NEW YORK – Chembio Diagnostics on Thursday reported that its second quarter revenues grew 42 percent to $9.2 million from $6.5 million a year ago. The company's Q2 product revenues more than doubled to $8.9 million from $3.9 million a year ago. Chembio's Q2 net loss was $6.9 million, or $.23 per share, compared to $9.1 million, or $.45 per share a year ago. The company finished the quarter with $22.8 million in cash and cash equivalents. Chembio also noted that after an internal assessment, the company has determined that it is unlikely that it will be able to generate enough cash to meet its required financial obligations, including debt and other obligations due to third parties, raising "substantial doubt about the company's ability to continue as a going concern" for the next 12 months. Chembio added that it will continue to focus on regulatory approvals for its DPP SARS-CoV-2 Antigen test system, DPP Respiratory Antigen Panel, and DPP HIV-Syphilis test system.
Exagen said on Thursday that its second quarter revenues dropped 30 percent to $9.0 million from $12.8 million in the year-ago quarter, primarily due to a decrease of $3.2 million in revenue from its flagship Avise CTD Test, including Avise Lupus, to $7.2 million. Exagen incurred a Q2 net loss of $13.3 million, or $.78 per share, compared to a net loss of $6.4 million, or $.38 per share, a year ago. The company finished the quarter with $76.4 million in cash and cash equivalents. Exagen also said that it launched a prospective clinical study called "Treatment stratification using Gene Expression profiling in Rheumatoid arthritis" (TiGER) to validate its genomic diagnostic test for rheumatoid arthritis using the Avise RADR (rheumatoid arthritis drug response) platform. The goal of the trial is to assess whether certain biomarkers from synovial biopsies of inflamed joint tissue accurately predict response to anti-rheumatic medications.
Opko Health on Thursday reported $309.9 million in revenues for the second quarter of 2022, down 30 percent from $442.4 million during the same period a year ago and missing the Wall Street estimate of $326.9 million. Diagnostics revenues were $186.8 million, down 53 percent from $397.2 million in the prior-year period, primarily due to lower COVID-19 testing volume. During the quarter, the company completed the sale of genetic testing firm GeneDx to Sema4 for approximately $322 million in cash and stock and up to an additional $150 million in milestone payments. Opko’s net loss for the quarter was $101.7 million, or $.14 per share, compared to a net loss of $16.2 million, or $.03 per share, in Q2 of 2021. It missed the Wall Street estimate of a net profit of $.01 per share. Opko ended the quarter with $210.5 million in cash and cash equivalents.
Biodesix on Thursday reported second quarter revenues of $11 million, down 8 percent from $11.9 million in the same period last year but ahead of the Wall Street consensus estimate of $8.8 million. The decline in revenues was driven primarily by an anticipated decrease in COVID-19 diagnostic testing, as well as a drop in biopharma services revenue. However, these declines were offset by strong growth in its core lung diagnostics revenue, which rose 52 percent year over year to $7.3 million. Biodesix's Q2 net loss was $15.8 million, or $.40 per share, compared to a loss of $11.4 million, or $.41 per share, again beating analysts' consensus estimate of $.46 per share. The company ended the quarter with cash and cash equivalents of $23.6 million.