- Q2 2022 Financial and Operational Highlights:
- Total net revenue was $16.5 million
- Gross margin was 55% of total revenue
- NantHealth products won three industry awards, one from MedTech
Breakthrough and two from Spring Digital Health
NantHealth, Inc. (NASDAQ-GS: NH), a leading provider of
enterprise solutions that help businesses transform complex data
into actionable insights, today reported financial results for its
second quarter ended June 30, 2022.
“For the 2022 second quarter, we reported net revenue of $16.5
million, representing the third consecutive quarter of top-line
growth,” said Ron Louks, Chief Operating Officer, NantHealth. “We
are pleased to note that our overall gross margin was a solid 55
percent for the quarter and has remained relatively steady over the
last three years.
“Operationally, we are committed to further enhancing our
products and services offering. Our development efforts include
expanding our pipeline of pilot programs for The OpenNMS Group, as
well as for our Artificial Intelligence (AI) and Quadris™
businesses. Regarding our Eviti Connect for Autoimmune Diseases
program, we continue to roll out new drugs and new drug regimens,
including the upcoming launch of the Intravenous Immunoglobulin
(IVIG) treatment. Our Eviti Connect for Autoimmune Diseases
customers are already realizing meaningful savings; we expect those
savings to grow as we expand the product’s coverage.”
Software and Services Q2 Highlights:
- Clinical Decision Support (Eviti®):
- In June, Eviti Connect for Oncology won the Spring Digital
Health “Connected Digital Health Merit Award,” in recognition of
the product’s credibility and relevance of content and design
- Received approval for full Delegated Entity status in three
additional states (Mississippi, Virginia and Iowa). This
designation allows customer needs to be fully supported for
Delegated Entity Services and provides growth opportunities with
new customers in those states
- Significantly grew the autoimmune offering, with coverage for
more diseases, drugs and treatments. This expanded offering ensures
a greater number of patients receive appropriate care while further
growing the hard savings that Eviti for Autoimmune Diseases
provides to customers
- Introduced new site-of-service functionality to increase
cost-savings opportunities for customers using Eviti Connect for
Autoimmune Diseases. Now, users are seamlessly redirected to the
appropriate site of service for each drug in the treatment
plan
- Payer Engagement (NaviNet®):
- In May, won the MedTech Breakthrough “Healthcare Insurance
Innovation Award,” in recognition of the platform’s ability to
break through digital health and technology markets, as previously
reported
- Won the Spring Digital Health “Connected Digital Health Merit
Award” from the Health Information Resource Center, which honors
the world’s best health resources created for consumers and health
professionals
- Added a new line of business with a major healthcare payer and
strategic partner which, along with two other lines of business, is
expected to go live in the second half of the current year
- Added new capabilities to NaviNet’s Open Authorizations
including the ability to collect situational patient information as
part of a prior authorization submission, making it easier for
health plans to meet state and federal regulatory requirements
- Network Monitoring and Management (The OpenNMS Group, Inc.):
- Released OpenNMS Horizon 30, which introduced advancements that
help organizations detect anomalies and changes in network traffic,
ensuring that networks stay healthy and bandwidth-related issues
are promptly identified
- Released Grafana Plugin (OpenNMS Helm) version 8.0. Grafana
dashboards, built using OpenNMS Helm, can now incorporate filtering
by monitoring location, improve flow metrics and support to display
data more dynamically
- Released AI component ALEC (Architecture for Learning-Enabled
Correlation) version 2.0. Users can now view correlated situations
and their alarms directly in the topology map
- Released the OpenNMS Plugin API 1.0, which provides a
development ecosystem that clearly identifies, documents and
provides ongoing compatibility guarantees for integration
points
Second Quarter Financial Results: 2022 vs 2021
For the 2022 second quarter:
- Total net revenue was $16.5 million compared with $16.1
million.
- Gross profit was $9.2 million, or 55% of total net revenue,
compared with $9.1 million, or 56% of total net revenue.
- Selling, general and administrative (SG&A) expenses
increased to $14.0 million from $11.8 million.
- Research and development (R&D) expenses increased to $5.9
million from $4.8 million.
- Net loss attributable to NantHealth was $12.5 million, or $0.11
per share, compared with $15.3 million, or $0.13 per share.
- On a non-GAAP basis, net loss from continuing operations was
$11.4 million, or $0.10 per share, compared with $9.0 million, or
$0.08 per share.
- At June 30, 2022, cash and cash equivalents totaled $5.7
million.
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
second quarter ended June 30, 2022. The conference call will be
available to interested parties by dialing 800-771-6692 from the
U.S. or Canada, or 212-231-2907 from international locations. 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, a member of the NantWorks ecosystem of companies,
provides enterprise solutions that help businesses transform
complex data into actionable insights. By offering efficient ways
to move, interpret and visualize complex and highly sensitive
information, NantHealth enables customers in healthcare, life
sciences, logistics, telecommunications and other industries to
automate, understand and act on data while keeping it secure and
scalable. NantHealth’s product portfolio comprises the latest
technology in payer/provider collaboration platforms for real-time
coverage decision support (Eviti and NaviNet), and data solutions
that provide multi-data analysis, reporting and professional
services offerings (Quadris). The OpenNMS Group, Inc., a NantHealth
subsidiary, helps businesses monitor and manage network health and
performance. For more information, visit nanthealth.com, follow us
on Twitter, Facebook, LinkedIn and YouTube and subscribe to our
blog.
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 The OpenNMS Group, Inc. into
our operations; our use and distribution of open source software;
our ability to obtain necessary regulatory approvals,
certifications and licenses; dependence upon senior management; the
need to comply with and meet applicable laws and regulations;
unexpected adverse events; 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.
NantHealth, Inc.
Consolidated Balance
Sheets
(Dollars in thousands)
June 30, 2022
December 31,
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
5,711
$
29,084
Accounts receivable, net
5,049
5,810
Related party receivables, net
476
506
Prepaid expenses and other current
assets
3,628
4,010
Total current assets
14,864
39,410
Property, plant, and equipment, net
12,066
12,366
Goodwill
98,333
98,333
Intangible assets, net
34,575
39,039
Related party receivable, net of
current
1,041
1,012
Operating lease right-of-use assets
5,038
6,048
Other assets
971
1,620
Total assets
$
166,888
$
197,828
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
$
4,847
$
3,204
Accrued and other current liabilities
13,312
16,358
Deferred revenue
2,518
2,440
Related party payables, net
2,914
5,161
Notes payable
—
782
Total current liabilities
23,591
27,945
Deferred revenue, net of current
1,562
2,024
Related party liabilities
42,019
38,278
Related party promissory note
112,666
112,666
Related party convertible note, net
62,301
62,268
Convertible notes, net
74,643
74,603
Deferred income taxes, net
1,568
1,775
Operating lease liabilities
5,141
6,248
Other liabilities
31,495
34,013
Total liabilities
354,986
359,820
Stockholders' deficit
Common stock, $0.0001 par value per share,
750,000,000 shares authorized; 115,550,244 and 115,505,244 shares
issued and outstanding at June 30, 2022 and December 31, 2021,
respectively
12
12
Additional paid-in capital
893,835
891,105
Accumulated deficit
(1,081,359
)
(1,052,897
)
Accumulated other comprehensive loss
(586
)
(212
)
Total stockholders' deficit
$
(188,098
)
$
(161,992
)
Total liabilities and stockholders'
deficit
$
166,888
$
197,828
NantHealth, Inc.
Consolidated Statements of
Operations
(Dollars in thousands, except per
share amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenue
Software-as-a-service related
$
15,861
$
15,504
$
31,632
$
31,261
Maintenance
428
413
892
795
Professional services
208
173
346
200
Total software-related revenue
16,497
16,090
32,870
32,256
Other
1
—
1
3
Total net revenue
16,498
16,090
32,871
32,259
Cost of Revenue
Software-as-a-service related
5,621
5,444
11,184
10,979
Maintenance
469
270
838
477
Professional services
9
1
9
7
Amortization of developed technologies
1,247
1,247
2,494
2,494
Total software-related cost of revenue
7,346
6,962
14,525
13,957
Other
1
47
1
93
Total cost of revenue
7,347
7,009
14,526
14,050
Gross Profit
9,151
9,081
18,345
18,209
Operating Expenses
Selling, general and administrative
14,017
11,837
28,997
24,340
Research and development
5,861
4,849
11,576
9,862
Amortization of acquisition-related
assets
986
985
1,971
1,971
Total operating expenses
20,864
17,671
42,544
36,173
Loss from operations
(11,713
)
(8,590
)
(24,199
)
(17,964
)
Interest expense, net
(3,470
)
(3,803
)
(6,920
)
(7,371
)
Other income (expense), net
2,642
(3,051
)
2,648
(5,621
)
Loss from continuing operations before
income taxes
(12,541
)
(15,444
)
(28,471
)
(30,956
)
Provision for (benefit from) income
taxes
(29
)
6
(9
)
(2
)
Net loss from continuing operations
(12,512
)
(15,450
)
(28,462
)
(30,954
)
Income from discontinued operations, net
of tax attributable to NantHealth
—
19
—
24
Net loss
(12,512
)
(15,431
)
(28,462
)
(30,930
)
Net loss attributable to noncontrolling
interests
—
(128
)
(219
)
Net loss attributable to NantHealth
$
(12,512
)
$
(15,303
)
$
(28,462
)
$
(30,711
)
Basic and diluted net loss per share
attributable to NantHealth:
Total net loss per share - common
stock
$
(0.11
)
$
(0.13
)
$
(0.25
)
$
(0.27
)
Weighted average shares
outstanding
Basic and diluted - common stock
115,550,244
114,512,542
115,535,822
112,924,619
NantHealth, Inc.
Non-GAAP Net Loss from
Continuing Operations Attributable to NantHealth and
Non-GAAP Net Loss Per Share
from Continuing Operations Attributable to NantHealth
(Dollars in thousands, except per
share amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net loss from continuing operations
attributable to NantHealth
$
(12,512
)
$
(15,322
)
$
(28,462
)
$
(30,735
)
Adjustments to GAAP net loss from
continuing operations attributable to NantHealth:
Loss on Exchange and Prepayment of 2016
Notes
—
742
—
742
Stock-based compensation expense from
continuing operations
1,263
851
2,653
1,734
Change in fair value of derivatives
liability
—
—
—
(4
)
Change in fair value of Bookings
Commitment
(2,594
)
2,340
(2,500
)
4,803
Impairment of ROU asset
208
—
208
—
Noncash interest expense related to
convertible notes
36
187
73
510
Intangible amortization from continuing
operations
2,233
2,212
4,465
4,425
Tax benefit resulting from certain noncash
tax items
(4
)
(45
)
(44
)
(88
)
Total adjustments to GAAP net loss from
continuing operations attributable to NantHealth
1,142
6,287
4,855
12,122
Net loss from continuing operations
attributable to NantHealth - Non-GAAP
$
(11,370
)
$
(9,035
)
$
(23,607
)
$
(18,613
)
Weighted average basis common shares
outstanding
115,550,244
114,512,542
115,535,822
112,924,619
Net loss per common share from
continuing operations attributable to NantHealth - Non-GAAP
$
(0.10
)
$
(0.08
)
$
(0.20
)
$
(0.16
)
Reconciliation of Net Loss per
Common Share from Continuing Operations Attributable to
NantHealth
to Net Loss per Common Share
from Continuing Operations Attributable to NantHealth -
Non-GAAP
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net loss per common share from continuing
operations attributable to NantHealth
$
(0.11
)
$
(0.13
)
$
(0.25
)
$
(0.27
)
Adjustments to GAAP net loss per common
share from continuing operations attributable to NantHealth:
Loss on Exchange and Prepayment of 2016
Notes
—
0.01
—
0.01
Stock-based compensation expense from
continuing operations
0.01
0.01
0.02
0.02
Change in fair value of derivatives
liability
—
—
—
—
Change in fair value of Bookings
Commitment
(0.02
)
0.01
(0.01
)
0.04
Impairment of ROU asset
—
—
—
—
Noncash interest expense related to
convertible notes
—
—
—
—
Intangible amortization from continuing
operations
0.02
0.02
0.04
0.04
Tax benefit resulting from certain noncash
tax items
—
—
—
—
Total adjustments to GAAP net loss per
common share from continuing operations attributable to
NantHealth
0.01
0.05
0.05
0.11
Net loss per common share from
continuing operations attributable to NantHealth - Non-GAAP
$
(0.10
)
$
(0.08
)
$
(0.20
)
$
(0.16
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005862/en/
Investor Contact: Robert Jaffe rjaffe@rjaffeco.com
424.288.4098
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