NEW YORK – Cytek Biosciences said on Wednesday that its second quarter revenues increased 32 percent year over year to $40.2 million from $30.4 million in the year-ago quarter. Product revenue was $37.1 million, up 29 percent from $28.7 million last year, and service revenue totaled $3.1 million, up 82 percent from $1.7 million a year ago. The cell analysis company’s net loss for Q2 was $700,000 compared to net income of $2.7 million in Q2 of 2021. Cytek ended the quarter with $349.9 million in cash and cash equivalents.
ProPhase Labs on Thursday reported $29.1 million in revenues for the second quarter of 2022, up more than threefold from $9.1 million in the year-ago quarter. The increase was due to a $18.6 million rise in revenues from diagnostic services, in particular COVID-19 testing, and a $1.3 million increase in sales of consumer products. Net income for the quarter was $7.4 million, or $.40 per share, compared to a net loss of $1.4 million, or $.09 per share, in the same quarter last year. The company said it plans to expand its high complexity molecular diagnostics lab to include clinical testing and to expand its menu of traditional tests. It also plans to build a genetics lab to perform whole-genome sequencing and other genetic diagnostic tests both for clinical use and for research. ProPhase ended the quarter with $24.0 million in cash and cash equivalents and $3.5 million in marketable securities.
Applied DNA Sciences reported on Thursday that its third quarter revenues of fiscal year 2022 grew 153 percent year over year to $4.3 million compared to $1.7 million in the same period last year. The increase was primarily due to growth in clinical laboratory service revenues from the safeCircle COVID-19 testing platform, which was partially offset by a decrease in sales of the Linea 1.0 COVID-19 assay kit and supplies. Net loss in fiscal Q3 was $1.1 million, or $.13 per share, compared to a net loss of $3.4 million, or $.48 per share, in the year-ago quarter. The company ended the quarter with $4.7 million in cash and cash equivalents. Since the end of its Q3, the firm raised gross proceeds of $12 million in a public offering and $3.6 million from warrant exercises on Aug. 8.
Co-Diagnostics reported on Thursday that its second quarter revenues declined 82 percent year over year to $5.0 million from $27.4 million in the year-ago period. The firm said the decrease was due to a decline in volumes for its Logix Smart COVID-19 test because of reduced mandated testing in travel and public venues and lower government funding for testing programs. Its net loss in Q2 was $2.7 million, or $.08 per share, compared to net income of $9.8 million, or $.33 per share, in Q2 2021. Co-Diagnostics said it plans to address the decline in COVID sales by growing its international distributor network, expanding its infectious disease testing menu, and advancing its at-home and point-of-care testing platform. The company ended the quarter with $86.0 million in cash and cash equivalents and $10.0 million in marketable securities.
HTG Molecular Diagnostics said on Thursday that its second quarter revenues tumbled 29 percent year over year to $1.5 million from $2.1 million. Sales of the HTG Transcriptome Panel to new and existing customers represented more than 42 percent of Q2 revenue, the company said. HTG's Q2 net loss swelled to $5.9 million, or $.54 per share, from $2.6 million, or $.39 per share, a year ago. The company used about 11 million shares to calculate per-share loss in the recently completed quarter compared to about 6.7 million shares in the year-ago period. HTG finished the quarter with cash and cash equivalents of $5.8 million and short-term investments of $8.3 million.
OpGen reported on Thursday that its Q2 2022 revenues grew 19 percent to $967,205 compared to $811,615 in Q2 of last year. Its net loss for the quarter was $5.8 million, or $.13 per share, compared to a net loss of $7.1 million, or $.19 per share, in the same quarter in 2021. The company ended the quarter with $16.6 million in cash and cash equivalents. The firm said in a statement that it requested an additional 180 days to regain compliance with Nasdaq’s $1.00 minimum bid price rule and expects the decision by the end of the month. On Feb. 28, the company received notice that it no longer met the requirement and had until Aug. 29 to regain compliance.
Seegene on Friday reported an 11 percent year-over-year decrease in revenues for the first half of 2022 to KRW 579.9 billion ($446 million). The drop was due to a downturn in Q2 sales, to KRW 128.4 billion, associated with reduced PCR testing volume and inventory destocking at sales channels and customer accounts. Sales of non-COVID products, on the other hand, increased 30 percent year over year in H1 to KRW 69.5 billion, the South Korean firm reported. The firm did not announce net income or net loss for H1 and did not report its cash on hand at the end of Q2.