NantHealth Inc (NASDAQ:NH) reported an adjusted loss of $0.04 per share, down from $0.08 per share, for the year-ago quarter. Its revenue increased 6% to $24.2 million.
The company, out of Culver City, Calif, also said full-year total revenue was $96.0 million, up 7%.
For the fourth quarter, gross profit increased to $15.2 million, or 63% of total net revenue, compared with $11.5 million, or 50% of total net revenue, for the prior year period. The increase was primarily driven by continued growth of the Company’s higher margin SaaS business and overall cost management.
For the full year 2019, total net revenue increased to $96.0 million from $89.5 million for the 2018 full year, due to strong growth in the SaaS and DCX product lines, partially offset by the divestiture of the home healthcare services business and declines in GPS sales.
Gross profit increased to $57.5 million, or 60% of total net revenue, from $45.2 million, or 51% of total net revenue, for the prior year.
Said COO Ron Louks, "For both the 2019 fourth quarter and full year, we continued to generate strong positive sales momentum, largely due to the ongoing growth of our SaaS business.
"The results speak to the dedicated efforts of the entire NantHealth team, who have rallied around our initiatives to grow our business and drive down expenses.
"In recent months, we have streamlined our operations to accelerate growth for Eviti and NaviNet SaaS solutions. In June 2019, we completed the divestiture of our home healthcare services business, and a few weeks ago, we finalized the sale of the assets related to our Connected Care business for $47.25 million. These transactions have improved our capital position and financial flexibility, and allow us to explore growth opportunities."
NH shares sank 30 cents, or 13.2%, to $1.97.
