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In Brief This Week: PerkinElmer, Revvity, Personalis, DermTech, Mainz Biomed, More

NEW YORK – PerkinElmer said in a Securities and Exchange Commission filing this week that its shareholders agreed to change the company name to "Revvity." Officials with the Waltham, Massachusetts-based company said earlier this year that, following the $2.45 billion sale of its applied, food, and enterprise businesses to New Mountain Capital, the remaining life sciences and diagnostics company would adopt a new name and brand whereas the divested businesses were expected to retain the PerkinElmer identity. 

On Aug. 1, PerkinElmer announced the sale to New Mountain Capital, and PerkinElmer CEO Prahlad Singh said at the time that the deal would make the remaining company faster and more flexible in responding to customer needs and working with customers on drug discovery, translational medicine, and disease detection. The company said at the time that the remaining life sciences and diagnostics businesses would retain about 11,000 employees and $3.3 billion in revenue. 

Personalis this week reported that its first quarter revenues grew 24 percent to $18.9 million from $15.2 million a year ago. The Fremont, California-based genomics and precision oncology company said that revenue from pharma tests, enterprise, and other customers grew 35 percent year over year to $15.9 million. Revenue from enterprise customers in Q1 included revenue from Natera of $9.5 million, the company noted. Personalis and Natera have an ongoing partnership in the area of cancer treatment monitoring and molecular residual disease testing. Meanwhile, Q1 revenue from population screening for the US Department of Veterans Affairs Million Veterans Program dropped to $3.0 million from $3.5 million a year ago. 

Personalis reported a Q1 net loss of $28.7 million, or $.61 per share, compared to a net loss of $28.2 million, or $.63 per share, a year ago. The company finished the quarter with $87.2 million in cash and cash equivalents and $61.8 million in short-term investments. Personalis said it expects second quarter revenue of $16 million to $17 million and full-year revenue of $68 million to $72 million. 

DermTech said this week that its revenues for the first quarter were down 5 percent at $3.5 million compared to $3.7 million a year ago, matching the consensus Wall Street estimate. Test revenues were $3.4 million compared to $3.5 million in Q1 2022, while contract revenues slipped to $52,000 from $200,000. Billable sample volume was up 24 percent year over year to 17,800. The San Diego-based developer of dermatological cancer tests had a net loss of $31.3 million, or $1.02 per share, in Q1 2023 compared to a net loss of $30.1 million, or $1.01 per share, a year ago. It fell short of the consensus Wall Street estimate of a loss of $.91 per share. The company ended the recently completed quarter with $48.4 million in cash and cash equivalents and $56.3 million in short-term marketable securities. 

German cancer early detection firm Mainz Biomed said this week that Eurofins GeLaMed has joined its network of laboratory partners and will process its ColoAlert stool PCR test for colorectal cancer screening. Eurofins GeLaMed has four locations in Germany and is part of Eurofins Scientific. It will offer Mainz Biomed's assay at all of its testing sites. 

Medial EarlySign announced this week that it has entered an agreement with Roche to include the EarlySign ColonFlag algorithm in Roche’s Navify algorithm suite. The ColonFlag algorithm is a computational clinical software model that aims to help healthcare providers identify those at increased risk for colon cancer who warrant further evaluation, EarlySign said in a statement. In the US, the algorithm is marketed as LGI-Flag with an indication for lower gastrointestinal disorders. EarlySign and Roche have existing development agreements to support the early detection of gastric and lung cancers, the company noted. 

OpGen said this week that it has closed its previously announced public offering of an aggregate of 4,495,825 shares of its common stock and warrants to purchase up to 4,495,825 shares of common stock at a combined price of $.7785 per share and accompanying warrant. The Rockville, Maryland-based molecular diagnostics firm raised $3.5 million in the offering. 

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on GenomeWeb.