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Hot Stock That Must Be in Your Portfolio: Melinta Therapeutics Inc. (NASDAQ: MLNT)

By
Elaine Goetz
-

MORRISTOWN, N.J., October 13, 2019 – Shares of Melinta Therapeutics Inc. (NASDAQ: MLNT) showed the bullish trend with a higher momentum of 1.84% to $3.88. The company traded total volume of 503.327K shares as contrast to its average volume of 748.34K shares. The company has a market value of $54.44M and about 14.03M shares outstanding.

Melinta Therapeutics, Inc. (MLNT) reported revenue of $14.10M for the first quarter of 2019. Revenue from product sales was $11.80M, flat with the first quarter of 2018. Strong performance by Vabomere® (meropenem and vaborbactam) and Minocin® (minocycline) for Injection were offset by softer sales of Baxdela and Orbactiv® (oritavancin).

Cost of goods sold (“COGS”) was $7.40M and $7.70M, respectively, for the first quarter of 2019 and the first quarter of 2018, of which $4.10M and $4.70M was comprised of non-cash amortization of intangible assets.

Research and development (“R&D”) expenses were $5.40M for the first quarter of 2019, contrast to $16.10M for the same period in 2018. R&D expenses reduced mainly as a result of the completion of the Company’s Phase III study for Baxdela in CABP as well as winding down its early research and discovery programs, which was accomplished at the end of March 2019. Selling, general and administrative (“SG&A”) expenses were $25.90M for the first quarter of 2019, contrast to $34.60M for the same period in 2018. SG&A expenses reduced mainly as a result of the cost-cutting measures the Company initiated in the fourth quarter of 2018.

Net loss was $26.50M, or $2.34 per share, for the first quarter of 2019, contrast to a net loss of $29.40M, or $4.76 per share, for the first quarter of 2018. Net loss per share year-over-year reflects changes in share count as a result of the one-for-five reverse stock split effective on February 22, 2019.

The Company ended the quarter with $116.90M of cash and cash equivalents, which included the $75.0M disbursement under the convertible loan facility with Vatera in February 2019.

The Company offered gross profit margin of 61.50%. ROE was recorded as -72.50% while beta factor was 4.53. The stock, as of recent close, has shown the weekly upbeat performance of 9.60% which was maintained at -2.11% in this year.

Stock on the Run: Natera Inc. (NASDAQ: NTRA)

By
Elaine Goetz
-

SAN CARLOS, Calif., October 13, 2019 – Shares of Natera Inc. (NASDAQ: NTRA) declined -2.07% to $34.04. The stock traded total volume of 566.265K shares lower than the average volume of 630.44K shares.

Natera, Inc. (NASDAQ: NTRA) reported total revenues of $66.80M compared to $62.30M for the first quarter of 2018, an increase of 7%. The increase in total revenues was driven primarily by sales of our Panorama and HCS tests. There were 200,194 tests processed in the first quarter of 2019, including approximately 186,500 tests accessioned and 11,800 processed through the Constellation software platform (Constellation units), compared to approximately 164,355 tests processed in the first quarter of 2018, including approximately 153,900 tests accessioned and 9,700 Constellation units, an overall increase of approximately 22%.

In the three months ended March 31, 2019, Natera recognized revenue on 184.70K tests for which results were reported to customers in the period (tests reported), including approximately 173.40K tests accessioned and 11.30K Constellation units, compared to 147,100 tests reported, including approximately 137.80K tests accessioned and 9,300 Constellation units, in the first quarter of 2018, which represents an increase of approximately 26%. Natera recognized revenues on approximately 119.40K Panorama tests accessioned and 9,500 Panorama Constellation units in the three months ended March 31, 2019, compared to approximately 97.0K Panorama tests accessioned and 7,500 Panorama Constellation units in the same period in 2018. Natera recognized revenue on approximately 49,900 HCS tests accessioned in the three months ended March 31, 2019, compared to approximately 37.0K HCS tests accessioned in the same period in 2018.

Gross profit for the three months ended March 31, 2019 and 2018 was $23.50M and $21.70M, respectively, in each case representing a 35% gross margin. We were able to maintain the same gross margin as a result of the increased revenue and cost savings achieved from the launch of our HCS automation workflow, and lower vendor costs attributable to specimen services.

Total operating expenses, representing research and development expenses and selling, general and administrative expenses, for the first quarter of 2019 were $55.30M, an increase of approximately 6% compared to $52.30M in the same period of the prior year. The increase was driven primarily by higher personnel-related expenses, legal fees, travel expenses related to marketing events, and higher corporate-related expenses, offset by a reduction in research and development expenses upon completion of our HCS automation workflow development, which expenses then shifted to cost of product revenues following its implementation.

Loss from operations for the first quarter of 2019 was $31.70M compared to $30.50M for the same period of the prior year.

Net loss for the first quarter of 2019 was $34.10M, or ($0.54) per diluted share, compared to net loss of $32.90M, or $(0.61) per diluted share, for the same period in 2018. Weighted average shares outstanding were 62.80M in the first quarter of 2019.

At March 31, 2019, Natera held $128.50M in cash, cash equivalents, short-term investments and restricted cash, compared to $158.50M as of December 31, 2018. Subsequent to the close of the quarter, Natera successfully closed a follow-on equity offering that yielded roughly $1080M in net proceeds to the company. As of March 31, 2019, Natera had a total outstanding debt balance of $123.60M, comprised of $50.20M with accrued interest under its $50.00M line of credit with UBS at a variable interest rate of 30-day LIBOR plus 110 bps and a net carrying amount of $73.40M under its $125.00M debt facility with OrbiMed Advisors, reflecting no change from December 31, 2018. The UBS line of credit is secured by Natera’s investment portfolio, which is designed to yield higher returns than the borrowing rate Natera incurs in order to fund current operations. Under its debt facility with OrbiMed Advisors, Natera has an option to draw up to $50.00M in additional funds on or prior to December 31, 2019.

2019 Financial Outlook:

Natera anticipates 2019 total revenue of $275.0M to $302.0M; 2019 cost of revenues to be approximately 59% to 65% of revenues; selling, general and administrative costs to be approximately $180.0M to $190.0M; research and development costs to be $60.0M to $65.0M and net cash burn to be $80.0M to $100.0M.

NTRA has the market capitalization of $2.32B and its EPS growth ratio for the past five years was -21.70%. The return on assets ratio of the Company was -43.00% while its return on investment ratio stands at -73.80%. Price to sales ratio was 8.49 while 93.01% of the stock was owned by institutional investors.

Stock in Focus: NovoCure Limited (NASDAQ: NVCR)

By
Elaine Goetz
-
  1. HELIER, Jersey, October 13, 2019 – Shares of NovoCure Limited (NASDAQ: NVCR) gained 0.93% to $72.52. The stock grabbed the investor’s attention and traded 415.816K shares as compared to its average daily volume of 855.59K shares. The stock’s institutional ownership stands at 74.90%.

For the three months ended March 31, 2019, Novocure (NVCR) reported net revenues of $73.30M, representing 41 percent growth versus the same period in 2018. Revenue growth was primarily driven by an increase of 622 active patients in our currently active markets, representing 31 percent growth, and an increase in net revenues per active patient. The increase in net revenues per active patient was primarily driven by improving reimbursement approval rates in Germany and by growth in Austria and Japan.

For the three months ended March 31, 2019, cost of revenues was $19.80M compared to $18.20M for the same period in 2018, representing an increase of 9 percent. The increase in cost of revenues was primarily due to the cost of shipping transducer arrays to a higher volume of active patients. Gross margin was 73% for the three months ended March 31, 2019 compared to 65% for the three months ended March 31, 2018.

Research, development and clinical trials expenses for the three months ended March 31, 2019, were $17.00M compared to $11.10M for the same period in 2018, representing an increase of 53 percent. This was primarily due to an increase in clinical trial and personnel expenses for our INNOVATE-3, LUNAR, METIS and PANOVA-3 trials and an increase in costs associated with medical affairs, regulatory and engineering.

Sales and marketing expenses for the three months ended March 31, 2019, were $22.30M compared to $18.10M for the same period in 2018, representing an increase of 23 percent. This was primarily due to increased marketing expenses and increased personnel costs associated with a larger sales force globally.

General and administrative expenses for the three months ended March 31, 2019, were $20.20M compared to $17.30M for the same period in 2018, representing an increase of 17 percent. This was primarily due to an increase in personnel costs and an increase in professional services.

Personnel costs for the three months ended March 31, 2019, included $9.70M in non-cash share-based compensation expenses, comprised of $0.40M in cost of revenues; $1.20M in research, development and clinical trials; $2.00M in sales and marketing; and $6.10M in general and administrative expenses. Total non-cash share-based compensation expenses for the first quarter 2018 were $8.50M.

Net loss for the three months ended March 31, 2019, was $12.20M, or $0.13 per share, compared to net loss of $20.70M for the same period in 2018, or $0.23 per share, representing an improvement of 41 percent.

At March 31, 2019, we had $152.10M in cash and cash equivalents and $104.50M in short-term investments, for a total balance of $256.60M in cash, cash equivalents and short-term investments.

NVCR has a market value of $6.97B while its EPS was booked as $-0.44 in the last 12 months. The stock has 96.07M shares outstanding. In the profitability analysis, the company has gross profit margin of 71.80% while net profit margin was -13.80%. Beta value of the company was 2.34; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.30.

Earnings Roundup: Neovasc Inc. (NASDAQ: NVCN)

By
Elaine Goetz
-

RICHMOND, British Columbia, October 13, 2019 – Shares of Neovasc Inc. (NASDAQ: NVCN) showed the bearish trend with a lower momentum of -3.40% to $3.41. The company traded total volume of 32.559K shares as contrast to its average volume of 104.45K shares. The company has a market value of $25.51M and about 7.48M shares outstanding.

Neovasc Inc. (NVCN) reported a loss of $8.60M in its first quarter. The Richmond, British Columbia-based company said it had a loss of 21 cents per share. Losses, adjusted for asset impairment costs, came to 20 cents per share. The medical device company posted revenue of $585,800 in the period. Its adjusted revenue was $586.0K.

The stock, as of recent close, has shown the weekly downbeat performance of -5.01% which was maintained at -43.45% in this year.

Eye-Catching Stock to Track: Noble Energy Inc. (NYSE: NBL)

By
Ronald Bass
-

HOUSTON, October 13, 2019 – Shares of Noble Energy Inc. (NYSE: NBL) declined -1.58% to $20.59. The stock traded total volume of 4.402M shares lower than the average volume of 5.49M shares.

Noble Energy, Inc. (NYSE: NBL) reported a first quarter net loss attributable to Noble Energy of $313.0M, or $0.65 per diluted share. Net loss counting non-controlling interest was $289.0M. Excluding items impacting comparability, the Company generated an adjusted net loss and adjusted net loss per share attributable to Noble Energy for the quarter of $44.0M, or $0.09 per diluted share. Adjusted EBITDAX was $562.0M, and cash offered by operating activities was $528.0M.

First quarter 2019 organic capital investments attributable to Noble Energy included $487.0M related to U.S. onshore upstream activities and $37.0M for midstream activities funded by the Company. These amounts were lower than anticipated as a result of reduced well costs and facility expenditures. The Company also invested $132.0M in the Eastern Mediterranean, mainly for the development of the Leviathan project. Noble Energy’s acquisition capital for the first quarter amounted to $39.0M, which mainly represented U.S. onshore exploration acreage capture.

Total Company sales volumes for the first quarter 2019 were 337.0K barrels of oil equivalent per day (MBoe/d). Total Company liquids sales volumes (crude oil and natural gas liquids) averaged 190.0K barrels per day (MBbl/d) for the first quarter 2019, or 56 percent of total volumes. The Company’s U.S. onshore assets produced 75 percent of sales volumes, Equatorial Guinea (E.G.) represented 13 percent and Israel comprised 12 percent. Each business unit in the U.S. onshore performed in line or above expectation while International volumes benefitted from high demand in Israel and shorter than anticipated facility maintenance in E.G.

NBL has the market capitalization of $9.95B and its EPS growth ratio for the past five years was -16.90%. The return on assets ratio of the Company was -4.30% while its return on investment ratio stands at 0.40%. Price to sales ratio was 2.16.

Earnings Review: Northwest Natural Holding Company (NYSE: NWN)

By
Ronald Bass
-

PORTLAND, Ore., October 13, 2019 – Shares of Northwest Natural Holding Company (NYSE: NWN) showed the bullish trend with a higher momentum of 0.58% to $69.37. The company traded total volume of 92.732K shares as contrast to its average volume of 124.03K shares. The company has a market value of $2.09B and about 30.07M shares outstanding.

For the first quarter of 2019, Northwest Natural Holding Company, (NWN) reported that net income from continuing operations increased $1.40M to $43.40M (or $1.50 per share), compared to net income from continuing operations of $42.00M (or $1.46 per share) for the same period in 2018. Results reflected higher margin due to new natural gas rates in Oregon and customer growth, partially offset by a regulatory pension disallowance from the final order in the Oregon general rate case and higher operations and maintenance expense.

Excluding the regulatory pension disallowance, on a non-GAAP basis adjusted net income from continuing operations for the first quarter of 2019 was $50.00M (or $1.73 per share) or an increase of $8.00M compared to the same period in 2018. Results reflected higher margin from new natural gas rates in Oregon and customer growth, partially offset by higher operations and maintenance expense.

BALANCE SHEET AND CASH FLOWS:

During 2019, the Company generated $104.80M in operating cash flow and invested $48.80M of capital expenditures in our natural gas distribution segment to support growth, safety, and technology and facility upgrades. Net cash provided by operations was relatively flat mainly due to timing of higher collections from colder than average weather offset by higher gas prices. Cash used in financing activities increased $14.30M primarily due to higher short-term debt balances in 2019.

The Company continues to expect capital expenditures for 2019 to be in the range of $230 to $270.0M to support gas utility customer growth and safety and reliability, as well as several projects. The total capital investment for the five-year period from 2019 to 2023 is expected to range from $850 to $950.0M, with a majority of the investment supporting continued customer growth, natural gas distribution system maintenance and improvements, investments in a new headquarters building and technology, and utility gas storage facility maintenance.

The Company offered net profit margin of 9.40% while its gross profit margin was 60.90%. ROE was recorded as 8.60% while beta factor was 0.24. The stock, as of recent close, has shown the weekly downbeat performance of -0.42% which was maintained at 14.74% in this year.

Hot Stock Analysis: Public Service Enterprise Group Incorporated (NYSE: PEG)

By
Ronald Bass
-

NEWARK, N.J., October 13, 2019 – Shares of Public Service Enterprise Group Incorporated (NYSE: PEG) inclined 1.37% to $62.35. The stock traded total volume of 2.190M shares lower than the average volume of 2.20M shares.

Public Service Enterprise Group (PEG) reported net income for the first quarter of 2019 of $700.0M, or $1.38 per share as compared to Net Income of $558.0M, or $1.10 per share, in the first quarter of 2018.  Non-GAAP Operating Earnings for the first quarter of 2019 were $547.0M, or $1.08 per share, compared to non-GAAP Operating Earnings for the first quarter of 2018 of $492.0M, or $0.97 per share. Non-GAAP results for the first quarter exclude items such as the recognition of net unrealized gains on Nuclear Decommissioning Trust (NDT) equity securities, and Mark to Market (MTM) gains.

PEG has the market capitalization of $31.20B and its EPS growth ratio for the past five years was 3.00%. The return on assets ratio of the Company was 3.20% while its return on investment ratio stands at 6.30%. Price to sales ratio was 3.07 while 72.90% of the stock was owned by institutional investors.

Eye-Catching Stock to Track: Pattern Energy Group Inc. (NASDAQ: PEGI)

By
Ronald Bass
-

SAN FRANCISCO, October 13, 2019 – Shares of Pattern Energy Group Inc. (NASDAQ: PEGI) declined -2.61% to $26.14. The stock traded total volume of 865.136K shares lower than the average volume of 865.60K shares.

Pattern Energy Group Inc. (NASDAQ & TSX: PEGI) reported net loss of $46.0M in the first quarter of 2019, compared to a net loss of $13.0M for the same period last year. The increase of $33.0M in net loss in the quarterly period was primarily attributable to a $24.0M increase in net loss at the operating business segment, mainly due to losses at existing projects, divestitures in 2018, derivative losses and a $10.0M increase in the share of net loss at the development investment segment, which included impairment expense and increased cost of development including legal, professional and related party administrative expense.

Pattern Energy sold 2.115M megawatt hours (“MWh”) of electricity on a proportional basis in the first quarter of 2019, compared to 2.135M MWh sold in the same period last year. The 1% decrease in the quarterly period was primarily due to volume decreases as a result of divestitures in 2018 and unfavorable wind conditions partially offset by volume increases due to acquisitions in 2018 and less curtailment and congestion in the first quarter of 2019.

Adjusted EBITDA decreased 6% to $98.0M for the first quarter of 2019, compared to $104.0M for the same period last year. The $6.0M decrease in the quarterly period was primarily due to decreases of $13.0M due to divestitures in 2018 and $10.0M due to losses at our development investment segment. These decreases in Adjusted EBITDA were partially offset by increases of $16.0M from new projects acquired in 2018 and $2.0M from projects fully operational in both periods.

Cash available for distribution increased 23% to $53.0M for the first quarter of 2019, compared to $43.0M for the same period last year. The $10.0M increase in the quarterly period was primarily due to increases of $9.0M from projects fully operational in both periods and $7.0M from new projects acquired in 2018, partially offset by a decrease of $6.0M due to divestitures in 2018.

PEGI has the market capitalization of $2.54B and its EPS growth ratio for the past five years was 27.40%. The return on assets ratio of the Company was -1.20% while its return on investment ratio stands at -1.10%. Price to sales ratio was 5.01 while 88.30% of the stock was owned by institutional investors.

Stock in Focus: PAR Technology Corporation (NYSE: PAR)

By
Miguel McKinley
-

NEW HARTFORD, N.Y., October 13, 2019 – Shares of PAR Technology Corporation (NYSE: PAR) surged 3.40% to $22.82. The stock grabbed the investor’s attention and traded 136.422K shares as compared to its average daily volume of 217.09K shares. The stock’s institutional ownership stands at 65.20%.

PAR Technology Corporation (PAR) reported a first-quarter loss of $2.70M, after reporting a profit in the same period a year earlier. The New Hartford, New York-based company said it had a loss of 17 cents per share. Losses, adjusted for non-recurring costs, came to 11 cents per share. The software provider for the hospitality industry posted revenue of $44.70M in the period.

PAR has a market value of $370.14M while its EPS was booked as $-1.66 in the last 12 months. The stock has 16.22M shares outstanding. In the profitability analysis, the company has gross profit margin of 18.50% while net profit margin was -14.70%. Beta value of the company was -0.14; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 1.30.

Worth Watching Stock: Perion Network Ltd. (NASDAQ: PERI)

By
Miguel McKinley
-

TEL AVIV, Israel & New York, October 13, 2019 – Shares of Perion Network Ltd. (NASDAQ: PERI) inclined 1.33% to $4.57. The stock traded total volume of 161.449K shares lower than the average volume of 405.58K shares.

Perion Network Ltd. (PERI) reported 12% decrease in revenues from $60.90M in the first quarter of 2018 to $53.80M in the first quarter of 2019. This decline was primarily a result of a 37% decline in Advertising revenues as a result of the transition from selling formats to holistic solution. Despite of the decline in revenues, our gross margin in the Advertising business increased year over year as we prioritize margins and profitability over sales. Search and other revenues increased 12% in the first quarter of 2019 as a result of the addition of new publishers, higher revenue-per-mile and increased number of searches.

Customer Acquisition Costs and Media Buy (“CAC”): CAC in the first quarter of 2019 were $27.40M, or 51% of revenues, as compared to $31.90M, or 52% of revenues in the first quarter of 2018.

Net Income: On a GAAP basis, net income in the first quarter of 2019 was $1.20M, as compared to a net income of $0.10M in the first quarter of 2018.

Non-GAAP Net Income: In the first quarter of 2019, non-GAAP net income was $3.30M, or 6.0% of revenues, compared to the $3.00M, or 5.0% of revenues, in the first quarter of 2018.

Adjusted EBITDA: In the first quarter of 2019, Adjusted EBITDA was $5.10M, or 9.5% of revenues, compared to $4.30M, or 7.0% of revenues, in the first quarter of 2018.

Cash and Cash Flow from Operations: As of March 31, 2019, cash and cash equivalents and short-term deposit were $45.10M. Cash provided by operations in the first quarter of 2019 was $14.00M, compared to $14.60M in the first quarter of 2018.

Short-term Debt, Long-term Debt and Convertible Debt: As of March 31, 2019, total debt was $31.00M, compared to $40.50M at December 31, 2018.

2019 Guidance:

Management has increased its previously issued Adjusted EBITDA guidance of $22.0M to $24.0M for the full year of 2019 to $24.0M to $26.0M.

PERI has the market capitalization of $117.63M and its EPS growth ratio for the past five years was -37.90%. The return on assets ratio of the Company was 3.20% while its return on investment ratio stands at 6.30%. Price to sales ratio was 0.48 while 24.40% of the stock was owned by institutional investors.

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