Financials

v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 4,022 $ 9,541
Accounts receivable, net of allowance for doubtful accounts of 2018 $7,003; 2017 $6,539 10,335 10,958
Assets held for sale 2,058 0
Other current assets 2,622 2,707
Total current assets 19,037 23,206
FIXED ASSETS, net of accumulated depreciation 4,876 5,550
OTHER ASSETS    
Restricted cash 350 350
Patents and other intangible assets, net of accumulated amortization 4,375 4,478
Investment in joint venture 244 246
Goodwill 17,257 17,992
Other 305 399
Total other assets 22,531 23,465
Total Assets 46,444 52,221
CURRENT LIABILITIES    
Accounts payable and accrued expenses 8,921 8,715
Obligations under capital leases, current portion 319 272
Liabilities held for sale 221 0
Deferred revenue 1,751 516
Line of credit 3,510 4,137
Term note, current portion 6,000 6,000
Total current liabilities 20,722 19,640
Obligations under capital leases 641 624
Deferred rent payable and other 324 360
Warrant liability 3,711 4,403
Deferred revenue, long-term 992 429
Total Liabilities 26,390 25,456
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, 27,730 and 27,754 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 3 3
Additional paid-in capital 161,801 161,527
Accumulated other comprehensive income 49 69
Accumulated (deficit) (141,799) (134,834)
Total Stockholders’ Equity 20,054 26,765
Total Liabilities and Stockholders’ Equity $ 46,444 $ 52,221
v3.8.0.1
Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenue $ 7,667 $ 6,966
Cost of revenues 5,082 4,209
Gross profit 2,585 2,757
Operating expenses:    
Research and development 681 1,110
General and administrative 5,260 3,477
Sales and marketing 1,591 971
Total operating expenses 7,532 5,558
Loss from operations (4,947) (2,801)
Other income (expense):    
Interest expense (239) (194)
Interest income 21 17
Change in fair value of acquisition note payable 17 (232)
Change in fair value of warrant liability 692 (7,294)
Other expense 0 (46)
Total other income (expense) 491 (7,749)
Loss before income taxes (4,456) (10,550)
Income tax (benefit) 0 (970)
Net (loss) $ (4,456) $ (9,580)
Basic and diluted net (loss) per share (in dollars per share) $ (0.16) $ (0.51)
Basic and diluted weighted-average shares outstanding (in shares) 27,049 18,904
Foreign currency translation (loss) $ (20) $ 0
Comprehensive (loss) $ (4,476) $ (9,580)
v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (4,456) $ (9,580)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Depreciation 429 534
Amortization 135 83
Provision for bad debts 464 (21)
Stock-based compensation 274 435
Change in fair value of acquisition note payable (17) 232
Change in fair value of warrant liability (692) 7,294
Amortization of debt issuance costs 0 7
Amortization of discount on debt 0 7
Loss in equity method investment 2 12
Loss on extinguishment of debt 0 78
Changes in:    
Accounts receivable (160) (901)
Other current assets (143) 156
Other non-current assets (5) 28
Accounts payable, accrued expenses and deferred revenue (279) (694)
Deferred rent payable and other (24) (61)
Net cash (used in) operating activities (4,472) (2,391)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (221) (178)
Patent costs (32) (31)
Net cash (used in) investing activities (253) (209)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on capital lease obligations (86) (34)
Proceeds from warrant exercises 0 1,750
Repayment of borrowings on Silicon Valley Bank line of credit (627) 0
Proceeds from Partners for Growth IV, L.P. term note 0 6,000
Principal payments on Silicon Valley Bank term note 0 (4,667)
Payment of debt issuance costs and loan fees 0 (287)
Net cash provided by (used in) financing activities (713) 2,762
Effect of foreign exchange rates on cash and cash equivalents and restricted cash (32) 0
Net increase (decrease) in cash and cash equivalents and restricted cash (5,470) 162
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning 9,891 9,802
Ending 4,421 9,964
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Cash paid for interest 245 269
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Fixed assets acquired through capital lease arrangements 150 396
Derivative warrants issued with debt $ 0 $ 1,004

Discover Cancer Genetics Incorporated »

Our Research
With unparalleled excellence in oncology, our team is dedicated to empowering personalized cancer treatment.
Our Media
Stay current with the latest company news, articles, videos, and webinars.
Our Partners
CGI has established strong research collaborations with key thought leaders in oncology and major cancer centers in the U.S. and abroad.
Reports
Click here to login and view your reports.