Nasdaq GlobeNewswire

Oxford Immunotec Reports Second Quarter 2017 Financial Results

Del
  • Second quarter revenue of $26.1 million, an increase of 36% compared to prior year period
  • Continued growth from both the Tuberculosis and Tick-borne disease franchises
  • Successful negotiation of a settlement with Statens Serum Institut which will result in substantial future gross margin improvement
  • Raising revenue guidance for the full year from $102-$105 million to $103-$106 million

OXFORD, United Kingdom and MARLBOROUGH, Mass., Aug. 01, 2017 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of underserved immune-regulated conditions, today announced second quarter 2017 financial results.

"We delivered a strong second quarter with revenue growth that exceeded the top end of our guidance range," said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. "As we continue our evolution from a single-product company to a multi-product company, we are pleased to see solid growth in our core tuberculosis (TB) business as well as a strong contribution from our accelerating tick-borne disease franchise."

By revenue type, total revenues were, in millions:

    Three Months Ended June 30,  
      2017     2016   Percent 
Change

 
               
Product   $ 10.4   $ 9.3   12 %  
Service     15.7     9.9   59 %  
Total Revenue   $   26.1   $   19.2   36 %  
               

By indication, total revenues were, in millions:

    Three Months Ended June 30,  
      2017     2016   Percent 
Change

 
               
Tuberculosis   $ 21.3   $ 19.2   12 %  
Tick-Borne Disease and Other     4.8     -   NM    
Total Revenue   $    26.1   $   19.2     36 %  
               

By geography, total revenues were, in millions:

    Three Months Ended June 30,  
            Percent Change  
      2017     2016   As Reported   Constant 
Currency 
(1)
 
                   
United States   $ 16.1   $ 9.8   65 %   65 %  
Europe & ROW     1.9     2.0   -2 %   3 %  
Asia     8.1     7.4   9 %   8 %  
Total revenue   $   26.1   $   19.2   36 %   36 %

(1) Changes in revenue include the impact of changes in foreign currency exchange rates. We use the non-GAAP financial measure "constant currency basis" in our filings to show changes in our revenue without giving effect to period-to-period currency fluctuations. We consider the use of a period over period revenue comparison on a constant currency basis to be helpful to investors, as it provides a revenue growth measure free of positive or negative volatility due to currency fluctuations.

Settlement with Statens Serum Institut

During the quarter, we reached a settlement over a dispute regarding our license agreement with Statens Serum Institut (SSI). The terms of the settlement are confidential, however, we expect this settlement to result in a 300-400 basis point improvement in future TB gross margins.

Second Quarter 2017 Financial Results

Revenue for the second quarter of 2017 was $26.1 million, representing 36% growth over second quarter 2016 revenue of $19.2 million. On a constant currency basis, revenue growth was also 36% versus the prior year period. Tuberculosis revenue for the second quarter of $21.3 million increased 12% over the prior year period. 

2017 second quarter product revenue was $10.4 million, representing a 12% increase from product revenue of $9.3 million in the second quarter of 2016. The increase was primarily driven by sales of tick-borne disease kits as well as growth in Asia. Service revenue for the second quarter of 2017 was $15.7 million, up 59% from 2016 second quarter revenue of $9.9 million. The increase in service revenue was primarily driven by tuberculosis volume increases in the United States as well as revenues from our tick-borne disease testing business.

United States revenue was $16.1 million in the second quarter of 2017, representing 65% growth over revenue of $9.8 million in the prior year period. The increase was due to growth in our core tuberculosis business as well as the additional contribution from our tick-borne disease business.

Europe & ROW revenue was $1.9 million in the second quarter of 2017, representing a 2% decrease compared to the second quarter of 2016. On a constant currency basis, Europe & ROW increased 3% versus the second quarter of 2016. The increase was primarily due to TB growth, particularly in the UK, and sales of tick-borne disease kits.

Asia revenue was $8.1 million in the second quarter of 2017, representing an increase of 9% over 2016 second quarter revenue of $7.4 million. On a constant currency basis, Asia increased 8% versus the second quarter of 2016. The increase was due to the timing of orders in China and increasing sales in South Korea.

Gross profit for the second quarter of 2017 was $13.6 million, an increase of $3.1 million over gross profit of $10.5 million in the same period of 2016. Gross margin was 52.2%, a decrease of 290 basis points from the gross margin of 55.1% in the second quarter of 2016. The second quarter gross margin performance reflects an underlying improvement in TB margins offset by the addition of our tick-borne disease businesses, which carry lower gross margins.

Operating expenses were $31.4 million in the second quarter of 2017, an increase of $13.5 million compared to $17.9 million in the same period last year. The increase in operating expenses was largely due to the inclusion of a one-time charge related to the SSI settlement as well as expenses related to our BLA submissions and ongoing patent litigation.

Net loss for the second quarter of 2017 was $16.8 million, or $0.74 per share, compared to $6.4 million, or $0.29 per share, in the second quarter of 2016. Net loss per share was based on 22,805,379 and 22,351,645 weighted average ordinary shares outstanding for the second quarters of 2017 and 2016, respectively. 

EBITDA for the second quarter was $(17.4) million compared to $(5.8) million in the second quarter of 2016. Adjusted EBITDA was $(6.3) million for the second quarter compared to $(5.3) million in the same period in 2016. Both EBITDA and Adjusted EBITDA are non-GAAP measures.

Business Outlook

We expect to report revenue of between $29.5 and $30.5 million for the third quarter of 2017.

We now expect to report full year 2017 revenue of between $103 and $106 million, representing 20% - 23% year-over-year growth. We expect revenue to increase approximately 21% to 24% for the year using constant exchange rates. This compares to prior revenue guidance of between $102 and $105 million.

Conference Call

Oxford Immunotec will host a conference call on Tuesday, August 1, 2017 at 8:00 a.m. Eastern Time to discuss its second quarter 2017 financial results. The call will be concurrently webcast. To listen to the conference call on your telephone, please dial (855) 363-5047 for United States callers and +1 (484) 365-2897 for international callers and reference confirmation code 54321779 approximately ten minutes prior to start time. To access the live audio webcast or subsequent archived recording, visit the Investor Relations section of Oxford Immunotec's website at www.oxfordimmunotec.com. The replay will be available on the Company's website for approximately 60 days.

About Oxford Immunotec

Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of underserved immune-regulated conditions.  The Company's first product is the T-SPOT®.TB test, which is used to test for tuberculosis infection.  The T-SPOT.TB test has been approved for sale in over 50 countries, including the United States, where it has received pre-market approval from the Food and Drug Administration, Europe, where it has obtained a CE mark, as well as Japan and China.  The Company's second product line is a range of assays for tick-borne diseases, such as Lyme disease, obtained through the acquisitions of Imugen and Immunetics.  Also obtained through the acquisitions is the Company's third product line focused on screening for Babesia in donated blood, for which the Company is currently seeking FDA licensure.  The T-SPOT.CMV test and the T-SPOT.PRT test are pipeline products as part of the Company's fourth intended product line focused on the transplantation market.  In addition to these four product lines, the Company has additional active development programs in other immune-regulated conditions.  The Company is headquartered near Oxford, U.K. and in Marlborough, Mass.  Additional information can be found at www.oxfordimmunotec.com.

T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.  Immunetics is a trademark of Immunetics, Inc.

Forward-Looking Statements

This release contains forward-looking statements that involve risks and uncertainties, including statements about our anticipated plans, objectives, intentions, the anticipated benefits of the transaction, the effects of the transaction, including effects on future financial and operating results, prospects for sales of our products and other statements that are not historical facts. The forward-looking statements in this release are based on current expectations, assumptions and data available as of the date of this release and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: risks related to disruption of management time from ongoing business operations due to the integration of Imugen and Immunetics into the Company; the risk that the Company may fail to realize the benefits expected from the acquisitions; the risk that the integration of Imugen and Immunetics into the Company may not progress as anticipated; decisions by regulatory authorities, hospitals and other health care institutions, laboratories, physicians, patients and third party payers that could affect the Company's business and prospects; as well as our ability to expeditiously and successfully expand our sales and distribution networks. The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are described under the "Risk Factors" section in our filings with the Securities and Exchange Commission ("SEC"). Our filings are available for free by visiting the investor section of our website, www.oxfordimmunotec.com, or the SEC's website, www.sec.gov.

Investors should give careful consideration to these risks and uncertainties. Forward-looking statements contained herein are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements contained herein, which speak only as of the date of this release. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.

CONTACTS:

For Media and Investor Inquiries: 
Karen Koski
Head of Strategy and Investor Relations
Oxford Immunotec
Tel: +1 (508) 556-1377
kkoski@oxfordimmunotec.com

Mark Klausner
Westwicke Partners
Tel: +1 (443) 213-0501
oxfordimmunotec@westwicke.com

Oxford Immunotec Global PLC
Condensed consolidated statements of operations
(unaudited)
 
    Three months ended June 30,   Six months ended June 30,
(in thousands, except share and per share data)     2017       2016       2017       2016  
Revenue                
Product   $ 10,422     $ 9,293     $ 18,808     $ 17,431  
Service     15,698       9,861       28,817       18,833  
Total revenue     26,120       19,154       47,625       36,264  
Cost of revenue                
Product     4,094       3,512       7,339       6,805  
Service     8,398       5,094       15,650       9,966  
Total cost of revenue     12,492       8,606       22,989       16,771  
Gross profit     13,628       10,548       24,636       19,493  
Operating expenses:                
Research and development     3,948       3,284       7,753       6,305  
Sales and marketing     10,041       9,391       19,681       17,871  
General and administrative     7,990       5,151       14,866       9,734  
Change in fair value of contingent purchase price consideration     (238 )     57       (2,595 )     112  
Settlement expense     9,635       -       9,635       -  
Total operating expenses     31,376       17,883       49,340       34,022  
Loss from operations     (17,748 )     (7,335 )     (24,704 )     (14,529 )
Other income (expense):                
Interest expense, net     (807 )     (17 )     (1,630 )     (34 )
Foreign exchange (losses) gains     (547 )     874       (653 )     1,237  
Other (expense) income     (122 )     29       (262 )     (137 )
Loss before income taxes     (19,224 )     (6,449 )     (27,249 )     (13,463 )
Income tax benefit (expense)     2,458       3       2,411       (32 )
Net loss   $ (16,766 )   $ (6,446 )   $ (24,838 )   $ (13,495 )
                 
Net loss per share attributable to ordinary shareholders-basic and diluted   $ (0.74 )   $ (0.29 )   $ (1.10 )   $ (0.60 )
                 
Weighted-average shares used to compute net loss attributable to ordinary shareholders-basic and diluted     22,805,379       22,351,645       22,670,206       22,318,019  
                 

 
Reconciliation of net loss to Adjusted EBITDA (1)
(unaudited)
 
    Three months ended June 30,   Six months ended June 30,
(in thousands)     2017       2016       2017       2016  
Net loss   $ (16,766 )   $ (6,446 )   $ (24,838 )   $ (13,495 )
Income tax expense (benefit)     (2,458 )     (3 )     (2,411 )     32  
Interest expense, net     667       17       1,341       34  
Depreciation and amortization of intangible assets     990       624       1,993       1,205  
Accretion and amortization of loan fees     140       -       289       -  
EBITDA     (17,427 )     (5,808 )     (23,626 )     (12,224 )
                 
Reconciling items:                
Share-based compensation expense     1,434       1,355       2,760       2,459  
Unrealized exchange losses (gains)     319       (896 )     281       (1,418 )
Change in fair value of contingent purchase price consideration     (238 )     57       (2,595 )     112  
Settlement expense     9,635       -       9,635       -  
Adjusted EBITDA   $ (6,277 )   $ (5,292 )   $ (13,545 )   $ (11,071


(1) 
EBITDA and Adjusted EBITDA are non-GAAP measures that we calculate as net loss, adjusted for the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. We believe that these measures provide useful information to investors in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Our presentation of these measures is not made in accordance with U.S. GAAP, and our computation of these measures may vary from others in the industry. Our use of these measures has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.

The above table presents a reconciliation of net loss, the most comparable U.S. GAAP measure, to EBITDA and Adjusted EBITDA for each of the periods indicated.

Oxford Immunotec Global PLC
Condensed consolidated balance sheets
(unaudited)
 
    June 30,   December 31,
(in thousands, except share and per share data)     2017       2016  
Assets        
Current assets:        
Cash and cash equivalents   $ 36,713     $ 59,110  
Accounts receivable, net     18,016       13,265  
Inventory, net     9,480       7,437  
Prepaid expenses and other assets     2,907       2,390  
       
Total current assets     67,116       82,202  
Restricted cash, non-current     200       200  
Property and equipment, net     8,786       7,793  
In-process research and development     16,170       16,170  
Goodwill     3,967       3,822  
Other intangible assets, net     10,410       11,017  
Deferred tax asset     6,133       2,630  
Other assets     145       178  
         
Total assets   $ 112,927     $ 124,012  
         
Liabilities and shareholders' equity        
Current liabilities:        
Accounts payable   $ 3,874     $ 3,201  
Accrued liabilities     15,734       14,282  
Settlement liability     2,317       -  
Contingent purchase price consideration     880       882  
Deferred income     43       41  
Current portion of loans payable     87       84  
         
Total current liabilities     22,935       18,490  
Long-term portion of loans payable     29,670       29,601  
Settlement liability     7,472       -  
Contingent purchase price consideration     -       2,593  
Other liabilities     364       364  
         
Total liabilities     60,441       51,048  
         
Shareholders' equity:        
Ordinary shares, £0.006705 nominal value; 36,183,293 shares authorized at June 30, 2017 and 
December 31, 2016, and 23,014,032 and 22,635,431 shares issued and outstanding at June 
30, 2017 and December 31, 2016, respectively
    247       243  
Additional paid-in capital     251,989       249,128  
Accumulated deficit     (193,494 )     (168,656 )
Accumulated other comprehensive loss     (6,256 )     (7,751 )
         
Total shareholders' equity     52,486       72,964  
         
Total liabilities and shareholders' equity   $ 112,927     $ 124,012  
         



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Oxford Immunotec via Globenewswire

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

CNP Assurances: Pre Stabilisation Notice20.6.2018 13:41Pressemelding

PARIS, June 20, 2018 (GLOBE NEWSWIRE) -- EURONEXT PARIS: CNP 20 th June 2018 CNP Assurances Stabilisation Notice HSBC (contact: 'Syndicate desk'; telephone: +44 207 992 8066) hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities The securities: Issuer: CNP Assurances Guarantor (if any): Aggregate nominal amount: EUR Bmk Description: EUR Perpetual Fixed Rate Resettable Restricted Tier 1 Notes Offer price: TBC Other offer terms: Stabilisation: Stabilising Manager(s): Credit Suisse / HSBC (B&D) / Morgan Stanley / Natixis / SG CIB / Unicredit Stabilisation period expected to start on: 20th June 2018 Stabilisation period expected to end no later than: 20th July 2018 Existence, maximum size & conditions of use of over-allotment facility: 5% of the aggregate nominal amount Stabilisation Venue(s) Over the counter (OTC) In connection with the offer of the above securities, the Stabilisation Manager(s)

Delta Air Lines Becomes Launch Operator of ATMOSPHÈRE Cabin with New Order for 20 Bombardier CRJ90020.6.2018 13:00Pressemelding

MONTRÉAL, June 20, 2018 (GLOBE NEWSWIRE) -- Bombardier Commercial Aircraft announced today that Delta Air Lines, Inc. of Atlanta, Georgia (Delta Air Lines) has signed a firm purchase agreement for 20 CRJ900 aircraft - becoming the launch operator of the new ATMOSPHÈRE cabin for CRJ Series regional jets. Based on the list price for the CRJ900 aircraft, the firm order is valued at approximately US$961 million. "We are thrilled that Delta continues to select the CRJ Series as the airline looks into the future growth of its regional operations," said Fred Cromer, president, Bombardier Commercial Aircraft. "Together with Delta, we have driven the development of regional aviation in the U.S., and we are looking forward to further enhancing regional air travel with the launch of the new ATMOSPHÈRE cabin with our long-standing and esteemed customer." The new CRJ900 aircraft with ATMOSPHÈRE cabin will fly under the Delta Connection brand in a comfortable two-class regional jet configuration wit

Bombardier's Chinese Joint Venture Wins Contract to Provide an INNOVIA Automated People Mover System to Shenzhen Airport20.6.2018 11:52Pressemelding

Bombardier Transportation / Bombardier's Chinese Joint Venture Wins Contract to Provide an INNOVIA Automated People Mover System to Shenzhen Airport . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement. With this latest joint venture contract, Bombardier's automated people mover systems will be in service in China's five largest urban centers New generation of reliable and ecofriendly INNOVIA APMs to help Shenzhen airport meet growing passenger numbers BERLIN, June 20, 2018 (GLOBE NEWSWIRE) -- Note to editors: To view the photo associated with this press release, please visit the following link: http://www.globenewswire.com/NewsRoom/AttachmentNg/3eb2c427-92ce-4524-bf1a-8cf64b48ca9f Rail technology leader Bombardier Transportation announced today that its Chinese joint venture, CRRC Puzhen Bombardier Transportation Systems Limited (PBTS), has been awarded a contract from Shenzhen Airport Co. Ltd to provide a BOM

SD-WAN Provider Aryaka Within 1% of Surpassing VMware for SD-WAN Market Leadership, According to Latest IHS Markit Report20.6.2018 10:00Pressemelding

SAN MATEO, Calif., June 20, 2018 (GLOBE NEWSWIRE) -- Aryaka® announced today it has been named the largest pure play SD-WAN provider in Q1 2018 and is now within 1% of surpassing VMware for overall leadership in terms of market share and revenues, according to the latest industry report from IHS Markit. In addition to closing the gap on VMware, Aryaka is now 6% ahead of Cisco (post-Viptela acquisition) in the SD-WAN space. IHS Markit's most recent report shows Aryaka's share of the SD-WAN market reached 18% in Q1 2018, which is an increase from the previous quarter. "Aryaka's SD-WAN as-a-Service is a game-changer and enabler for global enterprises embarking on a digital transformation journey," said Gary Sevounts, Chief Marketing Officer at Aryaka. "Our growth and dominant market position are a direct result of our unique ability to enhance cloud/SaaS and on-premises application performance for globally distributed businesses. With a continued focus on application delivery, performance

Standard Lithium Provides Updates on Fully Funded Resource Assessments Program Underway20.6.2018 09:00Pressemelding

VANCOUVER, British Columbia, June 20, 2018 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. ("Standard Lithium" or the "Company") (TSXV:SLL) (FRA:S5L) is pleased to provide the following updates on the Company's fully funded resource assessment programs underway at its two brownfield lithium brine project locations. In Arkansas, the Company has begun sampling at all current, active, and permitted brine production wells from the 150,000+ acres of brine leases recently announced by the Company on May 9th, 2018 (link to news release here). The Company has also received total brine production data from the Arkansas Oil and Gas Commission (the "AOGC") for the last six years of production. The Company will continue sampling brine from these active production wells at regular intervals over the next one to two months. Analyses from this sampling program, combined with production volume data from the AOGC and extensive geophysical data the Company has received, will be used to assist in completing a

ERYTECH to Present at JMP Securities Life Science Conference20.6.2018 07:30Pressemelding

LYON, France, June 20, 2018 (GLOBE NEWSWIRE) -- ERYTECH Pharma (Euronext Paris:ERYP) (Nasdaq:ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances inside red blood cells, today announced that Chief Executive Officer, Gil Beyen, will present at the JMP Securities Life Science Conference, June 20, 2018 at The St. Regis, New York, in New York City. Conference Details: Conference: JMP Securities Life Science Conference Date: June 20, 2018 Presentation Time: 9:00 AM EDT / 3:00 CET About ERYTECH and eryaspase (GRASPA®): www.erytech.com Founded in Lyon, France in 2004, ERYTECH is a clinical-stage biopharmaceutical company developing innovative therapies for rare forms of cancer and orphan diseases. Leveraging its proprietary ERYCAPS platform, which uses a novel technology to encapsulate therapeutic drug substances inside red blood cells, ERYTECH has developed a pipeline of product candidates targeting markets with high u

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom