NantHealth’s net loss doubles in third quarter
Publicly traded precision medicine company NantHealth saw its net loss more than double in the third quarter as its CEO said the company is struggling to get reimbursed for its genetic cancer tests.
Culver City, Calif.-based NantHealth’s net loss totaled $97.5 million in the quarter ended Sept. 30, up from $42.4 million at the same period in 2017. Total net revenue was $22.3 million in the quarter, up 2.3% from the prior-year period. The company’s gross profit in the quarter was about half of that, at $11.1 million, up nearly 8% from $10.3 million in the prior-year period.
NantHealth noted in its earnings report that the company is seeing “continued sequential quarterly growth” in the number of physicians ordering its tests designed to yield genetic profiles of cancers. Providers ordered 930 of its GPS Cancer and Liquid GPS tests in the third quarter, according to the report.