NantHealth Inc. of Culver City, part of a health care conglomerate owned by Los Angeles billionaire Patrick Soon-Shiong, on Nov. 16 reported a third quarter loss of nearly $100 million, with flat year-over-year revenue.
The biotechnology company reported a 2018 third quarter loss of $97.5 million (or $0.89 a share), compared with a loss $42.4 million (or .20 a share) for the same period a year earlier.
Net revenue in the three months ended Sept. 30 was $22.3 million, compared to $21.8 million in the 2017 third quarter.
NantHealth shares fell by 6 percent at the close of trading Friday to $1.37, compared with $3.28 a year ago. Its market cap was $148 million.
The company that provides personalized genome data to treat cancer and other diseases reported selling 930 of its diagnostic tests during the quarter, including 461 of its GPS Cancer tests, a genome-sequencing (DNA) diagnostic test for cancer patients, and 469 of its Liquid GPS blood tests.
It also appointed two new executives to lead strategy, business development and global sales.
NantHealth Inc., a subsidiary of the NantWorks conglomerate controlled by Soon-Shiong, was the 83rd largest public company in Los Angeles County in a 2018 Business Journal list of the largest public firms ranked by market capitalization.
It was valued at $359 million as of July 23, down from $514.7 million a year earlier, and $1.5 billion in July 2016.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.
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