NantHealth (NH) Misses Q1 EPS by 2c, Revenues Miss

NantHealth (NASDAQ: NH) reported Q1 EPS of ($0.06), $0.02 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $18.18 million versus the consensus estimate of $24.57 million.

• Q1 Financial Highlights 2020 vs 2019:

• SaaS revenue was $18.1 million, up 2%
• Total gross margin increased to 60% from 49%

• Appointed Deanna L. Wise, Senior Vice President and Chief Information Officer for Banner Health, to Board of Directors

• Completed Sale of Connected Care Business in February 2020, which generated a partial quarter of revenues of $1.2 million

“During the first quarter of 2020, we made progress on a number of fronts,” said Ron Louks, Chief Operating Officer, NantHealth. “Operationally, we completed the sale of our Connected Care Business, which significantly increased our cash position and further streamlined our operations. Financially, we grew SaaS revenue, substantially increased gross margin and lowered operating expenses compared with the same quarter last year. We also implemented a number of steps to ensure the safety of our employees in response to the COVID-19 pandemic and our team has responded with resilience and dedication to the providers and payer communities that we are proud to serve.

“In addition, we strengthened our leadership team by adding Deanna Wise to our board of directors. Deanna brings extensive clinical Information Technology (IT) experience in the hospital and healthcare industry. We look forward to benefitting from Deanna’s insights and expertise, particularly in helping shape our future operations and strategic direction.”

For earnings history and earnings-related data on NantHealth (NH) click here.

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