DermTech Reports Second Quarter 2021 Financial Results
Second Quarter 2021 Highlights
- Billable sample volume of approximately 11,750 for the second quarter of 2021, a 267% increase compared to approximately 3,200 recorded for the second quarter of 2020 and a 25% sequential increase over the first quarter of 2021.
-
Assay revenue of
$2.9 million for the second quarter of 2021, a 349% increase compared to the second quarter of 2020 and a 33% sequential increase over the first quarter of 2021. -
Total revenue of
$3.1 million for the second quarter of 2021, a 269% increase compared to the second quarter of 2020 and a 24% sequential increase over the first quarter of 2021. - Achieved second consecutive full quarter with positive assay gross margin of 11% compared to negative 118% for the same period of 2020.
- Launched PLAplus, our next generation test for the enhanced early detection of melanoma, which adds TERT (“Telomerase Reverse Transcriptase”) promoter DNA driver mutation analyses to the current RNA gene expression based Pigmented Lesion Assay (“PLA” or the “DermTech Melanoma Test”). The combined tests elevate the sensitivity from 91% to 97% and maintain a negative predictive value of >99%, resulting in a less than 1% probability of missing melanoma.
-
Released topline results from second economic study of the PLA in connection with an actuarial model developed by
OptumInsight to evaluate the economic impact of inserting the PLA into the visual assessment and histopathology pathway for pigmented skin lesions clinically suspicious of melanoma. -
Cash, cash equivalents and short-term marketable securities were
$268.3 million at the end of the quarter.
“DermTech continued to execute on its core business drivers during Q2 by delivering healthy sample volume and revenue growth as we began to emerge from the peak of the pandemic,” said
Second Quarter 2021 Financial Results
Assay revenue increased
Gross margin for the three months ended
Sales and marketing expenses for the three months ended
Research and development expenses for the three months ended
General and administrative expenses for the three months ended
Net loss for the three months ended
Cash, cash equivalents, and short-term marketable securities totaled
Full Year 2021 Guidance
Management estimates that full year 2021 assay revenue will be between
Conference Call and Webcast Information
About
Forward-looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of
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Condensed Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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(Unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
229,609 |
|
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$ |
24,248 |
|
Short-term marketable securities |
|
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38,644 |
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39,529 |
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Accounts receivable |
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2,185 |
|
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1,480 |
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Inventory |
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497 |
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104 |
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Prepaid expenses and other current assets |
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1,313 |
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1,521 |
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Total current assets |
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272,248 |
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66,882 |
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Property and equipment, net |
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3,285 |
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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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$ |
275,700 |
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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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$ |
2,104 |
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$ |
1,573 |
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Accrued compensation |
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3,167 |
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2,075 |
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Accrued liabilities |
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887 |
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763 |
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Short-term deferred revenue |
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1,372 |
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905 |
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Current portion of capital lease obligations |
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112 |
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109 |
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Total current liabilities |
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7,642 |
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5,425 |
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Warrant liability |
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577 |
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1,650 |
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Long-term deferred revenue |
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2 |
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639 |
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Long-term capital lease obligations, less current portion |
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170 |
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226 |
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Total liabilities |
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8,391 |
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7,940 |
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Stockholders’ equity: |
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Common stock,
authorized as of 29,607,394 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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427,503 |
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189,868 |
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Accumulated other comprehensive income/(loss) |
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2 |
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(1 |
) |
Accumulated deficit |
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(160,199 |
) |
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(128,029 |
) |
Total stockholders’ equity |
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267,309 |
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61,840 |
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Total liabilities and stockholders’ equity |
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$ |
275,700 |
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$ |
69,780 |
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Condensed 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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Six Months Ended |
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2021 |
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2020 |
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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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$ |
2,910 |
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$ |
648 |
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$ |
5,100 |
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$ |
1,445 |
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Contract revenue |
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209 |
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196 |
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543 |
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956 |
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Total revenues |
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3,119 |
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|
844 |
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5,643 |
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2,401 |
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Cost of revenues: |
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Cost of assay revenue |
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2,604 |
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1,416 |
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4,575 |
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2,578 |
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Cost of contract revenue |
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20 |
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29 |
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51 |
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70 |
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Total cost of revenues |
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2,624 |
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1,445 |
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4,626 |
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2,648 |
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Gross profit/(loss) |
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495 |
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(601 |
) |
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1,017 |
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(247 |
) |
Operating expenses: |
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Sales and marketing |
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7,907 |
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3,433 |
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14,419 |
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6,377 |
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Research and development |
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3,594 |
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864 |
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5,845 |
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1,761 |
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General and administrative |
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6,301 |
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4,529 |
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11,473 |
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8,043 |
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Total operating expenses |
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17,802 |
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8,826 |
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31,737 |
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16,181 |
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Loss from operations |
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(17,307 |
) |
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(9,427 |
) |
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(30,720 |
) |
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(16,428 |
) |
Other income/(expense): |
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Interest income, net |
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35 |
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|
10 |
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|
69 |
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|
10 |
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Change in fair value of warrant liability |
|
|
170 |
|
|
|
(180 |
) |
|
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(1,519 |
) |
|
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(76 |
) |
Total other income/(expense) |
|
|
205 |
|
|
|
(170 |
) |
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(1,450 |
) |
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(66 |
) |
Net loss |
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$ |
(17,102 |
) |
|
$ |
(9,597 |
) |
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$ |
(32,170 |
) |
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$ |
(16,494 |
) |
Weighted average shares outstanding used in computing net loss per share, basic and diluted |
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28,979,148 |
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16,149,496 |
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28,070,539 |
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14,625,069 |
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Net loss per share of common stock outstanding, basic and diluted |
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$ |
(0.59 |
) |
|
$ |
(0.59 |
) |
|
$ |
(1.15 |
) |
|
$ |
(1.13 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804006019/en/
Press and Media:
sdion@dermtech.com
(858) 450-4222
Investors:
caroline.corner@westwicke.com
(415) 202-5678
Source: