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OpGen Q4 Revenues Flat on Modest Product Sale Gains

NEW YORK — OpGen reported on Tuesday flat revenues for the fourth quarter of 2021 year over year as a modest uptick in product sales was partially offset by declining collaboration revenue.

For the three-month period ended Dec. 31, 2021, OpGen's revenues were $1.4 million, essentially unchanged from the year-ago quarter. Product sales, including the firm's Unyvero molecular diagnostics system and tests, were up 9 percent to $1.2 million from $1.1 million. Collaboration revenue in the fourth quarter fell to $78, 561 from $188,841 the year before, while revenues from laboratory services jumped to $169,608 from $28,852 year over year.

OpGen's Q4 net loss available to common shareholders rose to $14.1 million, or $.35 per share, from a year-ago loss of $7.1 million, or $.34 per share. The firm used more than 40.4 million shares to calculate its per-share loss figure in the recently completed quarter compared to 21.1 million shares a year ago.

R&D spending in the quarter fell 12 percent to $2.9 million from $3.3 million a year earlier, while SG&A costs rose 16 percent to $3.6 million from $3.1 million.

At the end of 2021, OpGen had cash and cash equivalents totaling $36.1 million.

For the full-year 2021, OpGen's revenues edged up 2 percent to $4.3 million from $4.2 million. Product sales for the year were relatively flat year over year at $2.7 million with lab service revenues surging to $813,210 from $167,736. Collaboration revenue during the year declined to $836,152 from $1.3 million year over year.

OpGen's full-year 2021 net loss available to common shareholders was $42.0 million, or $1.14 per share, versus $26.2 million, or $1.66 per share, in 2020. The company used about 36.7 million shares to calculate its 2021 loss per share compared to 15.8 million shares in 2020.

Its R&D expenses for the year rose 9 percent to $10.9 million from $10.0 million, as its SG&A costs increased 14 percent to $13.6 million from $11.9 million.

Looking ahead, OpGen said that it expects to grow revenues from products and services in 2022 by 25 percent to 50 percent year over year. US direct product sales of the Unyvero line and its recently US Food and Drug Administration-cleared Acuitas AMR Gene Panel for antimicrobial resistance detection are expected to grow by 50 percent or greater, the Rockville, Maryland-based company said.

The company is also anticipating the completion of a US clinical trial of a Unyvero test panel for urinary tract infections, along with the submission of the test for regulatory approval to the FDA, in 2022.