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Quotient Limited Posts 16 Percent Rise in Fiscal Q3 Revenues

NEW YORK — Quotient Limited on Tuesday said it posted a 16 percent year-over-year increase in its revenues for its fiscal third quarter.

For the three-month period ended Dec. 31, 2021, Quotient's revenues climbed to $10.2 million from $8.8 million the year before.

Product sales to original equipment manufacturer customers were up 31 percent to $7.2 million from $5.5 million, while sales to direct customers and distributors edged up 7 percent to $3.0 million from $2.8 million. Fiscal third quarter MosiaQ product sales, however, were down about 96 percent to $15,000 from $358,000 in the same period last year.

The firm's SG&A costs in the quarter jumped 85 percent to $20.3 million from $11 million, while its R&D spending fell 8 percent to $13.3 million from $14.4 million.

Quotient noted that it has received notice that its MosaiQ expanded immunohematology microarray will receive CE marking, likely in the first quarter of calendar year 2022, and that it is ramping up manufacturing of the instrument ahead of a commercial launch.

Quotient's net loss in fiscal Q3 was $44.8 million, or $.44 per share, versus $31.7 million, or $.31 per share, in the same period a year earlier.

At the end of 2021, the company had cash and cash equivalents totaling $85.1 million.

"As we continue to expect EU regulatory approval in the first quarter of calendar year of 2022, we are very excited to continue to drive our commercial efforts globally," Quotient CEO Manuel Mendez said in a statement. "We look forward to partnering with our customers and create economic and clinical value to revolutionize patient care."