Nasdaq GlobeNewswire

Oxford Immunotec Reports Third Quarter 2017 Financial Results

Del
  • Third quarter revenue of $30.4 million, an increase of 17% compared to prior year period
  • Continued growth from both the Tuberculosis (TB) and Tick-borne disease franchises, with double-digit revenue growth in all three geographies served
  • Gross margin improved by 450 basis points on a sequential basis, driven by strong progress in TB margins

OXFORD, United Kingdom and MARLBOROUGH, Mass., Oct. 31, 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 third quarter 2017 financial results.

"We are pleased to report another strong quarter, with solid growth across both franchises and all three geographies served," said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. "As we move forward through the remainder of the year and into 2018, we will continue to focus on driving revenue growth and progressing the company towards profitability."

By revenue type, total revenues were, in millions:

  Three Months Ended September 30,
   2017    2016   Percent
Change
           
Product $   12.0   $   9.7   24 %
Service     18.4       16.4   12 %
Total Revenue $   30.4   $   26.1   17 %

By indication, total revenues were, in millions:

  Three Months Ended September 30,
   2017    2016   Percent
Change
           
Tuberculosis $   24.4   $   22.0   11 %
Tick-Borne Disease and Other     6.0       4.1   45 %
Total Revenue $   30.4   $   26.1   17 %
           

By geography, total revenues were, in millions:

  Three Months Ended September 30,
          Percent Change
   2017    2016   As Reported   Constant
Currency 
(1)
               
United States $   18.8   $   16.2   16 %   16 %
Europe & ROW   2.2       1.7   26 %   22 %
Asia     9.4       8.2   15 %   18 %
Total Revenue $   30.4   $    26.1   17 %   17 %
               

(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.

Third Quarter 2017 Financial Results

Revenue for the third quarter of 2017 was $30.4 million, representing 17% growth over third quarter 2016 revenue of $26.1 million. On a constant currency basis, revenue growth was also 17% versus the prior year period. Tuberculosis revenue for the third quarter of $24.4 million increased 11% over the prior year period.

2017 third quarter product revenue was $12.0 million, representing a 24% increase from product revenue of $9.7 million in the third quarter of 2016. The increase was primarily driven by sales of tick-borne disease kits, as well as growth in Asia and Europe & ROW. Service revenue for the third quarter of 2017 was $18.4 million, up 12% from 2016 third quarter revenue of $16.4 million. The increase in service revenue was primarily driven by strong growth in our tick-borne disease business, as well as tuberculosis volume increases in the United States.

United States revenue was $18.8 million in the third quarter of 2017, representing 16% growth over revenue of $16.2 million in the prior year period. The increase was due to growth in our tuberculosis and tick-borne disease businesses.

Europe & ROW revenue was $2.2 million in the third quarter of 2017, representing a 26% increase compared to the third quarter of 2016. On a constant currency basis, Europe & ROW increased 22% versus the third quarter of 2016. The increase was primarily due to tuberculosis growth in the UK and continental European markets, as well as sales of tick-borne disease kits.

Asia revenue was $9.4 million in the third quarter of 2017, representing an increase of 15% over 2016 third quarter revenue of $8.2 million. On a constant currency basis, Asia increased 18% versus the third quarter of 2016. The increase was primarily due to the timing of orders and higher sales in South Korea.

Gross profit for the third quarter of 2017 was $17.3 million, an increase of $2.7 million over gross profit of $14.6 million in the same period of 2016. Gross margin was 56.7%, an increase of 80 basis points from gross margin of 55.9% in the third quarter of 2016. The third quarter gross margin performance reflects lower royalty expenses due to the June 2017 Statens Serum Institut settlement, an underlying improvement in TB margins, and favorable mix, offset by higher volumes in our tick-borne disease business, which carries lower gross margins, as well as some early infrastructure investments necessary to meet future growth.

Operating expenses were $32.5 million in the third quarter of 2017, an increase of $13.6 million compared to $18.9 million in the same period last year. The increase in operating expenses was largely due to the inclusion of a one-time non-cash impairment charge of $11.1 million to write-off certain intangible assets acquired in conjunction with the 2016 acquisition of Imugen, as well as expenses related to our BLA submissions and ongoing patent litigation. In the third quarter, we also recorded a credit of $880,000 related to the change in fair value of contingent consideration associated with the acquisition of Immunetics.

Net loss for the third quarter of 2017 was $16.9 million, or $0.70 per share, compared to $4.0 million, or $0.18 per share, in the third quarter of 2016. Net loss per share was based on 24,123,574 and 22,365,349 weighted average ordinary shares outstanding for the third quarters of 2017 and 2016, respectively.

EBITDA for the third quarter was $(14.7) million compared to $(3.0) million in the third quarter of 2016. Adjusted EBITDA for the third quarter of 2017 was $(2.5) million compared to $(2.2) 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 $25.4 and $26.4 million for the fourth quarter of 2017.

We now expect to report full year 2017 revenue of between $103.5 and $104.5 million, representing 20% - 21% year-over-year growth. We expect revenue to increase approximately 21% to 22% for the year using constant exchange rates. This compares to prior revenue guidance of between $103 and $106 million.

Conference Call

Oxford Immunotec will host a conference call on Tuesday, October 31, 2017 at 8:00 a.m. Eastern Time to discuss its third 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 99539511 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 these 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 Company's fourth product line is focused on the transplantation market.  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, 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: 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

Oxford Immunotec Global PLC
Condensed consolidated statements of operations
(unaudited)
 
    Three months ended September 30,   Nine months ended September 30,
(in thousands, except share and per share data)     2017       2016       2017       2016  
Revenue                
Product   $   12,000     $   9,713     $   30,808     $   27,144  
Service       18,429         16,396         47,246         35,229  
Total revenue       30,429         26,109         78,054         62,373  
Cost of revenue                
Product       4,027         3,616         11,366         10,421  
Service       9,141         7,887         24,791         17,853  
Total cost of revenue       13,168         11,503         36,157         28,274  
Gross profit       17,261         14,606       41,897       34,099  
Operating expenses:                
Research and development       4,467         3,532         12,220         9,837  
Sales and marketing       9,493         8,794         29,174         26,665  
General and administrative       8,141         6,466         23,007         16,200  
Change in fair value of contingent purchase price consideration       (880 )       60         (3,475 )       172  
Intangible assets impairment charges       11,064         -         11,064         -  
Settlement expense       196         -         9,831         -  
Total operating expenses       32,481         18,852         81,821         52,874  
Loss from operations       (15,220 )       (4,246 )       (39,924 )       (18,775 )
Other income (expense):                
Interest expense, net       (781 )       (54 )       (2,411 )       (88 )
Foreign exchange (losses) gains       (624 )       470         (1,277 )       1,707  
Other expense       -         (106 )       (262 )       (243 )
Loss before income taxes       (16,625 )       (3,936 )       (43,874 )       (17,399 )
Income tax (expense) benefit       (222 )       (60 )       2,189         (92 )
Net loss   $   (16,847 )   $   (3,996 )   $   (41,685 )   $   (17,491 )
                 
Net loss per ordinary share-basic and diluted   $   (0.70 )   $   (0.18 )   $   (1.80 )   $   (0.78 )
                 
Weighted-average shares used to compute net loss per ordinary share-basic and diluted       24,123,574         22,365,349         23,159,986         22,333,911  

Reconciliation of net loss to Adjusted EBITDA (1)
(unaudited)
 
    Three months ended September 30,   Nine months ended September 30,
(in thousands)     2017       2016       2017       2016  
Net loss   $   (16,847 )   $   (3,996 )   $   (41,685 )   $   (17,491 )
Income tax expense (benefit)       222         60         (2,189 )       92  
Interest expense, net       641         54         1,982         88  
Depreciation and amortization of intangible assets       1,122         862         3,115         2,067  
Accretion and amortization of loan fees       140         -         429         -  
EBITDA       (14,722 )       (3,020 )     (38,348 )       (15,244 )
                 
Reconciling items:                
Share-based compensation expense       1,506         1,368         4,266         3,827  
Unrealized exchange losses (gains)       333         (572 )       614         (1,990 )
Change in fair value of contingent purchase price consideration       (880 )       60         (3,475 )       172  
Intangible assets impairment charges       11,064         -         11,064         -  
Settlement expense       196         -         9,831         -  
Adjusted EBITDA   $   (2,503 )   $   (2,164 )   $   (16,048 )   $   (13,235 )

(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)
 
    September 30,   December 31,
(in thousands, except share and per share data)     2017       2016  
Assets        
Current assets:        
Cash and cash equivalents   $   67,743     $   59,110  
Accounts receivable, net       21,652         13,265  
Inventory, net       9,174         7,437  
Prepaid expenses and other assets       3,147         2,390  
       
Total current assets     101,716         82,202  
Restricted cash, non-current       200         200  
Property and equipment, net       8,927         7,793  
In-process research and development       6,970         16,170  
Goodwill       3,967         3,822  
Other intangible assets, net       8,296         11,017  
Deferred tax asset       6,725         2,630  
Other assets       190         178  
         
Total assets   $ 136,991     $ 124,012  
         
Liabilities and shareholders' equity        
Current liabilities:        
Accounts payable   $   3,141     $   3,201  
Accrued liabilities       15,563         14,282  
Settlement liability       2,396         -  
Contingent purchase price consideration       -         882  
Deferred income       345         41  
Current portion of loans payable       89         84  
         
Total current liabilities       21,534         18,490  
Long-term portion of loans payable       29,787         29,601  
Settlement liability       7,930         -  
Contingent purchase price consideration       -         2,593  
Other liabilities       364         364  
         
Total liabilities       59,615         51,048  
         
Shareholders' equity:        
Ordinary shares, £0.006705 nominal value; 36,183,293 shares authorized at September 30, 2017 and December 31, 2016, and 25,596,345 and 22,635,431 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively       269         243  
Additional paid-in capital     292,959       249,128  
Accumulated deficit     (210,341 )     (168,656 )
Accumulated other comprehensive loss       (5,511 )       (7,751 )
         
Total shareholders' equity       77,376         72,964  
         
Total liabilities and shareholders' equity   $ 136,991     $ 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

Resverlogix Provides Unrestricted Educational Grant for Epigenetic Symposium at International Renal Congress25.5.2018 07:45Pressemelding

CALGARY, Alberta, May 24, 2018 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) today announced that on Friday, May 25, 2018, at the European Renal Association - European Dialysis and Transplant Association (ERA-EDTA) Congress in Copenhagen, Denmark, the Company is supporting a symposium titled: "Epigenetics in CKD & CVD: A potential breakthrough therapy?" The symposium highlights the role of epigenetics and BET-inhibition in chronic kidney disease and cardiovascular disease, especially in patients with diabetes mellitus, and the significant unmet need that still exists in this patient population. The symposium is co-chaired by Vincent M. Brandenburg, MD - Nephrologist, Aachen, Germany and Kamyar Kalantar-Zadeh, MD - UC Irvine School of Medicine, Irvine, CA, USA, both leading scientists also serving as advisors to Resverlogix's Renal program. The speakers and agenda are as follows: Introduction Vincent M. Brandenburg, MD - University Hospital of the RWTH

Atico Reports Consolidated Financial Results for the First Quarter of 201824.5.2018 22:30Pressemelding

(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 24, 2018 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the "Company" or "Atico") (TSX.V:ATY) (OTC:ATCMF) today announced its financial results for the three months ended March 31, 2018, posting a net income of $0.4 million. Fernando E. Ganoza, CEO and Director, commented, "The strong production and all-in sustaining cash cost of $1.85 achieved this quarter is not reflected in the financial results as a large concentrate shipment was delayed to the second quarter, along with the revenue associated with those tonnes. The shipping schedule is expected to stabilize during the second quarter, where we will then benefit from the additional shipped concentrate and recognized revenue. We anticipate strong financial results in the next quarter." Mr. Ganoza continued, "Our emphasis will continue to be on further strengthening our balance sheet, improving production costs and most importantly regional

Luxembourg Announced as SNOMED International's Newest Member24.5.2018 15:16Pressemelding

London, United Kingdom, May 24, 2018 (GLOBE NEWSWIRE) -- SNOMED International and Agence eSanté Luxembourg are pleased to announce that Luxembourg has joined the organization as its thirty-second Member. Luxembourg, one of the leading nations in the area of information and communication technology, has set the development of eHealth technologies as a high priority. Agence eSanté, Luxembourg's national agency for the exchange and sharing of medical data, has set an overall mission to facilitate clinical information exchange both within Luxembourg and across other international actors. To work towards this reality, the agency has taken part in discussions about standardization across Europe, a contributing building block achieved with its membership in SNOMED International. With their membership, Agence eSanté has committed their support for the use of structured clinical terminology. When applied to the health sector, interoperability ensures that information systems, and through them h

SEMAFO Signs Underground Mining Services Contract with AUMS24.5.2018 14:00Pressemelding

MONTREAL, May 24, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) reports that it has signed a mining services contract with African Underground Mining Services ("AUMS") to provide turnkey mining services for Siou underground. AUMS is a well-known and reputable mining contractor with underground experience in Burkina Faso and across Africa. Under the mining services contract, AUMS will be responsible for supplying the mining fleet and a skilled labour force for Siou underground in addition to ensuring development, production and auxiliary services. SEMAFO will provide technical services including geology and engineering as well as leveraging the existing surface infrastructure at Mana. The mining services contract has a term of 70 months. The economic terms of the mining services contract are consistent with the economics presented in the Mana pre-feasibility study filed March 29, 2018 on SEDAR. Preparatory work has already commenced on Siou underground with full project deplo

Merus Announces First Patient Dosed in Phase 1 Clinical Trial of MCLA-158 in Patients with Solid Tumors24.5.2018 13:00Pressemelding

- IND Accepted in April by the U.S. FDA for MCLA-158 - UTRECHT, The Netherlands, May 24, 2018 (GLOBE NEWSWIRE) -- Merus N.V. (Nasdaq:MRUS), a clinical-stage immuno-oncology company developing innovative bispecific antibody therapeutics (Biclonics®), today announced that the first patient has been dosed in a Phase 1, first-in human clinical trial of MCLA-158 in patients with solid tumors with an initial focus on metastatic colorectal cancer. The trial will be conducted in Europe, where several Clinical Trial Applications (CTAs) have been approved to date. The Company also announced the submission of an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for MCLA-158, which was accepted by the FDA in April 2018. With this acceptance, Merus plans to open additional sites for this trial in the United States. MCLA-158 is designed to bind to cancer stem cells expressing leucine-rich repeat-containing G protein-coupled receptor 5 (Lgr5) and epidermal grow

PRA Named International Clinical Research Company of the Year24.5.2018 10:00Pressemelding

RALEIGH, N.C., May 24, 2018 (GLOBE NEWSWIRE) -- PRA Health Sciences, Inc. (NASDAQ:PRAH) is pleased to announce it was recognized by PharmaTimes as the International Clinical Research Company of the Year. This is the fifth year in a row that PRA has received this award. "This award celebrates excellence in the clinical research industry and we are honored to once again be recognized by our peers," said Colin Shannon, President and Chief Executive Officer. "This award is possible thanks to the incredibly talented PRA team members we have working around the world who are deeply committed to their work in bringing new and life-saving therapies to the patients who need them." PRA also swept the Clinical Research Associate and Clinical Trial Administrator categories capturing a total of 11 awards. These awards follow PRA's recognition earlier this month in the PharmaTimes Americas competition where PRA also received 11 awards, including Company of the Year. The PharmaTimes, International Cli

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

Besøk vårt presserom