Recent Accomplishments & Highlights
- Generated total revenues of
$52.0 million in the second quarter of 2016 compared to$45.1 million in the second quarter of 2015, an increase of 15% - Accessioned greater than 103,000 tests in the second quarter of 2016 compared to approximately 69,000 tests accessioned in the second quarter of 2015, an increase of approximately 49%
- Accessioned greater than 80,000 Panorama tests in the second quarter of 2016 compared to approximately 58,000 tests accessioned in the second quarter of 2015, an increase of approximately 38%
- Accessioned greater than 18,800 Horizon carrier screening tests in the second quarter of 2016 compared to approximately 7,000 Horizon carrier screening tests accessioned in the second quarter of 2015, an increase of approximately 169%
- Signed a ten year supply agreement with
Illumina and broadened the existing agreement to include oncology diagnostics development The American College of Medical Genetics recommended that physicians inform all pregnant women, regardless of maternal age, that NIPT is the most sensitive screening option for traditionally screened aneuploidies, and of the use of NIPT to screen for clinically relevant microdeletions- Announced a new collaboration with the
University of California, San Francisco to study DNA markers of kidney transplant rejection - Announced a Constellation™ technology transfer licensing agreement with Unilabs, one of
Europe's leading providers of clinical laboratory testing and medical diagnostic imaging services, that enables Unilabs to offer Panorama® NIPT
"We are very pleased with our performance in the quarter," said
Second Quarter Ended
Total revenues were
Gross profit for the three months ended
Total operating expenses, representing research and development and selling, general and administrative expenses, for the three months ended
Loss from operations for the second quarter of 2016 was
Net loss for the three months ended
At
2016 Financial Outlook
* Gross profit is calculated as GAAP total revenues less GAAP cost of product revenues. Gross margin is calculated as gross profit divided by GAAP total revenues.
** Net cash burn is calculated as the sum of GAAP net cash used by operating activities (estimated for 2016 to be between
About
Conference Call Information
Event: |
Natera's Second Quarter 2016 Results Conference Call |
Date: |
Thursday, August 4 2016 |
Time: |
1:30 p.m. PT (4:30 p.m. ET) |
Live Dial-In: |
(877) 823-0171, Domestic |
(617) 500-6932, International |
|
Conference ID: |
55986555 |
Webcast: |
investor.natera.com |
A webcast replay will be available at investor.natera.com. |
Forward-Looking Statements
This release contains forward-looking statements, including statements regarding
These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including: we face numerous uncertainties and challenges in achieving the financial guidance provided; we may be unable to further increase the use and adoption of Panorama, through our direct sales efforts or through our laboratory partners, or to develop and successfully commercialize new products, including our cancer products; we have incurred losses since our inception and we anticipate that we will continue to incur losses for the foreseeable future; our quarterly results may fluctuate significantly; we may be unable to compete successfully with either existing or future prenatal testing products or other test methods; our cloud-based distribution model may be difficult to implement, and we may not be able to commercialize this model if we do not comply with ongoing regulatory requirements; the results of our clinical studies may not support the use of our tests, particularly in the average-risk pregnancy population or for microdeletions screening, or may not be able to be replicated in later studies required for regulatory approvals or clearances; if our sole CLIA-certified laboratory facility becomes inoperable, we will be unable to perform our tests and our business will be harmed; we rely on a limited number of suppliers or, in some cases, single suppliers, for some of our laboratory instruments and materials and may not be able to find replacements or immediately transition to alternative suppliers; the marketing, sale, and use of Panorama and our other products could result in substantial damages arising from product liability or professional liability claims that exceed our resources; we may be unable to expand third-party payer coverage and reimbursement for Panorama and our other tests, and we may be required to refund reimbursements already received; if the
Additional risks and uncertainties that could affect
hrosenman@natera.com
mbrophy@natera.com
lzobkiw@natera.com
Natera, Inc. |
|||||||||||
Unaudited Condensed Consolidated Balance Sheets |
|||||||||||
(In thousands) |
|||||||||||
June 30, |
December 31, |
||||||||||
2016 |
2015 |
||||||||||
Assets |
|||||||||||
Current assets: |
|||||||||||
Cash and cash equivalents |
$ |
16,557 |
$ |
28,947 |
|||||||
Restricted cash, current portion |
1,274 |
901 |
|||||||||
Short-term investments |
198,647 |
201,586 |
|||||||||
Accounts receivable, net of allowance of $1,213 in 2016 and $971 in 2015 |
6,171 |
5,862 |
|||||||||
Inventory |
8,893 |
8,093 |
|||||||||
Prepaid expenses and other current assets |
5,633 |
5,337 |
|||||||||
Total current assets |
237,175 |
250,726 |
|||||||||
Property and equipment, net |
19,096 |
12,710 |
|||||||||
Restricted cash, long term portion |
342 |
683 |
|||||||||
Other assets |
4,654 |
1,121 |
|||||||||
Total assets |
$ |
261,267 |
$ |
265,240 |
|||||||
Liabilities and Stockholders' Equity |
|||||||||||
Current liabilities: |
|||||||||||
Accounts payable |
$ |
9,194 |
$ |
7,332 |
|||||||
Accrued compensation |
9,095 |
8,552 |
|||||||||
Other accrued liabilities |
23,586 |
18,708 |
|||||||||
Deferred revenue |
331 |
144 |
|||||||||
Short-term debt financing |
49,327 |
42,090 |
|||||||||
Warrants |
3,955 |
3,649 |
|||||||||
Total current liabilities |
95,488 |
80,475 |
|||||||||
Deferred rent |
1,964 |
— |
|||||||||
Total liabilities |
97,452 |
80,475 |
|||||||||
Commitments and contingencies |
|||||||||||
Stockholders' equity: |
|||||||||||
Common stock |
6 |
5 |
|||||||||
Additional paid in capital |
444,790 |
436,259 |
|||||||||
Accumulated deficit |
(281,924) |
(250,083) |
|||||||||
Accumulated other comprehensive income (loss) |
943 |
(1,416) |
|||||||||
Total stockholders' equity |
163,815 |
184,765 |
|||||||||
Total liabilities and stockholders' equity |
$ |
261,267 |
$ |
265,240 |
|||||||
Natera, Inc. |
|||||||||||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss |
|||||||||||||
(In thousands, except per share data) |
|||||||||||||
Three months ended |
Six months ended |
||||||||||||
June 30, |
June 30, |
||||||||||||
2016 |
2015 |
2016 |
2015 |
||||||||||
Revenues |
|||||||||||||
Product revenues |
$ |
51,231 |
$ |
44,519 |
$ |
112,367 |
$ |
91,418 |
|||||
Other revenues |
753 |
568 |
1,519 |
1,104 |
|||||||||
Total revenues |
51,984 |
45,087 |
113,886 |
92,522 |
|||||||||
Cost and expenses |
|||||||||||||
Cost of product revenues |
30,973 |
25,732 |
63,313 |
50,575 |
|||||||||
Research and development |
10,299 |
6,741 |
19,058 |
12,371 |
|||||||||
Selling, general and administrative |
33,227 |
28,086 |
63,635 |
51,325 |
|||||||||
Total cost and expenses |
74,499 |
60,559 |
146,006 |
114,271 |
|||||||||
Loss from operations |
(22,515) |
(15,472) |
(32,120) |
(21,749) |
|||||||||
Interest expense |
(122) |
(1,203) |
(237) |
(2,213) |
|||||||||
Interest expense from changes in the fair value of long term debt |
— |
(322) |
— |
(2,122) |
|||||||||
Interest and other (expense) income, net |
(519) |
(2,684) |
516 |
(3,601) |
|||||||||
Net loss |
$ |
(23,156) |
$ |
(19,681) |
$ |
(31,841) |
$ |
(29,685) |
|||||
Unrealized gain on available-for-sale securities, net of tax |
548 |
— |
2,359 |
— |
|||||||||
Comprehensive loss |
$ |
(22,608) |
$ |
(19,681) |
$ |
(29,482) |
$ |
(29,685) |
|||||
Basic and diluted net loss per share |
$ |
(0.46) |
$ |
(3.58) |
$ |
(0.63) |
$ |
(5.50) |
|||||
Weighted-average number of shares used in computing basic and diluted net loss per share |
51,445 |
5,494 |
50,942 |
5,393 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/natera-reports-second-quarter-2016-financial-results-300309405.html
SOURCE