NEW YORK — Quest Diagnostics said this week that it has declared a quarterly cash dividend of $.75 per share, payable on Jan. 29, 2025, to shareholders of record of Quest common stock on Jan. 14, 2025.
The company also said in its most recent quarterly report that it paid $230 million in cash for its acquisition of the outreach laboratory business of Allina Health and $300 million in cash for its acquisition of the laboratory business of three New York physician groups. The Allina deal was originally announced in June, and the physician group deal was announced in October.
T2 Biosystems said this week that its third quarter revenues rose 33 percent to $2.0 million from $1.5 million a year ago. The results matched the company's preliminary Q3 financial results announced last month. Revenues from the firm's sepsis test panel grew 34 percent year over year to $1.4 million, driven by an uptick in T2Bacteria Panel sales in the US, the Lexington, Massachusetts-based developer of sepsis and antibiotic resistance tests said. T2 Bio executed contracts for 11 T2Dx instruments in Q3, including 10 international ones and one in the US. The firm had a Q3 net loss of $10.1 million, or $.57 per share, compared to a net loss of $15.4 million, or $3.45 per share, a year ago. It used 17.9 million shares to calculate its recent loss-per-share figure compared to 4.5 million shares in Q3 of 2023. In May, the firm said it planned to raise $8 million in a private placement. T2 Bio exited Q3 with $2.1 million in cash and cash equivalents and $551,000 in restricted cash.
Oncocyte reported this week that its third quarter revenues fell 73 percent to $115,000 from $429,000 a year earlier. For the quarter ended Sept. 30, the firm reported a net loss of $13.5 million, or $.98 per share, compared to a net loss of $6.5 million, or $.81 per share, in the year-ago quarter. The firm ended the quarter with $5.1 million in cash, cash equivalents, and restricted cash. Oncocyte noted that it had recently submitted to the US Food and Drug Administration a plan to develop an IVD version of its donor-derived cell-free DNA (dd-cfDNA) test kit to assess organ health and rejection risk, and the company intends to begin work on validating the test in early 2025. Six hospitals and clinics have expressed interest in participating in an observational study and four institutions have expressed interest in participating in a reproducibility study, the company said.
Myriad Genetics this week announced the over-the-counter availability of its SneakPeek early fetal sex test in more than 8,800 retail locations across the US. The company plans to launch a product rebrand, new packaging design, and website next year. The test allows expectant parents to learn the sex of their fetus as early as six weeks into pregnancy, Myriad said.
Lucid Diagnostics this week said its third quarter revenues grew 53 percent to $1.2 million from $783,000 a year ago. It noted that it performed 2,787 commercial EsoGuard tests during the three months ended Sept. 30. The next-generation sequencing-based test is a DNA methylation assay for the early detection of esophageal precancer.
For Q3 2024, the company posted a loss of $12.4 million, or $.25 per share, compared to a net loss of $14.2 million, or $.34 per share, in Q3 2023. On a non-GAAP basis, Lucid's net loss per share for the recently completed quarter was $.20. The firm, which is a subsidiary of PAVmed, ended Q3 2024 with $14.5 million in cash and cash equivalents.
Trinity Biotech this week reported that its Q3 2024 revenues grew 3 percent year over year to $15.2 million from $14.7 million. Clinical laboratory revenues declined 10 percent to $10.8 million from $12.0 million in the prior-year quarter, while point-of-care revenues rose 60 percent to $4.3 million from $2.7 million. Net loss for the quarter was $4.8 million, or $.46 per share, compared to net loss of $6.7 million, or $.88 per share, in Q3 2023. Trinity Biotech ended the quarter with $2.8 million in cash, cash equivalents, and deposits. The firm noted that it has implemented a comprehensive restructuring plan across the business to include the centralization and offshoring of corporate services and the consolidation and relocation of manufacturing operations.
Swedish medtech firm Capitainer said this week that it has established a US business for customer support, order processing, and product distribution. The company said that its Providence, Rhode Island-based operations will provide a competitive advantage in the growing US market for self-sampling technologies.
French cell-based diagnostics firm Ikonisys this week said its Hospitex business has renewed its contract with Novodiax to be that firm's European authorized representative and importer. Financial and other terms of the deal were not disclosed. Based in Hayward, California, Novodiax specializes in immunohistochemistry technology and provides CE-IVD marked IHC products for real-time cancer diagnostics using tissue samples. Ikonisys will oversee the importation, warehousing, regulatory compliance, and technical support for Novodiax as part of the deal. Ikonisys acquired Hospitex, a provider of solutions for streamlining cytology-based diagnostics, late last year.
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.