Full Press Release Details
Vermillion Reports First Quarter 2017 Financial Results
Conference Call scheduled for today, May 14 at 4:30 p.m. ET
AUSTIN, Texas May 14, 2018 Vermillion, Inc. (NASDAQ: VRML), a bio-analytical solutions company focused on gynecologic disease, reported on its financial results for the first quarter ended March 31, 2018.
Valerie Palmieri, President and CEO, stated, We commenced our commercialization strategy in the first quarter with the deployment of strategic sales representatives in key territories. We have seen strong signs of success and plan to continue our commercialization investments which we believe should show meaningful results in the second half of 2018.
Recent Corporate Developments-
Q1 2018 Financial Results
Conference Call and Webcast
Vermillion's President and CEO, Valerie Palmieri, will host a call today to discuss results followed by a question and answer period at 4:30 p.m. Eastern Time.
Monday, May 14th @ 4:30pm Eastern Time
Domestic:800-239-9838
International:323-794-2551
Conference ID:5200441
Replays, Available through May 28:
Domestic:844-512-2921
International:412-317-6671
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic and bio-analytical solutions that help physicians diagnose, treat and improve gynecological health outcomes for women. Vermillion, along with its prestigious scientific collaborators, discovers, develops, and delivers innovative diagnostic and technology tools that help women with serious diseases. The company's initial in vitro diagnostic test, OVA1 (MIA), was the first FDA cleared, protein-based In Vitro Diagnostic Multivariate Index Assay, and represented a new class of software-based liquid biopsy in vitro diagnostics. In March 2016, Vermillion received FDA clearance for Overa , a Multivariate Index Assay 2nd Generation (MIA2G) test with significantly improved specificity and ease of use. Vermillion, Inc.'s tests are intended to characterize and stage disease, and to help guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, to perform additional testing, or to assist in monitoring response to therapy.
Forward Looking Statement
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding Vermillion's commercialization plans and the results thereof, expected uses of proceeds from Vermillion's second quarter 2018 equity offerings, future test volumes and future liquidity needs. Words such as may, expects, intends, anticipates, believes, estimates, plans, seeks, could, should, continue, will, potential, projects and similar expressions are intended to identify forward-looking statements. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including risks and uncertainties inherent in Vermillion's business, including those described in the section entitled Risk Factors in Vermillion's Annual Report on Form 10-K for the year ended December 31, 2017. The events and circumstances reflected in Vermillion's forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-
looking statements. Vermillion expressly disclaims any obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this press release, except as required by law
Investor Relations Contact:
LifeSci Advisors, LLC
Consolidated Balance Sheets
(Amounts in Thousands, Except Share and Par Value Amounts)
| March 31, | December 31, | ||||
| 2018 | 2017 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 3,103 | $ | 5,539 | |
| Accounts receivable | 763 | 205 | |||
| Prepaid expenses and other current assets | 460 | 459 | |||
| Inventories | 102 | 102 | |||
| Total current assets | 4,428 | 6,305 | |||
| Property and equipment, net | 1,019 | 1,181 | |||
| Other assets | - | 11 | |||
| Total assets | $ | 5,447 | $ | 7,497 | |
| Liabilities and Stockholders' Equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 756 | $ | 745 | |
| Accrued liabilities | 1,812 | 1,650 | |||
| Short-term debt | 186 | 185 | |||
| Other current liabilities | 20 | 29 | |||
| Total current liabilities | 2,774 | 2,609 | |||
| Non-current liabilities: | |||||
| Long-term debt | 1,434 | 1,481 | |||
| Other non-current liabilities | - | - | |||
| Total liabilities | 4,208 | 4,090 | |||
| Commitments and contingencies | |||||
| Stockholders' equity: | |||||
| Common stock, par value $0.001 per share, 150,000,000 shares authorized at | |||||
| March 31, 2018 and December 31, 2017; 60,039,338 and 60,036,017 shares | |||||
| issued and outstanding at March 31, 2018 and December 31, 2017, | |||||
| respectively | 60 | 60 | |||
| Additional paid-in capital | 399,582 | 399,400 | |||
| Accumulated deficit | (398,403) | (396,053) | |||
| Total stockholders' equity | 1,239 | 3,407 | |||
| Total liabilities and stockholders' equity | $ | 5,447 | $ | 7,497 |
Consolidated Statements of Operations
(Amounts in Thousands, Except Share and Per Share Amounts)
| Three Months Ended | |||||
| March 31, | |||||
| 2018 | 2017 | ||||
| Revenue: | |||||
| Product | $ | 613 | $ | 678 | |
| Service | 36 | 48 | |||
| Total revenue | 649 | 726 | |||
| Cost of revenue (1) : | |||||
| Product | 533 | 422 | |||
| Service | 270 | 305 | |||
| Total cost of revenue | 803 | 727 | |||
| Gross profit (loss) | (154) | (1) | |||
| Operating expenses: | |||||
| Research and development (2) | 142 | 225 | |||
| Sales and marketing (3) | 1,225 | 1,023 | |||
| General and administrative (4) | 1,314 | 1,407 | |||
| Total operating expenses | 2,681 | 2,655 | |||
| Loss from operations | (2,835) | (2,656) | |||
| Interest income (expense), net | (12) | (12) | |||
| Other income (expense), net | (3) | (5) | |||
| Net loss | $ | (2,850) | $ | (2,673) | |
| Net loss per share - basic and diluted | $ | (0.05) | $ | (0.05) | |
| Weighted average common shares used to compute basic and diluted net loss per common share | 60,037,161 | 54,123,038 | |||
| Non-cash stock-based compensation expense included in cost of revenue and operating expenses: | |||||
| (1) Cost of revenue | $ | 30 | $ | 39 | |
| (2) Research and development | 1 | 3 | |||
| (3) Sales and marketing | 43 | 37 | |||
| (4) General and administrative | 108 | 215 |