NEW YORK (GenomeWeb) — HTG Molecular Diagnostics reported after the close of the market on Tuesday a 172 percent year-over-year increase in its second quarter revenues, largely due to its collaborative development services activities with pharmaceutical partners.
For the three-month period ended June 30, HTG posted revenues of $4.9 million versus $1.8 million in the year-ago quarter. Revenues from pharma partnerships — including on ongoing clinical assay development alliance with Qiagen — surged to $2.9 million from $302,411 a year ago. Product and product-related service revenues — which include the sale of instruments and consumables, as well as use of HTG's EdgeSeq gene expression profiling technology — climbed to $2 million from $1.5 million. .
HTG's net loss in the second quarter fell to $4.1 million, or $.14 per share, from $5.8 million, or $.60 per share, beating analysts' consensus loss per share estimate of $.19.
The firm calculated its loss-per-share figure for the recently completed quarter based on 28.4 million shares compared to 9.8 million shares a year ago.
HTG's R&D spending in the quarter jumped 75 percent to $2.8 million from $1.6 million as the company advanced its next-generation sequencing-based precision immuno-oncology panel toward a planned third quarter launch, and worked on other new panels expected to roll out later in the year. SG&A costs, meanwhile, rose 9 percent to $4.8 million from $4.4 million.
At the end of June, HTG had $40.7 million in cash, cash equivalents, and short-term, available-for-sale securities investments.
"The company continues to execute well against our 2018 objectives and longer-term strategies," HTG CEO TJ Johnson said in a statement. "We believe we are gaining momentum from our recent investments into additional sales positions, which we expect to impact our results in the back half of the year."
Looking ahead, HTG said it continues to expect total revenues for 2018 to be in the range of $21 million to $25 million.