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HTG Molecular Diagnostics Q2 Revenues up 5 Percent as Pandemic Pressures Ease

NEW YORK— HTG Molecular Diagnostics reported after the close of the market on Thursday that its second quarter revenues bumped up about 5 percent year over year.

For the three months ended June 30, the Tucson, Arizona-based firm reported revenues of $2.1 million compared to $2.0 million in the same period of 2020, matching the consensus Wall Street estimate.

Revenues from products and product-related services made up all of the firm's revenues in Q2 2021 and represented a 24 percent increase from $1.7 million in Q2 2022. The firm attributed the increase to growing demand for RUO sample processing services and consumables as recovery from the COVID-19 pandemic brought development activity closer to normal levels.

The firm recorded no revenues from collaborative development programs during the recently completed quarter compared to about $235,000 in the same period last year.

Among recent business highlights, HTG cited the commercial launch of its HTG Transcriptome Panel for sale as a kit in the US and Europe or as a service through its lab. Designed to measure approximately 20,000 mRNA targets, the panel is currently available for use with Illumina sequencing platforms. According to the company, its early adopter program for the assay yielded its first revenue-generating orders during Q2 2021.

The firm also highlighted its formation of a new drug discovery business unit, HTG Therapeutics, this July.

"We believe our sequential growth this quarter over the first quarter of 2021 indicates our core business is recovering. Increased sample processing activity … and consumable product orders from existing and new customers were the driving factors in the growth of our product and product-related services revenue," HTG CEO John Lubniewski said in a statement.

HTG's net loss in the second quarter was trimmed to $2.6 million, or $.39 per share, from $5.7 million, or $1.30 per share, a year ago. It beat the analysts' consensus estimate of a loss per share of $.77. The company used 6,687,330 shares to calculate its EPS this quarter and 4,383,831 shares in the year-ago period.

The firm's R&D spending in the quarter was down about 24 percent at $1.3 million compared to $1.7 million in the same quarter of 2020, while its SG&A costs shrank about 9 percent to $3.9 million from $4.3 million.