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Quotient Limited Fiscal Q2 Revenues Double on Higher Reagent Sales, Distribution Partner Payment

NEW YORK — Swiss diagnostics firm Quotient Limited reported on Monday a 106 percent year-over-year jump in revenues for its fiscal second quarter based on growing sales from its Alba reagent business and a milestone payment from a distribution partner.

For the three-month period ended Sept. 30, Quotient's revenues climbed to $16.1 million from $7.8 million in the year-ago quarter. Alba revenues rose over 12 percent to $8.0 million, while sales of the company's recently authorized MosaiQ COVID-19 antibody microarray generated $600,000. Quotient also recorded a $7.5 million payment in the fiscal second quarter from Ortho Clinical Diagnostics as part of the companies' restructured distributor arrangement. 

Quotient's net loss in the quarter fell to $15.0 million, or $.18 per share, from $27.0 million, or $.41 per share, a year earlier.

R&D spending in fiscal Q2 declined slightly to $12.9 million from $13.1 million, while SG&A costs rose 28 percent to $11.8 million from $9.2 million, in part due to costs associated with the new Ortho deal.

At the end of September, Quotient had $18.1 million in cash and cash equivalents and $144.6 million in short-term investments, following a $75 million public offering last month. 

Looking ahead, Quotient said that it continues to expect to receive CE marking for its expanded MosaiQ immunohematology (IH) microarray in the first quarter of next year, with a CE mark submission for its MosaiQ serological disease screening (SDS) microarray expected in the second or third quarter of 2021.

US Food and Drug Administration 510(k) clearance of the MosaiQ instrument and the SDS microarray is anticipated before the end of this year, Quotient added.

Quotient also continues to expect Alba reagent sales in the range of $32 million to $34 million for its fiscal year ending March 31, 2021.