Financials

v3.10.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 1,206 $ 9,541
Accounts receivable, net of allowance for doubtful accounts of 2018 $7,967; 2017 $6,539 8,981 10,958
Other current assets 2,928 2,707
Total current assets 13,115 23,206
FIXED ASSETS, net of accumulated depreciation 4,499 5,550
OTHER ASSETS    
Restricted cash 350 350
Patents and other intangible assets, net of accumulated amortization 4,121 4,478
Investment in joint venture 242 246
Goodwill 17,257 17,992
Other 301 399
Total other assets 22,271 23,465
Total Assets 39,885 52,221
CURRENT LIABILITIES    
Accounts payable and accrued expenses 13,040 8,715
Obligations under capital leases, current portion 324 272
Deferred revenue 2,409 516
Line of credit 2,764 4,137
Term note 6,000 6,000
Convertible note, net 2,302 0
Advance from NovellusDx, Ltd. 1,500 0
Total current liabilities 28,339 19,640
Obligations under capital leases 451 624
Deferred rent payable and other 283 360
Warrant liability 1,122 4,403
Deferred revenue, long-term 442 429
Total Liabilities 30,637 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, 27,726 and 27,754 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 3 3
Additional paid-in capital 163,092 161,527
Accumulated other comprehensive income 104 69
Accumulated (deficit) (153,951) (134,834)
Total Stockholders’ Equity 9,248 26,765
Total Liabilities and Stockholders’ Equity $ 39,885 $ 52,221
v3.10.0.1
Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue $ 5,940 $ 8,028 $ 20,643 $ 21,598
Cost of revenues 4,654 4,588 14,589 12,831
Gross profit 1,286 3,440 6,054 8,767
Operating expenses:        
Research and development 692 981 2,046 3,080
General and administrative 5,004 4,346 14,950 11,352
Sales and marketing 1,280 1,301 4,212 3,437
Restructuring costs 1,418 0 2,151 0
Merger costs 890 0 890 0
Total operating expenses 9,284 6,628 24,249 17,869
Loss from operations (7,998) (3,188) (18,195) (9,102)
Other income (expense):        
Interest expense (465) (350) (1,282) (797)
Interest income 0 10 21 37
Change in fair value of acquisition note payable (13) 105 68 (114)
Change in fair value of warrant liability 12 2,790 2,858 (3,927)
Other (expense) (55) 0 (78) (46)
Total other income (expense) (521) 2,555 1,587 (4,847)
Loss before income taxes (8,519) (633) (16,608) (13,949)
Income tax (benefit) 0 0 0 (970)
Net (loss) $ (8,519) $ (633) $ (16,608) $ (12,979)
Basic net (loss) per share (in dollars per share) $ (0.31) $ (0.03) $ (0.61) $ (0.65)
Diluted net (loss) per share (in dollars per share) $ (0.31) $ (0.15) $ (0.61) $ (0.65)
Basic weighted-average shares outstanding (in shares) 27,370 21,577 27,156 20,059
Diluted weighted-average shares outstanding (in shares) 27,370 22,359 27,156 20,059
Foreign currency translation gain (loss) $ (30) $ (1) $ 35 $ (1)
Comprehensive (loss) $ (8,549) $ (634) $ (16,573) $ (12,980)
v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) $ (16,608) $ (12,979)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Depreciation 1,266 1,436
Amortization 396 234
Provision for bad debts 1,428 890
Stock-based compensation 731 1,395
Change in fair value of warrant liability and acquisition note payable (2,926) 4,041
Amortization of discount of debt and debt issuance costs 130 185
Loss on sale of assets and India subsidiary 204 0
Modification of 2017 Debt warrants 83 0
Loss in equity method investment 4 21
Loss on extinguishment of debt 0 78
Changes in:    
Accounts receivable 184 (4,029)
Other current assets (237) (606)
Other non-current assets 0 251
Accounts payable, accrued expenses and deferred revenue 3,970 (1,057)
Deferred rent payable and other (64) (109)
Net cash (used in) operating activities (11,439) (10,249)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (799) (1,192)
Patent costs (32) (73)
Purchase of cost method investment 0 (200)
Acquisition of vivoPharm, Pty Ltd., net of cash acquired 0 (656)
Cash received in the sale of India subsidiary, net of cash transferred 1,551 0
Net cash provided by (used in) investing activities 720 (2,121)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on capital lease obligations (271) (170)
Proceeds from warrant and option exercises 0 1,834
Proceeds from borrowings on Silicon Valley Bank line of credit 6,831 2,000
Repayment of borrowings on Silicon Valley Bank line of credit (8,204) 0
Proceeds from Convertible Note 2,500 0
Advance from NovellusDx, Ltd. 1,500 0
Proceeds from Partners for Growth IV, L.P. term note 0 6,000
Proceeds from Aspire Capital common stock purchases, net of certain offering costs 0 2,965
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 financing activities 2,356 7,675
Effect of foreign exchange rates on cash and cash equivalents and restricted cash 28 0
Net (decrease) in cash and cash equivalents and restricted cash (8,335) (4,695)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning 9,891 9,502
Ending 1,556 4,807
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Cash paid for interest 827 633
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Fixed assets acquired through capital lease arrangements 150 567
Derivative warrants issued with debt 0 1,004
Acquisition of vivoPharm business 0 9,856
Fair value of warrants reclassified from liabilities to equity 423 0
Beneficial conversion feature on Convertible Note 328 0
Accounts receivable, net 365 0
Other current assets 16 0
Fixed assets, net 608 0
Goodwill 735 0
Other noncurrent assets 98 0
Accounts payable, accrued expenses and deferred revenue (180) 0
Deferred rent and other (13) 0
Loss on sale of India subsidiary (78) 0
Cash received in the sale of India subsidiary, net of cash transferred $ 1,551 $ 0

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