Oxford Immunotec Reports Third Quarter 2014 Financial Results
(Thomson Reuters ONE) -
Oxford Immunotec Reports Third Quarter 2014 Financial Results
* 2014 Third Quarter Revenue of $13.3 Million Increased 24% Compared to Prior
Year
* Asia Region had 41% Revenue Growth Over Prior Year
* Net Loss was $6.1 Million for the Third Quarter
* 1 Millionth Test Processed by Oxford Diagnostics Laboratories in the United
States
OXFORD, United Kingdom and MARLBOROUGH, Mass., Nov. 4, 2014 (GLOBE NEWSWIRE) --
Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, commercial-stage
diagnostics company committed to improving patient care by providing advanced,
innovative tests in the field of immunology, today announced third quarter 2014
financial results.
"We are pleased with our financial performance and the operational progress we
made in the third quarter," said Dr. Peter Wrighton-Smith, Chief Executive
Officer of Oxford Immunotec. "We were encouraged by our performance in the
United States and Asia and are excited about the product pipeline we are
building."
By revenue type, total revenues were, in millions:
Three Months Ended Sep. 30,
------------------------------
2014 2013 Change
------------------------------
Product $ 6.5 $ 5.0 30%
Service 6.8 5.7 19%
-------------------
Total Revenue $ 13.3 $ 10.7 24%
-------------------
By geography, total revenues were, in millions:
Three Months Ended Sep. 30,
------------------------------
2014 2013 Change
------------------------------
United States $ 6.5 $ 5.3 21%
Europe and ROW 1.7 1.7 -1%
Asia 5.1 3.7 41%
-------------------
Total Revenue $ 13.3 $ 10.7 24%
-------------------
Third Quarter 2014 Financial Results
Revenue for the third quarter of 2014 was $13.3 million, representing 24% growth
over the third quarter 2013 revenue of $10.7 million.
United States revenue was $6.5 million in the third quarter of 2014 representing
21% growth over the same period's revenue of $5.3 million in the prior year.
Growth was primarily driven by the acquisition of new customers.
Europe and Rest of World revenue of $1.7 million in the third quarter of 2014
was essentially flat compared to the third quarter of 2013. The performance in
this region is reflective of the more fragmented nature of this market and our
investment priorities.
Asia revenue was $5.1 million in the third quarter of 2014 representing 41%
growth over the 2013 third quarter of $3.7 million. Revenue growth from this
geography is representative of the large market opportunity and strong adoption
of our test in both China and Japan.
Gross profit for the third quarter of 2014 was $6.8 million, an increase of $1.0
million over gross profit of $5.8 million in the same period of 2013. Gross
margin was 51.1%, a decrease of 2.9 percentage points in comparison to the gross
margin of 54.0% in the third quarter of 2013. The decrease in gross margin was
primarily due to currency effects, investments to increase capacity in our
service lab and an increase in share-based compensation included in COGS. The
majority of our product costs, including the kit cost component of our service
cost of sales are denominated in Pounds Sterling while the majority of our
revenues are recognized in U.S. Dollars and Japanese Yen, both of which have
weakened against the Pound.
Operating expenses were $13.0 million in the third quarter of 2014, an increase
of $5.0 million compared to $8.0 million in the same period last year. The
increase in operating expenses was primarily a result of the expansion to our
sales force and marketing personnel in the United States and Asia as well as
increased research and development costs associated with our product pipeline.
EBITDA for the third quarter was $(5.5) million compared to $(2.7) million in
the third quarter of 2013. Adjusted EBITDA was $(4.9) million for the third
quarter compared to $(2.1) million in the same period in 2013. Both EBITDA and
Adjusted EBITDA are non-GAAP measures.
Net loss for the third quarter of 2014 was $6.1 million or $0.35 per share
compared to $3.2 million or $1.36 per share in the third quarter of 2013. Net
loss per share was based on 17,333,441 and 2,331,990 weighted average ordinary
shares outstanding for the third quarter of 2014 and 2013, respectively.
Cash and cash equivalents were $58.0 million as of September 30, 2014 compared
to $65.8 million as of June 30, 2014, a decrease of $7.8 million.
Business Outlook
We expect to report revenue of between $11.6 and $12.1 million for the fourth
quarter of 2014, and between $49.0 and $49.5 million for the full year of 2014.
We expect our gross margin to continue to improve at a moderate pace in the
upcoming quarters and that operating expenses will increase as we continue to
invest in the business.
Conference Call
Oxford Immunotec will host a conference call on Tuesday, November 4, 2014 at
8:00 a.m. Eastern Time to discuss its third quarter 2014 financial results. The
call will be concurrently webcast. To listen to the conference call on your
telephone please dial, (855) 363-5047 for United States callers and +1 (484)
365-2897 for international callers and reference confirmation code 25979461,
approximately ten minutes prior to start time. To access the live audio webcast
or subsequent archived recording, visit the Investor Relations section of Oxford
Immunotec's website at http://www.oxfordimmunotec.com. The replay will be
available on the Company's website for approximately 90 days.
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, commercial-stage diagnostics company
committed to improving patient care by providing advanced, innovative tests in
the field of immunology. The proprietary T-SPOT(®) technology platform measures
the responses of specific immune cells, known as T cells, to inform the
diagnosis, prognosis and monitoring of patients with immunologically controlled
diseases. T cells are a central component of the human body's immune system, and
are implicated in the control and progression of many medical conditions,
including certain types of infectious diseases, cancers and autoimmune diseases.
The Company's initial product developed using the T-SPOT technology platform is
the T-SPOT.TB test, which is used to test for latent tuberculosis infection. The
T-SPOT.TB test has been approved for sale in over 50 countries, including the
United States, where it has received pre-market approval from the Food and Drug
Administration, Europe, where it has obtained a CE mark, as well as Japan and
China. The Company is headquartered near Oxford, UK and in Marlborough, MA.
Additional information can be found at www.oxfordimmunotec.com.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
Forward-Looking Statements
This release contains forward-looking statements, including statements regarding
future revenues, expenses and the prospects for sales of our products. These
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially. These risks and uncertainties
include, among others, decisions by regulatory authorities, hospitals and other
health care institutions, laboratories, physicians, patients and third party
payers, as well as our ability to expeditiously and successfully expand our
sales and distribution networks and the other factors described under the "Risk
Factors" section in our filings with the Securities and Exchange Commission.
When evaluating Oxford Immunotec's business and securities, investors should
give careful consideration to these risks and uncertainties.
Forward-looking statements are based on current expectations and assumptions and
currently available data and are neither predictions nor guarantees of future
events or performance. You should not place undue reliance on forward-looking
statements, which speak only as of the date of this presentation. We do not
undertake to update or revise any forward-looking statements after they are
made, whether as a result of new information, future events, or otherwise,
except as required by applicable law.
CONTACTS:
For Media Inquiries:
Caroline Crawley
Oxford Immunotec
Tel: +44 1235 442796
ccrawley(at)oxfordimmunotec.com
For Investor Inquiries:
Rick Altieri
Chief Financial Officer
Oxford Immunotec
Tel: +1 (508) 573-9953
raltieri(at)oxfordimmunotec.com
Mark Klausner
Westwicke Partners
Tel: +1 (443) 213-0500
oxfordimmunotec(at)westwicke.com
Oxford Immunotec Global PLC
Condensed consolidated statements of operations
(unaudited)
Three months ended September Nine months ended September
30, 30,
-----------------------------------------------------------
(in thousands, except
share and per share 2014 2013 2014 2013
data)
--------------------------------------------------------------------------------
Revenue
Product $ 6,480 $ 4,977 $ 19,192 $ 14,888
Service 6,845 5,749 18,195 13,671
-----------------------------------------------------------
Total revenue 13,325 10,726 37,387 28,559
Cost of revenue
Product 2,944 2,158 8,807 6,767
Service 3,568 2,773 9,710 7,398
-----------------------------------------------------------
Total cost of revenue 6,512 4,931 18,517 14,165
-----------------------------------------------------------
Gross profit 6,813 5,795 18,870 14,394
Operating expenses:
Research and
development 1,946 579 4,185 1,583
Sales and marketing 7,468 3,325 18,376 9,557
General and
administrative 3,567 4,084 11,447 8,457
-----------------------------------------------------------
Total operating
expenses 12,981 7,988 34,008 19,597
-----------------------------------------------------------
Loss from operations (6,168) (2,193) (15,138) (5,203)
Other (expense)
income:
Interest expense, net (41) (139) (104) (256)
Foreign exchange
gains (losses) 76 (721) (331) 44
Other income
(expense) 91 (113) 170 114
-----------------------------------------------------------
Loss before income
taxes (6,042) (3,166) (15,403) (5,301)
Income tax expense 53 15 79 35
-----------------------------------------------------------
Net loss $ (6,095) $ (3,181) $ (15,482) $ (5,336)
-----------------------------------------------------------
Net loss per share
attributable to
ordinary
shareholders-basic
and diluted $ (0.35) $ (1.36) $ (0.89) $ (2.36)
-----------------------------------------------------------
Weighted-average
shares used to
compute net loss
attributable to
ordinary
shareholders-basic
and diluted 17,333,441 2,331,990 17,300,881 2,256,494
-----------------------------------------------------------
Note: 2013 share and per share amounts have been adjusted to reflect the
Company's 1-for-6.705 reverse stock split which occurred in November 2013.
Reconciliation of net loss to Adjusted EBITDA
(unaudited)
Three months ended September Nine months ended September
30, 30,
----------------------------------------------------------
(in thousands) 2014 2013 2014 2013
--------------------------------------------------------------------------------
Net loss $ (6,095) $ (3,181) $ (15,482) $ (5,336)
Income tax expense 53 15 79 35
Interest expense, net 41 139 104 256
Depreciation and
amortization 479 306 1,239 863
----------------------------------------------------------
EBITDA (5,522) (2,721) (14,060) (4,182)
Reconciling items:
Share-based
compensation expense 734 52 1,759 77
Unrealized exchange
losses (gains) (164) 609 3 (191)
Loss on change in fair
value of warrants - - 22 -
Change in fair value
of contingent purchase
price consideration 38 - 38 -
----------------------------------------------------------
Adjusted EBITDA $ (4,914) $ (2,060) $ (12,238) $ (4,296)
----------------------------------------------------------
Oxford Immunotec Global PLC
Condensed consolidated balance sheets
(unaudited)
September 30, December 31,
(in thousands, except share and per share data) 2014 2013
--------------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 58,007 $ 76,494
Restricted cash 146 87
Accounts receivable, net 5,211 4,754
Inventory 6,515 5,450
Prepaid expenses and other 2,155 2,242
---------------------------
Total current assets 72,034 89,027
Restricted cash, non-current 246 362
Property and equipment, net 4,463 2,964
In-process research and development 2,497 -
Goodwill 55 -
Other intangible assets, net 295 331
Other assets 26 60
---------------------------
Total assets $ 79,616 $ 92,744
---------------------------
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 2,901 $ 2,310
Accrued liabilities 6,177 6,936
Deferred income 1,699 1,540
Current portion of loans payable 170 170
Taxes payable - 177
---------------------------
Total current liabilities 10,947 11,133
Long-term portion of loans payable 449 563
Contingent purchase price consideration 1,234 -
Other liabilities - 296
---------------------------
Total liabilities 12,630 11,992
---------------------------
Shareholders' equity:
Ordinary shares, £0.006705 nominal value; 40,103,528
and 25,189,285 shares authorized at September
30, 2014 and December 31, 2013, respectively, and
17,611,348 and 17,255,267 shares issued and
outstanding at September 30, 2014 and December
31, 2013, respectively 192 188
Additional paid-in capital 186,053 183,967
Accumulated deficit (115,137) (99,655)
Accumulated other comprehensive loss (4,122) (3,748)
---------------------------
Total shareholders' equity 66,986 80,752
---------------------------
Total liabilities and shareholders' equity $ 79,616 $ 92,744
---------------------------
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Oxford Immunotec via GlobeNewswire
[HUG#1868350]
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Datum: 04.11.2014 - 13:03 Uhr
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News-ID 349536
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