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Quotient Fiscal Q1 Revenues Grow 4 Percent

NEW YORK — UK diagnostics firm Quotient Limited reported today a 4 percent year-over-year increase in fiscal first quarter revenues.

Total revenues for the three-month period ended June 30 climbed to $8.2 million from $7.9 million in the year-ago quarter. Product sales to original equipment manufacturing customers rose nearly 2 percent to $5.7 million from $5.6 million, while direct product sales rose 9 percent to $2.4 million from $2.2 million.

Quotient's operating loss on the quarter, meanwhile, fell to $18.4 million from $18.5 million the year before. Capital expenditures in the fiscal first quarter totaled $1.1 million, down from $1.4 million in the year-ago period.

The company, which netted about $22.6 million through a senior secured note offering in mid-May, finished its fiscal Q1 with $90.7 million in cash and short-term investments. 

Looking ahead, Quotient said that it expects product sales in fiscal Q2 2020 to be between $6.3 million and $6.7 million compared to $6.2 million in fiscal Q2 2019.

Product sales for the fiscal year ending March 31, 2020, are anticipated to generate between $30 million and $31 million. Operating loss is expected to be in the range of $77 million to $82 million.

In late April, Quotient received CE marking for the first immunohematology (IH) microarray designed to run on its MosaiQ high-throughput automated testing platform, and last month it kicked off a "hypercare" launch with nine selected customers. The firm also completed a European regulatory submission for its first initial MosaiQ serological disease screening (SDS) microarray in June, and recently began field trials of the SDS microarray in the US.

The company said US and European field trials of an expanded IH microarray menu are expected to begin in the second half of 2019, with field trials of an expanded SDS microarray in both markets slated for early 2020. 

It added that it plans to file for US and European regulatory approval for the expanded IH microarray in early 2020 and for the expanded SDS microarray before the end of that year.