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Quotient Fiscal Q1 Revenues Up 9 Percent

NEW YORK — Swiss diagnostics firm Quotient on Monday reported a nearly 9 percent year-over-year increase in fiscal first quarter revenues driven by its Alba reagent business.

For the three-month period ended June 30, Quotient's revenues climbed to $8.9 million, generated almost entirely from Alba sales, from $8.2 million the year before. Sales of the company's COVID-19 antibody test, which runs on its MosaiQ platform for blood grouping and transfusion-transmitted infection screening, were $111,000 in the quarter.

Quotient's net loss in the quarter rose to $25.4 million, or $.32 per share, from $23.6 million, or $.36 per share, the year before.

Fiscal Q1 R&D costs edged down to $11.5 million from $11.7 million in the year-ago period as the company restarted European field trials of its MosiaQ immunohematology (IH) microarray that had been shut down due to the SARS-CoV-2 pandemic. Meanwhile, Quotient's SG&A expenses in the fiscal first quarter climbed almost 13 percent to $11.7 million from $10.4 million and included $1.0 million in fees related to the termination of a supply and distribution agreement with Ortho Clinical Diagnostics.

At the end of June, Quotient had cash and cash equivalents totaling $7.3 million and short-term investments worth $87.2 million.

Looking ahead, Quotient said that it expects to receive CE marking for the IH microarray in the first quarter of next year and to receive 510(k) clearance from the US Food and Drug Administration for both the MosiaQ system and related serological disease screening microarray before the end of 2020.

For the fiscal year ended March 31, 2021, Quotient said it anticipates total Alba sales to be in the range of $32 million to $34 million.