NEW YORK – HTG Molecular on Tuesday reported a nearly 55 percent year-over-year drop in preliminary revenues for 2020.
The Tucson, Arizona-based firm said that preliminary revenues for 2020 are expected to be $8.5 million compared with $19.2 million in 2019. On average, analysts are expecting HTG to report 2020 revenues of about $8.0 million.
HTG also said that it expects to have cash, cash equivalents, and short-term marketable securities of about $28.7 million.
"Clearly COVID-19 impacted our core oncology business as planned studies were delayed and operations in many of our customers' laboratories suspended or significantly curtailed," John Lubniewski, CEO of HTG, said in a statement. "Despite these challenges, we saw returning strength in our core business in the second half and especially in the fourth quarter of 2020."
As part of HTG's plans for its whole-transcriptome gene expression profiling platform, Lubniewski noted that it has signed multiple letters of intent with potential collaborators for its early-access program in December. The firm aims to fully launch the platform later this year.
HTG, which completed a 1-for-15 reverse stock split of its outstanding stock in November, expects to announce full financial results for 2020 in March.
HTG's stock was up about 2 percent at $4.08 in early-morning trading.