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Curetis Preliminary 2017 Revenues Sink 8 Percent

NEW YORK (GenomeWeb) – Curetis reported today that it expects an 8 percent drop in 2017 revenues as an increase in sales of test cartridges for its Unyvero molecular diagnostic instrument was offset by a decline in system and service sales.

The company also announced that its Ares Genetics subsidiary has been awarded a €1.6 million ($2 million) grant from the Austrian Research Promotion Agency to develop deep machine learning tools and bioinformatics algorithms for the modeling, diagnosis, and prediction of antibiotic resistance. Ares was established last year to use Curetis' Genetic Antibiotic Resistance and Susceptibility Database to develop antibiotic resistance tests.

Curtis said its preliminary revenues for 2017 dropped to €1.2 million from €1.3 million in 2016. Cartridge sales in 2017 were €700,000 versus €560,000 the year before, while instrument and service sales fell to €500,000 from €750,000.

The company also said that it finished the year with 175 of its Unyvero instruments placed worldwide, missing previous guidance of 200 instruments. Curetis said that the placement shortfall was due to a delay in the planned US launch of the Unyvero system and tests to 2018.

"We expect a near-term clearance decision for our Unyvero System and [lower respiratory tract infection] cartridge" by the US Food and Drug Administration, Curetis CEO Oliver Schacht said in a statement. "The US product launch is fully prepared and can be initiated immediately after clearance. We have built a team of 17 marketing, sales, and service professionals in the US and our warehouse in San Diego is stocked with systems and cartridges in order to install the first products very rapidly."  

As of December 31, Curetis had cash and cash equivalents totaling €16.3 million.