NEW YORK — Quotient Limited on Tuesday reported a 10 percent 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 $9.6 million compared to $8.7 million in the year-ago quarter.
In Q4, revenues from product sales to original equipment manufacturer customers rose 10 percent year over year to $6.5 million from $5.9 million, and revenues from product sales to direct customers and distributors rose 4 percent year over year to $2.9 million from $2.8 million.
The firm booked revenues of $240,000 from MosaiQ product sales in Q4 2021 compared to no revenues from those products in the prior-year quarter, and reported $58,000 in other revenues compared to no other revenues in the prior-year quarter.
Quotient said its Alba by Quotient product revenues climbed 7.4 percent year over year in Q4.
The firm said it made progress on its transfusion diagnostics menu and expects European field trials for an expanded MosaiQ immunohematology microarray to commence in June and US field trials to begin soon after.
Quotient said that its MosaiQ expanded immunohematology microarray and CE-marked initial serological disease screening microarray are on track for European commercial launch around the end of this year. Development is ongoing on an expanded serological disease screening microarray. European and US field trials for the microarray are expected to commence at the end of this calendar year, and a submission for CE marking is expected in the first quarter of fiscal 2023.
Quotient said it strengthened its cash position during the quarter with a private placement of $95 million aggregate principal amount of its 4.75 percent convertible senior notes due in 2026. The transaction provided flexibility to meet funding requirements associated with the upcoming commercial launch of MosaiQ, the firm said.
The company also announced that Michael Hausmann, currently the senior director of global R&D in the clinical diagnostics division of Thermo Fisher Scientific, will become Quotient's chief technology officer in the second quarter of fiscal 2022.
For fiscal 2021, Quotient reported overall revenues of $43.4 million, up 33 percent year over year from $32.7 million. The company booked fiscal 2021 product revenues of $35.8 million, up 13 percent year over year from $31.6 million, and other revenues of $7.6 million, up almost sevenfold year over year from $1.1 million.
Alba by Quotient revenues grew 9.2 percent year over year in fiscal 2021, the firm said.
Quotient posted a fiscal 2021 net loss of $108.5 million, or $1.18 per share, on about 91.6 million shares outstanding, compared to a net loss of $102.8 million, or $1.44 per share, on about 71.6 million shares outstanding, a year earlier.
Quotient's fiscal 2021 R&D spending edged up almost 1 percent year over year to $54.2 million from $53.7 million, while its SG&A costs climbed 23 percent to $51.6 million from $41.9 million in the prior-year quarter.
At the end of fiscal 2021, Quotient had cash and cash equivalents of $45.7 million and short-term investments of $66.0 million, including $53.2 million held in two short-term investment funds with Credit Suisse Asset Management that are being liquidated. The remaining short-term investments to be liquidated are subject to significant valuation uncertainty, Quotient said.
Looking ahead, Quotient anticipates full-year fiscal 2022 revenues for its Alba by Quotient reagents will be between $35.5 million and $36.5 million and that revenues for the reagents in the fiscal first quarter will be between $8.9 million and $9.4 million.