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Quotient Limited Fiscal Q4 Revenues Up 2 Percent

NEW YORK — Quotient Limited on Friday reported a 2 percent year-over-year increase in its fiscal fourth quarter revenues, driven by sales of its Alba by Quotient reagents.

For the three months ended March 31, the Eysins, Switzerland-based company posted revenues of $9.8 million compared to $9.6 million in the year-ago quarter.

In Q4, revenues from product sales to original equipment manufacturer customers rose 3 percent year over year to $6.7 million from $6.5 million, and revenues from product sales to direct customers and distributors rose 9 percent year over year to $3.1 million from $2.9 million.

The firm had no revenues from MosaiQ product sales during the quarter, despite booking revenues of $240,000 from those products in Q4 2021. In a statement, the firm said it has secured $1.4 million in orders for its Extended Immunohematology MosaiQ solution in Q1 2023. Quotient received CE marking for the MosaiQ Extended IH Microarray, which offers extended phenotyping, antibody screening, and antigen typing, in March.

The company has also made advances on its extended serological disease screening microarray business and expects to apply for CE marking in the second half of 2022, with an EU commercial launch and US Food and Drug Administration submission in the first half of 2023.

Quotient did not report a net income figure for the quarter but said its operating loss decreased to $26.9 million in Q4 compared to an operating loss of $28.5 million a year ago.

For fiscal 2022, Quotient reported overall revenues of $38.5 million, down 11 percent year over year from $43.4 million as a result of lower MosaiQ sales and a decline in other revenues. The company booked product revenues of $38.3 million, up 7 percent year over year from $35.8 million, and other revenues of $231,000, down significantly year over year from $7.6 million.

Quotient posted a fiscal 2021 net loss of $125.1 million, or $1.23 per share, compared to a net loss of $111.0 million, or $1.21 per share, a year earlier.

Quotient's fiscal 2021 R&D spending grew 9 percent year over year to $58.7 million from $53.7 million, while its SG&A costs climbed 15 percent to $60.1 million from $52.3 million in the prior-year quarter.

At the end of fiscal 2021, Quotient had cash and cash equivalents of $65.1 million and short-term investments of $2.6 million.

Looking ahead, Quotient anticipates its full-year fiscal 2023 revenues will be between $39 million and $42 million.

In a separate announcement, Quotient said that it intends to begin an underwritten public offering of $20 million of 66,666,667 of its ordinary shares for expected net proceeds of $18.5 million. The firm will also grant the underwriters a 30-day option to purchase up to an additional 10 million of the shares sold in the public offering. The offering is expected to close on June 28.

Jefferies and Cowen were the joint bookrunning managers on the offering.

Quotient said it intends to use the proceeds to fund the ongoing development and commercialization of its MosaiQ microarray menu, as well as for working capital, operating expenses, and other general corporate purposes.

Lastly, Quotient said on Thursday it has agreed with the owners of all $132.9 aggregate principal amount of its 12 percent Senior Secured Notes due 2025 to amend the indenture. The amendment would reduce expected amortization payments by $93 million over the next three years by changing the schedule to require quarterly payments of $2.5 million starting in July 2024 and ending in July 2025, with the remaining principal balance due October 2025.

In early trading on Friday, shares of Quotient on the Nasdaq were down about 29 percent to $.2841 per share.