NEW YORK – Lucid Diagnostics said this week that its third quarter revenues rose nearly tenfold to $783,000 from $76,000 as the company performed 2,575 EsoGuard Esophageal DNA Tests in the quarter, up 137 percent from the year-ago period. The New York-based molecular diagnostics firm, a majority-owned subsidiary of PavMed, reported a net loss of $14.2 million, or $.34 per share, compared to a net loss of $14.3 million, or $.39 per share, a year ago. The firm reported an adjusted loss per share of $.22. The firm noted that during Q3 there was a substantial increase in clinical utility data to support payor coverage for EsoGuard, with results from three studies (CLUE, PREVENT Registries, and SAFD Study) showing 99 percent to 100 percent concordance with existing methods in more than 1,500 patients. Lucid finished the quarter with $24.1 million in cash and cash equivalents.
MDxHealth this week said it has completed a share consolidation via a 1-for-10 reverse stock split. As a result, the number of the firm's shares on the Euronext Brussels exchange were reduced to 27,288,093 shares from 272,880,936 shares. MDxHealth said last month that it would transition from a dual listing of its American Depositary Shares on the Nasdaq and its ordinary shares on Euronext Brussels to a single listing on the Nasdaq. The transition involved the 1-for-10 reverse stock split of its ordinary shares, while each ADS would be represented by one new share.
Renalytix this week said that its fiscal 2024 first quarter revenues were down 53 percent year over year to $459,000 from $969,000. For the three months ended Sept. 30, the kidney disease in vitro diagnostic firm recorded a total of 1,297 tests, 56 percent of which were billable, compared to 1,232 tests, of which 57 percent were billable, the prior year. Renalytix said that discussions are underway to ensure there will be sufficient finances to provide runway through at least early calendar year 2026. Options include cost reductions and growing sales through accounts with new hospital systems and independent physicians. It added that a cost-cutting initiative is expected to reduce payroll expenses by over 35 percent and total SG&A by over 30 percent year over year. The company had a net loss of $10.2 million, or $.11 per share, for Q1 2024 compared to a net loss of $12.0 million, or $.16 per share, a year ago. Renalytix finished the recently completed quarter with $13.9 million in cash and cash equivalents.
Thermo Fisher Scientific said this week that its board of directors has authorized the repurchase of $4 billion of shares of its common stock in the open market or in negotiated transactions. The authorization has no expiration date, Thermo Fisher said, and will replace the company’s existing repurchase authorization, of which $1 billion was remaining.
Quest Diagnostics declared this week a quarterly cash dividend of $.71 per share of common stock. The dividend is payable on Jan. 31, 2024, to shareholders of record on Jan. 17, 2024.
Exagen this week announced its Q3 2023 financial results, reporting revenues of $13.4 million, down 9 percent from $14.7 million in Q3 2022. The firm noted that Q3 2022 revenues included $3.7 million of Medicare revenue. Net loss for the quarter was $5.4 million, or $.31 per share, compared to a loss of $8.1 million, or $.47 per share, in the prior-year quarter. The company exited the quarter with $28.4 million in cash and cash equivalents. For full-year 2023, the firm expects revenues of at least $50 million.
Mainz Biomed said this week that it has closed its previously announced direct offering with several institutional investors to purchase $5.0 million of its ordinary shares and warrants. The combined effective purchase price for each ordinary share and associated warrant was $1.20. Titan Partners Group was the sole placement agent for the offering.
Separately, Mainz also this week announced its Q3 2023 financial results, reporting revenues of $181,669, up 88 percent from $96,791 in the prior-year quarter. Net loss was $6.3 million, or $.39 per share, compared to $5.6 million, or $.39 per share, in Q3 2022. The company ended the quarter with $9.3 million in cash.
Agilent Technologies this week said its board of directors declared a quarterly dividend of $.24 per common share payable Jan. 24, 2024, to all shareholders of record as of the close of the market on Jan. 2.
OpGen this week reported third quarter revenues of $699,022 compared to $448,713 in the year-ago period. The company implemented cash management initiatives in the quarter, including reducing headcount at its US operations, and signed a preferred stock purchase agreement with a potential strategic investor. Its Curetis and Ares Genetics subsidiaries are currently subject to bankruptcy proceedings. Net loss was $4.06 million, or $.46 per share, compared to a loss of $14.10, or $5.92 in Q3 2022. The company ended the quarter with $292,642 in cash and cash equivalents.
Biovica this week said it is partnering with Axlab to commercialize Biovica's DiviTum TKa assay in the Nordic region. The deal will make the test available to oncology departments and cancer centers in the area. Financial and other terms of the agreement were not disclosed. The blood-based DiviTum TKa assay is used to monitor and predict treatment response in hormone-receptor-positive metastatic breast cancer by measuring thymidine kinase activity. Based in Denmark, Axlab supplies equipment to hospitals and laboratories.
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.