NEW YORK — OpGen on Thursday reported a 9 percent year-over-year increase in revenues for the third quarter on increased sales of its Unyvero molecular diagnostics system and tests.
For the three-month period ended Sept. 30, OpGen's revenues climbed to $1.2 million from $1.1 million in the year-ago quarter. The company attributed the revenue growth to higher Unyvero sales, which helped offset the loss of sales from its discontinued fluorescence in situ hybridization product line.
Total product sales in the third quarter were up 7 percent to $643,887 from $601,562 in the same period the year before. Laboratory service revenues, meantime, were up 70 percent to $192,753 from $112,892 while collaboration revenue rose nearly 18 percent to $402,492 from $342,311.
OpGen's net loss in the quarter fell to $6.1 million, or $.16 per share, from $7.7 million, or $.40 per share, a year earlier.
R&D spending in Q3 was essentially unchanged from the third quarter of 2020 at $2.4 million, while SG&A costs declined slightly to $3.1 million from $3.2 million.
At the end of September, OpGen had cash and cash equivalents totaling $25.4 million. About a month ago, the Rockville, Maryland-based company closed a $15 million registered direct offering.
OpGen CEO Oliver Schacht said in a statement that the company intends to use the proceeds of the offering to support the commercial launch of its Acuitas AMR Gene Panel for antimicrobial resistance detection, which received clearance from the US Food and Drug Administration in October. The money will also be used to continue growing the Unyvero business, fund future clinical trials, and potentially pay down debt obligations to the European Investment Bank.