Q2 2021 NantHealth Inc Earnings Call
With the launch later this year of tailored pilot program for autoimmune diseases at the same time, we continue to develop every connect for auto immune diseases, including the creation of a completely new CMS library application.
Have any connect has now achieved the significant milestone for the last 10 years average connectors played an important role in assisting oncology practices and <unk>.
<unk> plans to provide high quality and the high value of patient care.
The 345000 members have received evidence base.
Cancer treatment protocols and more of the 6900 medical practices across the U S of use devotee connect.
Over the same period I'm proud to say that we have launched 1 of the 80 major product releases and continuing to update the regimen library of clinical trials database.
Turning to payer engagement, which now includes the recently launched population health management tools.
All per our direct to provider solutions reported its eighth consecutive quarter of growth.
We consolidated all Payors pricing tiers in the 1 simplified plan and released the new Medicare eligibility and benefits API.
Turning to our recently acquired network monitoring because the open NMS we.
We debuted and updated visual identity, including a new logo and website, we announced the new reseller software information Resource Corporation and secured a 5 year renewal from a major government agency.
We delivered hardware appliances for beta testing of secure distributed monitoring with the Fortune 500, consumer Electronics company and were released Bernie in 2021 to enterprise open NMS users and horizon of 28, which enables users to visualize the filter traffic both the quality of service.
Some of we completed a new financing, which you gave me the extended the maturity of our debt and increased the cash position. After repaying. The 2016 notes we expanded our avid connect solution into a new disease state autoimmune and expect to launch of Taylor pilot program. Later this year and we continue to invest in further development of products and services capabilities.
With that overview of the business I'll turn the call over to Bob to discuss our financial results in more detail Bob.
Thank you Ron Paul.
Q2, 2021 total revenue was $16.1 million compared with $17.6 million in the prior year second quarter of <unk>.
The decline was expected the mainly related to the amortization of services related to expired the renewal contracts as we have mentioned previously.
Total revenue of $16.1 million in the quarter was flat to the previous quarter.
Gross profit was $9.1 million or 56% of revenue a decrease from $10.3 million or 58% of revenue per the same quarter in the prior year.
The majority of the decline is tied to the lower revenue in the quarter gross margin will remain under pressure until higher revenue is generated to offset the cost base requires the vantage our product offerings.
Total operating expenses increased 3.5% to $17.7 billion from $17.1 million in the prior year second quarter. This is driven by our continued investment in our products on the acquisition of open that in the mass in Q2 of 2020.
Quarter on quarter total operating expenses declined so we expect opex to increase as we continue to fund the development of our opening on the mass product lines and other product offerings.
For our Q2.2021 net loss from continuing operations attributable to net health was $15.3 million or <unk> 13 per share. This is compared with $48.3 million of 44 per share on the prior year second quarter.
On the non-GAAP basis net loss from continuing operations of true both the bold to net out in Q2, 2021 was $8.8 million or <unk> <unk> per share. This is compared with $7.5 million or <unk> <unk> per share for the second quarter of last year.
Finally, cash and cash equivalents were approximately $52 million at June 32021, This is compared with $10.8 million as the March quarter end.
Dot, including convertible note funding and associated expenses usage of cash was approximately $6.5 million.
With the majority of the 2016 convertible notes behind US available cash on hand will allow for the continued investment in our products and offerings for future growth, we expect with that I will now turn the call back over to Robert.
Thanks, Bob Dave We're now we've completed the curve the prepared portion of this of the conference we're ready to open up the call to questions.
Certainly and thank you very much.
I would like to register a question. Please press the 1 the followed by the 4 on your telephone you will hear of <unk> probe to acknowledge that request. If your question has been answered and you would like to withdraw your registration. Please press. The 1 the followed by the 3 once again to register for the question is 1.4 on your telephone keypad 1 moment. Please.
Okay.
And there appear to be no questions at present time, I'll turn the call back to management for final comments.
Thanks, Dave.
Thanks, everyone for joining us today, we look forward to sharing our progress on our next scheduled conference call. Thanks again for joining us today.
And all of that we will conclude the call for today. We thank you very much for your participation you may now disconnect.
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