DermTech Reports Fourth Quarter and Full Year 2021 Financial Results
Fourth Quarter and Full Year 2021 Highlights
- Billable sample volume of approximately 11,780 for the fourth quarter of 2021, a 42% increase compared to approximately 8,300 recorded for the fourth quarter of 2020. Billable sample volume for the full year 2021 of approximately 44,620, an 86% increase compared to 2020.
-
Assay revenue of
$3.0 million for the fourth quarter of 2021, a 90% increase compared to the fourth quarter of 2020. Assay revenue for the full year of 2021 of$11.0 million , a 160% increase compared to 2020. -
Total revenue of
$3.2 million for the fourth quarter of 2021, a 49% increase compared to the fourth quarter of 2020. Total revenue for the full year of 2021 of$11.8 million , a 101% increase compared to 2020. -
Announced agreements with DermatologistOnCall and
BioIQ to expand telehealth offerings for the DermTech Melanoma Test. - Announced DermTech Stratum, an expanded translational medicine service offering for non-invasive biomarker analysis.
-
Cash, cash equivalents, restricted cash and short-term marketable securities were
$228.4 million at the end of the year.
“We are pleased with our fourth quarter and full year 2021 performance despite the various headwinds created by the pandemic. In 2021, we substantially scaled our commercial, operations, payor, and development teams. This will enable our ability to capture the promising market opportunities our Smart StickerTM genomics platform addresses,” said
Fourth Quarter and Full Year 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, restricted cash and short-term marketable securities totaled
First Quarter and Full Year 2022 Guidance
Management estimates that first quarter 2022 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
Consolidated Balance Sheets
(in thousands, except share and per share data)
|
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
176,882 |
|
|
$ |
24,248 |
|
Short-term marketable securities |
|
|
48,449 |
|
|
|
39,529 |
|
Accounts receivable |
|
|
3,847 |
|
|
|
1,480 |
|
Inventory |
|
|
480 |
|
|
|
104 |
|
Prepaid expenses and other current assets |
|
|
3,166 |
|
|
|
1,521 |
|
Total current assets |
|
|
232,824 |
|
|
|
66,882 |
|
Property and equipment, net |
|
|
4,549 |
|
|
|
2,731 |
|
Operating lease right-of-use assets |
|
|
7,744 |
|
|
|
— |
|
Restricted cash |
|
|
3,025 |
|
|
|
— |
|
Other assets |
|
|
167 |
|
|
|
167 |
|
Total assets |
|
$ |
248,309 |
|
|
$ |
69,780 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,880 |
|
|
$ |
1,573 |
|
Accrued compensation |
|
|
5,120 |
|
|
|
2,075 |
|
Accrued liabilities |
|
|
1,227 |
|
|
|
763 |
|
Short-term deferred revenue |
|
|
1,380 |
|
|
|
905 |
|
Current portion of operating lease liabilities |
|
|
1,453 |
|
|
|
— |
|
Current portion of finance lease obligations |
|
|
121 |
|
|
|
109 |
|
Total current liabilities |
|
|
12,181 |
|
|
|
5,425 |
|
Warrant liability |
|
|
146 |
|
|
|
1,650 |
|
Long-term deferred revenue |
|
|
— |
|
|
|
639 |
|
Long-term finance lease obligations, less current portion |
|
|
136 |
|
|
|
226 |
|
Operating lease liabilities, long-term |
|
|
6,148 |
|
|
|
— |
|
Total liabilities |
|
|
18,611 |
|
|
|
7,940 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock,
shares authorized as of 29,772,922 and 20,740,413 shares issued and outstanding
at |
|
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
436,183 |
|
|
|
189,868 |
|
Accumulated other comprehensive loss |
|
|
(124 |
) |
|
|
(1 |
) |
Accumulated deficit |
|
|
(206,364 |
) |
|
|
(128,029 |
) |
Total stockholders’ equity |
|
|
229,698 |
|
|
|
61,840 |
|
Total liabilities and stockholders’ equity |
|
$ |
248,309 |
|
|
$ |
69,780 |
|
Consolidated Statements of Operations
(in thousands, except share and per share data)
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assay revenue |
|
$ |
2,969 |
|
|
$ |
1,563 |
|
|
$ |
11,023 |
|
|
$ |
4,241 |
|
Contract revenue |
|
|
196 |
|
|
|
558 |
|
|
|
815 |
|
|
|
1,644 |
|
Total revenues |
|
|
3,165 |
|
|
|
2,121 |
|
|
|
11,838 |
|
|
|
5,885 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of assay revenue |
|
|
3,013 |
|
|
|
1,698 |
|
|
|
10,464 |
|
|
|
5,863 |
|
Cost of contract revenue |
|
|
27 |
|
|
|
27 |
|
|
|
100 |
|
|
|
118 |
|
Total cost of revenues |
|
|
3,040 |
|
|
|
1,725 |
|
|
|
10,564 |
|
|
|
5,981 |
|
Gross profit/(loss) |
|
|
125 |
|
|
|
396 |
|
|
|
1,274 |
|
|
|
(96 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
13,330 |
|
|
|
5,104 |
|
|
|
37,575 |
|
|
|
16,077 |
|
Research and development |
|
|
5,990 |
|
|
|
1,913 |
|
|
|
16,261 |
|
|
|
5,293 |
|
General and administrative |
|
|
7,164 |
|
|
|
2,843 |
|
|
|
24,836 |
|
|
|
13,823 |
|
Total operating expenses |
|
|
26,484 |
|
|
|
9,860 |
|
|
|
78,672 |
|
|
|
35,193 |
|
Loss from operations |
|
|
(26,359 |
) |
|
|
(9,464 |
) |
|
|
(77,398 |
) |
|
|
(35,289 |
) |
Other income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
44 |
|
|
|
21 |
|
|
|
151 |
|
|
|
40 |
|
Change in fair value of warrant liability |
|
|
262 |
|
|
|
(1,258 |
) |
|
|
(1,088 |
) |
|
|
(1,228 |
) |
Total other expense |
|
|
306 |
|
|
|
(1,237 |
) |
|
|
(937 |
) |
|
|
(1,188 |
) |
Net loss |
|
$ |
(26,053 |
) |
|
$ |
(10,701 |
) |
|
$ |
(78,335 |
) |
|
$ |
(36,477 |
) |
Weighted average shares outstanding used in computing net loss per share, basic and diluted |
|
|
29,732,059 |
|
|
|
19,687,908 |
|
|
|
28,884,874 |
|
|
|
16,979,411 |
|
Net loss per share of common stock outstanding, basic and diluted |
|
$ |
(0.88 |
) |
|
$ |
(0.54 |
) |
|
$ |
(2.71 |
) |
|
$ |
(2.15 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220301006123/en/
Press and Media:
sdion@dermtech.com
(858) 450-4222
Investors:
ICR Westwicke
caroline.corner@westwicke.com
(415) 202-5678
Source: