NEW YORK (GenomeWeb) – Curetis today posted an 8 percent year-over-year drop in 2017 revenues as an increase in sales of test cartridges for its Unyvero molecular diagnostic instrument was offset by a decline in system and service sales.
For the year ended Dec. 31, 2017, Curetis' revenues fell to €1.2 million ($1.4 million) from €1.3 million in 2016. Cartridge sales in 2017 were €736,000 versus €573,000 the year before, while instrument and service sales fell to €465,000 from €738,000.
The company finished 2017 with 175 of its Unyvero instruments placed worldwide, missing its earlier guidance of 200 instruments. Curetis previously attributed the shortfall to a delay in the planned US launch of the Unyvero system and a lower respiratory tract (LRT) panel. Both products received US Food and Drug Administration approval earlier this month.
"We have focused on the clearance of our Unyvero platform and Unyvero LRT cartridge in the US and invested in qualified and experienced personnel to initiate the commercial US roll-out of these products immediately following their clearance," Curetis CEO Oliver Schacht said in a statement. "The recent US FDA clearance marks a major milestone in expanding our global commercial footprint into one of the largest and most important diagnostics markets worldwide."
Curetis' net loss for the year rose to €19.5 million, or €.1.26 per share, from €15.2 million, or €.98 per share, in 2016.
Its R&D spending edged up to €7.4 million from €7 million. Administrative expenses increased to €3.6 million from €3 million, while cost of sales was essentially flat at €1.6 million.
At the end of the year, Curetis had €16.3 million in cash and cash equivalents. Last week, the company announced it is planning a €4.1 million equity offering and that it has secured a $10 million equity facility.
Looking ahead, Curetis said that the US approval of the Unyvero system and ongoing effort to expand its commercial footprint in Europe, the Middle East, and Asia are expected to drive the total installed base of analyzers to around 250 to 300 by the end of 2018. Of that total, 40 to 50 are expected to be placed in the US.
The company also anticipates to at least double its revenue year-over-year in 2018, while significantly increasing its total cash burn to around €30 million from €15.7 million in 2017.