NEW YORK (GenomeWeb) – NantHealth reported late on Thursday that its fourth quarter revenues rose 18 percent year over year.
For the three months ended Dec. 31, 2016, the company reported total revenues of $24.1 million, up from $20.4 million in the year-ago quarter.
Business, software and hardware revenues were down to $1.0 million from $2.4 million in Q4 2015; software-as-a-service revenues grew to $14.9 million from $9.4 million; maintenance revenues rose to $3.4 million from $2.5 million; sequencing and molecular analysis revenues were $482,000, from nothing a year ago; and other service revenues declined to $4.3 million from $6.1 million.
The firm said that 452 GPS Cancer tests were ordered in Q4 2016.
NantHealth's R&D costs increased 78 percent year over year to $12.8 million from $7.2 million, while its SG&A expenses grew 28 percent to $21.3 million from $16.6 million.
The firm reported a net loss of $60.0 million, or $.49 per share, for Q4 2016, compared to a net loss of $17.9 million, or $.35 per share, for Q4 2015. Adjusted net loss per share for the recently completed quarter was $.18.
"Our GPS Cancer Test continues to gain coverage in both the commercial health insurance and self-employed payor markets, and we are seeking to build adoption for GPS Cancer among oncologists through our ongoing efforts to educate the medical community about the test's value," NantHealth Chairman and CEO Patrick Soon-Shiong said in a statement.
The company is currently embroiled in a controversy centered around a contract tied to a $12 million donation to the University of Utah by Soon-Shiong, and several lawsuits have been filed against the firm alleging NantHealth made false and misleading statements in connection with its initial public offering.
For full-year 2016, NantHealth reported total revenues of $100.4 million, a 72 percent increase year over year from $58.3 million in 2015.
Software and hardware revenues dropped to $8.2 million from $14.6 million in 2015; software-as-a-service revenues increased to $58.4 million from $20.7 million; maintenance grew to $14.2 million from $10.5 million; sequencing and molecular analysis was up to $604,000 from $75,000; and other services increased to $18.9 million from $12.4 million.
A total of 1,286 GPS Cancer tests were ordered in 2016.
NantHealth increased its R&D spending 159 percent year over year to $61.6 million from $23.8 million, while its SG&A costs rose 75 percent to $120.7 million from $69.0 million.
The firm had a net loss of $184.1 million, or $1.69 per share, in 2016, compared to a net loss of $72.0 million, or $.99 per share, in 2015. Adjusted net loss per share for 2016 was $.69.
NantHealth had $160.4 million in cash and cash equivalents as of the end of 2016.
The company added that it now had eight contracts with self-employed and commercial payors as of the end of last year and is in discussions with 27 additional payors.
In midday trading on the Nasdaq, NantHealth's shares were down 6 percent to $4.77.