PROG Progenity Inc.

4.01
+0.11  (+3%)
Previous Close 3.9
Open 3.98
52 Week Low 3.64
52 Week High 15.92
Market Cap $188,374,871
Shares 46,976,277
Float 32,086,996
Enterprise Value $196,464,480
Volume 359,466
Av. Daily Volume 111,778
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Latest News

  1. SAN DIEGO, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products in women's health is pleased to announce the company has reported clinical verification data for its Preecludia™ preeclampsia rule-out laboratory-developed test currently in development. With its performance data, including an observed 98.2% NPV, Progenity believes the Preecludia test has the potential to become the first tool of its kind in the United States to help triage possible preeclampsia, a potentially deadly condition for both pregnant mothers and their babies.

    Preeclampsia is the second most common cause of maternal mortality…

    SAN DIEGO, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products in women's health is pleased to announce the company has reported clinical verification data for its Preecludia™ preeclampsia rule-out laboratory-developed test currently in development. With its performance data, including an observed 98.2% NPV, Progenity believes the Preecludia test has the potential to become the first tool of its kind in the United States to help triage possible preeclampsia, a potentially deadly condition for both pregnant mothers and their babies.

    Preeclampsia is the second most common cause of maternal mortality, and more than 700,000 women present each year with signs and symptoms of possible preeclampsia. It is characterized as a hypertensive disorder, but it is difficult to differentiate from other hypertensive conditions in pregnancy, making diagnosis and management difficult. Ultimately, left undiagnosed and improperly managed, preeclampsia can result in impaired organ function, seizures, stroke, and death in the mother, and may require pre-term delivery of the baby. This can result in both poor health outcomes and significant costs. The total available U.S. market for a high NPV rule-out test for preeclampsia is forecasted at up to $3 billion, and there is also a large potential global opportunity.

    The Preecludia test is being developed to serve as a potential triage and rule-out test to help providers differentiate between patients with symptoms who are at risk for preeclampsia. This proprietary test is a multi-analyte protein biomarker assay which is designed to be run from a simple blood draw. In the prospective, blinded PRO-129 clinical verification study, samples were collected and analyzed from over 400 pregnant women with substantial diversity, gathered from 24 U.S. clinical sites comprised of predominantly OBGYN and Maternal Fetal Medicine (MFM) practices. Subjects presented with possible signs and symptoms of preeclampsia, including new onset hypertension, but no clear diagnosis. Subject data were independently adjudicated by a third party, and subjects, for whom preeclampsia was not diagnosed at the time of enrollment, were followed longitudinally through delivery. In subjects sampled up to 37 weeks' gestational age, the Preecludia test showed an 88.0% sensitivity, 73.3% specificity, and NPV of 98.2% at a 10% prevalence to rule out a patient's risk of developing preeclampsia within the next 14 days from the date of specimen collection. These data were generally consistent with previous results observed in the test's feasibility and optimization studies.

    "The Preecludia test is the first of its kind in the United States designed to help physicians better triage symptomatic patients with suspected preeclampsia," said Harry Stylli, PhD, CEO, chairman, and co-founder of Progenity. "It is tragic that we continue to use 19th century tools to evaluate pregnant women for diseases in the 21st century. We believe there is an obvious unmet need for new and better tools to aid in the triage, diagnosis, and management of preeclampsia. This milestone represents an important step toward our objective to commercialize the Preecludia test in the second half of 2021 and satisfy that unmet need."



    Progenity previously announced the successful completion of analytical verification, which evaluated the accuracy, precision, and stability of the test's biomarker assays. The final planned step in the development program is completion of the clinical validation study. The company has already collected over 3,000 samples from more than 1,700 patients enrolled in the PRO-104 validation study, and this study is expected to begin in Q1 2021.

    Progenity will provide a thorough review of preeclampsia, its cost to the healthcare system, and the Preecludia test development program during a Preeclampsia R&D Day presentation on November 20, 2020, from 8-10 AM Pacific. For further information or to access the slides presented, please visit: progenity.com/presentations.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For more information on how Progenity is helping clinicians and patients prepare for life, please visit progenity.com.

    Forward Looking Statements

    This press release contains "forward-looking statements," which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, including statements the development progress of our preeclampsia rule-out test, its future use by providers to rule out preeclampsia, the performance of the rule-out test in an upcoming validation study, the completion of our upcoming validation study, and our efforts and intent to commercialize the Preecludia test and address an unmet medical need. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "plan" or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from the forward-looking statements expressed or implied in this press release, including the ongoing COVID-19 pandemic and associated shelter-in-place orders, our ability to develop and commercialize our testing products, the size and growth potential of the markets for our products, and our ability to serve those markets, the rate and degree of market acceptance and clinical utility of our products and coverage and rates of reimbursement for our products, the performance of third parties in connection with the commercialization and development of our products, regulatory developments in the United States and foreign countries, our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines or at all, our ability to improve and enhance our products, our plans to research, develop, and commercialize new products, the development, regulatory approval, efficacy, and commercialization of competing products, the outcome of pending and future investigations and legal proceedings, the loss or retirement of key scientific or management personnel, our ability to develop and maintain our corporate infrastructure, including maintaining effective internal controls, our expectations regarding our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others, and those risks described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 11, 2020, and other subsequent documents we file with the SEC. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life



    (619) 743-6294



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  2. SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, will be presenting at the San Antonio Breast Cancer Virtual Symposium (SABCS) set to take place December 8-11, 2020.

    The data presented will be a part of the event's Spotlight Session Poster Presenters. Details of the presentation are as follows:

    Title - Describing the cancer spectrum in families with CHEK2 pathogenic and likely pathogenic variants by mutation type
    Authors - Julia G Moroney, MS, CGC, and Michele S. Basiliere, MS, CGC
    Poster number - PS8-18
    Date and time - Wednesday, December 9, 2020: 8:00 AM CT

    SABCS anticipates publishing…

    SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, will be presenting at the San Antonio Breast Cancer Virtual Symposium (SABCS) set to take place December 8-11, 2020.

    The data presented will be a part of the event's Spotlight Session Poster Presenters. Details of the presentation are as follows:

    Title - Describing the cancer spectrum in families with CHEK2 pathogenic and likely pathogenic variants by mutation type

    Authors - Julia G Moroney, MS, CGC, and Michele S. Basiliere, MS, CGC

    Poster number - PS8-18

    Date and time - Wednesday, December 9, 2020: 8:00 AM CT

    SABCS anticipates publishing abstracts in late November 2020 and posters on December 9, 2020. The poster presentation will also be made available on the Progenity website following the conference.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For additional information about Progenity, please visit the company's website at www.progenity.com.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR

    progenity.com

    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life

    .com

    (619)743-6294



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  3. SAN DIEGO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that Harry Stylli, Ph.D., CEO, chairman of the board, and co-founder of Progenity, will participate in a fireside chat at the virtual Piper Sandler Healthcare Conference, being held December 1-3, 2020.

    The pre-recorded fireside chat will be accessible beginning November 23, 2020 by visiting progenity.com/presentations. The recording will be available on the Progenity website through December 3, 2020.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and…

    SAN DIEGO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that Harry Stylli, Ph.D., CEO, chairman of the board, and co-founder of Progenity, will participate in a fireside chat at the virtual Piper Sandler Healthcare Conference, being held December 1-3, 2020.

    The pre-recorded fireside chat will be accessible beginning November 23, 2020 by visiting progenity.com/presentations. The recording will be available on the Progenity website through December 3, 2020.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For additional information about Progenity, please visit the company's website at www.progenity.com.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life



    (858) 457-2436



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  4. SAN DIEGO, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that it will host a Preeclampsia Virtual R&D Day on November 20, 2020 from 11 a.m. to 1 p.m. ET (8 a.m. to 10 a.m. PT). Members of Progenity's senior management team and select guest speakers will provide an in-depth discussion of the company's ongoing clinical development of the Preecludia™ rule-out test for preeclampsia. Attendees will learn about the pathophysiology of preeclampsia, current clinical management and diagnosis of the condition, its health economic burden, and Progenity's diagnostic approach.

    Interested parties…

    SAN DIEGO, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today announced that it will host a Preeclampsia Virtual R&D Day on November 20, 2020 from 11 a.m. to 1 p.m. ET (8 a.m. to 10 a.m. PT). Members of Progenity's senior management team and select guest speakers will provide an in-depth discussion of the company's ongoing clinical development of the Preecludia™ rule-out test for preeclampsia. Attendees will learn about the pathophysiology of preeclampsia, current clinical management and diagnosis of the condition, its health economic burden, and Progenity's diagnostic approach.

    Interested parties may access a live audio webcast and slides of the presentations on the investor section of Progenity's website at progenity.com/presentations. Additionally, the live event may be accessed by dialing 833-519-1237 for domestic callers and 914-800-3810 for international callers and entering the conference code: 1190518. A replay of the webcast will be available shortly after the event and can be viewed at the same web link.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For additional information about Progenity, please visit the company's website at www.progenity.com.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life



    (858) 457-2436



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  5. Reported 84 thousand tests in the third quarter, up 12% compared to the second quarter

    Achieved a preeclampsia test analytical verification milestone

    Management will host conference call and webcast today at 4:30 p.m. ET/1:30 p.m. PT

    SAN DIEGO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today provided corporate updates and reported financial results for the third quarter ended September 30, 2020.

    Progenity made significant progress during the third quarter, both with its revenue generating business and especially with its innovation pipeline programs. The company continued to grow its overall…

    Reported 84 thousand tests in the third quarter, up 12% compared to the second quarter

    Achieved a preeclampsia test analytical verification milestone

    Management will host conference call and webcast today at 4:30 p.m. ET/1:30 p.m. PT

    SAN DIEGO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Progenity, Inc. (NASDAQ:PROG), a biotechnology company with an established track record of success in developing and commercializing molecular testing products, today provided corporate updates and reported financial results for the third quarter ended September 30, 2020.

    Progenity made significant progress during the third quarter, both with its revenue generating business and especially with its innovation pipeline programs. The company continued to grow its overall volume demand and increased its in-network position by adding national and regional contracts, and saw additional commercial and government payors covering average risk NIPT. The company also announced it had secured additional COVID-19 testing capacity in order to meet anticipated higher demand for the test ahead of the winter season.

    On the innovation front, the company announced it successfully achieved a preeclampsia test analytical verification milestone, with the program now transferred to the operations group which will be responsible for both validation and full commercialization of the test in 2021.

    "We continue to make progress in establishing a strong foundation with our core molecular testing business and anticipate these efforts to translate into stronger and consistent operating performance near term. We are particularly excited with the progress and transformational potential of our R&D pipeline and look forward to our upcoming preeclampsia R&D day for investors on November 20, 2020," said Harry Stylli, Ph.D., CEO, chairman of the board, and co-founder of Progenity.

    Third Quarter 2020 Results and Other Corporate Highlights

    • Reported approximately 84 thousand tests in the third quarter, up 12% compared to the second quarter including COVID-19 test volume.



    • Increased in-network covered lives with the addition of the Multiplan national contract, providing access to up to 60 million lives and added 1.5 million lives from additional regional payors.



    • Secured a substantial increase in its COVID-19 PCR testing capacity and supply chain access through its existing relationship with ThermoFisher.



    • Successfully achieved a key milestone in the analytical verification phase of the LDT version of the Preecludia™ preeclampsia test. The company also announced an upcoming preeclampsia R&D day for November 20, 2020.



    • Announced encouraging preclinical data supporting the potential of the Company's oral drug delivery system (DDS) using a proprietary autonomous localization technology designed to identify the ileal/ileocecal region of the GI tract in targeting the colon for drug delivery.



    • Received a $15.7 million tax refund related to the 2019 net operating loss (NOL) carryback provisions available under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) legislation, a majority of which was used to make accelerated payments to the government under our government settlement agreements.

    Third Quarter 2020 Financial Results

    Comparison of Three Months Ended September 30, 2020 and June 30, 2020

    Revenue was $25.9 million in the three months ended September 30, 2020, up from $17.3 million in the three months ended June 30, 2020. The second quarter revenues reflected a $10.3 million accrual for refunds to government payors.

    Total accessioned tests volume, which includes the company's Innatal, Preparent, Riscover and COVID-19 testing, was 84,067 in the third quarter of 2020, up by 12% compared to the accessioned tests volume in the second quarter of 2020, which was 75,017 tests.

    Gross margin was 9.2% for the three months ended September 30, 2020, compared to negative 26.5% for the three months ended June 30, 2020, which primarily reflected the effect of revenue reduction related to refund accrual in the second quarter.

    Operating expenses were $46.9 million for the three months ended September 30, 2020, compared to $42.2 million in the three months ended June 30, 2020.

    Net loss attributable to common stockholders was $47.1 million for the three months ended September 30, 2020 and basic and diluted net loss per share was $1.01, compared to a net loss attributable to common stockholders of $53.1 million and a net loss per share of $6.11 for the three months ended June 30, 2020.

    Comparison of Three Months Ended September 30, 2020 and 2019

    Revenue was $25.9 million in the three months ended September 30, 2020, compared to $18.8 million in the three months ended September 30, 2019.

    Gross margin was 9.2% for the three months ended September 30, 2020, compared to negative 33.2% for the three months ended September 30, 2019.

    Operating expenses were $46.9 million for the three months ended September 30, 2020, compared to $48.6 million in the three months ended September 30, 2019.

    Net loss attributable to common stockholders was $47.1 million for the three months ended September 30, 2020 and basic and diluted net loss per share was $1.01, compared to a net loss of $97.9 million and a net loss per share of $19.85 for the three months ended September 30, 2019.

    Cash and cash equivalents were $60.0 million as of September 30, 2020. As of September 30, 2020, Progenity had 47.0 million shares outstanding.

    COVID-19 Update

    Public health measures related to the novel coronavirus are greatly impacting healthcare practices. We have responded to the COVID-19 pandemic by implementing and maintaining robust response plans, seamlessly continuing laboratory operations and maintaining pre-pandemic turnaround times. We enhanced our digital sales and support capabilities, increased proactive test reporting and remote genetic counseling capabilities, and expanded our mobile phlebotomy services, assisting our customers to continue serving their patients with the same quality care.

    Webcast and Conference Call Information

    Progenity will host a webcast and conference call to discuss the second quarter financial results and answer investment community questions today, Monday, November 9, 2020 at 4:30 p.m. ET / 1:30 p.m. PT. The live call may be accessed by dialing 833-519-1237 for domestic callers and 914-800-3810 for international callers and entering the conference code: 5878610. A live webcast and archive of the call will be available online from the investor relations section of the company website at www.progenity.com.

    About Progenity

    Progenity, Inc. is a biotechnology company with an established track record of success in developing and commercializing molecular testing products, as well as innovating in the field of precision medicine. Progenity provides in vitro molecular tests designed to improve lives by providing actionable information that helps guide patients and physicians in making medical decisions during key life stages. The company applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions. Progenity's vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies. For additional information about Progenity, please visit the company's website at www.progenity.com.

    Safe Harbor Statement or Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, including statements concerning the impact of the COVID-19 pandemic on our business, operations, financial results, and future performance, and the progress of our research and development efforts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "plan" or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations, as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Such risks, uncertainties, and other factors include, among others, the ongoing COVID-19 pandemic, our ability to develop and commercialize our testing products as well as innovate in the field of precision medicine, our ability to obtain and maintain regulatory approval or clearance of our products on expected timelines or at all, our plans to research, develop, and commercialize new products, the unpredictable relationship between preclinical study results and clinical study results, our expectations regarding future test volumes, our expectations regarding our in network position, anticipated capacity for our tests, and those risks described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Progenity's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 to be filed with the SEC and other subsequent documents we file with the SEC.

    Progenity expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:

    Robert Uhl

    Managing Director, Westwicke ICR



    (619) 228-5886

    Media Contact:

    Kate Blom-Lowery

    CG Life



    (858) 457-2436

    Progenity, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited)

    (In thousands, except share and per share amounts)

     Three Months Ended 
     September 30, 2020  June 30, 2020 
    Revenues$25,943  $17,266 
    Cost of sales 23,601   21,835 
    Gross profit (loss) 2,342   (4,569)
    Operating expenses:       
    Research and development 13,043   12,234 
    Selling and marketing 13,244   12,736 
    General and administrative 20,626   17,181 
    Total operating expenses 46,913   42,151 
    Loss from operations (44,571)  (46,720)
    Interest expense (2,476)  (2,507)
    Interest and other income (expense), net (18)  (3,556)
    Loss before income taxes (47,065)  (52,783)
    Income tax benefit     
    Net loss (47,065)  (52,783)
    Dividend paid to preferred stockholders    (268)
    Net loss attributable to common stockholders$(47,065) $(53,051)
    Net loss per share attributable to common stockholders, basic and diluted$(1.01) $(6.11)
    Weighted average number of shares outstanding used in calculating net loss per share attributable to common stockholders, basic and diluted 46,632,043   8,687,250 
     



    Progenity, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited)

    (In thousands, except share and per share amounts)

     Three Months Ended

    September 30,
      Nine Months Ended

    September 30,
     
     2020  2019  2020  2019 
    Revenues$25,943  $18,772  $60,037  $123,509 
    Cost of Sales 23,601   24,997   72,006   75,531 
    Gross profit (loss) 2,342   (6,225)  (11,969)  47,978 
    Operating Expenses:               
    Research and development 13,043   17,080   36,517   48,791 
    Selling and marketing 13,244   15,263   40,416   45,510 
    General and administrative 20,626   16,273   54,915   44,823 
    Total operating expenses 46,913   48,616   131,848   139,124 
    Loss from operations (44,571)  (54,841)  (143,817)  (91,146)
    Interest expense (2,476)  (2,321)  (7,285)  (6,872)
    Interest and other income (expense), net (18)  29   (3,594)  457 
    Loss before income taxes (47,065)  (57,133)  (154,696)  (97,561)
    Income tax benefit       (37,696)   
    Net loss (47,065)  (57,133)  (117,000)  (97,561)
    Dividend paid to preferred shareholders       (268)  (3,652)
    Stock dividend on exchange of Series A-1 to Series B Preferred Stock    (27,637)     (27,637)
    Stock dividend on Series B Preferred Stock    (13,137)     (13,137)
    Net loss attributable to common shareholders$(47,065) $(97,907) $(117,268) $(141,987)
    Net loss per share attributable to common shareholders, basic and diluted$(1.01) $(19.85) $(5.80) $(29.27)
    Weighted average number of shares outstanding used in calculating net loss per share, basic and diluted 46,632,043   4,931,204   20,201,325   4,851,603 
     

    Progenity, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited)

    (In thousands)

     September 30,

    2020
      December 31,

    2019
     
         (1) 
    Assets       
    Current assets:       
    Cash and cash equivalents$60,013  $33,042 
    Accounts receivable, net 13,425   22,189 
    Inventory 10,383   10,937 
    Income tax receivable    634 
    Prepaid expenses and other current assets 9,216   7,846 
    Total current assets 93,037   74,648 
    Property and equipment, net 16,088   15,891 
    Goodwill and other intangible assets 10,294   10,990 
    Other assets 198   198 
    Total assets$119,617  $101,727 
    Liabilities and Stockholders' Deficit       
    Current liabilities:       
    Accounts payable$15,666  $15,754 
    Accrued expenses and other current liabilities 71,013   83,615 
    Current portion of mortgages payable and capital lease obligations 667   968 
    Total current liabilities 87,346   100,337 
    Mortgages payable and capital lease obligations, net of current portion 2,961   3,439 
    Note payable to related party, net 69,642   68,966 
    Other long-term liabilities 20,088   12,859 
    Total liabilities$180,037  $185,601 
    Stockholders' deficit:       
    Common stock 50   9 
    Series A Preferred Stock    4 
    Series B Preferred Stock    102 
    Additional paid-in capital 424,047   283,260 
    Accumulated deficit (465,746)  (348,478)
    Treasury stock (18,771)  (18,771)
    Total stockholders' deficit (60,420)  (83,874)
    Total liabilities and stockholders' deficit$119,617  $101,727 

    ____________

          (1)   The condensed, consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements

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