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OpGen Reports Flat Q4 Revenues

NEW YORK (GenomeWeb) – OpGen reported after the close of the market on Thursday that its fourth quarter revenue was flat year over year.

For the three months ended Dec. 31, the company reported revenues of $990,912, down from $1.0 million in Q4 2016.

Product sales fell 23 percent to $626,498 from $818,488 a year ago. Lab services revenues fell 98 percent to $935 from $46,774, and collaboration revenues rose 157 percent to $363,479 from $141,301 year over year.

OpGen's Q4 net loss narrowed to $2.9 million, or $1.33 per share, from $4.8 million, or $5.28 per share a year earlier, as the number of weighted average shares outstanding rose to about 2.2 million from 901,991 year over year.

The firm's R&D costs during the quarter fell 36 percent to $1.5 million from $2.3 million, while SG&A expenses fell nearly 39 percent to $1.8 million from $2.9 million in the prior year period.

For full-year 2017, OpGen's total revenues fell to $3.2 million from $4.0 million in 2016, due to the discontinuation of its legacy whole genome mapping business.

Product sales fell 21 percent to $2.8 million from $3.5 million a year earlier, while lab service revenues dropped nearly 82 percent to $41,960 from $228,904. Collaboration revenues rose 45 percent to $397,178 from $272,603 in the prior year.

OpGen's 2017 net loss narrowed to $15.4 million, or $9.78 per share, from $19.2 million, or $27.59 per share in 2016 as the number of weighted average shares outstanding rose to nearly 1.6 million from 706,702 year over year.

The firm's R&D costs in 2017 fell 20 percent to $6.9 million from $8.6 million, while SG&A expenses fell 22 percent to $9.43 million from $12.1 million in the prior-year period.

OpGen ended the year with cash and cash equivalents of $1.8 million.

For 2018, the firm plans to derive revenue from the sale of the recently launched RUO Acuitas AMR Gene Panel u5.47 to large hospitals and pharmaceutical clinical research organizations. In addition, it plans to complete third-party RUO clinical verification studies and clinical trials to support a US Food and Drug Administration filing for in vitro diagnostic use of the panel in Q4 2018.

Earlier this week, OpGen announced that it will partner with Beth Israel Deaconess on a verification study for OpGen's Acuitas gene panels and Lighthouse Knowledgebase.

In February, OpGen said it would use Thermo Fisher Scientific's real-time PCR technology in its line of Acuitas tests. This announcement came after OpGen completed a $12 million public offering, raising $10.7 million in gross proceeds.

"Our Acuitas Rapid Test for cUTI is expected to be the first of a series of OpGen tests that will help address the global antibiotic-resistance crisis by identifying antibiotic-resistant pathogens in less than three hours," OpGen Chairman and CEO Jones said in a statement. "Along with the Acuitas Lighthouse Knowledgebase, results will help inform patient treatment."