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HTG Molecular's Q1 Revenues Increase 62 Percent

NEW YORK (GenomeWeb) – HTG Molecular Diagnostics reported after the close of the market on Monday that its first quarter revenues saw a 62 percent bump year over year in spite of a slowdown in product sales.

For the three months ended March 31, the firm reported $1.4 million in total revenues, compared to $865,232 in the year-ago period. While service revenues grew to $830,025 in Q1 2017 from $265,042 in Q1 2016, product revenues slid to $541,144 from $600,190.

"We are pleased with our momentum as we make progress toward increasing adoption of our products and services," HTG President and CEO TJ Johnson said in a statement. "Going forward, we will continue to focus on growing our partnerships with pharma and developing high-value diagnostic tests."

During the quarter, the firm reported a net loss of $5.8 million, or $.73 per share, compared to a net loss of $7.0 million, or $1.02 per share, a year ago.

HTG also said it shed 35 percent of its R&D costs year over year to $1.3 million from $2.0 million, while it cut its SG&A expenses 11 percent year over year to $4.2 million from $4.7 million.  

HTG finished the quarter with $2.8 million in cash and cash equivalents, and $2.6 million in short-term investments available for sale at fair value.

In February, the company appealed a delisting determination by Nasdaq after HTG's shares failed to regain compliance with a listing requirement calling for a minimum $10 million in stockholder equity.

Most recently, HTG and Spain's Instituto Valenciano de Oncologia reached a deal to develop and validate a breast cancer recurrence risk score, based on HTG's technology.