Oxford Immunotec Reports Third Quarter 2018 Financial Results
- Closed transformative deal to sell U.S. laboratory services business to Quest Diagnostics
- T-SPOT ® .TB tests sold in the third quarter exceeded one million tests for the first time
- Significant improvement in GAAP net loss; first quarter of positive non-GAAP adjusted EBITDA
OXFORD, United Kingdom and MARLBOROUGH, Mass., Nov. 09, 2018 (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq: OXFD), a global, high-growth diagnostics company, today announced third quarter 2018 financial results.
“We are very pleased with the continued strong growth in our TB business, as well as the Company’s continued progress on profitability metrics,” said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. “The Quest transaction is a transformative event for the Company that well positions us for greater commercial and financial success”.
By revenue type, total revenues were, in millions:
|Three Months Ended September 30,|
By geography, total revenues were, in millions:
|Three Months Ended September 30,|
|Europe & ROW||2.3||2.2||3||%||4||%|
(a) 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 2018 Financial Results
Revenue for the third quarter of 2018 was $16.1 million, representing a 7% increase from third quarter 2017 revenue of $15.0 million. On a constant currency basis, revenue growth was 8% versus the prior year period.
2018 third quarter product revenue was $15.1 million, representing a 12% increase from product revenue of $13.4 million in the third quarter of 2017. Service revenue for the third quarter of 2018 was $1.0 million, down 40% from 2017 third quarter service revenue of $1.6 million. The decrease in service revenue was driven by an expected decline in blood donor screening revenue.
United States revenue was $2.9 million in the third quarter of 2018, representing a 15% decline from revenue of $3.4 million in the prior year period. Growth in our core tuberculosis business was offset by an expected decline in blood donor screening revenue.
Europe & ROW revenue was $2.3 million in the third quarter of 2018, representing a 3% increase compared to the third quarter of 2017. On a constant currency basis, Europe & ROW revenue increased 4% versus the third quarter of 2017.
Asia revenue was $10.9 million in the third quarter of 2018, representing an increase of 16% compared to 2017 third quarter revenue of $9.4 million. On a constant currency basis, Asia revenue increased 18% versus the third quarter of 2017.
Gross profit for the third quarter of 2018 was $11.5 million, an increase of approximately $1.7 million from gross profit of $9.8 million in the same period of 2017. Gross margin was 71.5%, an increase of 650 basis points from gross margin of 65.0% in the third quarter of 2017.
Operating expenses were $16.5 million in the third quarter of 2018, a decrease of approximately $11.1 million compared to $27.6 million in the third quarter of 2017. Excluding one-time items, operating expenses for the third quarter of 2018 decreased approximately $900k compared to the third quarter of 2017.
Net loss for the third quarter of 2018 was $3.5 million, or $0.13 per share, compared to $16.8 million, or $0.70 per share, in the third quarter of 2017. Net loss per share was based on 26,033,550 and 24,123,574 weighted average ordinary shares outstanding for the third quarters of 2018 and 2017, respectively.
EBITDA for the third quarter of 2018 was $(1.2) million compared to $(14.7) million in the third quarter of 2017. Adjusted EBITDA was $2.3 million for the third quarter of 2018 compared to $(2.5) million in the same period in 2017. Both EBITDA and Adjusted EBITDA are non-GAAP measures.
Quest Diagnostics Completes Acquisition of Our U.S. Laboratory Services Business
On November 6, 2018, Quest Diagnostics completed its previously announced acquisition of our U.S. laboratory services business. The T-SPOT.TB tuberculosis and the Accutix tick-borne disease testing services are now part of Quest Diagnostics’ portfolio of innovative infectious disease testing services. As part of the transaction, we will sell T-SPOT.TB test kits and related accessories to Quest Diagnostics under the terms of a long-term supply agreement. In addition, the parties have entered into a strategic collaboration agreement to drive continued growth of T-SPOT.TB testing in the U.S.
The transaction represents a strategic business shift having a major effect on our operations and financial results. Accordingly, the assets and liabilities of this business have been classified as held for sale and the related operations reported in discontinued operations in our condensed consolidated financial statements for all periods presented.
Supplemental Financial Information
To assist investors in understanding third quarter results excluding the disposition of the U.S. laboratory services business, Oxford Immunotec has provided Unaudited Non-GAAP Pro Forma Condensed Combined Statement of Operations for the quarterly period ended September 30, 2018 as Exhibit 99.2 to our Current Report on Form 8-K furnished on November 9, 2018.
Oxford Immunotec will host a conference call on Friday, November 9, 2018 at 8:00 a.m. Eastern Time to discuss its third quarter 2018 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 7673307 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 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 is headquartered near Oxford, U.K. and in Marlborough, MA. Additional information can be found at www.oxfordimmunotec.com.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
This release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this release are forward-looking statements. This includes statements about Oxford Immunotec's 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 its products and other statements that are not historical facts. Actual events or results may differ materially from those described in this release due to a number of risks and uncertainties. Risks and uncertainties include, among others: the potential disruption of management time from ongoing business operations due to the transaction; the risk that Oxford Immunotec may fail to realize the expected benefits from the transaction; the risk that the announcement of the completion of the transaction could have adverse effects on the market price of Oxford Immunotec's ordinary shares; decisions by regulatory authorities, hospitals and other health care institutions, laboratories, physicians, patients and third party payers that could affect Oxford Immunotec's business and prospects; Oxford Immunotec’s exposure to potential litigation and contingent liabilities pursuant to the transaction; as well as Oxford Immunotec’s ability to expeditiously and successfully expand its sales and distribution networks. The risks included above are not exhaustive. Other factors that could adversely affect Oxford Immunotec's business and prospects are described under the "Risk Factors" section in its filings with the Securities and Exchange Commission ("SEC"). Oxford Immunotec's SEC filings are available for free by visiting the investor section of its 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. Oxford Immunotec does 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.
For Media and Investor Inquiries:
VP, Strategy and Investor Relations
Tel: +1 (508) 556-1377
|Oxford Immunotec Global PLC|
|Condensed consolidated statements of operations|
Three months ended
Nine months ended
|(in thousands, except share and per share data)||2018||2017||2018||2017|
|Cost of revenue:|
|Total cost of revenue||4,573||5,247||12,870||14,832|
|Research and development||1,754||2,931||5,969||8,092|
|Sales and marketing||6,432||7,257||20,655||22,175|
|General and administrative||8,132||7,066||19,349||19,456|
|Change in fair value of contingent purchase price consideration||—||(880||)||—||(3,475||)|
|Intangible assets impairment charge||—||11,064||—||11,064|
|Total operating expenses||16,530||27,634||47,952||67,143|
|Operating loss from continuing operations||(5,053||)||(17,870||)||(16,436||)||(39,851||)|
|Interest expense, net||(673||)||(781||)||(2,011||)||(2,411||)|
|Foreign exchange losses||(52||)||(624||)||(306||)||(1,277||)|
|Other income (expense)||5||—||(242||)||(262||)|
|Loss from continuing operations before income taxes||(5,773||)||(19,275||)||(18,995||)||(43,801||)|
|Income tax expense from continuing operations||(485||)||(222||)||(1,182||)||2,189|
|Loss from continuing operations||(6,258||)||(19,497||)||(20,177||)||(41,612||)|
|Income (loss) from discontinued operations before income taxes||2,774||2,650||(104||)||(73||)|
|Income tax expense||—||—||—||—|
|Income (loss) from discontinued operations||2,774||2,650||(104||)||(73||)|
|Net loss from continuing operations per ordinary share—basic and diluted||$||(0.24||)||$||(0.81||)||$||(0.78||)||$||(1.80||)|
|Net income (loss) from discontinued operations per ordinary share—basic and diluted||0.11||0.11||0.00||0.00|
|Net loss per ordinary share—basic and diluted||$||(0.13||)||$||(0.70||)||$||(0.78||)||$||(1.80||)|
|Oxford Immunotec Global PLC|
|Reconciliation of net loss to Adjusted EBITDA (a)|
|Three months ended September 30,||Nine months ended September 30,|
|Income tax expense (benefit)||486||222||1,183||(2,189||)|
|Interest expense, net.||534||641||1,590||1,982|
|Depreciation and amortization of intangible assets||1,167||1,122||3,410||3,115|
|Accretion and amortization of loan fees||140||140||421||429|
|Share-based compensation expense||1,016||1,506||3,763||4,266|
|Unrealized exchange (gains) losses||(234||)||333||(717||)||614|
|Change in fair value of contingent purchase price consideration||—||(880||)||—||(3,475||)|
|Intangible assets impairment charges||—||11,064||—||11,064|
(a) EBITDA and Adjusted EBITDA are non-GAAP measures that we calculate as net loss, adjusted for the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. We believe that these measures provide useful information to investors in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Our presentation of these measures is not made in accordance with U.S. GAAP, and our computation of these measures may vary from others in the industry. Our use of these measures has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.
The above table presents a reconciliation of net loss, the most comparable U.S. GAAP measure, to EBITDA and Adjusted EBITDA for each of the periods indicated.
|Oxford Immunotec Global PLC|
|Condensed consolidated balance sheets|
|September 30,||December 31,|
|(in thousands, except share and per share data)||2018||2017|
|Cash and cash equivalents||$||70,156||$||90,332|
|Accounts receivable, net||7,080||6,021|
|Prepaid expenses and other assets||2,957||2,711|
|Current assets held for sale||31,899||14,281|
|Total current assets||118,206||120,482|
|Restricted cash, non-current||200||200|
|Property and equipment, net||6,428||2,764|
|Other intangible assets, net||958||1,036|
|Deferred tax asset||885||2,486|
|Noncurrent assets held for sale||—||14,785|
|Liabilities and shareholders’ equity|
|Current portion of loans payable||30,200||78|
|Current liabilities held for sale||4,361||4,630|
|Total current liabilities||52,996||22,445|
|Long-term portion of loans payable||97||29,856|
|Noncurrent liabilities held for sale||37||48|
|Ordinary shares, £0.006705 nominal value; 36,183,293 shares authorized at
September 30, 2018 and December 31, 2017, and 26,337,963 and
25,661,634 shares issued and outstanding at September 30, 2018 and
December 31, 2017, respectively
|Additional paid-in capital||300,802||294,613|
|Accumulated other comprehensive loss||(7,290||)||(5,712||)|
|Total shareholders’ equity||71,966||87,629|
|Total liabilities and shareholders’ equity||$||129,160||$||144,236|
Om 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
ERYTECH Partners with New York Blood Center for Red Blood Cell Supply and Research15.11.2018 22:05 | Pressemelding
LYON, France and CAMBRIDGE, Mass., Nov. 15, 2018 (GLOBE NEWSWIRE) -- ERYTECH Pharma (Euronext: ERYP - Nasdaq: ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating drug substances inside red blood cells, today announced a strategic partnership with New York Blood Center (NYBC) for red blood cell supply and research. The partnership encompasses NYBC becoming a long-term supplier of donor red blood cells (RBC) to ERYTECH, enabling ERYTECH to diversify and broaden its supply of RBC source materials for the production of eryaspase and future product candidates derived from its proprietary ERYCAPS® platform as the company ramps up clinical development. Specifically for the Phase 3 trial in second-line metastatic pancreatic cancer that recently started enrolling patients in Europe, and the Phase 2 trial in first-line triple negative breast cancer (TNBC), which are both expected to begin enrollment in the United States early in 2019. The partnershi
Zageno Deepens Engagement with Scientists and Vendors through Its Meaningful and Unbiased Rating System for Scientific Products — Scientific Score gets Algorithm Update15.11.2018 15:37 | Pressemelding
Call for Contributions: Zageno’s rating system for scientific products — the Scientific Score — adds a crucial dimension to help research scientists purchase the right material for their experiment. Scientists: share your experimental data and professional experience about products; Life Science Vendors: provide additional product-specific resources and data points to make your products reach the right scientist CAMBRIDGE, Mass. USA and BERLIN, Germany, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Zageno Inc., the largest and fastest-growing online marketplace for research materials, today issues an open call for scientists and vendors alike to contribute to the continuous improvement of the Scientific Score. Designed as an unbiased indicator to help purchasing scientists navigate the enormous amount of product information, the Scientific Score is the result of proprietary algorithms calculating and weighing different data points across multiple information formats. Among others, factors like rec
SignalFx Delivers Next Generation of Application Performance Monitoring15.11.2018 15:00 | Pressemelding
The first to enable directed troubleshooting for applications and microservices SAN MATEO, Calif., Nov. 15, 2018 (GLOBE NEWSWIRE) -- SignalFx, the leader in real-time cloud monitoring for infrastructure, microservices, and applications, today unveiled SignalFx Microservices APM™, the industry’s first real-time application performance monitoring solution designed to accelerate troubleshooting for DevOps teams through advanced real-time analytics. Powered by NoSample™ distributed tracing architecture, SignalFx Microservices APM observes every single transaction – not just a small random sample – and reports on every anomaly. With the new Outlier Analyzer™, the most challenging issues can now be pinpointed and resolved with a single click. SignalFx Microservices APM is built on top of SignalFx’s advanced streaming analytics platform for metrics which applies unsurpassed data science in real-time to identify the root cause of critical application problems. Integration with advanced automat
Motiv Ring Expands International Footprint and Delivers Industry-First Sizing Process15.11.2018 15:00 | Pressemelding
The wearable ring lands in 20 new countries and eight new stores, and introduces frictionless sizing method SAN FRANCISCO, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Motiv Inc., creators of breakthrough wearable technology, today announced an increase of its product availability through new international availability and a new digital sizing set alternative. Motiv Ring’s international expansion will be through its website MyMotiv.com. Featured countries include: North America (Canada), Europe (Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Italy, Lithuania, Latvia, Netherlands, Poland, Portugal, Spain, Sweden, United Kingdom, Norway and Switzerland), as well as Japan, Taiwan, Turkey, Australia and New Zealand. Good fit is imperative to great functionality. To date, Motiv Ring users select their sizes after receiving a physical sizing kit in the mail. Releasing in Open Beta , Motiv Ring users will now have the additional option of determining their Motiv size via a
Minerva Neurosciences to Host Roluperidone Update and Key Opinion Leader Discussion of Negative Symptoms in CNS/Psychiatric Diseases on November 20, 201815.11.2018 14:30 | Pressemelding
Minerva management to provide update on Phase 3 clinical trial with roluperidone and single-dose escalation study findings Additional topics to include review of recent BDNF data with roluperidone and KOL discussion of trans-diagnostic approach to treating negative symptoms in CNS/psychiatry diseases WALTHAM, Mass., Nov. 15, 2018 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (NASDAQ: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, today announced that it will host a roluperidone update and key opinion leader event on Tuesday, November 20, 2018 beginning at 8:00 a.m. Eastern Time in New York. Members of Minerva’s senior management will be joined by an expert key opinion leader. Discussions will feature the following speakers and topics: Gregory P. Strauss, Ph.D., Assistant Professor; Director: Clinical Affective Neuroscience Laboratory; Director: Georgia Psychiatric Risk Evaluation Program; Depa
New Pancreatic Ductal Adenocarcinoma Research Published in Journal of Visualized Experiments15.11.2018 14:00 | Pressemelding
Paper describes well-established protocols for PDAC orthotopic tumor homograft model development and immunoprofiling SAN DIEGO, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Crown Bioscience, a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, has recently published in the Journal of Visual Experiments the establishment and immunological characterization of PDAC orthotopic tumor homograft models. Pancreatic ductal adenocarcinoma (PDAC) research represents an area of high unmet medical need. PDAC fails to respond to a range of cancer therapies, including immunotherapy, partially due to an abundant tumor microenvironment (TME), that protects tumor cells from treatment. The development of new therapeutic and combination strategies requires highly relevant preclinical models recapitulating the complexity of PDAC tumors including the TME. Transplantable PDAC models, developed by pass
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom