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In Brief This Week: NeoGenomics, Quidel, SQI Diagnostics, and More

NEW YORK (360Dx) – NeoGenomics said this week it has completed its previously announced acquisition of Genoptix. NeoGenomics said that the acquisition expands its reach into the oncology space and significantly accelerates progress toward its scale and growth objectives.

NeoGenomics acquired Genoptix for $125 million in cash, as adjusted by working capital and other adjustments, and 1 million shares of NeoGenomics common stock. Genoptix is expected to contribute $85 million in revenue and break-even EBITDA in the first year, $25 million in cost synergies over time, and 25 percent EBITDA margin by the end of year three.

Quidel said this week that manufacturing of the Quidel Triage PLGF test will resume in 2019, and the test will be commercially available outside of the US for clinical use starting in the first quarter. Knowing the maternal circulating concentration of placental growth factor helps in the early and accurate diagnosis of preterm preeclampsia, aiding clinicians to risk-stratify pregnant women. Quidel acquired the test from Alere when it bought the Triage business in 2017. The company said that it has completed its internal review of unmet clinical needs in managing preeclampsia, as well as the strength of clinical evidence, and determined that the Quidel Triage PLGF test is "a competitive and medically necessary diagnostic test." 

 Toronto, Canada-based SQI Diagnostics this week reported that revenues for its fiscal fourth quarter rose 447 percent to C$563,000 ($422,250) from C$126,000 in the fourth quarter of 2017.

For the three months ended Sept. 30, the firm recorded a net loss of C$2.0 million, or C$.01 per share, compared to a net loss of C$1.5 million, or C$.01 per share in the prior-year quarter.

SQI's Q4 R&D expenses rose 15 percent year over year to C$870,000 from C$757,000, and its corporate, general, sales, and marketing expenses rose 19 percent to C$761,000 from C$641,000.

For fiscal 2018, the firm reported revenues of C$1.3 million, up 38 percent from $968,000 in fiscal 2017.

SQI recorded a 2018 net loss of C$7.4 million, or C$.06, compared to a net loss of C$5.9 million, or C$.06 per share, in 2017.

Luminex's board of directors this week declared a fourth quarter cash dividend of $.06 per share, payable on Jan. 10, 2019 to stockholders of record as of the close of business on Dec. 20, 2018.

Abbott’s board of directors increased its quarterly dividend to $.32 per share, a 14 percent increase, payable on Feb. 15, 2019 to stockholders of record as of the close of business on Jan. 15, 2019.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.