NEW YORK – Molecular diagnostics instrument and assay developer Biocartis reported on Friday that its third quarter product revenues increased 14 percent year over year.
The Mechelen, Belgium-based firm reported product revenues were €30.5 million ($29.9 million), comprised of €25.2 million in revenues from cartridge sales and €5.3 million from instrument sales and rentals.
"Our operating performance in Q3 2022 remained strong and fully in line with expectations," said Herman Verrelst, Biocartis' CEO.
Biocartis said its oncology cartridge sales grew 36 percent to €22 million in the nine months ending Sept. 2022 compared to the nine months ending Sept. 2021. The firm also reported €3.2 million in infectious disease cartridge revenues, including €2.5 million from its Idylla SARS-CoV-2 product.
Biocartis has placed 189 new instruments this year, and had a total installed base of 2,029 instruments at the end of Q3 2022.
In the recently completed quarter, the firm announced two new commercialization partnerships with SkylineDx and Ophiomics. It also obtained regulatory approval in China for its Idylla instrument, while its distribution partner in Japan, Nichirei Biosciences, received approval for the commercialization of the Idylla microsatellite instability (MSI) test.
Also in the quarter, Biocartis announced recapitalization intended to provide the company with €66 million to help manage liquidity until it reaches operating breakeven. The firm will hold a shareholders meeting on Oct. 27 to effect the recapitalization.
Biocartis expects fourth quarter revenues to be impacted by current economic factors, deferred initiation of clinical trials until 2023 by partners, customers holding less cartridge stock, and delayed revenues due to increased utilization of its free instrument evaluation program.
The firm expects product revenues for 2022 of at least €45 million.