Conference Call scheduled for today, August 9, 2018 at 4:30 p.m. ET
AUSTIN, Texas, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Vermillion, Inc. (NASDAQ: VRML), a bio-analytical solutions company focused on gynecologic disease, today reported its financial results for the second quarter ended June 30, 2018.
“We continue to make steady progress in our commercialization efforts and are pleased to see the fundamental building blocks in place. With the sales force expansion, the hiring of Chris Goulart, SVP of Commercial Operations, and our new platform and portfolio enhancements, we believe we have the core ingredients in place for success,” said Valerie Palmieri, President and CEO of Vermillion. “We fundamentally believe in the ability of our OVA1 test to save lives and change the practice of medicine in women’s health. Our two new product enhancements are key milestones that should advance the standard of care in ovarian cancer.”
Recent Corporate Developments and Upcoming Milestones
Q2 2018 Financial Results
Conference Call and Webcast
Vermillion’s President and CEO, Valerie Palmieri, will host a call today to discuss results followed by a question and answer period at 4:30 p.m. Eastern Time.
Thursday, August 9th @ 4:30pm Eastern Time | |||||
Domestic: | 800-239-9838 | ||||
International: | 323-794-2551 | ||||
Conference ID: | 5791297 | ||||
Webcast: | http://public.viavid.com/index.php?id=130234 | ||||
Replays, Available through August 23rd: | |||||
Domestic: | 844-512-2921 | ||||
International: | 412-317-6671 | ||||
Replay PIN: | 5791297 |
About Vermillion, Inc.
Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic and bio-analytical solutions that help physicians diagnose, treat and improve gynecologic health outcomes for women. Vermillion, along with its prestigious scientific collaborators, discovers, develops, and delivers innovative diagnostic and technology tools that help women with serious diseases. The company's initial in vitro diagnostic test, OVA1® (MIA), was the first FDA cleared, protein-based In Vitro Diagnostic Multivariate Index Assay, and represented a new class of software-based liquid biopsy in vitro diagnostics. In March 2016, Vermillion received FDA clearance for Overa™, a Multivariate Index Assay 2nd Generation (MIA2G) test with significantly improved specificity and ease of use. Vermillions tests are intended to characterize and stage disease, and to help guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, to perform additional testing, or to assist in monitoring response to therapy.
Forward-Looking Statement
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding Vermillion’s commercialization plans and the results thereof, expected results of the launch of the new platform and cloud service for decentralizing OVA1 testing, future test volumes and the anticipated activities of Vermillion’s sales representatives. Words such as “may,” “expects,” “intends,” “anticipates,” “believes,” “estimates,” “plans,” “seeks,” “could,” “should,” “continue,” “will,” “potential,” “projects” and similar expressions are intended to identify forward-looking statements. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including the risks and uncertainties inherent in Vermillion’s business, including those described in the section entitled “Risk Factors” in Vermillion’s Annual Report on Form 10-K for the year ended December 31, 2017. The events and circumstances reflected in Vermillion’s forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Vermillion expressly disclaims any obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this press release, except as required by law.
Investor Relations Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
Tel 617-535-7742
[email protected]
Vermillion, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In thousands, except per share data) | |||||||
(unaudited) | |||||||
June 30, | December 31, | ||||||
2018 | 2017 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 14,135 | $ | 5,539 | |||
Accounts receivable, net | 707 | 205 | |||||
Prepaid expenses and other current assets | 334 | 459 | |||||
Inventories | 110 | 102 | |||||
Total current assets | 15,286 | 6,305 | |||||
Property and equipment, net | 835 | 1,181 | |||||
Other assets | - | 11 | |||||
Total assets | $ | 16,121 | $ | 7,497 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 783 | $ | 745 | |||
Accrued liabilities | 1,686 | 1,650 | |||||
Short-term debt | 187 | 185 | |||||
Other current liabilities | 10 | 29 | |||||
Total current liabilities | 2,666 | 2,609 | |||||
Non-current liabilities: | |||||||
Long-term debt | 1,387 | 1,481 | |||||
Total liabilities | 4,053 | 4,090 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, par value $0.001 per share, 150,000,000 shares authorized at June 30, 2018 and December 31, 2017; 75,274,251 and 60,036,017 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 75 | 60 | |||||
Additional paid-in capital | 413,445 | 399,400 | |||||
Accumulated deficit | (401,452 | ) | (396,053 | ) | |||
Total stockholders’ equity | 12,068 | 3,407 | |||||
Total liabilities and stockholders’ equity | $ | 16,121 | $ | 7,497 | |||
Vermillion, Inc. | |||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue: | |||||||||||||||
Product | $ | 627 | $ | 860 | $ | 1,240 | $ | 1,538 | |||||||
Service | 81 | 38 | 117 | 86 | |||||||||||
Total revenue | 708 | 898 | 1,357 | 1,624 | |||||||||||
Cost of revenue:(1) | |||||||||||||||
Product | 528 | 428 | 1,061 | 850 | |||||||||||
Service | 280 | 266 | 550 | 571 | |||||||||||
Total cost of revenue | 808 | 694 | 1,611 | 1,421 | |||||||||||
Gross profit (loss) | (100 | ) | 204 | (254 | ) | 203 | |||||||||
Operating expenses: | |||||||||||||||
Research and development(2) | 154 | 268 | 296 | 493 | |||||||||||
Sales and marketing(3) | 1,478 | 1,041 | 2,703 | 2,064 | |||||||||||
General and administrative(4) | 1,299 | 1,241 | 2,613 | 2,648 | |||||||||||
Total operating expenses | 2,931 | 2,550 | 5,612 | 5,205 | |||||||||||
Loss from operations | (3,031 | ) | (2,346 | ) | (5,866 | ) | (5,002 | ) | |||||||
Interest income (expense), net | (7 | ) | (10 | ) | (19 | ) | (22 | ) | |||||||
Other income (expense), net | (11 | ) | (4 | ) | (14 | ) | (9 | ) | |||||||
Net loss | $ | (3,049 | ) | $ | (2,360 | ) | $ | (5,899 | ) | $ | (5,033 | ) | |||
Net loss per share - basic and diluted | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.09 | ) | |||
Weighted average common shares used to compute basic and diluted net loss per common share | 69,353,622 | 56,113,917 | 64,721,128 | 55,123,977 | |||||||||||
Non-cash stock-based compensation expense included in cost of revenue and operating expenses: | |||||||||||||||
(1) Cost of revenue | $ | 28 | $ | 40 | $ | 58 | $ | 79 | |||||||
(2) Research and development | 1 | 2 | 2 | 5 | |||||||||||
(3) Sales and marketing | 28 | 40 | 71 | 77 | |||||||||||
(4) General and administrative | 304 | 295 | 412 | 510 |
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