Oxford Immunotec Reports Second Quarter 2015 Financial Results
(Thomson Reuters ONE) -
* Second quarter revenue of $14.3 million increased 29% on a constant currency
basis compared to prior year period
* Gross margin improved by 522 basis points compared to prior year period
* Received CE Mark for T-SPOT(®).CMV and began enrolling patients in REACT
Trial
* Signed exclusive licensing agreement with IDIBELL for B Cell measurement
technology in July
OXFORD, United Kingdom and MARLBOROUGH, Mass., Aug. 4, 2015 (GLOBE NEWSWIRE) --
Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, commercial-stage
diagnostics company focused on developing and commercializing proprietary tests
for the management of immune-regulated conditions, today announced second
quarter 2015 financial results.
"We are extremely pleased with our second quarter financial and operating
results," said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford
Immunotec. "Our sales performance came in above our expectations led by strong
growth in all our geographies and we are pleased with the regulatory and
clinical progress we are making on our T-SPOT.CMV test."
By revenue type, total revenues were, in millions:
Three Months Ended June 30,
------------------------------
Percent
2015 2014 Change
------------------------------
Product $6.6 $5.9 12%
Service 7.7 5.9 29%
-----------------
Total Revenue $14.3 $11.8 21%
-----------------
By geography, total revenues were, in millions:
Three Months Ended June 30,
--------------------------------------------
Percent Change
--------------------------------------------
As Constant
2015 2014 Reported Currency ((1))
--------------------------------------------
United States $7.3 $5.5 33% 33%
Europe & ROW 1.9 1.8 6% 21%
Asia 5.1 4.5 12% 27%
-----------------
Total revenue $14.3 $11.8 21% 29%
-----------------
((1)) We evaluate our revenue on both an as reported and a constant currency
basis. The constant currency presentation, which is a non-GAAP measure, excludes
the impact of fluctuations in foreign currency exchange rates.
Second Quarter 2015 Financial Results
Revenue for the second quarter of 2015 was $14.3 million, representing 21%
growth over the second quarter 2014 revenue of $11.8 million. On a constant
currency basis, revenue growth was 29% versus the prior year period.
2015 second quarter product revenue was $6.6 million representing a 12% increase
from product revenue of $5.9 million in the second quarter of 2014. The increase
in product revenue was primarily attributable to volume growth in both Asia and
Europe & ROW. Service revenue for the second quarter of 2015 was $7.7 million,
up 29% from the 2014 second quarter of $5.9 million. The increase in service
revenue was primarily driven by increased volume, specifically in the
institutional and physicians' office segments, and increased average selling
prices in the U.S. market.
United States revenue was $7.3 million in the second quarter of 2015
representing 33% growth over the same period's revenue of $5.5 million in the
prior year. Growth was driven primarily by an increased number of customers and
increased volume from existing customers.
Europe & ROW revenue was $1.9 million in the second quarter of 2015 representing
a 6% increase compared to 2014 second quarter revenue of $1.8 million. On a
constant currency basis, Europe & ROW grew 21% versus the second quarter of
2014, due partially to quarter to quarter volatility in the timing of orders.
Asia revenue was $5.1 million in the second quarter of 2015 representing 12%
growth over the 2014 second quarter revenue of $4.5 million. On a constant
currency basis, Asia grew 27% versus the second quarter of 2014. The increase
was driven by continued strong growth in both China and Japan.
Gross profit for the second quarter of 2015 was $7.8 million, an increase
of $2.0 million over gross profit of $5.8 million in the same period of 2014.
Gross margin was 54.4%, an increase of 5.2 percentage points from the gross
margin of 49.2% in the second quarter of 2014 primarily due to operational
efficiencies associated with increased volume and reduced kit costs, partially
offset by the impact of foreign currency exchange rate changes and increased
share-based compensation charges in 2015 compared to 2014.
Operating expenses were $14.4 million in the second quarter of 2015, an increase
of $2.6 million compared to $11.8 million in the same period last year. The
increase in operating expenses was primarily due to headcount increases related
to both research and development and sales and marketing, as well as increased
costs from clinical studies performed during the quarter.
EBITDA for the second quarter was $(6.8) million compared to $(5.8) million in
the second quarter of 2014. Adjusted EBITDA was $(6.5) million for the second
quarter compared to $(4.9) million in the same period in 2014. Both EBITDA and
Adjusted EBITDA are non-GAAP measures.
Net loss for the second quarter of 2015 was $7.3 million, or $0.33 per share,
compared to $6.2 million, or $0.36 per share, in the second quarter of 2014. Net
loss per share was based on 22,245,682 and 17,292,251 weighted average ordinary
shares outstanding for the second quarters of 2015 and 2014, respectively.
Cash and cash equivalents were $90.4 million as of June 30, 2015 compared
to $94.0 million as of March 31, 2015.
Business Outlook
We expect to report revenue of between $16.8 and $17.6 million for the third
quarter of 2015.
We expect to report full year 2015 revenue of between $61 and $64 million,
representing 23%-29% year-over-year growth. We expect revenue to increase 29% to
35% for the year using constant exchange rates.
Conference Call
Oxford Immunotec will host a conference call on Tuesday, August 4, 2015 at 8:00
a.m. Eastern Time to discuss its second quarter 2015 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 88979888, 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 www.oxfordimmunotec.com. The replay will be available on
the Company's website for approximately 60 days.
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, commercial-stage diagnostics company
focused on developing and commercializing proprietary tests for the management
of immune-regulated conditions. The Company's first product is the T-
SPOT.TB test, which is used to test for 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 T-SPOT.CMV test is the Company's second product and the first in a
series of products intended for the transplantation market. Overall, the Company
has seven active development programs, each of which leverages our T cell, B
cell and innate immune measuring technology. The Company is headquartered
near Oxford, U.K. and in Marlborough, Mass. 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 June Six months ended June
30, 30,
--------------------------------------------------
(in thousands, except share 2015 2014 2015 2014
and per share data)
-------------------------------------------------------------------------------
Revenue
Product $ 6,613 $ 5,887 $ 13,735 $ 12,712
Service 7,639 5,901 14,318 11,350
--------------------------------------------------
Total revenue 14,252 11,788 28,053 24,062
Cost of revenue
Product 2,885 2,822 5,955 5,863
Service 3,617 3,171 7,202 6,142
--------------------------------------------------
Total cost of revenue 6,502 5,993 13,157 12,005
--------------------------------------------------
Gross profit 7,750 5,795 14,896 12,057
Operating expenses:
Research and development 2,846 1,515 5,205 2,239
Sales and marketing 7,727 6,343 15,168 10,908
General and administrative 3,784 3,968 7,651 7,880
--------------------------------------------------
Total operating expenses 14,357 11,826 28,024 21,027
--------------------------------------------------
Loss from operations (6,607) (6,031) (13,128) (8,970)
Other income (expense):
Interest expense, net (19) (28) (34) (63)
Foreign exchange losses (674) (262) (509) (407)
Other income 7 81 114 79
--------------------------------------------------
Loss before income taxes (7,293) (6,240) (13,557) (9,361)
Income tax expense
(benefit) 1 (6) 48 26
--------------------------------------------------
Net loss $ (7,294) $ (6,234) $ (13,605) $ (9,387)
--------------------------------------------------
Net loss per share
attributable to ordinary
shareholders-basic and
diluted $ (0.33) $ (0.36) $ (0.64) $ (0.54)
--------------------------------------------------
Weighted-average shares used
to compute net loss
attributable to ordinary
shareholders-basic and
diluted 22,245,682 17,292,251 21,293,835 17,284,330
--------------------------------------------------
Reconciliation of net loss to Adjusted EBITDA
(unaudited)
Three months ended June Six months ended June
30, 30,
--------------------------------------------------
(in thousands) 2015 2014 2015 2014
-------------------------------------------------------------------------------
Net loss $ (7,294) $ (6,234) $ (13,605) $ (9,387)
Income tax expense
(benefit) 1 (6) 48 26
Interest expense, net 19 28 34 63
Depreciation and
amortization 483 409 936 760
--------------------------------------------------
EBITDA (6,791) (5,803) (12,587) (8,538)
Reconciling items:
Share-based compensation
expense 713 760 1,588 1,025
Unrealized exchange (gains)
losses (459) 113 (615) 167
Loss on change in fair value
of warrants - 12 - 22
Change in fair value of
contingent purchase price
consideration 49 - 96 -
--------------------------------------------------
Adjusted EBITDA $ (6,488) $ (4,918) $ (11,518) $ (7,324)
--------------------------------------------------
Oxford Immunotec Global PLC
Condensed consolidated balance sheets
(unaudited)
June 30, December 31,
(in thousands, except share and per share data) 2015 2014
-------------------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $ 90,370 $ 50,165
Restricted cash - 200
Accounts receivable, net 7,647 6,823
Inventory 5,470 6,425
Prepaid expenses and other assets 3,668 2,755
-----------------------
Total current assets 107,155 66,368
Restricted cash, non-current 192 192
Property and equipment, net 5,300 4,537
In-process research and development 2,209 2,399
Goodwill 46 50
Other intangible assets, net 300 273
Other assets 19 30
-----------------------
Total assets $ 115,221 $ 73,849
-----------------------
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 2,544 $ 2,368
Accrued liabilities 5,843 7,070
Deferred income 2,720 1,993
Current portion of loans payable 125 137
-----------------------
Total current liabilities 11,232 11,568
Long-term portion of loans payable 385 454
Contingent purchase price consideration 1,219 1,218
-----------------------
Total liabilities 12,836 13,240
-----------------------
Shareholders' equity:
Ordinary shares, £0.006705 nominal value; 36,183,293
shares authorized at June 30, 2015 and December
31, 2014, and 22,532,344 and 17,614,650 shares issued
and outstanding at June 30, 2015 and December
31, 2014, respectively 242 192
Additional paid-in capital 242,128 186,816
Accumulated deficit (135,434) (121,829)
Accumulated other comprehensive loss (4,551) (4,570)
-----------------------
Total shareholders' equity 102,385 60,609
-----------------------
Total liabilities and shareholders' equity $ 115,221 $ 73,849
-----------------------
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(i) the releases contained herein are protected by copyright and
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#1943386]
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Datum: 04.08.2015 - 13:00 Uhr
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News-ID 411366
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