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LexaGene Reports $58K in Fiscal Q4 Revenues, Spurred by MiQLab Launch

NEW YORK – Pathogen diagnostics firm LexaGene said on Monday that its revenue for the fourth quarter of fiscal year 2020 was $58,125, driven by the initial launch of its PCR-based MiQLab system in December 2020. The company did not report any revenue during the same quarter a year ago.

The Beverly, Massachusetts-based firm noted that all revenue from the quarter ended Feb. 28 was generated from US customers, through sales of two MiQLab systems and consumables.

LexaGene aims to differentiate itself from competitors with its MiQLab sample-to-answer RT-PCR system that it believes can be adapted to different communities and demands during the pandemic.

The company had a net loss of $2.4 million, or $0.03 per share, in Q4 versus a net loss of $1.7 million, or $0.03 per share, in the year-ago quarter.

R&D expenses in Q4 were $1.4 million, up 40 percent from $1.0 million last year, while SG&A expenses increased 24 percent to $822,000 from $665,000 in the year-ago period.

For full fiscal year 2020, LexaGene's net loss was $9.9 million, or $0.10 per share, compared to $7.5 million, or $.10 per share, a year ago.

Research expenses for the year were $5.8 million, up 29 percent from $4.5 million last year. Meanwhile, sales, marketing, general, and administrative expenses rose 33 percent to $4.0 million from $3.0 million.

LexaGene ended the fiscal year with $9.6 million in cash.

Earlier this month, LexaGene partnered with Denver-based Ethos Discovery to expand test menu offerings on LexaGene's MiQLab pathogen detection system.

In afternoon trading on the OTCQB, LexaGene shares were down 15 percent at $0.50.