DermTech Reports Fourth Quarter and Full Year 2020 Financial Results
Fourth Quarter and Full Year 2020 Financial Highlights
- Billable sample volume of approximately 8,300 for the fourth quarter of 2020, a 69% increase compared to approximately 4,900 recorded for the fourth quarter of 2019 and a 24% sequential increase over the third quarter of 2020. Billable sample volume for the full year 2020 of approximately 24,000, a 75% increase compared to 2019.
-
Total revenue of
$2.1 million for the fourth quarter of 2020, a 33% increase compared to the fourth quarter of 2019 and a 56% sequential increase over the third quarter of 2020. Total revenue for the full year of 2020 of$5.9 million , a 75% increase compared to 2019. -
Assay revenue of
$1.6 million for the fourth quarter of 2020, a 214% increase compared to the fourth quarter of 2019 and a 27% sequential increase over the third quarter of 2020. Assay revenue for the full year of 2020 of$4.2 million , a 202% increase compared to 2019. -
Ended 2020 with
$63.8 million in cash, cash equivalents and marketable securities.
“I am pleased with the growth of our Q4 sample volume, which reflects the demand for our PLA product, despite the challenging COVID environment. Over time we expect to monetize this sample volume by securing commercial payor coverage and growing our proportion of Medicare samples. This thesis is beginning to play out with some successful contracting efforts during the quarter,” said
Fourth Quarter and Full Year 2020 Financial Results
Assay revenue increased
Gross margin for the three months ended
Sales and marketing expenses for the three months ended
Research and development expenses for the three months ended
General and administrative expenses for the three months ended
Net loss for the three months ended
Cash, cash equivalents, and marketable securities totaled
Through
Outlook and COVID-19
Management estimates that first quarter 2021 assay revenue will be between
Due to uncertainty surrounding the COVID-19 pandemic,
Conference Call and Webcast Information
About
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of
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Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
24,248 |
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$ |
15,374 |
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Short-term marketable securities |
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39,529 |
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— |
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Accounts receivable, net |
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1,480 |
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|
680 |
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Inventory |
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104 |
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35 |
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Prepaid expenses and other current assets |
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1,521 |
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1,061 |
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Total current assets |
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66,882 |
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17,150 |
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Property and equipment, net |
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2,731 |
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977 |
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Other assets |
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167 |
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84 |
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Total assets |
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$ |
69,780 |
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$ |
18,211 |
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Liabilities, Convertible Preferred Stock and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,573 |
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$ |
1,609 |
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Accrued compensation |
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2,075 |
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1,142 |
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Accrued liabilities |
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763 |
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218 |
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Short-term deferred revenue |
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905 |
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1,390 |
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Deferred underwriting fees |
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— |
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1,363 |
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Current portion of capital lease obligations |
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109 |
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— |
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Total current liabilities |
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5,425 |
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5,722 |
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Long-term deferred revenue |
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639 |
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— |
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Long-term capital lease obligations, less current portion |
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226 |
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— |
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Total liabilities |
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6,290 |
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5,722 |
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Commitments and contingencies: |
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Series A convertible preferred stock, |
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— |
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— |
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Stockholders’ equity: |
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Common stock,
20,740,413 and 12,344,818 shares issued and outstanding at |
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2 |
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1 |
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Additional paid-in capital |
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189,849 |
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103,599 |
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Accumulated other comprehensive loss |
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(1 |
) |
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— |
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Accumulated deficit |
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(126,360 |
) |
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(91,111 |
) |
Total stockholders’ equity |
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63,490 |
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12,489 |
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Total liabilities, convertible preferred stock and stockholders’ equity |
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$ |
69,780 |
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$ |
18,211 |
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Consolidated Statements of Operations |
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(in thousands, except share and per share data) |
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Year Ended |
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2020 |
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2019 |
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Revenues: |
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Assay revenue |
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$ |
4,241 |
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$ |
1,403 |
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Contract revenue |
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1,644 |
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1,961 |
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Total revenues |
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5,885 |
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3,364 |
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Cost of revenues |
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5,981 |
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3,304 |
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Gross profit/(loss) |
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(96 |
) |
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60 |
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Operating expenses: |
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Sales and marketing |
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16,077 |
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6,303 |
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Research and development |
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5,293 |
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2,497 |
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General and administrative |
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13,823 |
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8,865 |
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Total operating expenses |
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35,193 |
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17,665 |
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Loss from operations |
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(35,289 |
) |
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(17,605 |
) |
Other income/(expense): |
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Gain on debt extinguishment of convertible notes |
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— |
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928 |
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Interest income/(expense) |
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40 |
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(2,657 |
) |
Other expense |
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— |
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(355 |
) |
Total other income/(expense) |
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40 |
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(2,084 |
) |
Net loss |
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$ |
(35,249 |
) |
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$ |
(19,689 |
) |
Weighted average shares outstanding used in computing net loss per share, basic and diluted |
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16,979,411 |
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7,005,037 |
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Net loss per common share outstanding, basic and diluted |
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$ |
(2.08 |
) |
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$ |
(2.81 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304006055/en/
Press and Media:
sdion@dermtech.com
(858) 450-4222
Investors:
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(415) 202-5678
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