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Oxford Immunotec Reports Preliminary Q4 Revenue Decline

NEW YORK (360Dx) – Oxford Immunotec announced today that it expects to report fourth quarter revenue between $24.9 and $25.4 million, compared to prior guidance of $25.4 to $26.4 million.

The Q4 revenues would fall short of the consensus Wall Street estimate of $26.1 million.

Oxford did not provide reasons for the expected decline. However, in a research note, Cowen's Doug Schenkel said the investment bank believes the key driver to the miss was a greater-than-anticipated sequential seasonal decline in revenues from tick-borne disease testing. Cowen also noted that US tuberculosis testing was generally in line with expectations, though slightly weaker than expected as some one-time screening programs were either delayed or cancelled. 

Meanwhile, Piper Jaffray's William Quirk said the investment bank believes that the tuberculosis business grew 2 percent due to a slowdown in US immigration as well as timing of a China order. Piper Jaffray also forecast that the tick-borne disease business grew 29 percent.

For full-year 2017, Oxford Immunotec said that it expects revenue of between $103 and $103.5 million, compared to its prior guidance of $103.5 to $104.5 million.  

The firm said it plans to report results for Q4 and FY 2017 and to announce 2018 revenue guidance on Feb. 27, 2018.

In December, Oxford settled a lawsuit with Qiagen alleging patent infringement of Oxford's patents on tuberculosis diagnostic tools by Qiagen.

In afternoon trading on the Nasdaq, shares of Oxford were down 17 percent at $11.65.