Agilent Reports First-Quarter Fiscal Year 2021 Financial Results

On February 17, 2021 Agilent Technologies Inc. (NYSE: A) reported revenue of $1.55 billion for the first quarter ended Jan. 31, 2021, an increase of 14% compared to the first quarter of 2020 and up 11% on a core(1) basis (Press release, Agilent, FEB 17, 2021, https://www.agilent.com/about/newsroom/presrel/2021/16feb-gp21005.html [SID1234575194]). First-quarter GAAP net income was $288 million, or 93 cents per share. This compares with $197 million, or 63 cents per share, in the first quarter of fiscal year 2020. Non-GAAP(2) net income was $328 million, or $1.06 per share compared with $252 million, or 81 cents per share, during the first quarter a year ago.

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"Agilent’s performance in the first quarter was outstanding and exceeded our recently increased revenue expectations," said Mike McMullen, Agilent president and CEO. "Our revenue growth was broad based with all three business groups growing double-digits. The Agilent team stayed focused, executed extremely well and increased market share in key areas. Our ‘build and buy’ strategy is delivering for us and the outlook for the remainder of the year is quite strong."

Financial Highlights

Life Sciences and Applied Markets Group
First-quarter revenue of $722 million from Agilent’s Life Sciences and Applied Markets Group (LSAG) was up 13% year over year and 11% on a core(1) basis. LSAG’s operating margin was 27.6%.

Agilent CrossLab Group
First-quarter revenue of $532 million from the Agilent CrossLab Group (ACG) increased 13% year over year and was up 10% on a core(1) basis. ACG’s operating margin was 26.7%.

Diagnostics and Genomics Group
First-quarter revenue of $294 million from Agilent’s Diagnostics and Genomics Group (DGG) increased 18% year over year and was up 15% on a core(1) basis. DGG’s operating margin was 18.6 %.

Full-Year and Second-Quarter Outlook

Agilent has increased its outlook and now expects revenue of $5.825 billion to $5.900 billion for fiscal year 2021. Fiscal year 2021 non-GAAP(3) earnings guidance has also increased to a range of $3.80 to $3.90 per share.

Agilent expects second-quarter 2021 revenue in the range of $1.37 billion to $1.39 billion. Second-quarter 2021 non-GAAP(3) earnings are expected to be in the range of 78 cents to 80 cents per share.

The outlook is based on currency-exchange rates as of Jan. 31, 2021.

New Share Repurchase Program

Agilent today also announced that its board of directors has approved a new share repurchase program authorizing the repurchase of up to $2 billion of common stock. The new share repurchase program begins Feb. 18 and replaces the previous program. The timing and number of shares to be repurchased will depend on factors such as the share price, economic and market conditions, and corporate and regulatory requirements. The share repurchase program may be suspended, amended, or discontinued at any time.

Conference Call

Agilent’s management will present additional details regarding the company’s first-quarter 2021 financial results on a conference call with investors today at 1:30 p.m. PST. This event will be broadcast live online in listen-only mode. To listen to the webcast, select the "Q1 2021 Agilent Technologies Inc. Earnings Conference Call" link in the "News & Events — Events" portion of the Investor Relations section of the Agilent website. The webcast will remain on the company site for 90 days.

Non-consolidated Financial Results
for the Fiscal Year Ended December 31, 2020

On February 17, 2021 Oncolys BioPharma Presented the corporate Presentation (Presentation, Oncolys BioPharma, FEB 17, 2021, View Source [SID1234575192]).

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Invitae Reports $279.6 Million in Annual Revenue Driven by 659,000 in Billable Volume in 2020

On February 17, 2021 Invitae Corporation (NYSE: NVTA), a leading medical genetics company, reported financial and operating results for the fourth quarter and full year ended December 31, 2020 (Press release, Invitae, FEB 17, 2021, View Source [SID1234575191]).

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Invitae’s (NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. www.invitae.com (PRNewsFoto/Invitae Corporation)

"Our results in 2020 demonstrate our ability to deliver sustained growth through commercial execution, a diversified global organization and continuous strategic additions to our menu, services and platform," said Sean George, co-founder and chief executive officer of Invitae. "Even amid the challenges of the pandemic, the durability of our relationships and the value of the information we provide to clinicians and patients was clear. As we enter 2021, we are committed to maintaining the pace we’ve set, making it ever-easier to integrate genetic information into healthcare decision-making by clinicians and patients at all stages of life."

Full Year and Fourth Quarter 2020 Financial Results

Generated revenue of $279.6 million in 2020, including $100.4 million in the fourth quarter.
Reported 659,000 in billable test volume in 2020, including 238,000 in the fourth quarter.
Reported average cost per unit of $299 during 2020, and $284 in the fourth quarter. Non-GAAP average cost per unit was $261 for the year and $227 in the fourth quarter.
Reported gross profit of $81.3 million in 2020, including $32.2 million in the fourth quarter. Non-GAAP gross profit was $106.8 million in 2020, and $45.5 million in the fourth quarter.
Total operating expense, excluding cost of revenue, for the full year 2020 was $733.5 million. Operating expense for the fourth quarter of 2020 was $363.7 million. Non-GAAP operating expense was $456.1 million for the full year 2020 and $145.9 million in the fourth quarter.

For the full year 2020, net loss was $608.9 million, or a $4.52 net loss per share. For the fourth quarter of 2020, Invitae reported a net loss of $241.0 million, or a $1.34 net loss per share. Non-GAAP net loss was $373.9 million, or a $2.78 non-GAAP net loss per share in 2020. For the fourth quarter of 2020, Invitae reported a non-GAAP net loss of $113.1 million, or a $0.63 non-GAAP net loss per share.

At December 31, 2020, cash, cash equivalents, restricted cash and marketable securities totaled $360.7 million. Net decrease in cash, cash equivalents and restricted cash was $26.1 million in 2020 and a net increase of $18.4 million for the fourth quarter. Cash burn was $441.1 million in the fourth quarter of 2020, which includes $352.7 million for cash paid for acquisitions, primarily of ArcherDX, and $13.6 million for cash paid for acquisition related expenses. Cash burn for the quarter would have been approximately $74.8 million, which includes $29.1 million of burn by ArcherDX in the fourth quarter, without the acquisition and acquisition-related costs.

Subsequent to the close of the fourth quarter on January 26, 2021, the company announced the sale of approximately 8.9 million shares of its common stock at a price of $51.50 per share, resulting in net proceeds, after underwriting discounts and commissions and offering expenses, of more than $434 million.

Looking ahead to 2021 and factoring in the continued impact associated with the COVID-19 pandemic, Invitae reiterates its stated outlook for revenue growth targets of 50% – 60% annual growth over the next few years consistent with its view at the time of the announcement of the ArcherDX acquisition. Invitae anticipates generating revenue in excess of $450 million in 2021.

This press release contains non-GAAP financial measures. Investors are encouraged to review the non-GAAP reconciliations provided in the tables below.

Full Year Corporate Highlights
Throughout 2020 and into early 2021, the company has maintained its focus on continued development of its menu, services and platform:

Menu
Added microbiome and infectious disease testing capabilities, offering a high-quality, low-cost, end-to-end metagenomics product (sequencing and results) and enabling the development of future offerings in infectious disease, preterm birth and wellness via the acquisition of One Codex.
Established an oncology offering encompassing germline and somatic testing, liquid biopsy and tissue genomic profiling via the Invitae platform through the acquisition of ArcherDX.
Added pharmacogenetic testing, and robust, integrated clinical decision support via the acquisition and integration of Genelex and You Script.
Added non-invasive prenatal screening (NIPS) based on whole genome sequencing (WGS) to the Invitae platform.
Services
Signed 89 biopharma partnership deals in 2020, including 30 biopharma partnership deals in the fourth quarter.
Partnered with a major health system to integrate clinical decision support software for use of pharmacogenetics in patient care.
Introduced routine exome reanalysis to help patients receive accurate diagnoses faster.
Introduced consumer-initiated telehealth genetic testing services in Canada, including carrier testing in early pregnancy, and cancer and cardiovascular inherited risk screening.
Introduced expanded services and support for telemedicine across customer types.
Launched new capabilities for Gia, our advanced clinical chatbot, to support obstetrician/gynecologists, oncologists, genetic counselors and other clinicians who order genetic testing.
Increased support for the use of at-home testing using saliva kits, which do not require an in-person clinician visit.
Provided professional education and support for clinicians transitioning to telehealth.
Platform
Added an industry-leading artificial-intelligence engine to the Invitae variant interpretation framework via the acquisition of Diploid to enable clinical diagnosis using exome and whole genome sequencing in minutes, enhancing Invitae’s capabilities to provide rapid answers to patients while further reducing the cost of genetic testing at scale.
Full Year Scientific Highlights

The company continued to advance research illustrating the broad utility of genetic information in routine clinical care.

Published findings from a multi-year collaboration with researchers at Mayo Clinic that found one in eight patients with cancer had an inherited, cancer-related gene mutation, half of whom would not have been detected using a standard guidelines-based approach and one-third of whom had their therapy changed as a result of their genetics. The data support changing the standard of care to include germline genetic testing for all solid tumor cancer patients.
Announced partnership with Bristol Myers Squibb, Janssen Research & Development, LLC (Janssen), Novartis and Genentech, a member of the Roche Group, to standardize molecular residual disease (MRD) data generation and assessment and to accelerate acute myeloid leukemia (AML) clinical trial programs to help bring novel therapies to patients in need faster.
Published research showing germline genetic testing detects actionable findings missed by tumor-only sequencing, suggesting all cancer patients could benefit from both germline and somatic testing and demonstrating the utility of germline testing in identifying additional treatment options for cancer patients.
Presented data showing one in ten men with prostate cancer harbor genetic changes linked to hereditary cancer syndromes and three-quarters of those patients met criteria for changes in cancer management or treatment based on their genetic findings suggesting broader screening for prostate cancer patients.
Webcast and Conference Call Details
Management will host a conference call and webcast today at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss financial results and recent developments. To register for the conference call and webcast, please use one of the methods below. Upon registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email.

Online registration: View Source
Phone registration: 833-508-4355 or 415-481-6010

The live webcast of the call and slide deck may be accessed by visiting the investors section of the company’s website at ir.invitae.com. A replay of the webcast and conference call will be available shortly after the conclusion of the call and will be archived on the company’s website.

Karyopharm Announces Upcoming Virtual Investor Conference Participation

On February 17, 2021 Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, reported that Michael Kauffman, MD, PhD, Chief Executive Officer, will participate in a fireside chat at SVB Leerink’s 10th Annual Global Healthcare Conference and at the Barclays Global Healthcare Conference (Press release, Karyopharm, FEB 17, 2021, View Source [SID1234575190]). Details regarding these upcoming virtual investor conferences are below.

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SVB Leerink 10th Annual Global Healthcare Conference
Date: Wednesday, February 24, 2021
Time: 1:00 PM Eastern Time

Barclays Global Healthcare Conference
Date: Tuesday, March 9, 2021
Time: 9:10 AM Eastern Time

A live webcast of the fireside chats can be accessed under "Events & Presentations" in the Investor section of the Company’s website, View Source A replay of the webcast will be archived on the Company’s website for 30 days following each fireside chat.

Heron Therapeutics to Present at Several Upcoming Virtual Investor Conferences

On February 17, 2021 Heron Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments to address some of the most important unmet patient needs, reported that Barry Quart, Pharm.D., Chairman and Chief Executive Officer of Heron Therapeutics, will present at the following virtual investor conferences (Press release, Heron Therapeutics, FEB 17, 2021, View Source [SID1234575189]):

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SVB Leerink 10th Annual Global Healthcare Conference: Wednesday, February 24, 2021 at 5:00 pm ET
Cowen 41st Annual Healthcare Conference: Monday, March 1, 2021 at 11:40 am ET
A live webcast of each presentation will be available on the Company’s website at www.herontx.com in the Investor Resources section. A replay of each presentation will be archived on the site for 60 days.