NEW YORK (360Dx) – Oxford Immunotec today reported a 26 percent jump in its first quarter revenues, aided by its new tick-borne disease franchise.
For the three months ended March 31, total revenues came in at $21.5 million, up from $17.1 million a year ago and above the consensus Wall Street estimate of $21.2 million.
Product revenues were up 3 percent year over year to $8.4 million from $8.1 million, and service revenues grew 46 percent to $13.1 million from $9.0 million. By disease indication, tuberculosis revenues rose 8 percent to $18.5 million, compared to $17.1 million in Q1 2016, while the firm's tick-borne disease franchise notched $3.0 million in revenues for the recently completed quarter, compared to none a year ago.
"Our core tuberculosis business grew in line with our expectations, with strong growth in the US, Europe, and [the rest of the world] markets during the first quarter, and we saw a strong contribution from our newly acquired tick-borne disease franchise," Oxford Immunotec CEO Peter Wrighton-Smith said in a statement.
The company's R&D spending increased 27 percent year over year to $3.8 million from $3.0 million, while its SG&A costs grew 26 percent to $16.5 million from $13.1 million.
Oxford Immunotec posted a net loss of $8.1 million, or $.36 per share, compared to a net loss of $7.0 million, or $.32 per share, in Q1 2016, and missed the consensus Wall Street estimate of a loss per share of $.35.
The firm ended the quarter with $43.1 million in cash and cash equivalents.
For the second quarter, Oxford Immunotec guided to a revenue range of between $24.9 million and $25.7 million. It added that full-year 2017 revenue is anticipated to be between $102 million and $105 million.