TORONTO, ON / ACCESSWIRE / April 1, 2022 / StageZero Life Sciences ("StageZero" or the "Company") (TSX:SZLS), 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 fourth quarter and full year financial results for the three and twelve-months ended December 31, 2021, and provided an update on its business progress.
For the year ended December 31, 2021 the Company generated $5.1 million in revenue, a 22% increase over the $4.2 million generated in the year prior; gross profit rose to $1.2 million, an increase of $0.5 million over the prior year; comprehensive net loss for the year totaled $7.5 million, or $0.11 loss per fully diluted common share.
Operational Updates and Recent Highlights
The following milestones were achieved during the fourth quarter:
- Generated $1.50 Million revenue for the period
- Integrated Care Oncology into StageZero
- Introduced Aristotle in the Greater Toronto Area
- Closed a private placement of CAD$4.2M
- Formation of the Scientific Advisory Board and Healthy Conversations series
- Launched BorderPass™ COVID-19 testing
- Partnered with Sobeys on BorderPass™ COVID-19 testing
- Built upon civic partnerships with Teen Cancer America
The following has been achieved during the first quarter 2022:
- Completed the integration of Care Oncology and expanded the COC Protocol program in the US, Canada, the UK and Europe
- Launched AVRT in the US
- Expanded marketing programs for Aristotle
- Closed a private placement of CAD$1.87M.
- Launched AVRT in the UK.
"We enter 2022 as a fully integrated company with multiple business units, multiple complementary programs and multiple revenue streams, all of this enabled by our telehealth platform. This is a significant evolution from who we were last year with COVID rampant and revenue is transitioning from COVID to the cancer programs. I am immensely proud of the efforts of all of our staff to bring these two companies seamlessly together as one." said James Howard-Tripp, Chairman and CEO of StageZero. "With the launch of AVRT, the integration of Aristotle, and the geographic expansion of TREAT, our clinical and diagnostic solutions are positioned to provide consumers with the support they need from early detection and monitoring to late stage adjuvant therapy."
"We now have all of the pieces in place to execute our North American and Global growth strategy." said Matthew Pietras, StageZero's CFO and COO. "With marketing and sales growing, we intend to build on this momentum by broadening our clinical offerings, expanding our geographic footprint and deepening our cancer detection capabilities through further investment in research and development."
Q4 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.
The Company generated $5.1 million in revenue for the twelve-months ended December 31,2021, an increase of $0.9 million (22%) over the prior year revenue of $4.2 million. The full year gross margin increased by $0.5 million to $1.2 million in 2021 versus $0.7 million in 2020. Net loss increased by $0.6 million to $7.5 million, or $0.11 loss per fully diluted common share in 2021 as compared to a $6.9 million net loss, or $0.15 loss per fully diluted common share in the prior year. Adjusted EBITDA for the twelve-months ended December 31, 2021, totaled $7.9 million loss.
For the three-month period ended December 31, 2021, the Company generated $1.5M in revenue and reported a consolidated net loss of $2.3million, or $0.03 per fully diluted common share, as compared to a consolidated net loss of $1.5 million, or $0.02 per fully diluted common share for the same period in 2020. Adjusted EBITDA for the three-months ended December 31, 2021, totaled $3.1 million loss.
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.
Fourth-Quarter and Year End Conference Call
Analyst and Investor Call
Event Date: Friday April 1, 2022
Time: 8:30 a.m. EST
Webcast Link: https://www.webcaster4.com/Webcast/Page/2082/44977
Participant Numbers:
Toll Free: +1-888-506-0062
International: +1-973-528-0011
Participant Access Code: 975426
Replay Number: Toll Free: +1-877-481-4010
International: +1-919-882-2331
Replay Passcode: 44977
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 unique telehealth programs that provide clinical interventions to assist patients who currently have cancer (COC Protocol) as well as help patients reduce the risk of developing late-stage disease (AVRT™).
The Company's next generation test, Aristotle®, is the first ever mRNA 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.
The Care Oncology Clinic offers a supervised treatment regimen (the COC Protocol) for people diagnosed with cancer of any type or stage. Developed by scientists and oncologists, the COC Protocol is intended for adjunctive administration alongside standard-of-care cancer therapy. It is an individualized therapeutic approach which seeks to simultaneously target multiple metabolic cancer pathways. The aim is to restrict cancer cell energy supply and use, which may make it more difficult overall for cancer cells to survive, grow and adapt to changing conditions in the body. As a result, such cells can potentially become more vulnerable to attack from cell-killing therapies such as radiotherapy and chemotherapy. Its patented COC Protocol incorporates a multifaceted approach, supported by peer-reviewed scientific studies, which highlight the potential of certain treatments to target the specific energy requirements of cancer cells, impacting their ability to grow and multiply.
AVRT is a Physician-Led, telehealth program for identifying and managing the early warning signs of cancer and chronic disease. Our program includes: a comprehensive online health evaluation; blood tests to measure markers of inflammation and metabolism; an in-depth initial physician consultation; regular physician follow-up appointments and interval screening.
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 also 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.
Forward-Looking Statements
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.
For further information please contact:
Investor Relations
Rebecca Greco
1-855-420-7140 ext. 1838
[email protected]
SOURCE: StageZero Life Sciences Ltd.