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Quotient Limited Fiscal Q3 Revenues Rise 11 Percent

NEW YORK — Quotient Limited on Monday reported an 11 percent increase in fiscal third quarter revenues as the Swiss diagnostic company's Alba reagent business continued driving sales growth.

For the three-month period ended Dec. 31, 2020 Quotient's revenues climbed to $8.8 million from $7.9 in the year-ago quarter. Reagent revenues were up about 10 percent to $8.4 million from $7.6 million in the same period last year, while sales of the US Food and Drug Administration-authorized MosaiQ COVID-19 antibody microarray reached $400,000 in the quarter.

Quotient's net loss in the fiscal third quarter was $29.5 million, or $.29 per share, on about 101.0 million shares outstanding, from $27.5 million, or $.37 per share, on roughly 73.8 million shares outstanding, a year earlier.

R&D spending in the quarter edged up 2 percent to $14.5 million from $14.2 million as Quotient advanced product candidates including its expanded MosaiQ immunohematology (IH) and serological disease screening (SDS) microarrays, as well as an IH microarray for patient transfusions that will be sold to distribution partner Ortho Clinical Diagnostics. Fiscal Q3 SG&A costs, meanwhile, fell 5 percent to $11.0 million from $11.6 million year-over-year.

At the end of 2020, Quotient had cash and cash equivalents totaling $3.4 million. It also had $131.1 million in short-term investments.

Looking ahead, Quotient said it continues to expect Alba sales to be between $8.3 million and $8.8 million for the fiscal fourth quarter, with Alba sales for the full fiscal year ending March 31 in the range of $33.5 million to $34 million.

Quotient also said it has postponed the submission of its expanded IH microarray for CE marking to the second quarter of calendar year 2021, in part due to SARS-CoV-2 pandemic-related business disruptions. CE mark submission of the IH microarray for patient transfusions is expected in the first half of this year. The firm also anticipates resubmitting its SDS microarray to the FDA in the second quarter of calendar year 2021.