NEW YORK — Quotient Limited on Tuesday reported a 5 percent year-over-year increase in revenues for its fiscal fourth quarter on gains made by its Alba reagent business.
For the three-month period ended March 31, Quotient's revenues climbed to $8.7 million from $8.3 million the year before, bolstered by an 11 percent year-over-year rise in reagent revenues. The company's revenues in its Q4 2019 included a $450,000 milestone payment under a now-ended supply agreement with Ortho Clinical Diagnostics.
Quotient's Q4 net loss was trimmed to $24.7 million, or $.31 per share, from $26.6 million, or $.41 per share, in the same period the year before.
R&D spending in the quarter rose 11 percent to $14.8 million from $13.3 million as Quotient finalized development of a SARS-CoV-2 antibody test and continued work on an expanded immunohematology microarray, both of which run on the Swiss company's MosaiQ platform for blood grouping and transfusion-transmitted infection screening. Meanwhile, SG&A costs in the quarter contracted to $10.6 million from $10.9 million year over year.
At the end of March, Quotient had cash and cash equivalents totaling $3.9 million and short-term investments of $116.9 million.
For the full fiscal year ended March 31, Quotient's revenues were up 12 percent to $32.7 million from $29.1 million a year earlier.
Quotient's net loss for the fiscal year declined to $102.8 million, or $1.44 per share, from $105.4 million, or $1.92 per share.
R&D expenses for the year rose 6 percent to $53.7 million from $50.7 million, as SG&A costs grew to $41.9 million from $40.1 million the year before.
Looking ahead, Quotient said it expects its total reagent sales in its fiscal first quarter 2021 to be in the range of $8.4 million to $8.9 million, with revenues for the full fiscal year projected to be in the range of $32 million to $34 million. Capital expenditures for fiscal 2021 are expected to be between $5 million and $10 million.