NEW YORK (GenomeWeb) – HTG Molecular said today that it expects a 46 percent year-over-year increase for its full-year 2018 revenues driven by its early-phase pharma programs.
For the year ended Dec. 31, 2018, HTG said it anticipates total revenues of approximately $21.5 million, up from $14.8 million in revenues generated in 2017. Product revenues for 2018 is expected to increase 25 percent over 2017 while pharma services revenue is expected to rise 38 percent year over year. HTG also anticipates collaboration revenues for 2018 to increase 56 percent over 2017.
"2018 was a solid year of growth across all of our revenue segments, and while we are pleased with the underlying fundamental strength of our business, we continue to see volatility in the timing of our collaboration revenues as program milestones move between periods," HTG CEO TJ Johnson said in a statement. He added that the firm remains "confident in the long-term trajectory of our biopharma business and in the substantial potential of our technology to advance precision medicine. Additionally, we are seeing meaningful growth in our early-phase pharma programs and see this as a good leading indicator for 2019 and beyond."
HTG expects to report about $34.4 million in cash and cash equivalents as of the end of 2018, up from $10 million the previous year.
HTG expects to announce its final 2018 financial results on March 7.