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Quotient Limited Fiscal Q2 Revenues Rise 26 Percent

NEW YORK — Diagnostics firm Quotient Limited on Monday reported a 26 percent increase in fiscal second quarter revenues.

For the three-month period ended Sept. 30, revenues increased to $7.8 million from $6.2 million year over year. Product sales to original equipment manufacturing customers edged up 7 percent to $4.7 million from $4.4 million and direct product sales jumped 26 percent to $2.4 million from $1.9 million. Other revenues grew to $750,000 in the recently completed quarter compared to none a year ago.

The Jersey, Channel Islands-based company said its R&D spending for the recently completed quarter inched up a fraction of 1 percent to $13.1 million from $13.0 million, while its SG&A costs decreased 5 percent $9.2 million from $9.7 million. 

The company had a net loss of $27.0 million, or $.41 per share, in Q2 2020, compared to a net loss of $27.4 million, or $.53 per share, a year ago.

Quotient ended the quarter with $5.8 million in cash and cash equivalents and $67.0 million in short-term investments. 

Looking ahead, the firm said that product sales in its fiscal Q3 are expected to be between $7.1 million and $7.5 million.

For fiscal full-year 2020,  product revenues are anticipated to be in the range of $30 million to $31 million for the full fiscal year, with an operating loss between $75 million and $80 million and capital expenditures between $5 million and $7 million. 

After receiving CE marking for the first immunohematology (IH) microarray designed to run on its MosaiQ high-throughput automated testing platform in April and rolling out the product to select customers, Quotient said it expects to begin European field trials with an expanded IH microarray menu before the end of the year. US field trials are set to begin shortly thereafter. US and European regulatory submissions for the expanded microarray are slated for next year.

Meanwhile, the company said it expects to file its serological disease screening (SDS) microarray with the US Food and Drug Administration this year, with an expanded SDS array likely being submitted to both US and European regulators in the second half of next year following field testing.