NEW YORK – OpGen said after the close of the market on Thursday that its second quarter revenues fell 32 percent year over year.
For the three months ended June 30, the Rockville, Maryland-based firm reported revenues of $811,615 compared to $1.2 million in Q2 2020. The decrease is mostly due to the company exiting its fluorescence in situ hybridization business at the end of Q1 of this year, along with the conclusion of non-recurring partnering revenues from a finished R&D collaboration at Ares Genetics in 2020.
Year-over-year product sales declined 49 percent to $307,804 from $601,304; laboratory services revenues increased tenfold to $266,784 from $25,992; and collaboration revenues fell 58 percent to $237,027 from $561,089.
During the quarter, OpGen submitted an updated 510(k) summary to the US Food and Drug Administration for its Acuitas AMR Gene Panel for Isolates, with a finished review expected by the end of August. The company previously submitted its panel to the agency in May 2019, and the FDA has twice requested more information.
OpGen also extended its collaboration with the New York State Department of Health to develop solutions to detect, track, and manage antimicrobial-resistant infections at healthcare institutions across the state.
OpGen's second-quarter net loss was $7.1 million, or $.19 per share, compared to $7.5 million, or $.49 per share, a year ago.
The company's Q2 R&D expenses dropped 3 percent year over year to $2.9 million from $3.0 million, while its SG&A expenses were flat year over year at $3.5 million.
OpGen finished the quarter with $31.2 million in cash and cash equivalents.