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HTG Molecular Posts Sharp Q4, FY2017 Revenue Increase

NEW YORK (GenomeWeb) – HTG Molecular Diagnostics on Thursday posted a 427 percent jump in fourth quarter revenues, an increase driven by partnership revenues.

For the three-month period ended Dec. 31, 2017, HTG's revenues grew to $7.9 million from $1.5 million in the same period a year earlier. The company attributed the bulk of that growth to its various collaborations, which include an ongoing project with Qiagen to develop next-generation sequencing gene expression profiling assays for multiple undisclosed cancer therapies and a recently expanded companion diagnostic alliance with Merck KGaA.

The company's fourth quarter net loss fell 67 percent to $1.9 million, or $.15 per share, from $5.7 million, or $.76 per share, a year earlier. 

HTG's fourth quarter R&D spending increased to $3.6 million from $1.4 million, while its SG&A costs edged up to $4.6 million from $4.1 million.

For the full year, HTG's revenues rose 190 percent to $14.8 million from $5.1 million in 2016, while its net loss fell 27 percent to $19 million, or $1.79 per share, from $26 million, or $3.66 per share.

Its R&D spending during 2017 climbed to $10 million from $7.9 million, and SG&A expenses edged up to $17.5 million from $17.4 million.

At the end of 2017, HTG had cash and cash equivalents totaling $10 million. In January, the firm raised $40.4 million through a public offering.