeemable common
stock contained a put right, which expired unexercised on June 20,
2016. As a result of and as of that date, the shares were no longer
redeemable and were included in common stock.
|
|
|
NantHealth, Inc. |
Supplemental Revenue Schedule |
(Dollars in thousands)
|
|
| |
| |
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| | 2017 | | 2016 | | 2017 | | 2016 |
| | (Unaudited) | | |
Revenue: | | | | | | | | |
Software and hardware
| |
$
|
1,162
| |
$
|
2,065
| |
$
|
4,408
| |
$
|
6,077
|
Software-as-a-service
| |
|
15,200
| |
|
14,000
| |
|
44,863
| |
|
41,809
|
Total software-related revenue
| | |
16,362
| | |
16,065
| | |
49,271
| | |
47,886
|
Maintenance
| | |
2,696
| | |
1,979
| | |
8,182
| | |
6,979
|
Sequencing and molecular analysis
| | |
1,025
| | |
77
| | |
1,985
| | |
122
|
Other services
| |
|
1,677
| |
|
2,541
| |
|
4,940
| |
|
7,571
|
Total net revenue
| |
$
|
21,760
| |
$
|
20,662
| |
$
|
64,378
| |
$
|
62,558
|
| | | | | | | |
|
Cost of Revenue: | | | | | | | | |
Software and hardware
| |
$
|
443
| |
$
|
528
| |
$
|
596
| |
$
|
668
|
Software-as-a-service
| |
|
5,859
| |
|
4,159
| |
|
17,143
| |
|
14,791
|
Total software-related cost of revenue
| | |
6,302
| | |
4,687
| | |
17,739
| | |
15,459
|
Maintenance
| | |
274
| | |
112
| | |
564
| | |
621
|
Sequencing and molecular analysis
| | |
1,757
| | |
570
| | |
4,807
| | |
929
|
Other services
| | |
1,996
| | |
2,623
| | |
5,504
| | |
9,309
|
Amortization of developed technologies
| |
|
1,143
| |
|
2,044
| |
|
4,029
| |
|
6,896
|
Total cost of revenue
| |
$
|
11,472
| |
$
|
10,036
| |
$
|
32,643
| |
$
|
33,214
|
|
|
NantHealth, Inc. |
Non-GAAP Net Loss and Non-GAAP Net Loss Per Share |
(Dollars in thousands, except per share amounts)
|
|
| |
| |
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| |
| 2017 |
| |
| 2016 |
| |
| 2017 |
| |
| 2016 |
|
| | (Unaudited) | | | | |
| | | | | | | |
|
Net loss from continuing operations
| |
$
|
(23,015
|
)
| |
$
|
(26,392
|
)
| |
$
|
(108,839
|
)
| |
$
|
(92,106
|
)
|
Adjustments to GAAP net loss:
| | | | | | | | |
Loss from related party equity method investment including
impairment loss
| | |
2,942
| | | |
2,604
| | | |
46,353
| | | |
7,893
| |
Stock-based compensation expense from continuing operations
| | |
(170
|
)
| | |
3,576
| | | |
(485
|
)
| | |
40,455
| |
Corporate restructuring from continuing operations
| | |
807
| | | |
362
| | | |
2,396
| | | |
2,298
| |
Acquisition related compensation expense
| | |
-
| | | |
-
| | | |
-
| | | |
4,814
| |
Acquisition related sales incentive
| | |
727
| | | |
567
| | | |
2,061
| | | |
2,027
| |
Change in fair value of derivatives liability
| | |
(6
|
)
| | |
-
| | | |
(245
|
)
| | |
-
| |
Non-cash interest expense related to convertible notes
| | |
1,121
| | | |
-
| | | |
3,260
| | | |
-
| |
Intangible amortization from continuing operations
| | |
2,197
| | | |
3,098
| | | |
7,192
| | | |
10,058
| |
Securities litigation costs
| | |
500
| | | |
-
| | | |
685
| | | |
-
| |
Impacts of the conversion from a limited liability company to a
corporation on benefit from income taxes
| |
|
-
|
| |
|
-
|
| |
|
-
|
| |
|
(19,533
|
)
|
Total adjustments to GAAP net loss from continuing operations
| |
|
8,118
|
| |
|
10,207
|
| |
|
61,217
|
| |
|
48,012
|
|
Net loss - Non-GAAP from continuing operations
| |
$
|
(14,897
|
)
| |
$
|
(16,185
|
)
| |
$
|
(47,622
|
)
| |
$
|
(44,094
|
)
|
| | | | | | | |
|
Weighted average shares outstanding (1) | | |
115,924,122
| | | |
121,245,440
| | | |
119,745,231
| | | |
108,359,973
| |
Weighted average Series F/redeemable stock (1)(2) | |
|
—
|
| |
|
—
|
| |
|
—
|
| |
|
6,686,653
|
|
Shares outstanding - Non-GAAP (1) | |
|
115,924,122
|
| |
|
121,245,440
|
| |
|
119,745,231
|
| |
|
115,046,626
|
|
| | | | | | | |
|
Net loss per share from continuing operations - Non-GAAP (1) | | $ | (0.13 | ) | | $ | (0.13 | ) | | $ | (0.40 | ) | | $ | (0.38 | ) |
| | | | | | | |
|
Reconciliation of Net Loss per Common Share to Net Loss per
Common Share - Non-GAAP (Unaudited): |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| |
| 2017 |
| |
| 2016 |
| |
| 2017 |
| |
| 2016 |
|
| | | | | | | |
|
Net loss per common share from continuing operations - GAAP
| |
$
|
(0.20
|
)
| |
$
|
(0.22
|
)
| |
$
|
(0.91
|
)
| |
$
|
(0.90
|
)
|
Adjustments to GAAP net loss per common share from continuing
operations:
| | | | | | |
Loss from related party equity method investment including
impairment loss
| | |
0.03
| | | |
0.02
| | | |
0.39
| | | |
0.07
| |
Stock-based compensation expense from continuing operations
| | |
—
| | | |
0.03
| | | |
—
| | | |
0.37
| |
Corporate restructuring from continuing operations
| | |
0.01
| | | |
—
| | | |
0.02
| | | |
0.02
| |
Acquisition related compensation expense
| | |
—
| | | |
—
| | | |
—
| | | |
0.04
| |
Acquisition related sales incentive
| | |
0.01
| | | |
—
| | | |
0.02
| | | |
0.02
| |
Non-cash interest expense related to convertible notes
| | |
0.01
| | | |
—
| | | |
0.03
| | | |
—
| |
Intangible amortization from continuing operations
| | |
0.01
| | | |
0.04
| | | |
0.04
| | | |
0.10
| |
Securities litigation costs
| | |
—
| | | |
—
| | | |
0.01
| | | |
—
| |
Impacts of the conversion from a limited liability company to a
corporation on benefit from income taxes
| | |
—
| | | |
—
| | | |
—
| | | |
(0.18
|
)
|
Accretion to redemption value of Series F/redeemable common stock
| | |
—
| | | |
—
| | | |
—
| | | |
0.05
| |
Dilution from Series F/redeemable common stock
| |
|
—
|
| |
|
—
|
| |
|
—
|
| |
|
0.03
|
|
Total adjustments to GAAP net loss per common share from continuing
operations
| |
|
0.07
|
| |
|
0.09
|
| |
|
0.51
|
| |
|
0.52
|
|
Net loss per common share from continuing operations - Non-GAAP
(1) | | $ | (0.13 | ) | | $ | (0.13 | ) | | $ | (0.40 | ) | | $ | (0.38 | ) |
|
(1)
|
|
The net loss per common 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 June 1, 2016 prior to our IPO. In
conjunction with the LLC Conversion, (a) all of our outstanding
units automatically converted into shares of common stock, based on
the relative rights of our pre-IPO equityholders as set forth in the
limited liability company agreement and (b) we adopted and filed a
certificate of incorporation with the Secretary of State of the
state of Delaware and adopted bylaws. We filed an amended
certificate of incorporation to effect a 1-for-5.5 reverse stock
split of our common stock on June 1, 2016.
|
| |
|
(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 June 20, 2016. Prior to June 20, 2016, these units/shares
of common stock were classified as redeemable members’/stockholders’
equity in the balance sheet, and as such, were not included in the
weighted-average shares outstanding prior to June 20, 2016. The Put
Right expired June 20, 2016, and the shares were no longer
redeemable and are included in shareholders’ equity following that
day. The weighted-average shares are adjusted to include the
redeemable common stock in the weighted average shares outstanding
for the entire period.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171109006565/en/
Contacts:
NantHealth, Inc.
Investor Contact:
Robert Jaffe
424.288.4098
rjaffe@rjaffeco.com
Source: NantHealth, Inc.
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