TORONTO, ON / ACCESSWIRE / November 16, 2021 / StageZero Life Sciences (TSX:SZLS) ("StageZero" or the "Company"), a vertically-integrated healthcare company devoted to improving the early detection and management of cancer and other chronic diseases through leading-edge molecular diagnostics and clinical interventions, today announced its third-quarter financial results for the three months ended September 30, 2021, and provided an update on its business progress.
The Company generated $0.68 million in revenue for the third quarter, compared with $1.46 million in the year-ago period. Net loss for the quarter totaled $2.2 million. Adjusted EBITDA for the quarter totaled ($2.147 million).
Operational Updates and Recent Highlights
- Closed acquisition of CareOncology, creating vertically integrated healthcare company.
- Initiated integrated programs for Aristotle, AVRT and TREAT.
- On-site clinic at Richmond laboratory for Aristotle™, the Company's proprietary multi-cancer blood test, initiates hub-and -spoke model for personal specimen collection.
- Significantly expanded management team and added new CFO & COO
- Listed on the OTCQB exchange
- Announced alliance with Teen Cancer America.
"Our recent acquisition of CareOncology positions us at the nexus of the three most exciting trends in healthcare today: early diagnostics, liquid biopsies, and telehealth," said James Howard-Tripp, Chairman and CEO of StageZero. "This combination, and supported by our proprietary technology, the deep expertise of our clinicians, and our experienced leadership team, positions StageZero to catalyze change in healthcare. Revenue from continued COVID testing, mostly for industry partners and now travel, is steady, and with the integration of CareOncology now mostly complete, we have begun to process patients in the queue for the integrated programs. The opportunities ahead of us are substantial, and the scope of how we can improve patient outcomes for potentially millions of people is the driving force in what we do at StageZero."
"During the quarter we established our first on-site clinic in support of all of our programs, but most importantly, our next-generation multi-cancer blood test Aristotle," said Matthew Pietras, StageZero's CFO and COO. "Our CAP accredited and CLIA certified high complexity laboratory in Richmond, Virginia is one of the most technically capable labs in the world. It will serve as the principal hub of our hub-and-spoke model as we strategically identify key locations throughout the United States to serve broader populations, with multiple sample collection points and maximize our patient reach."
"Going forward, we will continue to execute on our long-term strategy to deepen our cancer detection capabilities and enhance our predictive modeling to better understand the spectrum of illness and health. Today, we're focused on cancer, and the many different forms and stages of it, but the framework of our approach is repeatable for other diseases as well," concluded Pietras.
Q3 2021 Financial Results
All amounts are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International Financial Reporting Standards.
For the three-month period ended September 30, 2021, the Company generated $0.68 million in revenue and reported a consolidated net loss of $2.2 million, or $0.02 per fully diluted common share, as compared to a consolidated net loss of $2.3 million, or $0.05 per fully diluted common share for the same period in 2020, driven by a decrease in revenue of $0.7 million and decrease in cost of goods sold and laboratory costs $0.2 million, a gain of $2.4 million in the fair value of conversion debenture and warrant re-valuation, offset by an increase in finance costs of $0.9 million, an increase of $0.5 million in general and administrative expenses and an increase in research and sales and marketing of $0.5 million.
EBITDA and Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") are not recognized performance measures under IFRS. EBITDA and Adjusted EBITDA do not have standardized meanings under IFRS and therefore may not be comparable to similar measures presented by other issuers. The term EBITDA consists of net income (loss) and excludes interest, finance costs, taxes, depreciation and amortization. Adjusted EBITDA also excludes share-based compensation, impairment of assets, revaluation of warrants, changes in fair value of conversion debenture and public entity costs. EBITDA and Adjusted EBITDA are included as supplemental disclosures because Management believes that these disclosures provide a better assessment of the Company's continuing operations by eliminating non-cash costs and costs or gains that are not recurring.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
Third-Quarter Conference Call
Tuesday, November 16, 2021
8:30 a.m. EST
Toll Free: 877-545-0523
Participant Access Code: 236178
Toll Free: 877-481-4010
Replay Passcode: 43507
About StageZero Life Sciences, Ltd.
StageZero Life Sciences, Ltd. is a vertically-integrated healthcare company dedicated to improving the early detection and management of cancer and other chronic diseases through next-generation diagnostics and a unique telehealth program that provides clinical interventions to help patients reduce the risk of developing late-stage disease (AVRT™).
The Company's next-generation test, Aristotle™, is the first-ever multi-cancer panel for simultaneously screening for multiple cancers from a single sample of blood with high sensitivity and specificity for each cancer. Aristotle uses mRNA technology to identify the molecular signatures of multiple cancer types and is built on the Company's patented technology platform, the Sentinel Principle. This underlying technology has been validated in more than 9,000 patients and used by more than 100,000 patients in North America.
Aristotle, as well as additional cancer diagnostics (ColonSentry®, BreastSentry™, and the Prostate Health Index) are processed at the Company's clinical laboratory, StageZero Life Sciences, Inc., a CAP accredited and CLIA certified high-complexity reference laboratory in Richmond, Virginia. In addition, the Company is leveraging its specialty in polymerase chain reaction (PCR) testing to provide COVID-19 PCR testing (swab and saliva) and Antibody Testing (blood analysis).
StageZero Life Sciences trades on the Toronto Stock exchange under the symbol SZLS and on the OTCQB under the symbol SZLSF.
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
StageZero Life Sciences
Chairman & CEO
For further information please contact:
1-855-420-7140 ext. 1838
SOURCE: StageZero Life Sciences Ltd
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