Recent Accomplishments & Highlights
- Generated total revenues of
$66.8 million in the first quarter of 2019 compared to$62.3 million in the first quarter of 2018, an increase of 7%. - Processed 200,194 tests in the first quarter of 2019, compared to approximately 164,355 tests processed in the first quarter of 2018, an increase of approximately 22%, and a sequential increase of approximately 15% when compared to 174,200 tests processed in the fourth quarter of 2018.
- Processed approximately 136,500 Panorama tests in the first quarter of 2019, compared to approximately 114,700 Panorama tests processed in the first quarter of 2018, an increase of approximately 19%.
- Accessioned approximately 54,300 Horizon carrier screening (HCS) tests in the first quarter of 2019 compared to approximately 41,500 HCS tests accessioned in the first quarter of 2018, an increase of approximately 31%.
- Received a positive draft local coverage decision from
Medicare for Prospera in kidney transplant rejection screening. - Received breakthrough device designation for Signatera from the
FDA . - Announced the publication of clinical validation data for breast cancer in
Clinical Cancer Research and colorectal cancer in JAMA Oncology. - Closed an approximately
$108 million net proceeds follow-on equity offering.
"Our first quarter was productive for
First Quarter Ended
Total revenues were
In the three months ended
Gross profit for the three months ended March 31, 2019 and 2018 was $23.5 million and
Total operating expenses, representing research and development expenses and selling, general and administrative expenses, for the first quarter of 2019 were
Loss from operations for the first quarter of 2019 was $31.7 million compared to $30.5 million for the same period of the prior year.
Net loss for the first quarter of 2019 was
At
2019 Financial Outlook
* Gross profit is calculated as GAAP total revenues less GAAP cost of revenues. Gross margin is calculated as gross profit divided by GAAP total revenues.
** Cash burn is calculated as the sum of GAAP net cash used by operating activities (estimated for 2019 to be between
About
Product offerings include Spectrum®, a preimplantation genetic test for embryo selection during in vitro fertilization (IVF); Anora® to understand the genetic causes of a pregnancy loss; Horizon™ to detect risk of inherited mutations such as cystic fibrosis and spinal muscular atrophy; Panorama®, a non-invasive pregnancy test (NIPT) to screen for common chromosomal anomalies in a fetus as early as nine weeks of gestation; Vistara to screen for single-gene disorders that represent total incidence greater than Down syndrome; Evercord™, a cord blood and tissue banking service offered at birth to expectant parents; and Signatera™ (RUO), a personalized cell-free DNA test that can identify minimal residual disease, treatment response, and cancer recurrence to aid researchers in oncology.
Each test described above except Signatera™ (RUO) has been developed and its performance characteristics determined by the CLIA-certified laboratory performing the test. Panorama® and Constellation™ are CE-marked for sale in the
Conference Call Information |
|
Event: |
Natera's First Quarter 2019 Results Conference Call |
Date: |
Thursday, May 9, 2019 |
Time: |
1:30 p.m. PT (4:30 p.m. ET) |
Live Dial-In: |
(877) 823-0171, Domestic |
(617) 500-6932, International |
|
Conference ID: |
1588676 |
Webcast: |
|
A webcast replay will be available at investor.natera.com. |
Forward-Looking Statements
This release contains forward-looking statements, including quotations of management, statements under the heading "2019 Financial Outlook," and statements regarding
These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including: risks, including obtaining regulatory approvals, related to closing our agreement with
Additional risks and uncertainties that could affect
Contacts
Investor Relations
Media
Natera, Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(Unaudited) |
|||||||
(In thousands) |
|||||||
March 31, |
December 31, |
||||||
2019 |
2018 |
||||||
(1) |
|||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
34,281 |
$ |
46,407 |
|||
Restricted cash, current portion |
399 |
4,597 |
|||||
Short-term investments |
93,805 |
107,461 |
|||||
Accounts receivable, net of allowance of $1,794 in 2019 and $1,788 in 2018 |
60,293 |
62,223 |
|||||
Inventory |
13,748 |
13,633 |
|||||
Prepaid expenses and other current assets |
5,555 |
6,197 |
|||||
Total current assets |
208,081 |
240,518 |
|||||
Property and equipment, net |
23,302 |
24,336 |
|||||
Operating lease right-of-use assets |
27,260 |
— |
|||||
Other assets |
2,802 |
3,317 |
|||||
Total assets |
$ |
261,445 |
$ |
268,171 |
|||
Liabilities and Stockholders' Equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
8,917 |
$ |
14,587 |
|||
Accrued compensation |
10,818 |
12,668 |
|||||
Other accrued liabilities |
37,839 |
32,442 |
|||||
Deferred revenue, current portion |
4,928 |
4,131 |
|||||
Short-term debt financing |
50,154 |
50,153 |
|||||
Total current liabilities |
112,656 |
113,981 |
|||||
Long-term debt financing |
73,431 |
73,357 |
|||||
Deferred rent, net of current portion |
— |
8,613 |
|||||
Deferred revenue, long-term portion |
39,698 |
40,058 |
|||||
Operating lease liabilities, long-term portion |
30,674 |
— |
|||||
Total liabilities |
256,459 |
236,009 |
|||||
Stockholders' equity: |
|||||||
Common stock (2) |
7 |
7 |
|||||
Additional paid in capital |
613,680 |
607,236 |
|||||
Accumulated deficit |
(608,435) |
(574,529) |
|||||
Accumulated other comprehensive loss |
(266) |
(552) |
|||||
Total stockholders' equity |
4,986 |
32,162 |
|||||
Total liabilities and stockholders' equity |
$ |
261,445 |
$ |
268,171 |
|||
(1) |
The condensed, consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. |
(2) |
As of March 31, 2019, there were approximately 63,340,000 shares of common stock issued and outstanding. |
Natera, Inc. |
|||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss |
|||||||
(Unaudited) |
|||||||
(In thousands, except per share data) |
|||||||
Three months ended |
|||||||
March 31, |
|||||||
2019 |
2018 |
||||||
Revenues |
|||||||
Product revenues |
$ |
63,364 |
$ |
54,269 |
|||
Licensing and other revenues |
3,460 |
8,071 |
|||||
Total revenues |
66,824 |
62,340 |
|||||
Cost and expenses |
|||||||
Cost of product revenues |
41,605 |
39,055 |
|||||
Cost of licensing and other revenues |
1,698 |
1,537 |
|||||
Research and development |
11,435 |
14,340 |
|||||
Selling, general and administrative |
43,832 |
37,925 |
|||||
Total cost and expenses |
98,570 |
92,857 |
|||||
Loss from operations |
(31,746) |
(30,517) |
|||||
Interest expense |
(2,724) |
(2,389) |
|||||
Interest and other income |
453 |
137 |
|||||
Loss before income taxes |
(34,017) |
(32,769) |
|||||
Income tax expense |
(74) |
(104) |
|||||
Net loss |
$ |
(34,091) |
$ |
(32,873) |
|||
Unrealized gain (loss) on available-for-sale securities, net of tax |
286 |
(138) |
|||||
Comprehensive loss |
$ |
(33,805) |
$ |
(33,011) |
|||
Net loss per share: |
|||||||
Basic |
$ |
(0.54) |
$ |
(0.61) |
|||
Diluted |
$ |
(0.54) |
$ |
(0.61) |
|||
Weighted-average number of shares used in computing basic and diluted net loss per share: |
|||||||
Basic |
62,831 |
54,132 |
|||||
Diluted |
62,831 |
54,132 |
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