TORONTO, ON / ACCESSWIRE / August 16, 2022 / StageZero Life Sciences ("StageZero" or the "Company") (TSX:SZLS) (OTCQB:SZLSF), a vertically-integrated healthcare company devoted to improving the early detection and management of cancer and other chronic diseases through leading-edge molecular diagnostics and clinical interventions, today announced its second quarter financial results for the three months ended June 30, 2022, and provided an update on its business progress.
Operational Updates and Recent Highlights
Q2 continued the transition from COVID to cancer testing. In the first six months of 2022, we:
- Raised CAD 1.87M in a private placement
- Integrated CareOncology into StageZero and started scaling
- Launched AVRT in the UK
- Extended the availability of the COC Protocol into the European Union
- Launched COC Plus Program Worldwide
- CareOncology UK approaches breakeven
- Pared back operating costs as we optimized the programs post-acquisition
- Expanded marketing programs and new lab partners for Aristotle into multiple new cities in the US
- Engaged with employers with Aristotle + AVRT cancer screening program
- Deepened the Aristotle test offering with the addition of ColoRectal Cancer by stage ie early vs late
- Participated in several conferences eg HC Wainwright, keynote speaker at S.E.E. Summit
Continuing through the next twelve months, the Company's focus will be to:
- Drive revenue growth by significantly increasing spend against promotion.
- Position Aristotle + AVRT as the #1 program for early cancer detection for employers with at-risk workforces.
- Fully implement current partnerships with key employer groups using Aristotle + AVRT.
- Present data and analysis with respect to at-risk workforces to demonstrate benefit of Aristotle + AVRT
- Broaden relationships with key oncologists and clinics to enhance the reach of CareOncology/Aristotle with a strong focus on HealthCare Systems in multiple key cities.
- Continue to broaden and deepen Aristotle eg CRC. lung and breast cancer staging.
- Partner and launch in key geographic regions world-wide.
"When the pandemic began in early 2020, we pivoted to offer COVID testing solutions to individuals and employers. It built our business, introduced us to new partners and allowed us time to acquire and build out the key support systems employers had asked for in cancer screening and wellness programs. As the pandemic recedes, employers are returning to focus on driving their businesses and that includes employee welfare and corporate healthcare cost reduction. We are, again, working with employers in testing for cancer but, this time we have the ability to meet all of their needs and provide the follow up" said James Howard-Tripp, Chairman and CEO of StageZero, "We are unique in our ability to offer both the testing options and then provide follow up when needed".
Q2 2022 Financial Results
All amounts are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International Financial Reporting Standards.
The Company generated $2.3 million in revenue for the six months ended June 30, 2022 as compared to $2.9 million in revenue for the six months ended June 30, 2021and realized a net loss of $1.9 million, or $0.02 basic and diluted loss per common share as compared to a $3.0 million net loss for the six months ended June 30, 2021, or $0.03 basic and diluted loss per common share. Adjusted EBITDA for the six months ended June 30, 2022 totaled ($4.60 million).
The Company generated $1.0 million in revenue for the three months ended June 30, 2022 as compared to $0.4 million in revenue for the three months ended June 30, 2021 and realized a net loss of $1.3 million, or $0.01 basic and diluted loss per common share as compared to a $4.3 million net income (affected by the revaluation of warrant liability) for the three months ended June 30, 2021, or $0.05 basic and diluted income per common share. Adjusted EBITDA for the three months ended June 30, 2022 totaled ($2.0 million).
EBITDA and Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") are not recognized performance measures under IFRS. EBITDA and Adjusted EBITDA do not have standardized meanings under IFRS and therefore may not be comparable to similar measures presented by other issuers. The term EBITDA consists of net income (loss) and excludes interest, finance costs, taxes, depreciation and amortization. Adjusted EBITDA also excludes share-based compensation, impairment of assets, revaluation of warrants, changes in fair value of conversion debenture and public entity costs. EBITDA and Adjusted EBITDA are included as supplemental disclosures because Management believes that these disclosures provide a better assessment of the Company's continuing operations by eliminating non-cash costs and costs or gains that are not recurring.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
Analyst and Investor Call
Event Date: Tuesday August 16, 2022
Time: 8:30 a.m. EST
Webcast Link: https://www.webcaster4.com/Webcast/Page/2082/46389
Participant Numbers:
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 811487
Replay Number:
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 46389
About StageZero Life Sciences, Ltd.
StageZero Life Sciences, Ltd. is a vertically integrated healthcare company dedicated to improving the early detection and management of cancer and other chronic diseases through next-generation diagnostics and unique telehealth programs that provide clinical interventions to assist patients who currently have cancer (COC Protocol) as well as help patients reduce the risk of developing late-stage disease (AVRT™).
The Company's next generation test, Aristotle®, is the first ever mRNA multi-cancer panel for simultaneously screening for multiple cancers from a single sample of blood with high sensitivity and specificity for each cancer. Aristotle® uses mRNA technology to identify the molecular signatures of multiple cancer types and is built on the Company's patented technology platform, the Sentinel Principle. This underlying technology has been validated in more than 9,000 patients and used by more than 100,000 patients in North America.
The Care Oncology Clinic offers a supervised treatment regimen (the COC Protocol) for people diagnosed with cancer of any type or stage. Developed by scientists and oncologists, the COC Protocol is intended for adjunctive administration alongside standard-of-care cancer therapy. It is an individualized therapeutic approach which seeks to simultaneously target multiple metabolic cancer pathways. The aim is to restrict cancer cell energy supply and use, which may make it more difficult overall for cancer cells to survive, grow and adapt to changing conditions in the body. As a result, such cells can potentially become more vulnerable to attack from cell-killing therapies such as radiotherapy and chemotherapy. Its patented COC Protocol incorporates a multifaceted approach, supported by peer-reviewed scientific studies, which highlight the potential of certain treatments to target the specific energy requirements of cancer cells, impacting their ability to grow and multiply.
AVRT is a Physician-Led, telehealth program for identifying and managing the early warning signs of cancer and chronic disease. Our program includes: a comprehensive online health evaluation; blood tests to measure markers of inflammation and metabolism; an in-depth initial physician consultation; regular physician follow-up appointments and interval screening.
Aristotle®, as well as additional cancer diagnostics (ColonSentry®, BreastSentry™, and the Prostate Health Index) are processed at the Company's clinical laboratory, StageZero Life Sciences, Inc., a CAP accredited and CLIA certified high-complexity reference laboratory in Richmond, Virginia. In addition, the Company is also leveraging its specialty in polymerase chain reaction (PCR) testing to provide COVID-19 PCR testing (swab and saliva) and Antibody Testing (blood analysis).
StageZero Life Sciences trades on the Toronto Stock exchange under the symbol SZLS and on the OTCQB under the symbol SZLSF.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
For further information please contact:
Investor Relations
Rebecca Greco
1-855-420-7140 ext. 1838
[email protected]
SOURCE: StageZero Life Sciences Ltd.