Financials

v3.5.0.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 10,716 $ 19,459
Accounts receivable, net of allowance for doubtful accounts 13,679 6,621
Other current assets 2,185 2,118
Total current assets 26,580 28,198
FIXED ASSETS, net of accumulated depreciation 4,912 6,069
OTHER ASSETS    
Restricted cash 300 300
Patents and other intangible assets, net of accumulated amortization 1,594 1,727
Investment in joint venture 296 341
Goodwill 12,029 12,029
Other 112 220
Total other assets 14,331 14,617
Total Assets 45,823 48,884
CURRENT LIABILITIES    
Accounts payable and accrued expenses 8,341 7,579
Obligations under capital leases, current portion 69 122
Deferred revenue 210 831
Bank term note, current portion 2,000 1,333
Total current liabilities 10,620 9,865
Obligations under capital leases 228 276
Deferred rent payable and other 299 315
Warrant liability 2,814 17
Deferred revenue, long-term 864 752
Bank term note 3,151 4,642
Total Liabilities 17,976 15,867
STOCKHOLDERS’ EQUITY    
Preferred stock, authorized 9,764 shares, $0.0001 par value, none issued 0 0
Common stock, authorized 100,000 shares, $0.0001 par value, 18,870 and 13,652 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 2 1
Additional paid-in capital 139,023 131,167
Accumulated (deficit) (111,178) (98,151)
Total Stockholders’ Equity 27,847 33,017
Total Liabilities and Stockholders’ Equity $ 45,823 $ 48,884
v3.5.0.2
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenue $ 6,750,000 $ 4,001,000 $ 19,819,000 $ 12,556,000
Cost of revenues 4,444,000 3,103,000 12,832,000 9,342,000
Gross profit 2,306,000 898,000 6,987,000 3,214,000
Operating expenses:        
Research and development 1,594,000 1,802,000 4,806,000 4,335,000
General and administrative 3,701,000 3,487,000 11,677,000 9,536,000
Sales and marketing 1,054,000 1,243,000 3,731,000 3,543,000
Total operating expenses 6,349,000 6,532,000 20,214,000 17,414,000
Loss from operations (4,043,000) (5,634,000) (13,227,000) (14,200,000)
Other income (expense):        
Interest expense (111,000) (112,000) (344,000) (227,000)
Interest income 4,000 5,000 21,000 30,000
Change in fair value of acquisition note payable 18,000 315,000 119,000 (91,000)
Change in fair value of warrant liability 712,000 214,000 729,000 18,000
Other expense (325,000) 0 (325,000) 0
Total other (expense) 298,000 422,000 200,000 (270,000)
Net (loss) $ (3,745,000) $ (5,212,000) $ (13,027,000) $ (14,470,000)
Basic Net (Loss) Per Share (usd per share) $ (0.23) $ (0.54) $ (0.88) $ (1.49)
Diluted Net (Loss) Per Share (usd per share) $ (0.23) $ (0.56) $ (0.88) $ (1.49)
Basic Weighted-Average Shares Outstanding (in shares) 16,519 9,726 14,868 9,715
Diluted Weighted-Average Shares Outstanding (in shares) 16,519 9,728 14,868 9,716
v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (13,027) $ (14,470)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Depreciation 1,502 971
Amortization 260 26
Provision for bad debts 8 213
Stock-based compensation 1,538 2,178
Change in fair value of business acquisition (119) 91
Change in fair value of warrant liability (729) (18)
Amortization of debt issuance costs 9 5
Loss in equity method investment 45 748
Changes in:    
Accounts receivable (7,066) (349)
Other current assets (67) (368)
Other non-current assets (9) (86)
Accounts payable, accrued expenses and deferred revenue 372 1,330
Deferred rent payable and other (16) (59)
Net cash (used in) operating activities (17,299) (9,950)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (345) (440)
Decrease in restricted cash 0 6,000
Patent costs (127) (109)
Deposit for acquisition of Response Genetics 0 (880)
Net cash provided by (used in) investing activities (472) 4,571
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on capital lease obligations (101) (44)
Payments for deferred equity offering costs 0 (237)
Proceeds from option exercises 0 23
Proceeds from offerings of common stock with derivative warrants, net of certain offering costs 9,962 34
Principal payments on bank term note (833) 0
Payment of debt issuance costs 0 (33)
Net cash provided by (used in) financing activities 9,028 (257)
Net (decrease) in cash and cash equivalents (8,743) (5,636)
CASH AND CASH EQUIVALENTS    
Beginning 19,459 25,554
Ending 10,716 19,918
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Cash paid for interest 250 158
BioServe    
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Change in fair value of business acquisition (119) 91
Gentris    
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Change in fair value of business acquisition $ 0 $ (162)

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