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Quotient Limited Fiscal Q3 Revenues Up 18 Percent

NEW YORK — Quotient Limited on Thursday reported an 18 percent increase in revenues for its fiscal third quarter on strong performance by its reagents business.

For the three-month period ended Dec. 31, Jersey, Channel Islands-based Quotient's revenues climbed to $7.9 million from $6.7 million the year before. Contributing to the increase was a 14 percent year-over-year rise in reagent sales to $7.6 million.

Quotient's fiscal Q3 net loss rose to $27.5 million, or $.37 per share, on 73.8 million shares outstanding, from a year-ago loss of $26.3 million, or $.46 per share, on 56.6 million shares outstanding.

R&D spending increased 20 percent to $14.2 million from $11.8 million as Quotient continued work on an expanded MosaiQ immunohematology microarray and submitted both the MosiaQ system and related serological disease screening microarray to the US Food and Drug Administration for potential 510(k) clearance.

SG&A costs in the quarter rose nearly 20 percent to $11.6 million from $9.7 million, in part reflecting expenses and fees associated with the termination of a commercialization agreement for Quotient's MosaiQ platform for blood grouping and transfusion-transmitted infection screening with Ortho Clinical Diagnostics.

At the end of 2019, Quotient had $138.0 million in cash and short-term investments.

Looking ahead, the company said it expects to report product revenue of $7.8 million to $8.2 million for the fiscal fourth quarter, and $30.7 million and $31.1 million for its full fiscal year ending March 31. Capital expenditures for the fiscal year are expected to be between $5 million and $7 million.