NantHealth Q2 Revenues Drop 6 Percent

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Original Post from GeneomeWeb

NEW YORK (GenomeWeb) – NantHealth’s revenues fell 6 percent year over year during the second quarter, the company reported after the close of the market on Thursday.

For the three months ended June 30, total revenues declined to $22 million compared to $23.5 million in the same period a year earlier, which included $4 million from a since-ended large implementation in its connected devices business segment, according to NantHealth.

The company reported growth in its two other business segments in the recently completed quarter. In its largest division, software, sales fell 10 percent to $19.5 million from $21.7 million in Q2 2017 due to steep declines in software-hardware and maintenance revenue that included last year’s large implementation project. However, revenue from software as a service spiked to $16.2 million, a 9 percent gain from the year-earlier period.

Chief Operating Officer Ronald Louks said during a conference call that the SaaS boost was due in part to a contract that NantHealth’s NaviNet communications portal landed with a “major East Coast payor.”

Sales of sequencing and molecular analysis products and services more than doubled year over year to $924,000 million from $450,000. NantHealth also had a gain of 19 percent in home

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