DermTech Reports Third Quarter 2020 Financial Results
Third Quarter Highlights
-
Assay revenues of
$1.2 million for the third quarter of 2020, a 220% increase compared to the third quarter of 2019 and a 90% sequential increase over the second quarter of 2020. - Billable sample volume of approximately 6,700 for the third quarter of 2020, an 86% increase compared to approximately 3,600 recorded for the third quarter of 2019 and a 107% sequential increase over the second quarter of 2020.
-
Appointed
Michael D. Howell , Ph.D. to the role of chief scientific officer.
“I am pleased that we have resumed growth following the second quarter COVID dip and that we are now seeing both sample volume and ordering clinician growth above pre-COVID levels. I am also encouraged to see commercial payors resume new technology reviews and with the progress we are seeing on the reimbursement front,” said
Third Quarter 2020 Financial Results
Total revenues for the three months ended
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
Outlook and COVID-19
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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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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$ |
14,625 |
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$ |
15,374 |
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Short-term marketable securities |
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36,906 |
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— |
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Accounts receivable |
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1,007 |
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680 |
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Inventory |
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115 |
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35 |
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Prepaid expenses and other current assets |
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1,881 |
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1,061 |
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Total current assets |
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54,534 |
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17,150 |
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Property and equipment, net |
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2,324 |
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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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$ |
57,025 |
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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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$ |
819 |
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$ |
1,609 |
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Accrued compensation |
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1,790 |
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1,142 |
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Accrued liabilities |
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484 |
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218 |
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Short-term deferred revenue |
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1,005 |
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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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Total current liabilities |
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4,098 |
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5,722 |
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Long-term deferred revenue |
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679 |
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— |
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Total liabilities |
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4,777 |
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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, |
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2 |
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1 |
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Additional paid-in capital |
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169,163 |
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103,599 |
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Accumulated deficit |
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(116,917 |
) |
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(91,111 |
) |
Total stockholders’ equity |
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52,248 |
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12,489 |
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Total liabilities, convertible preferred stock and stockholders’ equity |
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$ |
57,025 |
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$ |
18,211 |
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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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Nine Months Ended
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2020 |
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2019 |
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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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$ |
1,233 |
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$ |
385 |
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$ |
2,678 |
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$ |
905 |
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Contract revenue |
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129 |
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180 |
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1,086 |
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870 |
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Total revenues |
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1,362 |
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565 |
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3,764 |
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1,775 |
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Cost of revenues |
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1,608 |
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|
779 |
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4,256 |
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2,100 |
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Gross profit/(loss) |
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(246 |
) |
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(214 |
) |
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(492 |
) |
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(325 |
) |
Operating expenses: |
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Sales and marketing |
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4,594 |
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1,976 |
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10,973 |
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3,872 |
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Research and development |
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1,618 |
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757 |
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3,380 |
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1,847 |
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General and administrative |
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2,939 |
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3,212 |
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10,980 |
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6,446 |
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Total operating expenses |
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9,151 |
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5,945 |
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25,333 |
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12,165 |
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Loss from operations |
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(9,397 |
) |
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(6,159 |
) |
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(25,825 |
) |
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(12,490 |
) |
Other expense: |
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Gain on debt extinguishment |
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— |
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928 |
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— |
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|
928 |
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Interest income/(expense) |
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|
9 |
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(364 |
) |
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19 |
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|
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(2,657 |
) |
Other expense |
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— |
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(131 |
) |
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— |
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|
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(355 |
) |
Total other income/(expense) |
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9 |
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433 |
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19 |
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(2,084 |
) |
Net loss |
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$ |
(9,388 |
) |
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$ |
(5,726 |
) |
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$ |
(25,806 |
) |
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$ |
(14,574 |
) |
Weighted average shares outstanding used in computing net loss per share, basic and diluted |
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18,928,418 |
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7,134,642 |
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16,069,989 |
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5,331,876 |
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Net loss per common share outstanding, basic and diluted |
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$ |
(0.50 |
) |
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$ |
(0.80 |
) |
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$ |
(1.61 |
) |
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$ |
(2.73 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20201110006054/en/
Press and Media:
sdion@dermtech.com
(858) 450-4222
Investors:
caroline.corner@westwicke.com
(415) 202-5678
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