Full Press Release Details
Vermillion Reports Third Quarter 2019 Financial Results
Conference Call scheduled for today, November 12th at 4:30 p.m. ET
AUSTIN, Texas November 12, 2019 Vermillion, Inc. (Nasdaq: VRML), a bio-analytical based women's health company focused on gynecologic disease, today reported its financial results for the third quarter ended September 30, 2019.
We are very pleased by the continued positive momentum on multiple fronts of the business, from unit growth, pipeline development and CA125 disparity impact. The rate of year on year growth has accelerated every quarter this year, stated Valerie Palmieri, President and CEO of Vermillion. We are focused on maximizing commercialization efforts and we anticipate our year on year growth in the fourth quarter will be in excess of 100%.
Recent Corporate Highlights
Year over Year Results - Third Quarter 2019 versus Third Quarter 2018:
Year over Year Results Nine Months of 2019 versus Nine Months of 2018:
CA125 disparity in African American Women
Pipeline Development - 3rd Generation OVA Technology
Conference Call and Webcast
Vermillion's President and CEO, Valerie Palmieri, will host a call today at 4:30 p.m. Eastern Daylight Time to discuss results followed by a question and answer period.
Tuesday November 12th @ 4:30pm Eastern Time
877-407-4018 - Investors Dial
201-689-8471 - Int'l Investors Dial
13695174 - Conference ID
About Vermillion, Inc.
Vermillion, Inc. is transforming women's health with the discovery, development and commercialization of innovative testing options and bio-analytical solutions that help physicians assess risk, optimize patient management and improve gynecologic health outcomes for women. OVA1 plus combines our FDA-cleared products OVA1 and OVERA to detect risk of ovarian malignancy in women with adnexal masses. Recently launched, ASPiRA GenetiXSM testing offers both targeted and comprehensive genetic testing options with a gynecologic focus. With over 10 years of expertise in ovarian cancer risk assessment Vermillion has expertise in cutting-edge research to inform our next generation of products. Our focus is on delivering products that allow healthcare providers to stratify risk, facilitate early detection and optimize treatment plans.
Visit our website for more information about our products at www.vermillion.com.
Forward-Looking Statements
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995 including statements regarding expected revenue, test volumes and gross profits. 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. 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 the 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, 2018, as supplemented by the section entitled Risk Factors in Vermillion's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. 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)
| September 30, | December 31, | ||||
| 2019 | 2018 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 14,636 | $ | 9,360 | |
| Accounts receivable, net | 996 | 786 | |||
| Prepaid expenses and other current assets | 389 | 550 | |||
| Inventories | 29 | 92 | |||
| Total current assets | 16,050 | 10,788 | |||
| Property and equipment, net | 399 | 608 | |||
| Other assets | 84 | 12 | |||
| Total assets | $ | 16,533 | $ | 11,408 | |
| Liabilities and Stockholders' Equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 879 | $ | 950 | |
| Accrued liabilities | 2,403 | 1,825 | |||
| Short-term debt | 192 | 189 | |||
| Other current liabilities | 63 | - | |||
| Total current liabilities | 3,537 | 2,964 | |||
| Non-current liabilities: | |||||
| Long-term debt | 1,148 | 1,292 | |||
| Other non-current liabilities | 21 | - | |||
| Total liabilities | 4,706 | 4,256 | |||
| Commitments and contingencies | |||||
| Stockholders' equity: | |||||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding at September 30, 2019 and December 31, 2018 | - | - | |||
| Common stock, par value $0.001 per share, 150,000,000 shares authorized at September 30, 2019 and December 31, 2018; 97,238,427 and 75,501,394 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 97 | 75 | |||
| Additional paid-in capital | 430,504 | 414,001 | |||
| Accumulated deficit | (418,774) | (406,924) | |||
| Total stockholders' equity | 11,827 | 7,152 | |||
| Total liabilities and stockholders' equity | $ | 16,533 | $ | 11,408 |
Consolidated Statements of Operations
(Amounts in Thousands, Except Share and Per Share Amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||
| Revenue: | |||||||||||
| Product | $ | 1,241 | $ | 739 | $ | 3,120 | $ | 1,979 | |||
| Service | 44 | 35 | 110 | 152 | |||||||
| Total revenue | 1,285 | 774 | 3,230 | 2,131 | |||||||
| Cost of revenue: (1) | |||||||||||
| Product | 736 | 477 | 1,950 | 1,538 | |||||||
| Service | 213 | 301 | 601 | 851 | |||||||
| Total cost of revenue | 949 | 778 | 2,551 | 2,389 | |||||||
| Gross profit (loss) | 336 | (4) | 679 | (258) | |||||||
| Operating expenses: | |||||||||||
| Research and development (2) | 340 | 129 | 774 | 425 | |||||||
| Sales and marketing (3) | 2,425 | 1,343 | 7,569 | 4,046 | |||||||
| General and administrative (4) | 1,421 | 1,167 | 4,210 | 3,780 | |||||||
| Total operating expenses | 4,186 | 2,639 | 12,553 | 8,251 | |||||||
| Loss from operations | (3,850) | (2,643) | (11,874) | (8,509) | |||||||
| Interest income (expense), net | 34 | (6) | 39 | (25) | |||||||
| Other income (expense), net | (4) | (3) | (15) | (17) | |||||||
| Net loss | $ | (3,820) | $ | (2,652) | $ | (11,850) | $ | (8,551) | |||
| Net loss per share - basic and diluted | $ | (0.04) | $ | (0.04) | $ | (0.14) | $ | (0.13) | |||
| Weighted average common shares used to compute basic and diluted net loss per common share | 97,144,586 | 75,306,074 | 83,017,019 | 68,288,216 | |||||||
| Non-cash stock-based compensation expense included in cost of revenue and operating expenses: | |||||||||||
| (1) Cost of revenue | $ | 20 | $ | 35 | $ | 57 | $ | 93 | |||
| (2) Research and development | - | 2 | 4 | 4 | |||||||
| (3) Sales and marketing | 32 | 14 | 93 | 85 | |||||||
| (4) General and administrative | 243 | 245 | 738 | 657 |