DermTech Reports First Quarter 2021 Financial Results
First Quarter 2021 Highlights
- Billable sample volume of approximately 9,400 for the first quarter of 2021, a 62% increase compared to approximately 5,800 recorded for the first quarter of 2020 and a 13% sequential increase over the fourth quarter of 2020.
-
Assay revenue of
$2.2 million for the first quarter of 2021, a 175% increase compared to the first quarter of 2020 and a 40% sequential increase over the fourth quarter of 2020. -
Total revenue of
$2.5 million for the first quarter of 2021, a 62% increase compared to the first quarter of 2020 and a 19% sequential increase over the fourth quarter of 2020. - Achieved first full quarter with positive assay gross margin of 10% compared to negative 46% for the same period of 2020.
- Non-invasive genomic patch testing for melanoma, like DermTech’s Pigmented Lesion Assay (“PLA”), received a 2A recommendation from the National Comprehensive Cancer Network® (“NCCN”) indicating uniform NCCN consensus that the intervention is appropriate and has been included in the NCCN Clinical Practice Guidelines in Oncology (the “NCCN Guidelines®”).
- Published results of a large registry study that reported lesions biopsied based on genomic atypia criteria identified by the PLA were associated with a nearly five-fold enrichment of melanoma compared to those biopsied solely on visual assessment criteria.
-
Commercial payor contracts with
Blue Shield of California ,Blue Cross Blue Shield of Illinois andBlue Cross Blue Shield of Texas became effective, contributing to average selling price improvement. -
Raised approximately
$213 million in total gross proceeds from a follow-on public offering of common stock and the exercise of previously outstanding warrants. -
Cash, cash equivalents and short-term marketable securities were
$258.2 million at the end of the quarter.
“Q1 was a very busy quarter for
First Quarter 2021 Financial Results
Assay revenue increased
Gross margin for the three months ended
Sales and marketing expenses for the three months ended
Research and development expenses for the three months ended
General and administrative expenses for the three months ended
Net loss for the three months ended
Cash, cash equivalents, and short-term marketable securities totaled
Second Quarter 2021 Guidance
Management estimates that second quarter 2021 assay revenue will be between
Conference Call and Webcast Information
About
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of
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Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
218,595 |
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$ |
24,248 |
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Short-term marketable securities |
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39,603 |
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39,529 |
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Accounts receivable |
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1,854 |
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1,480 |
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Inventory |
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279 |
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104 |
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Prepaid expenses and other current assets |
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1,403 |
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1,521 |
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Total current assets |
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261,734 |
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66,882 |
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Property and equipment, net |
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3,124 |
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2,731 |
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Other assets |
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167 |
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167 |
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Total assets |
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$ |
265,025 |
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$ |
69,780 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,621 |
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$ |
1,573 |
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Accrued compensation |
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2,056 |
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2,075 |
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Accrued liabilities |
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953 |
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763 |
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Short-term deferred revenue |
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1,357 |
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905 |
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Current portion of capital lease obligations |
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110 |
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109 |
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Total current liabilities |
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7,097 |
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5,425 |
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Warrant liability |
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770 |
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1,650 |
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Long-term deferred revenue |
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133 |
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639 |
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Long-term capital lease obligations, less current portion |
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198 |
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226 |
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Total liabilities |
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8,198 |
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7,940 |
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Stockholders’ equity: |
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Common stock,
authorized as of 28,919,252 and 20,740,413 shares issued and outstanding at
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3 |
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2 |
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Additional paid-in capital |
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399,913 |
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189,868 |
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Accumulated other comprehensive income/(loss) |
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8 |
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(1 |
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Accumulated deficit |
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(143,097 |
) |
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(128,029 |
) |
Total stockholders’ equity |
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256,827 |
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61,840 |
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Total liabilities and stockholders’ equity |
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$ |
265,025 |
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$ |
69,780 |
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Consolidated Statements of Operations |
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(in thousands, except share and per share data) |
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(Unaudited) |
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Three Months Ended |
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2021 |
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2020 |
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Revenues: |
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Assay revenue |
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$ |
2,190 |
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$ |
796 |
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Contract revenue |
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334 |
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761 |
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Total revenues |
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2,524 |
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1,557 |
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Cost of revenues: |
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Cost of assay revenue |
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1,971 |
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1,162 |
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Cost of contract revenue |
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31 |
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41 |
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Total cost of revenues |
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2,002 |
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1,203 |
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Gross profit |
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522 |
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354 |
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Operating expenses: |
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Sales and marketing |
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6,512 |
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2,944 |
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Research and development |
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2,251 |
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897 |
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General and administrative |
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5,172 |
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3,514 |
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Total operating expenses |
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13,935 |
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7,355 |
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Loss from operations |
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(13,413 |
) |
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(7,001 |
) |
Other income/(expense): |
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Interest income, net |
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34 |
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— |
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Change in fair value of warrant liability |
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(1,689 |
) |
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104 |
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Total other income/(expense) |
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(1,655 |
) |
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104 |
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Net loss |
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$ |
(15,068 |
) |
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$ |
(6,897 |
) |
Weighted average shares outstanding used in computing net loss per share, basic and diluted |
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27,152,868 |
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13,100,642 |
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Net loss per share of common stock outstanding, basic and diluted |
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$ |
(0.55 |
) |
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$ |
(0.53 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005984/en/
Press and Media:
sdion@dermtech.com
(858) 450-4222
Investors:
caroline.corner@westwicke.com
(415) 202-5678
Source: