Exalenz Bioscience Ltd Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018 and Revenue Guidance for the Year 2019
Revenue for the full year 2017 increased 127% to $9.5 million compared to the full year 2016. Operating loss was $5.0 million in the full year 2017, compared to an operating loss of $6.2 million in 2016. The EBITDA-adjusted operating loss (eliminating accounting effects and non-recurring expenses related to a PDUFA fee refund) amounted to $3.9 million for the full year 2017, compared to $5.4 million in the prior year. Net loss amounted to $5.4 million in the full year 2017, compared to a net loss of $6.3 million in the full year 2016. The progress in 2017, which included a significant increase in sales for the company's laboratory system in the United States and achieving numerous important milestones related to the development of the company's technology in liver indications, a market with significant unmet need.
The company expects to double its sales in 2018 to $17 million - $19 million. In addition, the company anticipates a positive quarterly cash flow from operating activities in 2018.
The company forecasts revenue of $28 million - $32 million in 2019.