Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 9,502 $ 19,459
Accounts receivable, net of allowance for doubtful accounts of 2016 $1,387; 2015 $664 11,748 6,621
Other current assets 2,174 2,118
Total current assets 23,424 28,198
FIXED ASSETS, net of accumulated depreciation 4,738 6,069
OTHER ASSETS    
Restricted cash 300 300
Patents and other intangible assets, net of accumulated amortization 1,503 1,727
Investment in joint venture 268 341
Goodwill 12,029 12,029
Other 172 220
Total other assets 14,272 14,617
Total Assets 42,434 48,884
CURRENT LIABILITIES    
Accounts payable and accrued expenses 8,148 7,579
Obligations under capital leases, current portion 109 122
Deferred revenue 789 831
Bank term note, current portion 2,000 1,333
Total current liabilities 11,046 9,865
Bank term note 2,654 4,642
Obligations under capital leases 374 276
Deferred rent payable and other 290 315
Warrant liability 2,018 17
Deferred revenue, long-term 428 752
Total Liabilities 16,810 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, 18,936 and 13,652 shares issued and outstanding as of December 31, 2016 and 2015, respectively 2 1
Additional paid-in capital 139,576 131,167
Accumulated deficit (113,954) (98,151)
Total Stockholders’ Equity 25,624 33,017
Total Liabilities and Stockholders’ Equity $ 42,434 $ 48,884
v3.6.0.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]    
Revenue $ 27,049 $ 18,040
Cost of revenues 17,104 14,098
Gross profit 9,945 3,942
Operating expenses:    
Research and development 5,967 5,483
General and administrative 16,034 14,567
Sales and marketing 4,668 5,269
Total operating expenses 26,669 25,319
Loss from operations (16,724) (21,377)
Other income (expense):    
Interest expense (454) (344)
Interest income 23 49
Change in fair value of warrant liability 1,525 35
Change in fair value of acquisition note payable 152 269
Other Expenses (325) 0
Total other income (expense) 921 9
Loss before income taxes (15,803) (21,368)
Income tax (benefit) 0 (1,184)
Net (loss) $ (15,803) $ (20,184)
Basic net (loss) per share (usd per share) $ (1.00) $ (1.96)
Diluted net (loss) per share (usd per share) $ (1.00) $ (1.96)
Basic weighted average shares outstanding (shares) 15,861 10,298
Diluted weighted average shares outstanding (shares) 15,861 10,299
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (15,803,000) $ (20,184,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,032,000 1,503,000
Amortization 343,000 159,000
Provision for bad debts 723,000 413,000
Stock-based compensation 2,016,000 2,834,000
Stock issued for consulting services 75,000 0
Change in fair value of acquisition note payable (152,000) (269,000)
Change in fair value of warrant liability (1,525,000) (35,000)
Amortization of loan guarantee, financing fees and debt issuance costs 12,000 8,000
Loss in equity-method investment 73,000 707,000
Change in working capital components:    
Accounts receivable (5,850,000) (1,662,000)
Other current assets (56,000) (384,000)
Other non-current assets (69,000) (101,000)
Accounts payable, accrued expenses and deferred revenue 355,000 3,114,000
Deferred rent and other (25,000) (33,000)
Net cash (used in) operating activities (17,851,000) (13,599,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (490,000) (1,008,000)
Decrease in restricted cash 0 6,000,000
Patent costs (119,000) (137,000)
Cash used in acquisition of Response Genetics 0 (7,495,000)
Net cash (used in) investing activities (609,000) (2,640,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on capital lease obligations (126,000) (83,000)
Payment of equity issuance costs 0 (117,000)
Proceeds from public offerings of equity, net of offering costs 9,962,000 10,353,000
Proceeds from warrant exercises 0 1,000
Proceeds from option exercises 0 23,480
Payment of debt issuance costs 0 (33,000)
Principal payments on notes payable (1,333,000) 0
Net cash provided by financing activities 8,503,000 10,144,000
Net (decrease) in cash and cash equivalents (9,957,000) (6,095,000)
CASH AND CASH EQUIVALENTS    
Beginning 19,459,000 25,554,000
Ending 9,502,000 19,459,000
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Cash paid for interest 333,000 240,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Fixed assets acquired through capital lease arrangements 211,000 0
Net tangible assets acquired via acquisition 0 2,843,000
BioServe    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of acquisition note payable (152,000) 269,000
Gentris Corporation    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of acquisition note payable 0 (207,000)
Response Genetics    
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Value of shares issued as partial consideration to acquire businesses $ 0 $ 5,436,000

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