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NantHealth Reports 2022 First Quarter Financial Results

  • Q1 2022 Financial Highlights:
    • Total net revenue was $16.4 million
    • Gross margin was 56% of total revenue
  • Post Quarter End:
    • NaviNet Open Won MedTech Breakthrough “Healthcare Insurance Innovation Award.” This is the second year in a row that a NantHealth product has been recognized for this award

 

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 first quarter ended March 31, 2022.

“We are pleased to start the year with positive momentum, with our 2022 first quarter revenue increasing over the previous quarter,” said Ron Louks, Chief Operating Officer, NantHealth.

“To help drive further growth, we continue to invest in the development of our products and services, including the expansion of our cloud and data analytics capabilities. These investments are delivering results in multiple ways, including the launch of several new applications on our new cloud platform. Eviti Connect expansion continued with Autoimmune Diseases and our NantHealth Partner Portal which added on-demand customer access to interactive reporting. We are also seeing continued interest in our data enrichment services, as well as pilot programs for The OpenNMS Group Inc.’s cloud services.”

Software and Services Q1 Highlights:

  • Clinical Decision Support (Eviti®):
    • Signed a multi-year renewal with a leading nonprofit, multi-state health plan serving government sponsored programs. The agreement significantly expands the scope of Eviti Connect for Oncology services provided to the plan, including the addition of full delegation services and evidence-based radiation oncology care
    • Expanded full delegation capabilities to include radiation oncology services in addition to medical oncology, enabling customers to assign prior authorization decisions to NantHealth
    • New functionality that allows health plan customers to approve and assign a prior authorization Eviti code to portions of a treatment plan, eliminating the need for complete plan resubmission and speeding up treatment to patients
  • Payer Engagement (NaviNet®):
    • Received HITRUST certification, a highly stringent benchmark that ensures NantHealth continues to meet key regulations and industry-defined security requirements. This places NantHealth and NaviNet Open in an elite group of organizations worldwide that have earned this status for information security
    • In May 2022, won the MedTech Breakthrough “Healthcare Insurance Innovation Award,” recognized for the platform’s innovative ability to break through digital health and technology markets
    • Enhanced NaviNet Open Authorizations with new processes for automating the collection of additional procedure code modifiers and reducing the need for manual follow-up by the health plan
  • Network Monitoring and Management (The OpenNMS Group, Inc.):
    • Released OpenNMS Meridian 2022, the optimized and hardened version of the OpenNMS platform available to annual maintenance subscribers for use in production environments. Meridian 2022 features enhanced security, improved analytics for NetFlow processing, simplified Minion communication and enhanced geolocation with IP addresses
    • Signed several new professional services agreements with customers using the Horizon and Meridian versions of the OpenNMS platform. This work in collaboration with customers helps to improve the extensibility, reliability, and scalability of the platform for the entire user community
    • Completed global delivery of 1U hardware appliances, expanding the existing hardware appliance beta program with a large consumer electronics retailer

First Quarter Financial Results: 2022 vs 2021

For the 2022 first quarter:

  • Total net revenue was $16.4 million compared with $16.2 million.
  • Gross profit was $9.2 million, or 56% of total net revenue, compared with $9.1 million, or 56% of total net revenue.
  • Selling, general and administrative (SG&A) expenses increased to $15.0 million from $12.5 million.
  • Research and development (R&D) expenses increased to $5.7 million from $5.0 million.
  • Net loss from continuing operations, net of tax, was $16.0 million, or $0.14 per share, compared with $15.4 million, or $0.14 per share.
  • On a non-GAAP basis, net loss from continuing operations was $12.2 million, or $0.11 per share, compared with $9.6 million, or $0.09 per share.
  • At March 31, 2022, cash and cash equivalents totaled $16.1 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 first quarter ended March 31, 2022. The conference call will be available to interested parties by dialing 800-920-5526 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)

 

March 31,

2022

 

December 31,

2021

 

(Unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

16,078

 

 

$

29,084

 

Accounts receivable, net

 

5,025

 

 

 

5,810

 

Related party receivables, net

 

505

 

 

 

506

 

Prepaid expenses and other current assets

 

4,518

 

 

 

4,010

 

Total current assets

 

26,126

 

 

 

39,410

 

Property, plant, and equipment, net

 

11,956

 

 

 

12,366

 

Goodwill

 

98,333

 

 

 

98,333

 

Intangible assets, net

 

36,807

 

 

 

39,039

 

Related party receivable, net of current

 

1,012

 

 

 

1,012

 

Operating lease right-of-use assets

 

5,673

 

 

 

6,048

 

Other assets

 

1,494

 

 

 

1,620

 

Total assets

$

181,401

 

 

$

197,828

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

5,288

 

 

$

3,204

 

Accrued and other current liabilities

 

12,712

 

 

 

16,358

 

Deferred revenue

 

2,704

 

 

 

2,440

 

Related party payables, net

 

4,302

 

 

 

5,161

 

Notes payable

 

 

 

 

782

 

Total current liabilities

 

25,006

 

 

 

27,945

 

Deferred revenue, net of current

 

1,793

 

 

 

2,024

 

Related party liabilities

 

40,136

 

 

 

38,278

 

Related party promissory note

 

112,666

 

 

 

112,666

 

Related party convertible note, net

 

62,285

 

 

 

62,268

 

Convertible notes, net

 

74,623

 

 

 

74,603

 

Deferred income taxes, net

 

1,680

 

 

 

1,775

 

Operating lease liabilities

 

5,711

 

 

 

6,248

 

Other liabilities

 

34,098

 

 

 

34,013

 

Total liabilities

 

357,998

 

 

 

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 March 31, 2022 and December 31, 2021, respectively

 

12

 

 

 

12

 

Additional paid-in capital

 

892,546

 

 

 

891,105

 

Accumulated deficit

 

(1,068,847

)

 

 

(1,052,897

)

Accumulated other comprehensive loss

 

(308

)

 

 

(212

)

Total stockholders' deficit

$

(176,597

)

 

$

(161,992

)

Total liabilities and stockholders' deficit

$

181,401

 

 

$

197,828

 

NantHealth, Inc.

Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

(Unaudited)

 

Three Months Ended

March 31,

 

 

2022

 

 

 

2021

 

Revenue

 

 

 

Software-as-a-service related

$

15,771

 

 

$

15,757

 

Maintenance

 

464

 

 

 

383

 

Professional services

 

138

 

 

 

27

 

Total software-related revenue

 

16,373

 

 

 

16,167

 

Other

 

 

 

 

3

 

Total net revenue

 

16,373

 

 

 

16,170

 

 

 

 

 

Cost of Revenue

 

 

 

Software-as-a-service related

 

5,563

 

 

 

5,535

 

Maintenance

 

369

 

 

 

207

 

Professional services

 

 

 

 

7

 

Amortization of developed technologies

 

1,247

 

 

 

1,247

 

Total software-related cost of revenue

 

7,179

 

 

 

6,996

 

Other

 

 

 

 

47

 

Total cost of revenue

 

7,179

 

 

 

7,043

 

 

 

 

 

Gross Profit

 

9,194

 

 

 

9,127

 

 

 

 

 

Operating Expenses

 

 

 

Selling, general and administrative

 

14,980

 

 

 

12,502

 

Research and development

 

5,715

 

 

 

5,013

 

Amortization of acquisition-related assets

 

985

 

 

 

985

 

Total operating expenses

 

21,680

 

 

 

18,500

 

Loss from operations

 

(12,486

)

 

 

(9,373

)

Interest expense, net

 

(3,450

)

 

 

(3,568

)

Other income (expense), net

 

6

 

 

 

(2,570

)

Loss from continuing operations before income taxes

 

(15,930

)

 

 

(15,511

)

Provision for (benefit from) income taxes

 

20

 

 

 

(8

)

Net loss from continuing operations

 

(15,950

)

 

 

(15,503

)

Income from discontinued operations, net of tax attributable to NantHealth

 

 

 

 

4

 

Net loss

 

(15,950

)

 

 

(15,499

)

Net loss attributable to noncontrolling interests

 

 

 

 

(91

)

Net loss attributable to NantHealth

$

(15,950

)

 

$

(15,408

)

 

 

 

 

Basic and diluted net loss per share attributable to NantHealth:

 

 

 

Total net loss per share - common stock

$

(0.14

)

 

$

(0.14

)

 

 

 

 

Weighted average shares outstanding

 

 

 

Basic and diluted - common stock

 

115,521,243

 

 

 

111,319,061

 

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

March 31,

 

 

2022

 

 

 

2021

 

Net loss from continuing operations attributable to NantHealth

$

(15,950

)

 

$

(15,412

)

Adjustments to GAAP net loss from continuing operations attributable to NantHealth:

 

 

 

Stock-based compensation expense from continuing operations

 

1,390

 

 

 

883

 

Change in fair value of derivatives liability

 

 

 

 

(4

)

Change in fair value of Bookings Commitment

 

94

 

 

 

2,463

 

Noncash interest expense related to convertible notes

 

37

 

 

 

323

 

Intangible amortization from continuing operations

 

2,232

 

 

 

2,212

 

Tax (benefit) provision resulting from certain noncash tax items

 

(40

)

 

 

(43

)

Total adjustments to GAAP net loss from continuing operations attributable to NantHealth

 

3,713

 

 

 

5,834

 

Net loss from continuing operations attributable to NantHealth - Non-GAAP

$

(12,237

)

 

$

(9,578

)

 

 

 

 

Weighted average basis common shares outstanding

 

115,521,243

 

 

 

111,319,061

 

 

 

 

 

Net loss per common share from continuing operations attributable to NantHealth - Non-GAAP

$

(0.11

)

 

$

(0.09

)

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

March 31,

 

 

2022

 

 

 

2021

 

Net loss per common share from continuing operations attributable to NantHealth

$

(0.14

)

 

$

(0.14

)

Adjustments to GAAP net loss per common share from continuing operations attributable to NantHealth:

 

 

 

Stock-based compensation expense from continuing operations

 

0.01

 

 

 

0.01

 

Change in fair value of derivatives liability

 

 

 

 

 

Change in fair value of Bookings Commitment

 

 

 

 

0.02

 

Noncash interest expense related to convertible notes

 

 

 

 

 

Intangible amortization from continuing operations

 

0.02

 

 

 

0.02

 

Tax (benefit) provision resulting from certain noncash tax items

 

 

 

 

 

Total adjustments to GAAP net loss per common share from continuing operations attributable to NantHealth

 

0.03

 

 

 

0.05

 

Net loss per common share from continuing operations attributable to NantHealth - Non-GAAP

$

(0.11

)

 

$

(0.09

)

 

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