Market Newsdesk

• First Quarter 2021 Ending Membership Count of 598,000, a 31% Increase Year-Over-Year
• First Quarter 2021 Net Revenue of $121.4 Million, a 54% Increase Year-Over-Year
• Ending First Quarter 2021 Cash and Short-term Marketable Securities of $703.6 Million
• Provides Q2 2021 Guidance

SAN FRANCISCO, May 12, 2021 (GLOBE NEWSWIRE) — 1Life Healthcare, Inc. (One Medical) (Nasdaq: ONEM) today announced financial results for the first quarter ended March 31, 2021.

“Through our human-centered and technology-powered model, we continue to perform, innovate, and grow to delight more members with better health, better care, and lower costs,” said Amir Dan Rubin, Chair & CEO of One Medical. “In Q1 we continued demonstrating significant impacts by delivering record membership additions, showcasing reductions in total cost of care, and developing new markets and health network partnerships. Today, we are pleased to announce new plans to enter Dallas-Fort Worth, Texas with Baylor Scott & White as a health network partner. In addition to our nationwide telehealth services, we will soon deliver combined telehealth plus in-person care across 22 markets, extending the reach of our model to markets covering nearly 40% of the U.S. commercially-insured population. As we continue to expand across the nation, our results demonstrate how One Medical can transform healthcare at scale.”

Financial Highlights for the First Quarter 2021

All comparisons, unless otherwise noted, are to the three months ended March 31, 2020.

• Membership count as of quarter-end was 598,000 compared to 455,000, a 31% increase.
• Net Revenue was $121.4 million compared to $78.8 million, a 54% increase.
• Care Margin was $51.3 million, or 42% of net revenue; Loss from Operations was $32.4 million, or 27% of net revenue.
• Adjusted EBITDA was positive $4.8 million, or 4.0% of net revenue; Net Loss was $39.3 million, or 32% of net revenue.

Financial Outlook

One Medical provides forward-looking guidance on membership count, net revenue, care margin, and adjusted EBITDA. Care margin and adjusted EBITDA are non-GAAP measures.

For the second quarter of 2021, we expect:

• Ending Membership count in the range of 610,000 to 620,000; and,
• Net Revenue in the range of $111 million to $118 million.

For the full year of 2021, we continue to expect:

• Ending Membership count in the range of 660,000 to 680,000;
• Net Revenue in the range of $465 million to $485 million;
• Care Margin in the range of $170 million to $190 million; and
• Adjusted EBITDA in the range of a loss of $20 million to break-even.

Management has not reconciled forward-looking non-GAAP care margin and adjusted EBITDA to their most directly comparable GAAP measures of loss from operations and net loss, respectively. This is because we cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations, including market-related assumptions that are not within our control, certain legal or advisory costs or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. See below for additional important disclosures regarding our non-GAAP financial measures. Our definition of adjusted EBITDA has been revised from our previous reports of adjusted EBITDA to also adjust for certain legal or advisory costs.

Quarterly Conference Call Details

The company will host a conference call to review the results today, Wednesday, May 12, 2021 at 1:30 p.m. (PT) / 4:30 p.m. (ET). A live audio webcast will be available online at https://investor.onemedical.com. The conference call can also be accessed by dialing 1-800-258-1651 for U.S. participants, or 1-612-979-9928 for international participants, and referencing conference ID 3528659. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

Key Metrics and Non-GAAP Financial Measures

Members: A member is a person who has paid for membership themselves or an employee or dependent whose membership has been paid for by an enterprise client for at least one year in a market where we have an office and who has registered with us. Members help drive membership revenue, partnership revenue and patient service revenue. We may offer trial memberships to enterprise clients, particularly for new services, and we offer access to One Medical Now, our 24/7 virtual care platform, to enterprise clients. The fees generated from these services are included in our Membership Revenue, although we do not include these covered employees as members. Our number of members depends, in part, on our ability to successfully market our services directly to consumers and to employers that are not yet enterprise clients and our activation rate within existing clients. While growth in the number of members is an important indicator of expected revenue growth, it also informs our management of the areas of our business that will require further investment to support expected future member growth. Member numbers as of the end of each period are rounded to the thousands.

Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

Care Margin: we define care margin as loss from operations excluding depreciation and amortization, stock-based compensation, general and administrative expense and sales and marketing expense. We consider care margin to be an important measure to monitor our performance, specific to the direct costs of delivering care. We believe this margin is useful to measure whether we are controlling our direct expenses included in the provision of care sufficiently and whether we are effectively pricing our services. We have provided below a reconciliation of historical care margin to loss from operations, its most directly comparable GAAP financial measure.

Adjusted EBITDA: we define adjusted EBITDA as net income (loss) excluding interest income, interest expense, depreciation and amortization, stock-based compensation, change in the fair value of our redeemable convertible preferred stock warrant liability, provision for (benefit from) income taxes, and certain legal or advisory costs that the Company does not consider to be expenses incurred in the normal operation of the business. Such legal or advisory costs may include but are not limited to expenses with respect to evaluating potential business combinations, legal investigations, or settlements. We are making this update to exclude legal or advisory costs to our presentation prospectively for the first quarter of 2021. We report adjusted EBITDA because it is an important measure upon which our management assesses and believes investors should assess our operating performance. We consider adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We have provided below a reconciliation of historical adjusted EBITDA to net loss, its most directly comparable GAAP financial measure.

Available Information

One Medical intends to use its Company website (including its Investor Relations website) as well as its Facebook, Twitter and LinkedIn accounts as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our current beliefs, estimates and assumptions only as of the date of this press release and information contained in this press release should not be relied upon as representing our estimates as of any subsequent date. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: the strength of the One Medical brand; member satisfaction with our services and support; the effects of the COVID-19 pandemic and related self-isolation and quarantine measures on our business, revenue, future growth and results of operations; anticipated membership growth and revenue potential from our members; our ability to retain members; our ability to successfully introduce and drive adoption of new products; changes in the pricing we offer our members; our relationships with our health network partners and enterprise clients and any changes to, accommodations in or terminations of our contracts with the health network partners or enterprise clients; our ability to improve cost of care and margins, including timing and expenses of new office openings and entry into new geographic markets; changes in laws or regulations; our involvement in existing and potential litigation, including medical malpractice claims and consumer class actions; any governmental investigations or inquiries, including those related to COVID-19 vaccine administration or challenges to our relationships with the One Medical PCs under the administrative services agreements; our strategic plan; our financial outlook; our focus areas for investment and our investments; announcements by us or our competitors of business or strategic developments; and our overall business trajectory. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the Quarter ended March 31, 2021. These filings, when available, are available on the investor relations section of our website at investor.onemedical.com and on the SEC’s website at www.sec.gov.

About One Medical

One Medical is a membership-based and technology-powered primary care platform with seamless digital health and inviting in-office care, convenient to where people work, shop, live, and click. Our vision is to delight millions of members with better health and better care while reducing costs. Our mission is to transform health care for all through our human-centered, technology-powered model. Headquartered in San Francisco, 1Life Healthcare, Inc. is the administrative and managerial services company for the affiliated One Medical physician owned professional corporations that deliver medical services in-office and virtually. 1Life and the One Medical entities do business under the “One Medical” brand.

Investor Contact:

Rose Salzwedel, One Medical
Director of Investor Relations
[email protected]
206-331-2211

Media Contact:

Kristina Skinner, One Medical
Senior Director of External Communications
[email protected]
650-743-5187

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share amounts)

(1)    Includes stock-based compensation, as follows:

Components of Net Revenue:

Statements of Operations Data as a Percentage of Net Revenue:

(1)   Includes stock-based compensation, as follows:

Components of Net Revenue:

*Percentages may not sum due to rounding.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except par value amounts)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands) 

Select Metrics (As of Period End)

RECONCILIATION OF LOSS FROM OPERATIONS TO CARE MARGIN

_________________________________
* Includes stock-based compensation

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

ST. LOUIS, May 12, 2021 (GLOBE NEWSWIRE) — Vubiquity, part of the Amdocs (NASDAQ: DOX) Media Division and one of the leading global providers of premium content services and media technology solutions, announced that it has extended its long-standing relationship with VTR, one of Chile’s largest multi-channel telecommunications company, and part of Liberty Latin America. VTR has engaged Vubiquity to enhance its TV on Demand service, VTR+, by offering a greater selection of world-class entertainment content to its customers.

As part of the agreement, Vubiquity is providing premium entertainment from all major Hollywood and independent studios to VTR as part of its recently launched VTR+ TVOD service across Chile. In addition, Vubiquity is providing VTR with specialist marketing services to improve their abilities to analyze performance and maximize content exposure.

“With our recent launch of the VTR+ platform, we set out to offer even more outstanding and high-quality entertainment to give the best experience to our clients,” said Cristián Novoa, VTR’s Content and Advertising Director. “This alliance with Vubiquity, in particular, provides us with a wide range of first-class content and services, bearing in mind that the most important thing is to provide an even better entertainment experience for our clients, with premieres and films of the highest quality.”  

“We are very pleased to partner with VTR as they continue to innovate and provide their customers with highly differentiated entertainment experiences. We’re excited to build on our relationship with VTR, and continue to drive technology innovation and bring compelling new content to the Latin American media and entertainment market,” said Darcy Antonellis, Head of Amdocs Media.

Supporting Resources

• Learn more about Amdocs Media’s Vubiquity portfolio
• Keep up with Amdocs news by visiting the company’s website
• Subscribe to Amdocs’ RSS Feed and follow us on Twitter, Facebook, LinkedIn and YouTube

About Amdocs

Amdocs’ purpose is to enrich lives and progress society, using creativity and technology to build a better connected world. Amdocs and its 27,000 employees partner with the leading players in the communications and media industry, enabling next-generation experiences in 85 countries. Our cloud-native, open and dynamic portfolio of digital solutions, platforms and services brings greater choice, faster time to market and flexibility, to better meet the evolving needs of our customers as they drive growth, transform and take their business to the cloud. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.2 billion in fiscal 2020. For more information, visit Amdocs at www.amdocs.com.

Amdocs’ Forward-Looking Statement

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company’s products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2020 filed on December 14, 2020 and our Form 6-K furnished for the first quarter of fiscal 2021 on February 16, 2021.

Contact:

Michael Zema

Amdocs Public Relations

E-mail: [email protected]

Emily Holt

PAN Communications for Amdocs

Email: [email protected] 

ST. LOUIS and HOD HASHARON, Israel, May 12, 2021 (GLOBE NEWSWIRE) — Amdocs (NASDAQ: DOX), a leading provider of software and services to communications and media companies, and Atrinet, a leading provider of network management solutions, today announced that Slovak Telekom, a multi-play communications service provider in Slovakia, and T-Mobile Czech Republic, have selected Amdocs and Atrinet to accelerate its inventory workflows for greater growth and agility.

Under the deal, Amdocs will be part of Slovak Telekom’s & T-Mobile Czech Republic’s operations support systems (OSS) upgrade, with end-to-end responsibility for the delivery of the Amdocs resource inventory system and Atrinet’s discovery and automation solution. Together, this end-to-end solution will help Slovak Telekom and T-Mobile modernize and consolidate inventory and discovery platforms as it meets the growing demand for more network capacity and business agility.

“As a long-time leader in technology and innovation in Slovakia, we are always striving to become even more agile and responsive to changing business needs and market trends,” said Jozef Lachkovič, Head of Technology Transformation & Optimization at Slovak Telekom and T-Mobile Czech Republic. “With network device discovery and management solutions from Amdocs and Atrinet, we will be able to quickly and efficiently consolidate and synchronize our inventory and discovery platforms and most importantly deliver a consistent customer experience on top of it all.”

“One of the keys to profitability for today’s communications service provider is the ability to improve productivity while controlling operating costs,” said Efi Levi, CEO at Atrinet. “Automating the network inventory and discovery process enables service providers to easily find costly gaps, rapidly update their network device and logical connections matrix and quickly roll out services as needed. Atrinet is proud to be part of this modernizing platform,” adds Levi.    

“As service providers strive to become more agile and responsive to growing demands for greater network capacity, higher speeds and reduced costs, network inventory remains a cornerstone of network operations and productivity,” said Anthony Goonetilleke, Group President of Media, Network and Technology at Amdocs. “We are pleased that Slovak Telekom and T-Mobile Czech Republic have selected Amdocs’ next generation OSS solution to help innovate and automate inventory and discovery operations while improving network resource planning and operations efficiency.”

Supporting Resources

• Learn more about Amdocs Service and Network Automation Solutions and Amdocs Align Partner Program
• Get timely updates on Network Automation, SDN/NFV, 5G, RAN and Cloud Networks at Amdocs Open Network
• Keep up with Amdocs news by visiting the company’s website
• Subscribe to Amdocs’ RSS Feed and follow us on Twitter, Facebook, LinkedIn and YouTube

About Amdocs

Amdocs’ purpose is to enrich lives and progress society, using creativity and technology to build a better connected world. Amdocs and its 27,000 employees partner with the leading players in the communications and media industry, enabling next-generation experiences in 85 countries. Our cloud-native, open and dynamic portfolio of digital solutions, platforms and services brings greater choice, faster time to market and flexibility, to better meet the evolving needs of our customers as they drive growth, transform and take their business to the cloud. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.2 billion in fiscal 2020. For more information, visit Amdocs at www.amdocs.com.

About Atrinet

Atrinet (www.atrinet.com) is a software vendor and services company specializing in network transitions and multi-vendor SDN enablement. Atrinet’s comprehensive suite of products and services make legacy and emerging network technologies seamlessly interact and evolve enabling communications service providers (CSPs) to transform their networks to meet today’s demands using NetACE®, a unique model-driven, DevOps-enabled, network discovery and automation framework.

Amdocs’ Forward-Looking Statement

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company’s products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2020 filed on December 14, 2020 and our Form 6-K furnished for the first quarter of fiscal 2021 on February 16, 2021.

Media Contacts:

Nick Boulton
Amdocs Public Relations
Tel: +44 (0)7896 931 335
E-mail: [email protected] 

Ohad Kamer
CMO
Atrinet, Ltd.
[email protected] 

Achieved First Quarter 2021 Total Revenues of $16.0 Million, a 57% Increase Over First Quarter 2020

Significantly Expanded Total Asset Value to $235.7 Million, Including $94.1 Million in Inventories

Management to Host Conference Call and Webcast Today at 4:30 p.m. ET

RAMSEY, N.J. and BOCA RATON, Fla., May 12, 2021 (GLOBE NEWSWIRE) — ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics, today reported financial results for its fiscal first quarter 2021 and provided an overview of recent progress and accomplishments.

“ADMA has successfully transformed its business in the early months of 2021 and in doing so set the stage for what the Company expects to be a strong year of growth and achievements. We remain on track to deliver on several strategic and financial objectives over the near term, and visibility is improving on the Company’s path to profitability,” said Adam Grossman, President and Chief Executive Officer of ADMA Biologics. “We achieved multiple milestones across business segments during the quarter, while at the same time delivered on operating commitments to shareholders, specifically, generating record quarterly revenues of $16.0 million, a 57% increase over the same period last year. Also on the financial front, ADMA successfully narrowed both gross losses as well as net losses compared to the prior quarter, an encouraging trend the Company will strive to continue in the coming quarters and accelerate throughout 2022.”

ADMA additionally grew its total asset value to a quarter-end balance of $235.7 million, up approximately 13% compared to the year-end 2020 total asset value of $207.7 million. The growth in asset value notably includes approximately $94.1 million in inventories recorded at the Company’s cost, which ADMA expects will support continued production ramp-up as well as quarter-over-quarter revenue growth throughout 2021, and to ensure continuity of product supply into an increasingly supply-constrained immune globulin market.

Mr. Grossman continued, “ADMA substantially strengthened its supply chain during the first quarter of 2021, making significant progress towards its objective to establish end-to-end control of its production operations. Of note, the recent U.S. Food and Drug Administration (“FDA”) approval of the Company’s Intravenous Immune Globulin (“IVIG”) production scale expansion is expected to increase total manufacturing production capacity by up to 50% compared to the Company’s prior expectations, ADMA BioCenters remains on track to have 10 or more plasma collection facilities in operation by 2024, and the two fiscal quarter extension of ADMA’s existing third-party plasma supply commitment to year-end 2022 is expected to further supplement ADMA’s growing internal plasma collections and support the Company in meeting all ongoing, as well as the forecasted, peak IVIG production requirements.”

“The milestones achieved during the first quarter of 2021 establish a strong foundation for ADMA’s continued execution as the year progresses. We believe the multi-year remediation and production enhancement objectives will enable ADMA to yield significant returns in the way of margin improvements, and to generate anticipated quarter-over-quarter revenue growth which we expect should continue throughout 2021 and beyond. The pathway to profitability is clearly in focus. We believe that we have executed on all stated commitments to our shareholders and to a large extent de-risked future growth prospects as a result of the Company’s achievements during the first quarter. These achievements could not have been completed without the dedication and focus of ADMA’s staff and we commend the entire team for their extraordinary efforts,” concluded Mr. Grossman.

Select First Quarter 2021 Achievements & Recent Corporate Developments:

• Continued Commercial Execution: Achieved first quarter 2021 total revenues of $16.0 million, compared to $10.2 million for the first quarter of 2020, reflecting a 57% increase. 

• Inventories Continued to Increase to Support Anticipated Quarter-Over-Quarter Revenue Growth. Grew inventories to a first quarter 2021 ending balance of $94.1 million compared to $52.3 million in the first quarter of 2020, which supports our anticipated quarter-over-quarter revenue growth in 2021 and beyond. This inventory consists of raw materials, including source plasma, work-in-process and finished goods.

• Strengthened Internal and Externally Sourced Plasma Supply. ADMA currently has seven plasma collection facilities under its corporate umbrella at various stages of approval and development, including four facilities that are currently operational and collecting plasma, and remains on track to achieve its stated goal of operating 10 or more plasma collection centers by 2024. Over the remainder of 2021, ADMA anticipates to receive approval for one facility presently pending a Biologics License Application (“BLA”), and expects filing BLAs for two additional plasma collection centers. The Company additionally announced an extension of its existing third-party source plasma supply agreement from June 2022 previously through December 2022. We believe ADMA’s growing internal plasma collection network coupled with its contractually committed third-party supply obligations position the company well to ensure sufficient quantities of plasma supply to meet both ongoing production requirements as well as the supply needs associated with the upwardly revised peak annual production capacity expectations of up to 600,000-liters.

• Advanced Supply Chain Enhancement Initiative. The recent FDA approval of the 4,400-liter IVIG plasma pool scale increase for BIVIGAM^® will enable ADMA to potentially ramp-up to 600,000-liters of annual production throughput, realize meaningful gross margin improvement as production throughput flows through the standard 7 to 12-month manufacturing cycle for plasma-derived therapies, and allow ADMA to offer BIVIGAM^® in two vial sizes, both the 50 mL and 100 mL configurations. The next anticipated regulatory decision as a part of ADMA’s supply chain enhancement initiative will be for the installed VanRx SA25 Workcell aseptic fill-finish machine (“VanRx”). Based on recent correspondence with the FDA, a facility site inspection (virtual or in-person per current published FDA guidance) will be required prior to approval, the timing of which will be contingent on COVID-19 policies. ADMA is actively working with the FDA to find a way to expedite the plant inspection, and the Company sees a potential pathway for receiving approval during the fourth quarter of 2021. Importantly, the potential regulatory delay has no impact on the Company’s near-term or ongoing operating targets, and ADMA remains confident in its ability to receive FDA approval of its in-house fill-finish machine.

• Improved ASCENIV’s Coverage and Patient Access. Permanent J-code was implemented April 1, 2021, which will provide for a streamlined and permanent reimbursement process in outpatient treatment settings.

• Launched ADvantage Ig Comprehensive Patient Support Program. ADvantage Ig is a comprehensive patient support program designed to help prevent potential barriers to providers obtaining access to ADMA’s therapies for their patients. The launch of this comprehensive patient support program allows for a singular point of contact for patients and providers.

• Lobbied Stakeholders in the Fight Against Sexually Transmitted Diseases. Presented a poster highlighting the pharmacoeconomic burden of human immunodeficiency virus (“HIV”) and Hepatitis B virus (“HBV”) infection in sexual assault patients at the 2021 Academy of Managed Care Pharmacy virtual annual meeting. The Company’s analysis suggests that amending U.S. Centers for Disease Control and Prevention guidelines in this at-risk population for HBV to mirror those of HIV and specifically mandating a Hepatitis B Globulin intervention such as ADMA’s Nabi-HB^® hyperimmune, will provide a cost-effective strategy for prophylactic seroprotection of these vulnerable patients.

First Quarter 2021 Financial Results

Total revenues for the quarter ended March 31, 2021 were $16.0 million, compared to $10.2 million for the quarter ended March 31, 2020, representing an increase of approximately $5.8 million, or 57%. The revenue growth for the first quarter of 2021, compared to the first quarter of 2020, was favorably impacted by the continued commercial ramp up of our IVIG product portfolio.

Consolidated net loss for the quarter ended March 31, 2021 was $18.4 million, or $(0.16) per basic and diluted share, compared to a consolidated net loss of $19.2 million, or $(0.26) per basic and diluted share, for the quarter ended March 31, 2020. The $0.8 million narrowing in net loss compared to the prior year period was primarily attributable increased revenues and improved gross margins.

At March 31, 2021, ADMA had cash and cash equivalents of approximately $62.0 million and accounts receivable of $15.4 million, compared to cash and cash equivalents of $55.9 million and accounts receivable of $13.2 million as of December 31, 2020. ADMA’s net working capital as of March 31, 2021 was $156.1 million, compared to $133.8 million as of December 31, 2020.

Conference Call Information

ADMA will host a conference call today, May 12, 2021, at 4:30 p.m. Eastern Time, to discuss the fiscal first quarter 2021 financial results and recent corporate updates. To access the conference call, please dial (855) 884-8773 (local) or (615) 622-8043 (international) at least 10 minutes prior to the start time and refer to conference ID 1063675. A live audio webcast of the call will be available under “Events & Webcasts” in the Investor section of the Company’s website, https://ir.admabiologics.com/events-webcasts. An archived webcast will be available on the Company’s website approximately two hours after the event.

About BIVIGAM^®

BIVIGAM (immune globulin intravenous, human – 10% liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). BIVIGAM was approved by the FDA in May 2019 and is indicated for the treatment of primary humoral immunodeficiency (PI), including, but not limited to the following group of genetic disorders: X-linked and congenital agammaglobulinemia, common variable immunodeficiency, Wiskott-Aldrich syndrome and severe combined immunodeficiency. BIVIGAM contains a broad range of antibodies similar to those found in normal human plasma. These antibodies are directed against bacteria and viruses and help to protect PI patients against serious infections. BIVIGAM is a purified, sterile, ready-to-use preparation of concentrated human Immunoglobulin antibodies. Certain data and other information about BIVIGAM^® or ADMA Biologics and its products can be found on the Company’s website at www.admabiologics.com.

About ASCENIV™

ASCENIV (immune globulin intravenous, human – slra 10% liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was approved by the FDA in April 2019 and is indicated for the treatment of primary humoral immunodeficiency (PI), also known as primary immune deficiency disease (PIDD), in adults and adolescents (12 to 17 years of age). ASCENIV is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and respiratory syncytial virus (RSV) plasma obtained from donors tested using the Company’s proprietary microneutralization assay. ASCENIV contains naturally occurring polyclonal antibodies, which are proteins that are used by the body’s immune system to neutralize microbes, such as bacteria and viruses and prevent against infection and disease. ASCENIV is protected by U.S. Patents: 9,107,906, 9,714,283 and 9,815,886. Certain data and other information about ASCENIV™ or ADMA Biologics and its products can be found on the Company’s website at www.admabiologics.com.

About Nabi-HB^®

Nabi-HB^® is a hyperimmune globulin that is rich in antibodies to the Hepatitis B virus. Nabi-HB^® is a purified human polyclonal antibody product collected from plasma donors who have been previously vaccinated with a Hepatitis B vaccine. Nabi-HB^® is indicated for the treatment of acute exposure to blood containing Hepatitis B surface antigen (HBsAg), prenatal exposure to infants born to HBsAg-positive mothers, sexual exposure to HBsAg-positive persons and household exposure to persons with acute Hepatitis B virus infection. Hepatitis B is a potentially life-threatening liver infection caused by the Hepatitis B virus. It is a major global health problem and can cause chronic infection and put people at high risk of death from cirrhosis and liver cancer. Nabi-HB^® has a well-documented record of long-term safety and effectiveness since its initial market introduction. Certain data and other information about Nabi-HB^® or ADMA Biologics and its products can be found on the Company’s website at www.admabiologics.com.

About ADMA BioCenters

ADMA BioCenters operates FDA-licensed facilities specializing in the collection of human plasma used to make special medications for the treatment and prevention of diseases. Managed by a team of experts who have decades of experience in the specialized field of plasma collection, ADMA BioCenters provides safe, professional and pleasant donation environment. ADMA BioCenters strictly follows FDA regulations and guidance and enforces current good manufacturing practices (cGMP) in all of its facilities. For more information about ADMA BioCenters, please visit www.admabiocenters.com.

About ADMA Biologics, Inc. (ADMA)

ADMA Biologics is an end-to-end American commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three FDA-approved plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases: BIVIGAM^® (immune globulin intravenous, human) for the treatment of primary humoral immunodeficiency (PI); ASCENIV™ (immune globulin intravenous, human – slra 10% liquid) for the treatment of PI; and NABI-HB^® (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. ADMA manufactures its immune globulin products at its FDA-licensed plasma fractionation and purification facility located in Boca Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides a portion of its blood plasma for the manufacture of its products. ADMA’s mission is to manufacture, market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations who suffer from an underlying immune deficiency, or who may be immune compromised for other medical reasons. ADMA has received U.S. Patents: 9,107,906, 9,714,283, 9,815,886, 9,969,793 and 10,259,865 related to certain aspects of its products and product candidates. For more information, please visit www.admabiologics.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about ADMA Biologics, Inc. and its subsidiaries (collectively, “we,” “our” or the “Company”). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain such words as “estimate,” “project,” “intend,” “forecast,” “target,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “should,” “could,” “would,” “may,” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements also include, but are not limited to, statements about ADMA’s future results of operations, including our anticipated timing for reaching profitability and meaningful gross margin improvement; BIVIGAM^® production capacity; the goal of building and opening new plasma collection centers by 2024; the Company’s plasma collections and production; our ability to maintain plasma supply; the outcome and timing of our BLA application for our new plasma centers and for FDA inspection and approval of our VanRx aseptic fill finish machine; and our continued evaluation of opportunities to expand our pipeline and future product offerings. Actual events or results may differ materially from those described in this press release due to a number of important factors. Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements. Forward-looking statements are subject to many risks, uncertainties and other factors that could cause our actual results, and the timing of certain events, to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.

COMPANY CONTACT:

Skyler Bloom

Director, Investor Relations and Corporate Strategy | 201-478-5552 | [email protected]

INVESTOR RELATIONS CONTACT:

Sam Martin

Managing Director, Argot Partners | 212-600-1902 | [email protected]

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS


(Unaudited)

ADMA BIOLOGICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

MILPITAS, Calif., May 12, 2021 (GLOBE NEWSWIRE) — View, Inc. (NASDAQ: VIEW), the leader in smart windows, announced financial results for the first quarter 2021.

First Quarter 2021 Highlights:

• GAAP revenue of $11.8 million, a 29% increase from Q1 2020 and a 52% increase from Q4 2020.
• GAAP cost of revenue of $29.9 million, a 16% improvement from Q1 2020 and a 5% improvement from Q4 2020 due to production efficiencies.
• GAAP operating expenses of $37.1 million, a 16% improvement from Q1 2020 driven by cost controls, and a 10% increase over Q4 2020 related to growth initiatives and IPO preparations.
• GAAP loss from operations of ($55.1) million, a 22% improvement compared to Q1 2020 and 4% improvement from Q4 2020.
• Non-GAAP Adjusted EBITDA of ($37.8) million, a 31% improvement compared to Q1 2020 reflecting higher revenues, improved factory costs and streamlined operating expenses. Non-GAAP Adjusted EBITDA improvement of 11% over Q4 2020.
• Completed initial public offering raising gross proceeds of $815.2 million; now trading on the NASDAQ under the ticker “VIEW.”
• Retired existing debt facility and accrued interest of $276.8 million and ended the quarter with $506.5 million of cash on balance sheet.

“In the first quarter of 2021, we saw continued increase in market adoption of our products. We are also experiencing an increase in activity as our customers start preparing to return to a more normal course of business later this year,” said Dr. Rao Mulpuri, Chairman and CEO of View.

“We are proud of our accomplishments to date, and we are excited to start our journey as a public company. We continue to invest in technology to transform the real estate industry in order to improve the user experience, drive the world’s sustainability goals, improve human health, and create tech enabled spaces. We are especially excited about the strong customer reception to our new products released in Q1 2021.”

Recent Business Highlights and Key Customer Wins

On April 30, 2021, View announced (link) Walmart reached an agreement with View for the expected purchase of $26 million of smart glass for use in their Home Office campus in Bentonville, AR. Home Office is Walmart’s new corporate office campus with 12 office buildings across 350 acres.

On March 16, 2021, View announced (link) its smart windows were selected to be installed in the expansion of Terminal 5 at Chicago’s O’Hare International Airport (ORD). The expansion is part of O’Hare 21, an $8.5 billion project to modernize the airport with Terminal 5 serving as the new home for Delta Air Lines in Chicago.

On March 1, 2021, View announced (link) the completion of 730 Third Avenue, a 665,000-square-foot, 27-story, office tower recently transformed through a $120 million renovation by Nuveen Real Estate, and its development advisor, Taconic Partners. TIAA, the parent company of Nuveen, owns 730 Third Ave and both firms will continue to be headquartered at the location.

On February 25, 2021, View announced (link) its smart windows were selected to be installed at 3.0 University Place, the 250,000-square-foot commercial lab and office building in the heart of Philadelphia’s innovation corridor.

On February 18, 2021, View announced (link) that View Smart Windows are being installed at St. John’s Terminal, the 12-story, 1.3-million-square-foot, cutting-edge commercial office under development by Oxford Properties Group. This landmark Manhattan building will be the center of Google’s Hudson Square campus.

On February 2, 2021, View announced (link) that its smart windows were selected to be installed into multiple buildings across Lake Nona, the 17-square-mile visionary community developed by Tavistock Development Company. View Smart Windows have already been installed in five buildings in Lake Nona across office, retail, and hospitality projects, and are expected to be installed in more than 30 additional buildings.

On January 13, 2021, View announced (link) that its smart windows were selected to be installed in Dallas Fort Worth International Airport’s new expansion of Terminal D South, a project that adds four gates to the terminal and showcases DFW’s “Gate of the Future”. The expansion will be the first airport to deploy View’s latest smart building digital network, AI and machine learning powered environmental sensor modules, and transparent ultra-high-definition displays.

Full Year 2021 Outlook

Given the strong results in Q1 and increased market adoption, View remains confident in the company’s financial plan for 2021. View expects revenues for full year 2021 to be in the range of $70 to $80 million.

Accordingly, View continues to invest in the company’s operational capabilities by ramping manufacturing facility to 24×7 operation and investing in capital equipment and customer support capabilities.

The company’s recently announced new products are being deployed and began generating revenue in Q1 2021. These new products include View Net, View Sense and View Immersive Experience. View has a unique first-wire advantage to provide additional products and services on their smart building platform. View expects to continue to increase investments in R&D throughout 2021.

View is at the early stages in their journey to transform a major industry and excited about the opportunities to drive adoption of smart windows.

Conference Call and Webcast Details

View, Inc. will host a conference call to discuss its results at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time the same day. The live webcast of the call can be accessed at the View, Inc. Investor Relations website at https://investors.view.com, along with the company’s earnings press release.

The U.S. dial-in for the call is 1-877-524-8416 (1-412-902-1028 for non-U.S. callers). Please ask to join the View, Inc. call. A replay of the conference call will be available until May 19, 2021, at 8:59 p.m. Pacific Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the View, Inc. Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-660-6853 (1-201-612-7415). The replay access code is 13719178.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding revenue growth, market adoption of Company products, production capabilities, capital expenditures, and the Company’s 2021 financial expectations. These forward-looking statements are based on current expectations, estimates, assumptions, projections, and management’s beliefs, that are subject to change. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The Company’s business is subject to a number of risks which are described more fully in View’s definitive proxy statement filed with the SEC on February 16, 2021, which is incorporated by reference into its Current Report on Form 8-K filed on March 12, 2021.The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

About non-GAAP Financial Measures

In this press release, the Company presents certain non-GAAP financial information, including non-GAAP cost of revenues, non-GAAP research and development expense, non-GAAP selling, general and administrative expense, non-GAAP loss from operations, non-GAAP net loss, and non-GAAP adjusted EBITDA.   The company presents these non-GAAP amounts because management believes they assist investors and analysts in comparing the company’s performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance. Reconciliations from GAAP to non-GAAP results is included in the financial statements contained in this release.

About View

View is a technology company and the market leader in smart windows. View Smart Windows use artificial intelligence to automatically adjust in response to the sun and increase access to natural light, to improve people’s health and experience in buildings, while simultaneously reducing energy consumption to mitigate the effects of climate change. Every View installation also includes a smart building platform that consists of power, network, and communication infrastructure. For more information, please visit: www.view.com

Contacts:

Samuel Meehan
View, Inc.
Investor Relations
[email protected]
408-493-1358

VIEW, INC.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)
 (in thousands, except share and per share data)

VIEW, INC.

Condensed Consolidated Balance Sheets

(unaudited)
 (in thousands)

Liabilities, Redeemable Convertible Preferred Stock, and

Stockholders’ Equity (Deficit)

VIEW, INC.

Condensed Consolidated Statements of Cash Flow

(unaudited)
 (in thousands)

VIEW, INC.

Selected Financials and Reconciliation of GAAP Measures to Non-GAAP Measures

(unaudited) 
(in thousands)

FREMONT, Calif., May 12, 2021 (GLOBE NEWSWIRE) — Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage biopharmaceutical company, today announced financial results for the first quarter ended March 31, 2021, as well as business highlights.

“We have gained clarity from the FDA on the resubmission plan for the Qtrypta^TM NDA, and the full weight of our organization is focused on this endeavor,” said Steven Lo, president and chief executive officer of Zosano. “The pharmacokinetic study required for resubmission of our Qtrypta NDA is expected to begin in June with data available in the third quarter. Pending receipt of positive data from this healthy volunteer study, we anticipate resubmitting the NDA for Qtrypta by the end of this year. If approved, we believe that Qtrypta would represent a significant advancement in the acute treatment of migraine, a disease that impacts one in four U.S. households.”

Select Business Highlights

• Received feedback from the U.S. Food and Drug Administration on the protocol for the pharmacokinetic (“PK”) study required to support the resubmission of the Qtrypta™ (zolmitriptan transdermal microneedle system) 505(b)(2) New Drug Application (“NDA”)
• Established an agreement with Worldwide Clinical Trials to conduct the Qtrypta PK study, which is expected to involve 48 healthy volunteers to generate comparative pharmacokinetic and safety data
• Presented a post-hoc retrospective analysis of data from the ZOTRIP trial at the January 2021 Annual Headache Cooperative of the Pacific Winter Conference that suggested that Qtrypta conferred therapeutic benefit at 30 minutes consistent with recently published criteria for early onset of action, and that those patients who were pain free at 30 minutes were still pain free at 2 hours

Financial Results for the First Quarter Ended March 31, 2021

The company reported a net loss for the first quarter of 2021 of $8.1 million, or $0.08 per share on a basic and diluted basis, compared with a net loss of $8.7 million, or $0.24 per share on a basic and diluted basis, for the same quarter in 2020.

In the first quarter of 2021, we recognized service revenue and cost of service revenue on agreements with three pharmaceutical companies in which we provide research and development services to determine the feasibility of using our transdermal microneedle system technology in connection with their pharmaceutical agents.

Research and development expenses for the first quarter of 2021 were $5.3 million, compared with $5.5 million for the same quarter in 2020. The decrease of $0.2 million was primarily due to lower employee and temporary employee expenses and lower clinical trial costs partially offset by higher production and manufacturing costs due to the scale up and technology transfer to our commercial manufacturing organizations and additional depreciation expense.

General and administrative expenses for the first quarter of 2021 were $2.8 million, compared with $3.1 million for the same quarter in 2020. The decrease of $0.3 million was primarily due to lower professional service fees.

As of March 31, 2021, cash and cash equivalents were $26.9 million, compared with $35.3 million as of December 31, 2020.

About Zosano Pharma

Zosano Pharma Corporation is a clinical-stage biopharmaceutical company focused on developing products where rapid administration of approved molecules with established safety and efficacy profiles may provide substantial benefit to patients, in markets where patients remain underserved by existing therapies. The company’s transdermal microneedle system technology consists of titanium microneedles coated with drug that are designed to enable rapid systemic administration of therapeutics to patients. Zosano’s lead product candidate is Qtrypta™ (M207), which is a proprietary formulation of zolmitriptan designed to be delivered via its transdermal microneedle system technology, as an acute treatment for migraine. Learn more at www.zosanopharma.com.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the company’s plans for and the anticipated timing with respect to the commencement of the PK study and the availability of data from the study, the expected timing of the resubmission of the company’s Qtrypta NDA to the FDA, the potential benefits and availability of Qtrypta for patients and other future events and expectations described in this press release. Readers are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “might,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “forecast,” “designed,” “goal,” “approximately” or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict, and actual outcomes may differ materially. These include risks and uncertainties, without limitation, associated with the company’s ability to obtain additional cash resources to continue operations, the process of discovering, developing and commercializing products that are safe and effective for use as human therapeutics, risks inherent in the effort to build a business around such products and other risks and uncertainties described under the heading “Risk Factors” in the company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Although Zosano believes that the expectations reflected in these forward-looking statements are reasonable, Zosano cannot in any way guarantee that the future results, level of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. All forward-looking statements are based on information currently available to Zosano and Zosano assumes no obligation to update any such forward-looking statements.

Zosano Contacts:

Christine Matthews
Chief Financial Officer
510-745-1200

Zosano PR:

Sylvia Wheeler or Alexandra Santos
[email protected] or [email protected]

ZOSANO PHARMA CORPORATION

BALANCE SHEETS

(in thousands, except par value and share amounts)

ZOSANO PHARMA CORPORATION

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

(unaudited)

AUSTIN, Texas, May 12, 2021 (GLOBE NEWSWIRE) — Resonant Inc. (NASDAQ: RESN), a provider of radio frequency (RF) filter solutions developed on a robust intellectual property platform, designed to connect People and Things, has provided financial results for the first quarter ended March 31, 2021.

Management Commentary

“Our RF filter designs continued to gain traction within key end markets in the first quarter, as evidenced by the record 8.6 million RF filters our customers shipped during the quarter, which were designed with our proprietary design technology,” said George B. Holmes, Chairman and CEO of Resonant. “This acceleration of unit shipment volumes, along with our continued progress towards high-volume manufacturing of our XBAR® technology, is validating our strategy to capitalize on a multi-billion-dollar opportunity by revolutionizing the RF filter supply chain with solutions that innately and reliably meet the complex requirements of next-generation, ultra-fast networks, such as 5G.”

“Our agreement with the world’s largest RF filter manufacturer is advancing rapidly, following successful performance and reliability demonstrations with our partner, which confirmed our XBAR® filter designs are proceeding towards market availability at mass scale. Additionally, we are working to help our existing partners service the anticipated heightened demand in the global mobile handset market and extended an agreement with a Chinese Tier-1 foundry partner for 4G devices.

“We began sampling XBAR® Wi-Fi filters for non-mobile devices to customers during the quarter, and we are focused on expanding adoption of XBAR® technology for non-mobile applications as we seek to engage new partners. Supported by our robust intellectual property portfolio, to which we added over 30 additional patents since year-end, we are positioning ourselves to be competitive with some of the biggest industry players in the world,” concluded Holmes.

First Quarter 2021 Company Highlights

• Resonant’s customers shipped a record 8.6 million radio frequency (RF) filters designed using the Company’s ISN® design technology in the first quarter of 2021, representing an approximate 437% increase from the same year-ago period and a sequential increase of approximately 25%. To-date, Resonant’s customers have shipped over 61 million RF filter units.
• The Company’s robust patent portfolio grew to over 330 patents filed and issued to date, greater than 175 of which are related to Resonant’s proprietary XBAR® and high frequency technologies. Patent count at the end of 2020 was over 300 total patents with greater than 150 focused on XBAR®.
• We shipped non-mobile XBAR® Wi-Fi 5 and 6E devices for customer evaluation since year end.
• Signed an extension to its licensing agreement with an existing Tier-1 Chinese foundry partner, collecting prepaid royalty revenues for multiple RF filter designs to address the China mobile handset market.
• Became an official member of the Wi-Fi Alliance, a global non-profit industry association of companies who share a vision of seamless connectivity. Resonant’s proprietary XBAR® technology is ideally suited for high-frequency 5 and 6 GHz Wi-Fi applications, such as Wi-Fi 6E, a rapidly emerging segment of the market.
• Appointed technical thought leaders Larry Larson, PhD, Jianming Jin, PhD, Gabriel Rebeiz, PhD, and Raafat Mansour, PhD to the Company’s newly formed Technical Committee to its Advisory Board, with the goal of advancing XBAR® adoption and development efforts.

First Quarter 2021 Financial Summary

• Revenues in the first quarter of 2021 were $0.6 million, in-line with previously issued guidance, compared to $0.5 million in the same quarter a year-ago.
• At the end of the first quarter of 2021, deferred revenues totaled $1.3 million.
• Research and development expenses decreased by approximately 2% to $5.4 million in the first quarter of 2021, compared to $5.5 million in the same quarter a year-ago.
• Sales, marketing, and administration expenses increased by approximately 30% to $4.1 million in the first quarter of 2021, compared to $3.1 million in the same quarter a year-ago.
• Net loss was $8.8 million, or $(0.15) per share, in the first quarter of 2021, compared to a net loss of $8.0 million, or $(0.18) per share, in the same quarter a year-ago.
• Non-GAAP, adjusted EBITDA was $(6.4) million, or $(0.11) per share in the first quarter of 2021, compared to $(6.4) million or $(0.15) per share in the same quarter a year-ago.
• As of March 31, 2021, Resonant had cash and cash equivalents of approximately $21.6 million.

Conference Call and Webcast

Date: Wednesday, May 12, 2021
Time: 1:30 p.m. Pacific standard time (4:30 p.m. Eastern standard time)
U.S. Dial-In: 1-877-423-9813
International Dial-In: 1-201-689-8573
Conference ID: 13719196
Webcast: RESN Q1 2021 Webcast

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A playback of the call will be available through June 12, 2021. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally and enter replay pin number 13719196. A webcast will also be available for 30 days on the IR section of the Resonant website or by clicking here: RESN Q1 2021 Webcast

Note about Non-GAAP Financial Measures

A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.

In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides useful information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.

About Resonant Inc.

Resonant (NASDAQ: RESN) is transforming the market for RF front-ends (RFFE) by disrupting the RFFE supply chain through the delivery of solutions that leverage our Infinite Synthesized Network (ISN) design software tools platform, capitalize on the breadth of our IP portfolio, and are delivered through our services offerings. In a market that is critically constrained by limited designers, tools and capacity, Resonant addresses these critical problems by providing customers with ever increasing design efficiency, reduced time to market and lower unit costs. Customers leverage Resonant’s disruptive capabilities to design cutting edge filters and modules, while capitalizing on the added stability of a diverse supply chain through Resonant’s fabless ecosystem-the first of its kind. Working with Resonant, customers enhance the connectivity of current mobile devices, while preparing for the demands of emerging 5G applications.

To learn more about Resonant, view the series of videos published on its website that explain Resonant’s technologies and market positioning:

• Resonant Corporate Video
• ISN® Design Technology and XBAR®: Speeding the Transition to 5G
• Expert Insights on Unlocking the Potential of 5G
• The Technology Enabling the Transition to 5G

For more information, please visit www.resonant.com.

Resonant uses its website (https://www.resonant.com) and LinkedIn page
(https://www.linkedin.com/company/resonant-inc-/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and Resonant may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the company’s website and its social media accounts in addition to following the company’s press releases, SEC filings, public conference calls, and webcasts.

About Resonant’s ISN^® Design Technology

Resonant can create designs for difficult bands, modules and other complex RF Front End requirements that we believe have the potential to be manufactured for half the cost and developed in half the time of traditional approaches. ISN is a suite of proprietary mathematical methods, software design tools and network synthesis techniques that enable us to explore a much larger set of possible design solutions that regularly incorporate our proprietary technology. We then quickly deliver design simulations to our customers, which they manufacture or have manufactured by one of our foundry partners. These improved solutions still use Surface Acoustic Wave (SAW) or Temperature Compensated Surface Acoustic Wave (TC-SAW) manufacturing methods and perform as well as those using higher cost manufacturing methods such as Bulk Acoustic Wave (BAW). Resonant’s method delivers excellent predictability, enabling achievement of the desired product performance in roughly half as many turns through the fab. In addition, because Resonant’s models are fundamental, integration with its foundry and fab customers is seamless because its models speak the “fab language” of basic material properties and dimensions.

Safe Harbor / Forward-Looking Statements

This press release contains forward-looking statements, which include the following subjects, among others: the status of filter designs under development, the capabilities of our filter designs and software tools and the markets they serve, the timing and amount of future unit shipments and revenues, the increased use of agreements with prepaid royalties, and our views on future financial performance and market share. Forward-looking statements are made as of the date of this document and are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: our limited operating history; our ability to complete designs that meet customer specifications; the ability of our customers (or their manufacturers) to fabricate our designs in commercial quantities; our customers’ ability to sell products incorporating our designs to their OEM customers; changes in our expenditures and other uses of cash; the ability of our designs to significantly lower costs compared to other designs and solutions; the risk that the intense competition and rapid technological change in our industry renders our designs less useful or obsolete; our ability to find, recruit and retain the highly skilled personnel required for our design process in sufficient numbers to support our growth; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.

Investor Relations Contact:

Greg Falesnik or Brooks Hamilton
MZ Group – MZ North America
(949) 546-6326
[email protected]

Resonant Inc.

Condensed Consolidated Balance Sheets


(in thousands)

Resonant Inc.

Consolidated Statements of Operations

(Unaudited)


(in thousands, except share data)

Resonant Inc.

Reconciliation of non-GAAP Information

(Unaudited)


(in thousands, except share data)

R&D: research and development

SM&A: sales, marketing and administration

AUSTIN, Texas, May 12, 2021 (GLOBE NEWSWIRE) — Aspira Women’s Health, Inc. (Nasdaq: AWH), a bioanalytical-based women’s health company focused on gynecologic disease and The Feinstein Institutes for Medical Research, the science arm of Northwell Health, the largest private Healthcare Provider in New York State, today announced the start of a prospective Clinical Study for Ovarian Cancer Risk Detection. Northwell Health treats over 2 million patients annually and employs over 16,000 credentialled physicians.

The study will enroll over 600 prospective women with adnexal masses. The study will also enroll over 2000 women at high risk for Ovarian Cancer, either due to a personal or family history of cancer or are carriers of a germline variant associated with hereditary breast and ovarian cancer syndrome. Ovarian cancer risk will be assessed by both CA125 and Aspira’s OVASight proprietary algorithm. The primary objective is to increase our total trial enrollment to validate the serial monitoring aspect of the OVASight algorithm in women who present with an adnexal mass. The secondary endpoint is to test additional genomic markers to develop a proteogenomic test for early-stage detection of ovarian cancer. This study will support and collect different biological targets and clinical data metrics to support our innovation pipeline for test development of early diagnosis of ovarian, and other gynecological cancers. “Having testing options for women with benign masses to monitor them over time, as well as having a solution for assessing risk in high-risk women will provide meaningful insights for providers treating these women,” said Elena Ratner, MD, Gynecologic Oncologist and Global Chief Medical Advisor, Clinical and Translational Medicine

“Northwell Health is proud to work with Aspira on this important clinical study,” stated the Principal Investigator of the trial, Dr. Gary L. Goldberg, Vice Chair for Research, Department of Obstetrics and Gynecology, at Northwell Health and researcher at the Feinstein Institutes. “As clinicians we need innovative and reliable testing options for women and our hope is this study will provide key insights for diagnosing and treating women who are high risk for developing ovarian cancer.”

Aspira Women’s Health has over 10 years of experience developing Ovarian Cancer Risk Assessment tests with its proprietary, FDA-Cleared OVA1® and OVERA® multivariate index assay’s. Ovarian cancer accounts for more deaths than any other cancer of the female reproductive system and is the only gender-specific cancer with an over 50 percent mortality rate impacting women of all ages and ethnicities.

“This study is twofold, one is to vastly increase our enrollment to clinically validate the serial monitoring aspect OVASight test for all women who present with a mass and hereditary breast and ovarian cancer syndrome, and second, enrich our research and innovation pipeline,” said Lesley Northrop, PhD, FACMG, Chief Scientific Officer, Aspira Women’s Health. “I am incredibly excited to work with the Feinstein Institutes in enhancing our biobank of biological samples and clinical data metrics. This will allow us the ability to evaluate additional biomarkers including ctDNA, RNA and proteins to apply as a multi-modal approach in early diagnosis of ovarian cancer as a liquid-biopsy based test.”

About the Feinstein Institutes



The Feinstein Institutes for Medical Research

is the research arm of Northwell Health, the largest health care provider and private employer in New York State. Home to 50 research labs, 3,000 clinical research studies and 5,000 researchers and staff, the Feinstein Institutes raises the standard of medical innovation through its five institutes of behavioral science, bioelectronic medicine, cancer, health innovations and outcomes, and molecular medicine. We make breakthroughs in genetics, oncology, brain research, mental health, autoimmunity, and are the global scientific leader in bioelectronic medicine – a new field of science that has the potential to revolutionize medicine. For more information about how we produce knowledge to cure disease, visit

http://feinstein.northwell.edu

and follow us on

LinkedIn

.

About Aspira Women’s Health Inc.

Aspira Women’s Health Inc. (formerly known as Vermillion, Inc., Nasdaq: VRML) is transforming women’s health with the discovery, development, and commercialization of innovative testing options and bio-analytical solutions that help physicians assess risk, optimize patient management, and improve gynecologic health outcomes for women. Aspira Women’s Health is particularly focused on closing the ethnic disparity gap in ovarian cancer risk assessment and developing solutions for pelvic diseases such as pelvic mass risk assessment and endometriosis. OVA1® plus includes our FDA-cleared products, OVA1® and OVERA®, to detect risk of ovarian malignancy in women with adnexal masses. ASPIRA GenetiX^TM testing offers both targeted and more comprehensive genetic testing options with a gynecologic focus. With over 10 years of expertise in ovarian cancer risk assessment, Aspira Women’s Health is delivering a portfolio of pelvic mass products over a patient’s lifetime with our cutting-edge research. The next generation of products in development are OVASight^TM and EndoCheck^TM. Visit our website for more information at www.aspirawh.com.

Investor Relations Contact:

Ashley R. Robinson
LifeSci Advisors, LLC
Tel 617-430-7577
[email protected]