Stock Update (NASDAQ:NVIV): Invivo Therapeutics Holdings Corp Reports 2015 Second Quarter Financial Results and Business Update


Invivo Therapeutics Holdings Corp (NASDAQ:NVIV) reported financial results for the quarter ended June 30, 2015.

Mark Perrin, Chief Executive Officer and Chairman, said, “InVivo made significant advancements across all fronts during the second quarter. The three patients in our ongoing clinical trial continued to make meaningful motor and sensory improvements. We added two new clinical sites, one of which is a federally designated Spinal Cord Injury Model Systems center. We expanded our communications efforts by exhibiting at two major neurological conferences and were highlighted in InVivo Co-founder Dr. Robert Langer’s closing keynote address at the International Society for Stem Cell Research Annual Meeting. We added a wealth of spinal cord injury and neurosurgical knowledge to our scientific advisory board by adding Jim Guest, M.D., Ph.D., and we strengthened our Board structure by appointing Ann Merrifield as Lead Director.

“Further, these significant advancements were likely being monitored by a broader set of financial institutions with our uplisting to the Nasdaq and our inclusion in various Russell Indexes. It was a great quarter and we reiterate our previous cash forecast: we anticipate our cash position will last us into the fourth quarter of 2016.”

Financial Results

For the quarter ended June 30, 2015, the Company reported a net loss of approximately $10,443,000 or $.39 per diluted share, compared to a net loss of $3,646,000 or $.17 per diluted share, for the quarter ended June 30, 2014. The 2015 results were impacted by a loss in the derivative warrant liability of $4,653,000 reflecting changes in the fair market value of the derivative warrant liability. The results for the three months ended June 30, 2014 were impacted by a gain in the deferred warrant liability of $1,127,000 and partly offset by a charge of $309,000 related to the re-alignment of resources completed in the second quarter of 2014. Excluding these charges, for the quarters ended June 30, 2015 and June 30, 2014, adjusted earnings loss per diluted share were $.21 and $.21, respectively.

The Company ended the quarter with $25,114,000 of cash and cash equivalents. During the second quarter, the Company received $4.0 Million from the exercise of warrants issued in the Company’s May 2014 public offering.

For the six months ended June 30, 2015, the Company reported a net loss of approximately $26,273,000 or $1.02 per diluted share, compared to a net loss of $8,749,000 or $.45 per diluted share, for the six months ended June 30, 2014. The 2015 results were impacted by a loss in the derivative warrant liability of $14,940,000 reflecting changes in the fair market value of the derivative warrant liability. The results for the six months ended June 30, 2014 were impacted by a gain in the derivative warrant liability of $1,127,000. This gain was partly offset by a charge related to the re-alignment of resources, completed in the second quarter of 2014, of $309,000. Exclusive of these items, for the six months ended June 30, 2015 and June 30, 2014, adjusted earnings per diluted share losses were $.44 and $.48, respectively.

Through the first six months of 2015, the Company received $6.9 Million from warrant exercises, representing approximately 69% of the warrants issued in the Company’s May 2014 public offering.

Adjusted net loss and adjusted net loss per share are non-GAAP financial measures that exclude the items noted. A reconciliation of these measures to the comparable GAAP measure is included with the tables contained in this release. The Company believes a presentation of these non-GAAP measures provides useful information to investors to better understand, on a period-to-period comparable basis, financial amounts both including and excluding these identified items, the Company’s operations. (Original Source)

Shares of Invivo Therapeutics closed today at $14.12, down $0.37 or 2.55%. NVIV has a 1-year high of $0 and a 1-year low of $0. The stock’s 50-day moving average is $15.79 and its 200-day moving average is $12.56.

On the ratings front, H.C. Wainwright analyst Andrew Fein reiterated a Buy rating on NVIV, with a price target of $25, in a report issued on July 14. The current price target represents a potential upside of 77.1% from where the stock is currently trading. According to TipRanks.com, Fein has a total average return of 26.2%, a 61.6% success rate, and is ranked #110 out of 3724 analysts.

InVivo Therapeutics Holdings Corp is a research and clinical-stage biomaterials and biotechnology company with a focus on treatment of spinal cord injuries.