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OpGen Q4 Revenues Fall 23 Percent

NEW YORK (GenomeWeb) – OpGen reported after the close of the market Tuesday that its fourth quarter revenues fell 23 percent year over year.

For the three months ended Dec. 31, 2018, OpGen logged $758,959 in revenues compared to $990,912 in the year-ago quarter.

Fourth quarter product sales fell 6 percent to $589,749 from $626,498; laboratory services revenue ticked up 34 percent to $12,510 from $935; and collaboration revenue dropped 57 percent to $156,700 from $363,479.

The company noted that it has been gearing up to submit its Acuitas AMR Gene Panel product to the US Food and Drug Administration for regulatory clearance.

"After several years of research and development for our groundbreaking Acuitas tests and software, we anticipate 2019 will be a year of transition toward commercialization for these new products," OpGen Chairman and CEO Evan Jones said in a statement. "We are completing the final steps necessary to file our first 510(k) submission for testing of antimicrobial resistance genes in bacterial isolates in March. Subsequently we anticipate filing submissions with the FDA for clearance for direct testing from urine samples and for the Acuitas Lighthouse Software for prediction of antimicrobial resistance in acute care patients in under three hours."

The company recently completed a clinical trial for the detection of antimicrobial resistance genes in more than 1,000 clinical bacterial isolates at four participating sites.

The firm's fourth quarter net loss swelled to $3.7 million, or $.47 per share, from a net loss of $3.0 million, or $1.34 per share, in Q4 2017. OpGen used approximately 8 million shares to calculate its loss per share in Q4 2018 compared to about 2.2 million shares in the year-ago period.

The firm's Q4 R&D expenses rose 27 percent to $1.9 million from $1.5 million, while its SG&A expenses increased 17 percent to about $2.1 million from $1.8 million.

For full-year 2018 OpGen's revenues fell 9 percent to $2.9 million from $3.2 million in 2017.

Full-year product sales fell 14 percent to $2.4 million from $2.8 million; laboratory services revenue fell 17 percent to $34,665 from $41,960; and collaboration revenue increased 30 percent to $516,016 from $397,178.

OpGen shaved its 2018 net loss to $13.4 million, or $2.22 per share, from $15.4 million, or $9.80 per share, in 2017. OpGen used about 6 million shares to calculate its net loss in 2018 compared to about 1.6 million shares in 2017.

OpGen's 2018 R&D expenses fell 17 percent to $5.7 million from $6.9 million, while its SG&A expenses dropped 9 percent to $8.6 million from $9.5 million.

The company finished 2018 with $4.6 million in cash and cash equivalents.