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Diagnostics Firm Quotient Posts 5 Percent Fiscal Q2 Revenue Increase, Testing Platform Receives CE Mark

NEW YORK (360Dx) – Quotient today announced a 5 percent increase in its fiscal second quarter revenues, as well as CE marking for its MosaiQ instrument.

For the three months ended Sept. 30, the Eysins, Switzerland-based firm posted $6.2 million in total revenues, up from $5.9 million in the year-ago period. Product sales from original equipment customers rose almost 5 percent to $4.4 million from $4.2 million while product sales from direct customers and distributors increased 12 percent to $1.9 million from $1.7 million.

Quotient's operating loss for Q2 2019 loss widened to $21.1 million from $18.1 million in Q2 2018. It said that capital expenditures during the recently completed quarter narrowed to $200,000 from $6.8 million a year ago, reflecting the finalization of the construction of its new conventional reagent manufacturing facility earlier in the year.

The company ended the quarter with $68.5 million in available cash and short-term investments.

For Q3, product sales are expected to be in the range of $6 million to $6.5 million, it said.

For full-year fiscal 2019, Quotient forecast product revenue to be in the range of $25.5 million to $26.5 million. Other revenue is anticipated to be about $900,000. It expects an operating loss for the year of between $65 million and $75 million.

The firm also said that it has received CE marking for its MosaiQ instrument, a platform to deliver fast and comprehensive antigen typing, antigen detection, and serological and molecular disease screening, using a single low-volume sample in a high-throughput automated format.

The manufacturing facility for the platform also had a successful ISO 13485:2016 audit, it added.

Quotient has filed for CE marking for the initial MosaiQ IH microarray and anticipates filing for its first serological disease screening microarray during the first half of 2019. Additionally, it plans to expand its antigen testing menu during the remainder of 2018 and anticipates beginning US field trials with the expanded antigen testing menu in H1 2019. Quotient added it expects to file for US and European regulatory approval for the expanded IH microarray in H2 2019.