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In Brief This Week: Biocartis, Quest Diagnostics, OpGen, More

NEW YORK – Biocartis reported this week that its full-year 2022 product revenues were €45 million ($48.8 million), including €35.8 million from cartridge sales and €9.2 million from instrument sales and rentals. Cartridge sales within the core oncology business grew 30 percent year over year, while SARS-CoV-2 cartridge sales declined 50 percent. The Belgium-based firm reported an operating cash burn of €38.5 million, a reduction of €18.1 million from €56.6 million in 2021. 

Quest Diagnostics company Pack Health said this week it will use economic development incentives from the state of Alabama to roughly double the space of its Birmingham headquarters and add at least 200 full-time employees. Pack is a patient engagement company whose health advisers support and monitor individuals with chronic conditions and comorbidities to improve their care and outcomes. Quest announced last year that it was acquiring Pack Health. 

OpGen this week announced a preliminary full-year revenue of approximately $2.7 million, in line with guidance from the company’s third quarter earnings call. The Rockville, Maryland-based company’s year-end cash position amounted to approximately $7.4 million, and on Jan. 11, the company closed a public offering of securities of $7.5 million with net proceeds of approximately $6.8 million after placement agent commission and transaction-related expenses. The company additionally implemented a 1-for-20 reverse stock split to regain compliance with Nasdaq's minimum bid price rule in advance of the February 2023 deadline. 

Burning Rock Biotech said this week that it has revised upward its projection for full-year revenue growth. The firm now expects to report 2022 revenues that were approximately 10 percent higher than what it saw in 2021. According to the company, the upward revision was primarily driven by a better fourth quarter performance compared to its prior guidance, issued in November. The company currently expects Q4 revenues down by a "single digit" year over year, with revenues from its central-lab and in-hospital segments down even further due to severe pandemic-related disruptions. Offsetting this, Q4 revenues from pharma services grew significantly compared to the same period in 2021, the firm said. 

Theradiag this week announced its full-year 2022 earnings results, reporting 10 percent growth in revenues to €12.2 million ($13.2 million) from €11.1 million in 2021. The firm’s Theranostics segment also saw 10 percent revenue growth, up to €6.4 million from €5.8 million in the previous year, and the diagnostics segment grew 9 percent to €5.8 million from €5.4 million. The growth in Theranostics revenues was due to recurring sales of the firms I-Tracker tests, the company said in a statement. Theradiag ended the year with a cash position of €6.4 million. 

 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.