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SQI Diagnostics Q2 Revenues Tick Up Sharply

NEW YORK – Canadian life sciences and diagnostics company SQI Diagnostics today reported that total revenues for the second quarter more than doubled year over year to C$540,000 ($406,200) from C$220,000 ($165,500) .

For the three months ended June 30, the company posted service revenues of C$227,000 compared to C$79,000 a year ago, while product sales grew to C$313,000 from C$141,000, according to a regulatory document.

Its R&D spending was relatively flat year over year at C$1.3 million, while its SG&A spending increased 13 percent to C$782,00 from C$694,000.

The Toronto-based firm said that net loss for Q2 2019 rose to C$1.9 million, or C$.01 per share, from a net loss of C$2.0 million, or C$.02 per share, a year ago.

SQI exited the quarter with C$745,000 in cash.

SQI President and CEO Andrew Morris said in a statement that in Q2 the company achieved a milestone with a lung transplant customer, United Health Network, "running real-time cases as part of our development plan, bringing our TOR-Dx Lung product closer to commercialization." Recurring kits sales also improved, he added, "while we continued to build our sales pipeline with promising opportunities in both our diagnostic testing and biopharma markets."

The company also said that it was notified by the New York State Department of Health during the recently completed quarter that it could start patient sample testing using its celiac disease test in its direct-to-customer Imaware test.