OpGen, Inc. (NASDAQ:OPGN) has released their financial and operational results for Q3 2016.
GAITHERSBURG, Md., Oct. 24, 2016 (GLOBE NEWSWIRE) — OpGen, Inc. (OPGN) today reported financial and operational results for the three and nine months ended September 30, 2016. Highlights of the third quarter and recent weeks include:
Third-quarter revenues of $0.8 million, a 23% decrease over prior year
Nine-month revenues of $3.0 million, a 65% increase over prior year
Automated QuickFISH® Pathogen ID clinical trial anticipated to begin Q1 2017
Acuitas Lighthouse® rapid antibiotic resistance test and knowledgebase development underway
Initial Intermountain Healthcare Retrospective Study results presented
Total revenue for the third quarter of 2016 was $0.8 million, compared with $1.0 million for the third quarter of 2015, a 23% decrease. Product sales and laboratory services decreased to $0.8 million, compared with $1.0 million for the third quarter of 2015. The decrease was attributable to decreased rapid pathogen ID and legacy genome mapping product sales. Gross margin on product sales was 45% for the third quarter of 2016. Total operating expenses for the third quarter of 2016 were $5.6 million, compared with $5.6 million for the third quarter of 2015. The net loss attributable to common stockholders for the third quarter of 2016 was $4.8 million, or $0.23 per share, compared with a net loss attributable to common stockholders for the third quarter of 2015 of $4.7 million, or $0.38 per share. The company had cash and cash equivalents of $4.3 million as of September 30, 2016, compared with $7.8 million as of December 31, 2015.
Total revenue for the nine months ended September 30, 2016 was $3.0 million, compared with $1.8 million for the same period of 2015, a 65% increase. Revenue from product sales and laboratory services increased 90% to $2.9 million from $1.5 million in 2015 primarily as a result of sales of rapid pathogen ID testing products. Gross margin on product sales was 53% for the nine months ended September 30, 2016. Total operating expenses for the nine months ended September 30, 2016 were $17.3 million, compared with $12.1 million for the nine months ended September 30, 2015. Net loss attributable to common stockholders was $14.7 million for the nine months ended September 30, 2016, or $0.92 per share, compared with a net loss attributable to common stockholders of $12.9 million for the nine months ended September 30, 2015 or $2.00 per share.
“During the quarter we continued to make progress developing our genomics and informatics business. Nine-month revenue increased 65% to $3.0 million and we continued to progress a number of key strategic initiatives. In the area of rapid antibiotic decision-making, our automated rapid pathogen ID system is on track to begin 510(k) clinical trials in Q1 2017 and development of our mAST™ antibiotic resistance testing solution is underway. We have begun testing thousands of pathogens to support development of our Acuitas Lighthouse rapid antibiotic resistance test and knowledge base following the successful verification of our expanded Resistome test and the initial performance confirmation of our mAST genotype/phenotype predictive algorithms. These products and services are being developed to address the large and growing global antibiotic resistance testing opportunity,” said Evan Jones, chairman and chief executive officer of OpGen.
“We continue to work closely with large healthcare providers and hospital networks to demonstrate the benefits of our integrated informatics and genomic products and services. At IDWeek 2016 we anticipate the presentation of additional data from these collaborative efforts as we work to transform acute care infectious disease monitoring with our Acuitas Lighthouse offerings.”
Mr. Jones concluded, “During the third quarter our revenues, were negatively impacted by several items. These included the timing of sales, the phase-out of our legacy whole genome mapping products, and supply chain issues for our rapid pathogen ID products. We have addressed the supply chain issues and, looking forward, we anticipate a stable recurring revenue base from our rapid pathogen ID testing products and growing contribution to revenue from our new product sales and service offerings.”
Conference Call and Webcast
OpGen management will hold a conference call today beginning at 4:30 p.m. (EDT) to discuss third quarter financial results and other business activities. The call can be accessed by dialing 844-420-8185 (domestic) or 216-562-0481 (international) and providing passcode 4676290. A live webcast of the conference call can be accessed by visiting the Investor Relations section of the company’s website at http://ir.opgen.com. A replay of the webcast will be available shortly after the conclusion of the call on the company’s website for 90 days.
OpGen, Inc. (NASDAQ:OPGN) are actively moving +3.46% thus far today on the news and have traded in the range of $1.72 – 1.95 during the session. A number of research firms have recently weighed in on the stock, providing future price targets. The covering firms currently have a consensus one-year price target of $3.25 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. This is the average number from the individual targets provided by the firms. Analysts are projecting earnings per share of $-0.23 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-1.17 per share according to First Call.
In looking at where the stock is trading on a technical level, the stock is trading +9.04% away from its 50-day moving average of $1.61. Based on the most recent available data, the equity is -62.15% off of its 52-week high of $4.65 and +72.55% away from its 52-week low which is $1.02.
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Today, the stock opened at $1.89 and the last bid at the time of writing stood at $1.76. During the session thus far, the equity dipped down to $1.72 and touched $1.95 as the high point. OpGen, Inc. (NASDAQ:OPGN) has a market cap of $38.13M and has seen an average daily volume of 408,586 over the past three months.
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