Oxford Immunotec Reports Third Quarter 2015 Financial Results
(Thomson Reuters ONE) -
* Third quarter revenue of $17.9 million increased 41% on a constant currency
basis compared to prior year period
* Gross margin improved by 390 basis points compared to prior year period
* Two seasoned diagnostics executives appointed to the Board of Directors
OXFORD, United Kingdom and MARLBOROUGH, Mass., Nov. 03, 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 third quarter
2015 financial results.
"We are very pleased with our third quarter financial and operating results,"
said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. "Our
sales performance exceeded expectations, driven by strong growth in our United
States and Asia geographies, and we are pleased with the progress we are making
on our pipeline."
By revenue type, total revenues were, in millions:
Three Months Ended September 30,
Percent
2015 2014 Change
Product $ 8.3 $ 6.5 28 %
Service 9.6 6.8 41 %
Total revenue $ 17.9 $ 13.3 35 %
By geography, total revenues were, in millions:
Three Months Ended September 30,
Percent Change
As Constant
2014 Reported Currency ((1))
2015
United States $ 9.3 $ 6.5 44 % 44 %
Europe & ROW 1.6 1.7 -4 % 8 %
Asia 7.0 5.1 36 % 48 %
Total revenue $ 17.9 $ 13.3 35 % 41 %
((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.
Third Quarter 2015 Financial Results
Revenue for the third quarter of 2015 was $17.9 million, representing 35% growth
over the third quarter 2014 revenue of $13.3 million. On a constant currency
basis, revenue growth was 41% versus the prior year period.
2015 third quarter product revenue was $8.3 million representing a 28% increase
from product revenue of $6.5 million in the third quarter of 2014. The increase
in product revenue was primarily attributable to volume growth in Asia. Service
revenue for the third quarter of 2015 was $9.6 million, up 41% from the 2014
third quarter of $6.8 million. The increase in service revenue was primarily
driven by increased volume, specifically in the institutional and patient
testing segments, in the United States.
United States revenue was $9.3 million in the third quarter of 2015 representing
44% growth over the same period's revenue of $6.5 million in the prior year.
Growth was driven primarily by increases in the institutional and patient
testing segments.
Europe & ROW revenue was $1.6 million in the third quarter of 2015 representing
a 4% decrease compared to 2014 third quarter revenue of $1.7 million. On a
constant currency basis, Europe & ROW grew 8% versus the third quarter of 2014.
Asia revenue was $7.0 million in the third quarter of 2015 representing 36%
growth over the 2014 third quarter revenue of $5.1 million. On a constant
currency basis, Asia grew 48% versus the third quarter of 2014. The increase was
driven by continued strong growth in both China and Japan.
Gross profit for the third quarter of 2015 was $9.9 million, an increase of $3.1
million over gross profit of $6.8 million in the same period of 2014. Gross
margin was 55.0%, an increase of 390 basis points from the gross margin of
51.1% in the third quarter of 2014. The increase was primarily due to
operational efficiencies associated with increased volume and operational
improvements in our service business, 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 $14.7 million in the third quarter of 2015, an increase
of $1.7 million compared to $13.0 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 third quarter was $(3.8) million compared to $(5.5) million in
the third quarter of 2014. Adjusted EBITDA was $(2.0) million for the third
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 third quarter of 2015 was $4.5 million, or $0.20 per share,
compared to $6.1 million, or $0.35 per share, in the third quarter of 2014. Net
loss per share was based on 22,259,840 and 17,333,441 weighted average ordinary
shares outstanding for the third quarters of 2015 and 2014, respectively.
Cash and cash equivalents were $88.5 million as of September 30, 2015 compared
to $90.4 million as of June 30, 2015.
Business Outlook
We expect to report revenue of between $15.9 and $16.7 million for the fourth
quarter of 2015.
We expect to report full year 2015 revenue of between $61.9 and $62.7 million,
representing 25%-27% year-over-year growth. We expect revenue to increase 31% to
32% for the year using constant exchange rates.
Board of Directors Appointments
On November 3, 2015, the Company announced that seasoned diagnostics executives
Ronald Andrews Jr. and A. Scott Walton will join the Company's Board of
Directors effective November 4, 2015. The addition of Mr. Andrews and Mr. Walton
to Oxford Immunotec's Board of Directors increases the total number of directors
to eight.
Conference Call
Oxford Immunotec will host a conference call on Tuesday, November 3, 2015 at
8:00 a.m. Eastern Time to discuss its third 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 65863291,
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 September Nine months ended September 30,
30,
(in thousands,
except share 2015 2014 2015 2014
and per share
data)
Revenue
Product $ 8,310 $ 6,480 $ 22,045 $ 19,192
Service 9,634 6,845 23,952 18,195
Total revenue 17,944 13,325 45,997 37,387
Cost of
revenue
Product 3,757 2,944 9,712 8,807
Service 4,312 3,568 11,514 9,710
Total cost of 8,069 6,512 21,226 18,517
revenue
Gross profit 9,875 6,813 24,771 18,870
Operating
expenses:
Research and 3,187 1,946 8,392 4,185
development
Sales and 7,381 7,468 22,549 18,376
marketing
General and 4,137 3,567 11,788 11,447
administrative
Total
operating 14,705 12,981 42,729 34,008
expenses
Loss from (4,830 ) (6,168 ) (17,958 ) (15,138 )
operations
Other income
(expense):
Interest (19 ) (41 ) (53 ) (104 )
expense, net
Foreign
exchange gains 476 76 (33 ) (331 )
(losses)
Other
(expense) (64 ) 91 50 170
income
Loss before (4,437 ) (6,042 ) (17,994 ) (15,403 )
income taxes
Income tax 46 53 94 79
expense
Net loss $ (4,483 ) $ (6,095 ) $ (18,088 ) $ (15,482 )
Net loss per
share
attributable
to ordinary $ (0.20 ) $ (0.35 ) $ (0.84 ) $ (0.89 )
shareholders-
basic and
diluted
Weighted-
average shares
used to
compute net
loss 22,259,840 17,333,441 21,619,375 17,300,881
attributable
to ordinary
shareholders-
basic and
diluted
Reconciliation of net loss to Adjusted EBITDA
(unaudited)
Three months Nine months ended September
ended September 30, 30,
(in thousands) 2015 2014 2015 2014
------------------
Net loss $ (4,483 ) $ (6,095 ) $ (18,088 ) $ (15,482 )
Income tax 46 53 94 79
expense
Interest 19 41 53 104
expense, net
Depreciation and 597 479 1,533 1,239
amortization
EBITDA (3,821 ) (5,522 ) (16,408 ) (14,060 )
Reconciling
items:
Share-based
compensation 994 734 2,582 1,759
expense
Unrealized
exchange losses 422 (164 ) (193 ) 3
(gains)
Loss on change
in fair value of - - - 22
warrants
Change in fair
value of
contingent 52 38 148 38
purchase price
consideration
Intangible asset
impairment 385 - 385 -
charge
Adjusted EBITDA $ (1,968 ) $ (4,914 ) $ (13,486 ) $ (12,238 )
Oxford Immunotec Global PLC
Condensed consolidated balance sheets
(unaudited)
September December 31,
30,
(in thousands, except share and per share data) 2015 2014
Assets
Current assets:
Cash and cash equivalents $ 88,483 $ 50,165
Restricted cash 112 200
Accounts receivable, net 7,444 6,823
Inventory 6,473 6,425
Prepaid expenses and other 2,718 2,755
Total current assets 105,230 66,368
Restricted cash, non-current 80 192
Property and equipment, net 5,706 4,537
In-process research and development 1,832 2,399
Goodwill 46 50
Other intangible assets, net 278 273
Other assets 19 30
Total assets $ 113,191 $ 73,849
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $ 3,213 $ 2,368
Accrued liabilities 7,886 7,070
Deferred income 1,686 1,993
Current portion of loans payable 127 137
Taxes payable 147 -
Total current liabilities 13,059 11,568
Long-term portion of loans payable 352 454
Contingent purchase price consideration 1,274 1,218
Total liabilities 14,685 13,240
Shareholders' equity:
Ordinary shares, £0.006705 nominal value;
36,183,293 shares authorized at September
30, 2015 and December 31, 2014, and 22,538,047 242 192
and 17,614,650 shares issued and outstanding at
September 30, 2015 and December 31, 2014,
respectively
Additional paid-in capital 243,126 186,816
Accumulated deficit (139,917 ) (121,829 )
Accumulated other comprehensive loss (4,945 ) (4,570 )
Total shareholders' equity 98,506 60,609
Total liabilities and shareholders' equity $ 113,191 $ 73,849
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(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#1963657]
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 431553
Anzahl Zeichen: 19448
contact information:
Town:
Oxfordshire
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 193 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Oxford Immunotec Reports Third Quarter 2015 Financial Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Oxford Immunotec (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
