NEW YORK – Oxford Immunotec reported today an 18 percent year-over-year increase in second quarter revenues as the company beat analyst estimates on the top and bottom lines.
For the three months ended June 30, 2019, Oxford Immunotec logged total revenues of $19.6 million compared to $16.7 million in the year-ago period. On average, analysts had expected revenues of $19.4 million.
Product revenues spiked 24 percent to $18.7 million from $15.0 million, primarily due to growth in the US, including an expected shift of higher seasonal testing volumes that were previously recognized in the third quarter into the second quarter, as well as continued strong testing demand, the company said.
Service revenues declined 44 percent to $922,000 from $1.6 million, reflecting the company's exit from the blood donor screening business in 2018, and partially offset by growth in tuberculosis testing volumes in the company's UK diagnostic laboratory.
In Q2, Oxford Immunotec recorded a profit of $590,000, or $.02 per share, compared to a net loss of $6.5 million, or $.25 per share, in the year-ago period. On average, analysts had expected a net loss of $.04.
The company's Q2 R&D expenses rose 17 percent to $2.1 million from $1.8 million, while its SG&A expenses grew 2 percent to $13.0 million from $12.8 million.
Oxford Immunotec finished the quarter with $187.3 million in cash and cash equivalents.
For full-year 2019, the company now expects revenues of $71 million to $73 million, up from a previous guidance of $69 million to $72 million. On average, analysts are expecting FY revenues of $70.6 million. For Q3, Oxford Immunotec expects revenues of $20 million to $21 million.
In early afternoon trading on the Nasdaq, Oxford Immunotec's shares were up more than 11 percent to $14.22.